Document:

Credit Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
  

 
  

[Published CUSIP Number: 30210EAB8] 
 CREDIT AGREEMENT 
 DATED AS OF MAY 31, 2011 

among 
 EXOPACK,
LLC, and 
 CELLO-FOIL PRODUCTS, INC. 
 as Borrowers, 
 EXOPACK KEY HOLDINGS, LLC, 

as Holdings, 

EXOPACK HOLDING CORP., 
 as Intermediate Holdings, 
 Certain Subsidiaries of Exopack Key Holdings, LLC,

 as Guarantors, 
 BANK OF AMERICA, N.A., 
 as Administrative Agent, 

and 
 The Other
Lenders Party Hereto 
 MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED, 

and 
 GOLDMAN
SACHS LENDING PARTNERS LLC, 
 as Joint Lead Arrangers 
 and 
 HOULIHAN LOKEY CAPITAL, INC., IMPERIAL CAPITAL, LLC, 

MESIROW FINANCIAL, INC. and OPPENHEIMER & CO. INC., 
 As Co-Documentation Agents 
  

 
  

 TABLE OF CONTENTS 

 

							
	 Section
	  	 	  	Page	 
			
		  	ARTICLE I	  			
		  	DEFINITIONS AND ACCOUNTING TERMS	  			
			
	1.01	  	Defined Terms	  	 	7	  
	1.02	  	Other Interpretive Provisions	  	 	43	  
	1.03	  	Accounting Terms	  	 	44	  
	1.04	  	Rounding	  	 	44	  
	1.05	  	Times of Day	  	 	44	  
	1.06	  	Currency Equivalents Generally	  	 	44	  
			
		  	ARTICLE II	  			
		  	THE COMMITMENTS AND CREDIT EXTENSIONS	  			
			
	2.01	  	The Loans	  	 	45	  
	2.02	  	Borrowings, Conversions and Continuations of Loans	  	 	45	  
	2.03	  	Intentionally Omitted	  	 	46	  
	2.04	  	Intentionally Omitted	  	 	46	  
	2.05	  	Prepayments	  	 	46	  
	2.06	  	Intentionally Omitted	  	 	49	  
	2.07	  	Repayment of Loans	  	 	49	  
	2.08	  	Interest	  	 	50	  
	2.09	  	Fees	  	 	51	  
	2.10	  	Computation of Interest and Fees	  	 	51	  
	2.11	  	Evidence of Debt	  	 	51	  
	2.12	  	Payments Generally; Administrative Agent’s Clawback	  	 	52	  
	2.13	  	Sharing of Payments by Lenders	  	 	53	  
	2.14	  	Incremental Facility	  	 	54	  
	2.15	  	Loan Modifications	  	 	57	  
	2.16	  	Discounted Voluntary Prepayments	  	 	57	  
	2.17	  	Nature and Extent of each Borrower’s Liability	  	 	59	  
			
		  	ARTICLE III	  			
		  	TAXES, YIELD PROTECTION AND ILLEGALITY	  			
			
	3.01	  	Taxes	  	 	61	  
	3.02	  	Illegality	  	 	65	  
	3.03	  	Inability to Determine Rates	  	 	65	  
	3.04	  	Increased Costs	  	 	66	  
	3.05	  	Compensation for Losses	  	 	67	  
	3.06	  	Mitigation Obligations; Replacement of Lenders	  	 	68	  
	3.07	  	Survival	  	 	68	  

  
 ii 

							
			
		  	ARTICLE IV	  			
		  	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	  			
			
	4.01	  	Conditions of Initial Credit Extension	  	 	68	  
	4.02	  	Conditions to all Credit Extensions	  	 	72	  
			
		  	ARTICLE V	  			
		  	REPRESENTATIONS AND WARRANTIES	  			
			
	5.01	  	Existence, Qualification and Power	  	 	72	  
	5.02	  	Authorization; No Contravention	  	 	73	  
	5.03	  	Governmental Authorization; Other Consents	  	 	73	  
	5.04	  	Binding Effect	  	 	73	  
	5.05	  	Financial Statements; No Material Adverse Effect	  	 	73	  
	5.06	  	Litigation	  	 	74	  
	5.07	  	No Default	  	 	74	  
	5.08	  	Ownership of Property; Liens; Investments	  	 	75	  
	5.09	  	Environmental	  	 	75	  
	5.10	  	Insurance	  	 	76	  
	5.11	  	Taxes	  	 	76	  
	5.12	  	ERISA Compliance	  	 	76	  
	5.13	  	Subsidiaries; Equity Interests; Loan Parties	  	 	77	  
	5.14	  	Margin Regulations; Investment Company Act	  	 	77	  
	5.15	  	Disclosure	  	 	77	  
	5.16	  	Compliance with Laws	  	 	78	  
	5.17	  	Intellectual Property	  	 	78	  
	5.18	  	Solvency	  	 	78	  
	5.19	  	Casualty, Etc.	  	 	78	  
	5.20	  	Collateral Documents	  	 	78	  
			
		  	ARTICLE VI	  			
		  	AFFIRMATIVE COVENANTS	  			
			
	6.01	  	Financial Statements	  	 	79	  
	6.02	  	Certificates; Other Information	  	 	80	  
	6.03	  	Notices	  	 	82	  
	6.04	  	Payment of Obligations	  	 	83	  
	6.05	  	Preservation of Existence, Etc.	  	 	83	  
	6.06	  	Maintenance of Properties	  	 	83	  
	6.07	  	Maintenance of Insurance	  	 	83	  
	6.08	  	Compliance with Laws	  	 	84	  
	6.09	  	Books and Records	  	 	84	  
	6.10	  	Inspection Rights	  	 	84	  
	6.11	  	Use of Proceeds	  	 	84	  
	6.12	  	Covenant to Guarantee Obligations and Give Security	  	 	84	  
	6.13	  	Compliance with Environmental Laws	  	 	88	  
	6.14	  	Environmental Reports	  	 	88	  

  
 iii

							
	6.15	  	Further Assurances	  	 	89	  
	6.16	  	Post-Closing Obligations	  	 	89	  
			
		  	ARTICLE VII	  			
		  	NEGATIVE COVENANTS	  			
			
	7.01	  	Liens	  	 	89	  
	7.02	  	Indebtedness	  	 	91	  
	7.03	  	Investments	  	 	95	  
	7.04	  	Fundamental Changes	  	 	97	  
	7.05	  	Dispositions	  	 	98	  
	7.06	  	Restricted Payments	  	 	99	  
	7.07	  	Change in Nature of Business	  	 	100	  
	7.08	  	Transactions with Affiliates	  	 	101	  
	7.09	  	Burdensome Agreements	  	 	101	  
	7.10	  	Use of Proceeds	  	 	101	  
	7.11	  	Immaterial Subsidiaries	  	 	101	  
	7.12	  	Capital Expenditures	  	 	101	  
	7.13	  	Amendments of Organization Documents	  	 	102	  
	7.14	  	Accounting Changes	  	 	102	  
	7.15	  	Prepayments, Etc. of Indebtedness	  	 	102	  
	7.16	  	Amendment of Indebtedness	  	 	102	  
	7.17	  	Holding Company	  	 	103	  
			
		  	ARTICLE VIII	  			
		  	EVENTS OF DEFAULT AND REMEDIES	  			
			
	8.01	  	Events of Default	  	 	103	  
	8.02	  	Remedies upon Event of Default	  	 	105	  
	8.03	  	Application of Funds	  	 	106	  
			
		  	ARTICLE IX	  			
		  	ADMINISTRATIVE AGENT	  			
			
	9.01	  	Appointment and Authority	  	 	106	  
	9.02	  	Rights as a Lender	  	 	107	  
	9.03	  	Exculpatory Provisions	  	 	107	  
	9.04	  	Reliance by Administrative Agent	  	 	108	  
	9.05	  	Delegation of Duties	  	 	108	  
	9.06	  	Resignation and Removal of Administrative Agent	  	 	108	  
	9.07	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	109	  
	9.08	  	No Other Duties, Etc.	  	 	109	  
	9.09	  	Administrative Agent May File Proofs of Claim	  	 	110	  
	9.10	  	Collateral and Guaranty Matters	  	 	110	  
	9.11	  	Secured Cash Management Agreements and Secured Hedge Agreements	  	 	111	  

  
 iv 

							
			
		  	ARTICLE X	  			
		  	CONTINUING GUARANTY	  			
			
	10.01	  	Guaranty	  	 	111	  
	10.02	  	Rights of Lenders	  	 	112	  
	10.03	  	Certain Waivers	  	 	112	  
	10.04	  	Obligations Independent	  	 	112	  
	10.05	  	Subrogation	  	 	112	  
	10.06	  	Termination; Reinstatement	  	 	113	  
	10.07	  	Subordination	  	 	113	  
	10.08	  	Stay of Acceleration	  	 	113	  
	10.09	  	Condition of Borrower	  	 	113	  
			
		  	ARTICLE XI	  			
		  	MISCELLANENOUS	  			
			
	11.01	  	Amendments, Etc.	  	 	114	  
	11.02	  	Notices; Effectiveness; Electronic Communications	  	 	115	  
	11.03	  	No Waiver; Cumulative Remedies; Enforcement	  	 	117	  
	11.04	  	Expenses; Indemnity; Damage Waiver	  	 	118	  
	11.05	  	Payments Set Aside	  	 	119	  
	11.06	  	Successors and Assigns	  	 	120	  
	11.07	  	Treatment of Certain Information; Confidentiality	  	 	125	  
	11.08	  	Right of Setoff	  	 	126	  
	11.09	  	Interest Rate Limitation	  	 	126	  
	11.10	  	Counterparts; Integration; Effectiveness	  	 	126	  
	11.11	  	Survival of Representations and Warranties	  	 	127	  
	11.12	  	Severability	  	 	127	  
	11.13	  	Replacement of Lenders	  	 	127	  
	11.14	  	Governing Law; Jurisdiction; Etc.	  	 	128	  
	11.15	  	Waiver of Jury Trial	  	 	129	  
	11.16	  	No Advisory or Fiduciary Responsibility	  	 	129	  
	11.17	  	Electronic Execution of Assignments and Certain Other Documents	  	 	129	  
	11.18	  	USA PATRIOT Act	  	 	130	  
	11.19	  	Time of the Essence	  	 	130	  
		
	 SIGNATURES
	  			

  
 v 

 SCHEDULES 
  

			
	 1
	  	EBITDA Adjustments
	 1.01
	  	Immaterial Subsidiaries
	 2.01
	  	Commitments and Applicable Percentages
	 5.05
	  	Supplement to Interim Financial Statements
	 5.08(c)
	  	Existing Liens
	 5.08(d)
	  	Real Property
	 5.13
	  	Subsidiaries and Other Equity Investments; Loan Parties
	 5.17
	  	Intellectual Property Matters
	 6.12
	  	Guarantors
	 7.02
	  	Existing Indebtedness
	 11.02
	  	Administrative Agent’s Office, Certain Addresses for Notices

 EXHIBITS 
 Form of 

 

			
	 A
	  	Committed Loan Notice
	 B
	  	Intentionally Omitted
	 C
	  	Term B Note
	 D
	  	Compliance Certificate
	 E-1
	  	Assignment and Assumption
	 E-2
	  	Administrative Questionnaire
	 E-3
	  	Affiliated Lender Assignment and Assumption
	 F
	  	Guaranty
	 G
	  	Security Agreement
	 H
	  	Pledge Agreement
	 I
	  	Auction Procedures

  
 vi 

 CREDIT AGREEMENT 
 This CREDIT AGREEMENT (“Agreement”) is entered into as of May 31, 2011, by and among EXOPACK, LLC, a Delaware limited liability company (“Exopack OpCo”), CELLO-FOIL
PRODUCTS, INC., a Michigan corporation (“Cello-Foil OpCo”, and together with Exopack OpCo, collectively, the “Borrowers” and individually, a “Borrower”), EXOPACK KEY HOLDINGS, LLC, a Delaware
limited liability company (“Holdings”), EXOPACK HOLDING CORP., a Delaware corporation (“Intermediate Holdings”), CERTAIN SUBSIDIARIES OF HOLDINGS, as Guarantors, each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as Administrative Agent, and MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED and GOLDMAN SACHS LENDING PARTNERS LLC, as
Joint Lead Arrangers. 
 PRELIMINARY STATEMENTS: 
 The Borrowers have requested that the Lenders provide a term B loan facility, and the Lenders have indicated their willingness to lend to the Borrowers, on the terms and subject to the conditions set
forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree
as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
 1.01 Defined Terms. As used in this
Agreement, the following terms shall have the meanings set forth below: 
 “Accepting Lenders” has the meaning
specified in Section 2.15(a) hereof. 
 “Adjusted Consolidated Working Capital” shall mean, at any
time, Consolidated Current Assets less Consolidated Current Liabilities at such time. 
 “Administrative Agent”
means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02, or such other address or account as
the Administrative Agent may from time to time notify to the Borrowers and the Lenders. 
 “Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other form approved by the Administrative Agent. 
 “Affected Class” has the meaning specified in Section 2.15(a) hereof. 
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with
the Person specified. 

 “Affiliated Lender” shall mean any Affiliate of any Loan Party or any of
their respective Subsidiaries, provided, however, that no Loan Party shall be permitted to be an Affiliated Lender. 
 “Affiliated Lender Assignment and Assumption” shall have the meaning assigned to such term in Section 11.06(b)(vii)(C). 

“Aggregate Commitments” means the Commitments of all the Lenders. 

“Agreement” means this Credit Agreement, as amended, restated, supplemented or otherwise modified and in effect from
time to time. 
 “Allocable Amount” has the meaning specified in Section 2.17(c)(ii). 

“Applicable Increased Term Loan Spread” means, at any time, with respect to any then existing Series of Term Loans at
the time of the provision of any new Series of New Term Loans pursuant to Section 2.14 which is subject to an Effective Yield that is less than the Effective Yield applicable to such new Series of New Term Loans by more than 0.50% the
margin per annum (expressed as a percentage) determined by the Administrative Agent (and notified to the Lenders) as the margin per annum required to cause the Effective Yield applicable to such newly created Series of New Term Loans to equal
(i) the Effective Yield applicable to such newly created Series of Term Loans minus (ii) 0.50%. Each determination of the “Applicable Increased Term Loan Spread” shall be made by Administrative Agent taking into account the
relevant factors outlined in the proviso to subclause (iv) of Section 2.14(c) and shall be conclusive and binding on all Lenders absent manifest error. 
 “Applicable Percentage” with respect to any Lender and any Series of Term Loans at any time, the percentage (carried out to the ninth decimal place) of the Term B Facility or Series
of New Term Loan Facility represented by (a) at any time prior to the Closing Date or the applicable Increased Amount Date, as applicable, such Term B Lender’s Term B Commitment or New Term Loan Commitment, as applicable, at such
time and (b) thereafter, the principal amount of such Term B Lender’s Term B Loans or Series of New Term Loans, as applicable, at such time. The initial Applicable Percentage of each Lender in respect of each Facility is set
forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
 “Applicable Prepayment Percentage” shall mean, at any time, 75%; provided that so long as no Default or Event of Default then exists, (a) if at any time the Consolidated
Leverage Ratio is less than 3.50:1:00 (as set forth in an officer’s certificate delivered pursuant to Section 6.02(b) for the Fiscal Year then last ended), the Applicable Prepayment Percentage shall instead be 50%, (b) if at
any time the Consolidated Leverage Ratio is less than 2.00:1:00 (as set forth in an officer’s certificate delivered pursuant to Section 6.02(b) for the Fiscal Year then last ended), the Applicable Prepayment Percentage shall instead
be 25%, and (c) if at any time the Consolidated Leverage Ratio is less than 1.50:1:00 (as set forth in an officer’s certificate delivered pursuant to Section 6.02(b) for the Fiscal Year then last ended), the Applicable
Prepayment Percentage shall instead be 0%. 

  
 8 

 “Applicable Rate” means (a) in respect of the Term B Facility,
4.0% per annum for Base Rate Loans and 5.0% per annum for Eurodollar Rate Loans; and (b) in respect of any New Term Loan Facility, as specified in the Joinder Agreement in respect thereof delivered in accordance with
Section 2.14(b); provided that on and after the date of the most recent incurrence of any New Term Loans, the Administrative Agent shall determine the Applicable Increased Term Loan Spread, if any, and, thereafter, the Applicable
Rate for any Series of Term Loans (other than such Series of New Term Loans) shall be the higher of (i) the Applicable Increased Term Loan Spread for such Series of Term Loans and (ii) the Applicable Rate for such Type and Series of Term
Loans as otherwise determined above in the absence of this proviso. 
 “Appropriate Lender” means, at any time,
a Lender that has a Commitment or holds a Term B Loan at such time. 
 “Approved Fund” means any Fund that is
administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means Merrill Lynch, Pierce, Fenner & Smith, Incorporated and Goldman Sachs Lending Partners LLC, in their capacities as joint lead arrangers. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption
entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E-1 or any other form
approved by the Administrative Agent. 
 “Attributable Indebtedness” means, on any date, (a) in respect of
any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation, the capitalized amount
of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or
instrument were accounted for as a Capitalized Lease and (c) all Synthetic Debt of such Person. 
 “Auction
Manager” shall mean either of the Arrangers or another investment bank of recognized standing selected by the Borrowers and reasonably satisfactory to the Administrative Agent that will manage the Discounted Voluntary Prepayment Offer.

 “Auction Procedures” shall mean the auction procedures with respect to Discounted Voluntary Prepayment
Offers set forth in Exhibit I hereto. 
 “Audited Financial Statements” means the audited consolidated
balance sheet of Intermediate Holdings and its Subsidiaries for the Fiscal Year ended December 31, 2010, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such Fiscal Year of
Intermediate Holdings and its Subsidiaries, including the notes thereto. 

  
 9 

 “Available Amount” means, on any date (the “Determination
Date”), an amount equal to: 
 (a) the sum of: 

(i) the Available Retained ECF Amount on the Determination Date 

(ii) the cumulative amount of net cash proceeds from the sale of Equity Interests of any Parent Company after the Closing
Date and on or prior to such time (including upon exercise of warrants or options) which proceeds have been contributed as common equity to the capital of Holdings , and thereafter, either Borrower, and not previously applied for a purpose other
than use in the Available Amount; 
 (iii) 100% of the aggregate amount of the net cash proceeds of contributions
to the common capital of Holdings, and thereafter, either Borrower received Closing Date; 
 (iv) 100% of the
aggregate principal amount of any Indebtedness (including the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock) of Holdings or any Loan Party issued after the Closing Date (other than
Indebtedness issued to a Subsidiary), which has been converted into or exchanged for Equity Interests (other than Disqualified Stock) in Holdings or any Parent Company; and 

(v) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale,
repayments, income and similar amounts) actually received by Holdings or any Loan Party in respect of any Investments in Persons other than Subsidiaries permitted hereunder, minus  

(b) the sum of: 
 (i) the aggregate amount of all Investments made by the Borrowers and their respective Subsidiaries pursuant to Section 7.03(h) on or after the Closing Date and on or prior to the
Determination Date; 
 (ii) the aggregate amount of all Restricted Payments made by the Borrowers and their
respective Subsidiaries pursuant to Section 7.06(d) on or after the Closing Date and on or prior to the Determination Date; and 
 (iii) the aggregate amount of repayments, repurchases, redemptions or defeasances of Indebtedness pursuant to Section 7.15(f). 

“Available Retained ECF Amount” means (i) an amount which is initially equal to zero, but is never less than zero,
plus (ii) the cumulative amount for all then-completed Excess Cash Flow Payment Periods of the amount of Excess Cash Flow permitted to be retained by the Borrowers for each Excess Cash Flow Payment Period (commencing with the Excess Cash
Flow Payment Period ending December 31, 2011) after giving effect to the calculation of Excess Cash Flow for each such Excess Cash Flow Payment Period and the payment of Loans required pursuant to Section 2.05(b)(i) in respect of
each such Excess Cash Flow Payment Period. 

  
 10 

 “Bank of America” means Bank of America, N.A. and its successors.

 “Bankruptcy Code” means the Bankruptcy Reform Act of 1988, as heretofore and hereafter amended, as codified
at 11 U.S.C. §101 et seq. 
 “Base Rate” means for any day a fluctuating rate per annum
equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1% (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, and (c) the Eurodollar
Rate plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

 “Base Rate Loan” means a Term B Loan or New Term Loan that bears interest based on the Base Rate.

 “Board of Directors” means: 

(a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to
act on behalf of such board; 
 (b) with respect to a partnership, the Board of Directors of the general partner
of the partnership; 
 (c) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and 
 (d) with respect to any other Person, the board or
committee of such Person serving a similar function. 
 “Borrower” and “Borrowers” have the
respective meanings specified in the introductory paragraph hereto. 
 “Borrower Materials” has the meaning
specified in Section 6.02. 
 “Borrower Restricted Information” shall mean any non-public
information with respect to Holdings, Intermediate Holdings, any Borrower or any other Loan Party that could reasonably be expected to have a material effect upon, or otherwise be material, (i) to a Lender’s decision to participate in any
assignment pursuant to Section 11.06(b) or (ii) to the market price of the Term Loans or Equity Interests of Borrower, Intermediate Holdings or Holdings. 
 “Borrowing” means a Term B Borrowing. 
 “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York and, if such day relates to any Eurodollar Rate Loan, means
any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 

  
 11 

 “Capital Expenditures” means, with respect to any Person for any period the
aggregate of all expenditures during such period that, in accordance with GAAP, are or should be included in “additions to property, plant or equipment” or similar items reflected in the statement of cash flows of such Person. 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized
leases; provided, however, that any lease that has been or should be recorded as an operating lease in accordance with GAAP in effect as of the Closing Date shall not, notwithstanding any change in the treatment of such leases after
the Closing Date be characterized as a Capitalized Lease for any purposes hereunder. 
 “Cash Equivalents”
means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all Liens (other than Liens created under the Collateral Documents and Liens permitted by Section 7.01):

 (a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of
America or any agency or instrumentality thereof having maturities of not more than 365 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof;

 (b) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial
bank that (i) (A) is a Lender or a lender under the Revolving Credit Agreement, (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking Subsidiary of a
bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as
described in clause (c) of this definition and (iii) has combined capital and surplus of at least $250,000,000, in each case with maturities of not more than 365 days from the date of acquisition thereof; 

(c) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated
at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 365 days from the date of acquisition thereof;

 (d) Investments, classified in accordance with GAAP as current assets of the Borrower or any of its
Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios
of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition; 
 (e) Investments in local currencies held by Foreign Subsidiaries of either Borrower in cash deposit accounts for use in the ordinary course of such Foreign Subsidiaries’ businesses; and 

  
 12 

 (f) repurchase obligations with a term of not more than 30 days for
underlying securities of the types described in clauses (a) and (b) above entered into with any financial institution meeting the qualifications specified in clause (b) above. 

“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository,
overdraft, credit or debit card, electronic funds transfer and other cash management arrangements. 
 “Cash Management
Bank” means any Person that, at the time it enters into a Cash Management Agreement, is a Lender or an Affiliate of a Lender or the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Cash
Management Agreement. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980. 
 “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability
Information System maintained by the U.S. Environmental Protection Agency. 
 “CFC” means a Person that is a
controlled foreign corporation under Section 957 of the Code. 
 “Change in Law” means the occurrence,
after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules,
guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States 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 an event or series of events by which: 
 (a) at any time prior to the creation of a
Public Market, the Sponsor Group shall cease to own and control legally and beneficially (free and clear of all Liens), either directly or indirectly, equity securities in Holdings representing more than 50% of the combined voting power of all of
equity securities entitled to vote for members of the board of directors or equivalent governing body of Holdings on a fully-diluted basis (and taking into account all such securities that the Sponsor Group have the right to acquire pursuant to any
option right (as defined in clause (b) below)); or 
 (b) at any time after the creation of a Public Market,
any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity

  
 13 

 
acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than the Sponsor Group becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable
immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 35% or more of the equity securities of Holdings entitled to vote for members of the board of directors or equivalent
governing body of Holdings on a fully-diluted basis (and taking into account all such securities that such “person” or “group” has the right to acquire pursuant to any option right); or 

(c) at any time after the creation of a Public Market, during any period of 12 consecutive months, a majority of the
members of the board of directors or other equivalent governing body of Holdings ceases to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of
directors); or 
 (d) Holdings shall cease, directly or indirectly, to own and control legally and beneficially
all of the Equity Interests in the Borrowers; or 
 (e) a “change of control” or any comparable term
under, and as defined in, the Revolving Credit Agreement, the Senior Notes Indenture, the Refinancing Notes Indenture or the Permitted Unsecured Debt Documents shall have occurred. 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 11.01. 
 “Closing Date Distribution” means a Restricted Payment in the
form of a dividend or other distribution with respect to Equity Interests, in cash, up to an aggregate amount of up to $150,000,000 made by Intermediate Holdings to Holdings and, thereafter, to any Parent Company and the Sponsor Group pursuant to
Section 7.06(f). 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” means all of the “Collateral” and “Mortgaged Property” referred to in the
Collateral Documents and all of the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties. 

  
 14 

 “Collateral Documents” means, collectively, the Security Agreement, the
Pledge Agreement, the Intellectual Property Security Agreement, the Mortgages, collateral assignments, Security Agreement supplements, Pledge Agreement supplements, IP Security Agreement Supplements, security agreements, pledge agreements or other
similar agreements delivered to the Administrative Agent pursuant to Section 6.12, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit
of the Secured Parties. 
 “Commitment” means a Term B Commitment. 

“Committed Loan Notice” means a notice of (a) a Term Borrowing, (b) a conversion of Loans from one Type to the
other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit D. 

“Consent Solicitation” means the solicitation by Intermediate Holdings from the holders of outstanding Existing Senior
Notes of consents to certain amendments to the Existing Senior Notes Indenture in accordance with the terms of the Tender Offer Materials. 
 “Consolidated Cash Flow” means, at any date of determination, an amount equal to Consolidated Net Income of Intermediate Holdings and its Subsidiaries on a consolidated basis for the most
recently completed Fiscal Year, plus,  
 (a) the following to the extent deducted in calculating such
Consolidated Net Income, without duplication: 
 (i) other non-recurring expenses reducing such Consolidated Net
Income which do not represent a cash item in such period or any future period (in each case of or by Intermediate Holdings and its Subsidiaries for such Fiscal Year); 

(ii) non-cash compensation charges or other non-cash expenses or charges arising from the grant or issuance of stock,
stock options or other equity-based awards to directors, officers or employees of Intermediate Holdings and its Subsidiaries; minus 
 (b) to the extent included in calculating such Consolidated Net Income, all non-cash items increasing Consolidated Net Income (in each case of or by Intermediate Holdings and its Subsidiaries for such
Fiscal Year), other than the accrual of revenue in the ordinary course of business. 
 “Consolidated Current
Assets” shall mean, at any time, the consolidated current assets of Intermediate Holdings and its Subsidiaries at such time (other than cash and Cash Equivalents and amounts related to current or deferred Taxes on income or profits) that
would, in accordance with GAAP, be classified on a consolidated balance sheet of Intermediate Holdings and its Subsidiaries as current assets at such time. 

  
 15 

 “Consolidated Current Liabilities” shall mean, at any time, the
consolidated current liabilities of Intermediate Holdings and its Subsidiaries at such time, but excluding the current portion of any Indebtedness under this Agreement, the current portion of any other long-term Indebtedness which would otherwise be
included therein, accruals of consolidated interest expense (excluding consolidated interest expense that is due and unpaid), accruals for current or deferred Taxes based on income or profits, that would, in accordance with GAAP, be classified on a
consolidated balance sheet of Intermediate Holdings and its Subsidiaries as current liabilities at such time. 

“Consolidated EBITDA” means, at any date of determination, an amount equal to Consolidated Net Income of Intermediate
Holdings and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period plus  
 (a) the
following to the extent deducted in calculating such Consolidated Net Income, without duplication: 
 (i)
Consolidated Interest Charges; 
 (ii) the provision for Federal, state, local and foreign income taxes payable;

 (iii) depreciation and amortization expense; 

(iv) other non-recurring expenses reducing such Consolidated Net Income which do not represent a cash item in such period
or any future period (in each case of or by Intermediate Holdings and its Subsidiaries for such Measurement Period); 
 (v) payments pursuant to the Management Agreement as in effect on the Closing Date for such period, subject to the limitations set forth in the definition of “Permitted Payments to Parent;”

 (vi) non-cash compensation charges or other non-cash expenses or charges arising from the grant or issuance of
stock, stock options or other equity-based awards to directors, officers or employees of Intermediate Holdings and its Subsidiaries; 
 (vii) Sarbanes-Oxley compliance and other related public company expenses; 
 (viii) cash restructuring charges or reserves and business optimization expense, including any restructuring costs, integration costs and other out-of-pocket costs and expenses incurred in connection with
a purchase or other acquisition made pursuant to Section 7.03(g) after the Closing Date, costs related to the closure and/or consolidation of facilities, retention charges, contract termination costs, retention, recruiting, relocation,
severance and signing bonuses and expenses, transaction fees and expenses, future lease commitments, systems establishment costs, conversion costs and excess pension charges, consulting fees and any one-time expense relating to enhanced accounting
function, or costs associated with becoming a public company or any other costs incurred in connection with any of the foregoing; provided that the aggregate amount of add backs made pursuant to this clause (vii) for any Measurement
Period of four consecutive Fiscal Quarters shall not exceed $7,500,000; 

  
 16 

 (ix) the amount of net cost savings, operating expense reductions, other
operating improvements and acquisition synergies projected by Intermediate Holdings in good faith to be realized during such period (calculated on a pro forma basis as though such items had been realized on the first day of such period) as a result
of actions taken or to be taken in connection with the Transaction or any acquisition or disposition by the Borrowers or any of their respective Subsidiaries, net of the amount of actual benefits realized during such period that are otherwise
included in the calculation of Consolidated EBITDA from such actions, provided that (A) a duly completed certificate signed by a Responsible Officer of the Borrowers shall be delivered to the Administrative Agent together with the
Compliance Certificate required to be delivered pursuant to Section 6.02(b), certifying that (x) such cost savings, operating expense reductions and synergies are reasonably expected and factually supportable in the good faith
judgment of the Borrowers, and (y) such actions are to be taken within (I) in the case of any such cost savings, operating expense reductions and synergies in connection with the Transaction, 18 months after the Closing Date and (II) in
all other cases, within 18 months after the consummation of the acquisition, disposition, restructuring or the implementation of an initiative, which is expected to result in such cost savings, expense reductions or synergies, (B) no cost
savings, operating expense reductions and synergies shall be added pursuant to this clause (ix) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise,
for such period, (C) to the extent that any cost savings, operating expense reductions and synergies are not associated with the Transaction or any other specified transaction, all steps shall have been taken for realizing such savings,
(D) projected amounts (and not yet realized) may no longer be added in calculating Consolidated EBITDA pursuant to this clause (ix) to the extent occurring more than four full Fiscal Quarters after the specified action taken in order to
realize such projected cost savings, operating expense reductions and synergies, and (E) the aggregate amount of add backs made pursuant to this clause (ix) for any period of four consecutive Fiscal Quarters, when added to the aggregate
amount of add backs made pursuant to clause (vii) above for such Measurement Period of four consecutive Fiscal Quarters, shall not exceed $15,000,000; 
 (x) fees, expenses and bonuses to employees in connection with the Transaction; 
 (xi) the historical adjustments set forth on Schedule 1 for the periods set forth therein; and 
 (xii) other extraordinary non-recurring cash expenses, provided that the aggregate amount of add backs made pursuant to this clause (xii) when aggregated with add backs made pursuant to the
foregoing clauses (viii) and (ix) for any Measurement Period of four consecutive Fiscal Quarters shall not exceed $22,500,000; and minus 
 (b) the following to the extent included in calculating such Consolidated Net Income, without duplication: 
 (i) Federal, state, local and foreign income tax credits; and 

  
 17 

 (ii) all non-cash items increasing Consolidated Net Income (in each case of
or by Intermediate Holdings and its Subsidiaries for such Measurement Period), other than the accrual of revenue in the ordinary course of business. 
 “Consolidated Funded Indebtedness” means, as of any date of determination, for Intermediate Holdings and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding
principal amount of all obligations, whether current or long-term, for borrowed money and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments (including, without limitation, Obligations hereunder, all
Indebtedness under the Revolving Credit Agreement, all Indebtedness under the Senior Notes and the Refinancing Notes, if any, and all Obligations under any Permitted Unsecured Debt), (b) all purchase money Indebtedness, (c) all direct
obligations and reimbursement obligations arising under commercial letters of credit, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business),
(e) all Attributable Indebtedness, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Borrower or any Subsidiary, and
(g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which Intermediate Holdings
or its Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to Intermediate Holdings or such Subsidiary, as applicable. 
 “Consolidated Interest Charges” means, for any Measurement Period, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with
borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, (b) all interest paid or payable with respect to discontinued
operations and (c) the portion of rent expense under Capitalized Leases that is treated as interest in accordance with GAAP, in each case, of or by Intermediate Holdings and its Subsidiaries on a consolidated basis for the most recently
completed Measurement Period. 
 “Consolidated Leverage Ratio” means, as of any date of determination, the
ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA of Intermediate Holdings and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period. 

“Consolidated Net Income” means, at any date of determination, the net income (or loss) of Intermediate Holdings and its
Subsidiaries on a consolidated basis for the most recently completed Measurement Period; provided that Consolidated Net Income shall exclude: 
 (a) extraordinary gains and extraordinary losses for such Measurement Period, 

(b) the net income of any Subsidiary during such Measurement Period to the extent that the declaration or payment of dividends or similar
distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period, except that Intermediate
Holdings’ equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income, and 

  
 18 

 (c) any income (or loss) for such Measurement Period of any Person if such Person is not a
Subsidiary, except that Intermediate Holdings’ equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during
such Measurement Period to Intermediate Holdings or its Subsidiary as a dividend or other distribution (and in the case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing such amount to
Intermediate Holdings as described in clause (b) above). 
 “Consolidated Senior Secured Indebtedness”
means, as of any date of determination, Consolidated Funded Indebtedness that is secured by or otherwise subject to any Lien on the assets or property of Intermediate Holdings or any of its Subsidiaries (including, without limitation, Indebtedness
incurred under this Agreement and the Revolving Credit Agreement). 
 “Consolidated Senior Secured Leverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated Senior Secured Indebtedness as of such date to (b) Consolidated EBITDA of Intermediate Holdings and its Subsidiaries on a consolidated basis for the most
recently completed Measurement Period. 
 “Consolidated Total Assets” means, as of any date of determination,
the total amount of assets that would appear on a consolidated balance sheet of Intermediate Holdings and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

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

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

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

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means when used with respect to
Obligations, an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans under the applicable Facility plus (c) 2% per annum; provided, however, that
with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum. 

  
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 “Defaulting Lender” means any Lender that (a) has failed to fund any
portion of the Term Loans, required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount
required to be paid by it hereunder within one Business Day of the date when due or (c) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any
direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a
Lender is a Defaulting Lender under clauses (a) through (c) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the
Borrowers and each Lender. 
 “Discounted Voluntary Prepayment” has the meaning specified in
Section 2.16(a). 
 “Discounted Voluntary Prepayment Offer” has the meaning specified in
Section 2.16(a). 
 “Disposition” or “Dispose” means the sale, transfer, license,
lease or other disposition (including any Sale-Leaseback Transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 
 “Disqualified
Stock” shall mean, with respect to any person, any Equity Interests of such Person that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is redeemable or exchangeable), or
upon the happening of any event or condition, (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset
sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination
of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) either
mandatorily or at the option of the holders thereof, is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one
(91) days after the earlier of (x) the Latest Maturity Date and (y) the date on which the Loans and all other Obligations that are accrued and 

  
 20 

 
payable are repaid in full and the Commitments are terminated; provided, however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so
convertible or exchangeable, that provide for such payments or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided further, however, that if such Equity
Interests are issued to any employee or to any plan for the benefit of employees of Intermediate Holdings or its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because they
may be required to be repurchased by Intermediate Holdings or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided
further, however, that any class of Equity Interests of such Person that by its terms authorizes such person to satisfy its obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to
be Disqualified Stock. 
 “Dollar” and “$” mean lawful money of the United States. 

“Effective Yield” means, as to any Term Loans of any Series, the effective yield on such Term Loans as determined by the
Administrative Agent, taking into account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (x) the
weighted average life to maturity of such Loans and (y) the four years following the date of incurrence thereof) payable generally to Lenders making such Loans, but excluding any arrangement, structuring or other fees payable in connection
therewith that are not generally shared with the relevant Lenders and customary consent fees paid generally to consenting Lenders. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 11.06(b)(iii), (v), (vi) and, if applicable,
(vii) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)); provided that no Loan Party shall be an Eligible Assignee. 

“Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand,
abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising in connection with any Environmental Liability (i) pursuant to, or in connection with any actual or alleged
violation of any Environmental Law; or (ii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment or any exposure to Hazardous Materials. 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances,
rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to or imposing liability or standards of conduct concerning pollution, the protection of human health or the
environment or the release, emission or discharge of any materials into the environment, including CERCLA. 

“Environmental Liability” means any liability (including any liability for damages, costs of environmental remediation,
fines, penalties or indemnities), contingent or otherwise, directly or indirectly resulting from or based upon any (a) violation of any Environmental Law, (b) release, threatened release, generation, use, handling, transportation, storage,
treatment or 

  
 21 

 
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) actual or alleged damage, injury, threat or harm to health, safety, natural resources or the
environment or (e) contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Environmental Permit” means any permit, approval, identification number, license or other authorization issued pursuant to any Environmental Law. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or
profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible
into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the
other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with Intermediate
Holdings or either Borrower within the meaning of Section 4001(b)(1) of ERISA or Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 “ERISA Event” means, (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by
Intermediate Holdings or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Intermediate Holdings or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization or
insolvent under Section 4241 or 4245 of ERISA; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC
to terminate a Pension Plan or Multiemployer Plan; (e) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer
Plan; (f) the loss of a Pension Plan or Plan’s qualification or tax exempt status; (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon
Intermediate Holdings or any ERISA Affiliate; (h) the failure by Intermediate Holdings or any ERISA Affiliate to make when due required contributions to a Multiemployer Plan or Pension Plan unless such failure is cured within 30 days; or
(i) the termination of a Pension Plan described in Section 4064 of ERISA. 
 “Eurodollar Rate” means,
for any Interest Period with respect to a Eurodollar Rate Loan, the greater of (a) 1.50% and (b) the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other
commercially available source 

  
 22 

 
providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate in the foregoing clause (b) is not available at such time for any reason, then the
“Eurodollar Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Eurodollar Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank
eurodollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period. 
 “Eurodollar Rate Loan” means a Term B Loan or a New Term Loan that bears interest at a rate based on the Eurodollar Rate. 

“Event of Default” has the meaning specified in Section 8.01. 

“Excess Cash Flow” means, for any Fiscal Year of Intermediate Holdings, the excess (if any) of (a) the sum of
(i) Consolidated Cash Flow for such Fiscal Year and (ii) the decrease, if any, in Adjusted Consolidated Working Capital from the first day to the last day of such Fiscal Year (but excluding any such decrease in Adjusted Consolidated
Working Capital arising from a purchase or other acquisition made pursuant to Section 7.03(g) after the Closing Date or dispositions of any Person by Intermediate Holdings and/or its Subsidiaries during such period) over
(b) the sum (for such Fiscal Year) of (i) Consolidated Interest Charges actually paid in cash by Intermediate Holdings and its Subsidiaries, (ii) scheduled principal repayments, to the extent actually made, of Term Loans pursuant to
Section 2.07, (iii) all income taxes actually paid in cash by Intermediate Holdings and its Subsidiaries, (iv) Capital Expenditures actually made by Intermediate Holdings and its Subsidiaries in such Fiscal Year and
(v) the increase, if any, in Adjusted Consolidated Working Capital from the first day to the last day of such Fiscal Year (but excluding any such increase in Adjusted Consolidated Working Capital arising from a purchase or other acquisition
made pursuant to Section 7.03(g) after the Closing Date or disposition of any Person by Intermediate Holdings and/or its Subsidiaries). 
 “Excess Cash Flow Payment Period” means, with respect to any Excess Cash Flow Payment Date, the preceding Fiscal Year of Intermediate Holdings. 

“Excluded Contributions” shall mean the cash received by either Borrower after the Closing Date from: 

(a) contributions to Holdings’ common Equity Interests, and 

(b) the sale (other than to a Subsidiary of Holdings or to any Subsidiary management equity plan or stock option plan or any other
management or employee benefit plan or agreement) of Equity Interests (other than Disqualified Stock) of Holdings, 

  
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 in each case designated as Excluded Contributions pursuant to an officer’s certificate on or promptly
after the date such capital contributions are made or the date such Equity Interests are sold, as the case may be. If so designated, Excluded Contributions shall not be counted toward any purpose under the Loan Documents (including, for the
avoidance of doubt, any basket or the Available Amount) other than Section 7.03(i). 
 “Excluded Real
Property” means Real Property with a Fair Market Value of less than $2,000,000. 
 “Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrowers hereunder, (a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case
of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrowers are located, (c) any backup withholding
tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii) (d) in the case of a Foreign Lender (other than an assignee pursuant to a request
by the Borrower under Section 11.13), any United States withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time such Foreign Lender becomes a party
hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with clause (B) of Section 3.01(e)(ii), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to
Section 3.01(a)(ii) or (iii) and (e) any United States federal withholding tax imposed under FATCA. 

“Existing Senior Notes” means the “Notes” issued under the Existing Senior Notes Indenture. 

“Existing Senior Notes Indenture” means that certain Indenture dated as of January 31, 2006 by and among
Intermediate Holdings, as issuer, certain other persons parties thereto as guarantors and The Bank of New York, as trustee, as amended, supplemented or otherwise modified from time to time. 

“Existing Senior Notes Indenture Amendment” shall mean the amendment to the Existing Senior Notes Indenture entered into
in connection with the Consent Solicitation. 
 “Facility” means the Term B Facility and each New Term Loan
Facility, if any. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement and
any regulations or official interpretations thereof. 
 “Fair Market Value” means the value that would
be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, as determined in good faith by the Board of Directors of Intermediate Holdings. 

  
 24 

 “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank 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 (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on
such transactions as determined by the Administrative Agent. 
 “Fee Letter” means, collectively, (a) the
letter agreement, dated May 5, 2011, among the Borrowers and the Arrangers and (b) the letter agreement, dated May 31, 2011, among the Borrowers and the Administrative Agent. 

“Fiscal Quarter” means a fiscal quarter of any Fiscal Year. 

“Fiscal Year” means the fiscal year of Intermediate Holdings and its Subsidiaries ending on December 31 of
each calendar year. 
 “Flood Certificate” means a “Standard Flood Hazard Determination Form” of the
Federal Emergency Management Agency and any successor Governmental Authority performing a similar function. 
 “Flood
Program” means the National Flood Insurance Program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood
Insurance Reform Act of 2004, in each case as amended from time to time, and any successor statutes. 
 “Flood
Zone” means areas having special flood hazards as described in the National Flood Insurance Act of 1968, as amended from time to time, and any successor statute. 
 “Foreign Benefit Event” shall mean, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under applicable Laws, or in
excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure to make the required contributions or payments, under applicable Laws, on or before the due date for such contributions or payments,
(c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of
any such Foreign Pension Plan, (d) the incurrence of any liability by either Borrower or any Subsidiary under applicable Laws on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal
of any participating employer therein, or (e) the occurrence of any transaction that is prohibited under applicable Laws and that could reasonably be expected to result in the incurrence of any liability by either Borrower or any of the
Subsidiaries, or the imposition on either Borrower or any of the Subsidiaries of any fine, excise tax or penalty resulting from any noncompliance with any applicable Laws. 

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

“Foreign Pension Plan” shall mean any defined benefit or defined contribution pension plan maintained outside of the
jurisdiction of the United States that under applicable Laws is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. 

“Foreign Subsidiary” shall mean any Subsidiary of Holdings that is incorporated or organized under the laws of any
jurisdiction other than the United States of America, any State thereof or the District of Columbia. 
 “FRB”
means the Board of Governors of the Federal Reserve System of the United States. 
 “Fund” means any Person
(other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 
 “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as
the European Union or the European Central Bank). 
 “Guarantee” means, as to any Person, (a) any
obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or
lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to 

  
 26 

 
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to
the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by
the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantor Payment” shall have the meaning specified in Section 2.17. 

“Guarantors” means, collectively, Holdings, Intermediate Holdings, the Subsidiaries of Holdings listed on Schedule
6.12 and each other Subsidiary of Holdings that shall be required to execute and deliver a guaranty or guaranty supplement pursuant to Section 6.12. 
 “Guaranty” means, collectively, the Guaranty made by Holdings and the Guarantors under Article X in favor of the Secured Parties and the Guaranty made by each future Guarantor in
favor of the Secured Parties, substantially in the form of Exhibit F, together with each other guaranty and guaranty supplement delivered pursuant to Section 6.12. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic materials,
substances or wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other materials, substances or wastes of
any nature regulated pursuant to any Environmental Law. 
 “Hedge Bank” means any Person that, at the time it
enters into a Swap Contract required or permitted under Article VI or VII, is a Lender or an Affiliate of a Lender or the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Swap
Contract. 
 “Holdings” has the meaning specified in the introductory paragraph hereto. 

“Immaterial Subsidiary” shall mean any Subsidiary of Holdings that (a) did not, as of the last day of the Fiscal
Quarter of Holdings most recently ended, have assets with a value in excess of $50,000 as of such date, and (b) is indicated as such on Schedule 1.01 (as such Schedule may be updated from time to time by written notice from the Borrowers
to the Administrative Agent). 
 “Increased Amount Date” has the meaning specified in
Section 2.14(a). 
 “Increased Commitment Notice” has the meaning specified in
Section 2.14(a). 

  
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 “Indebtedness” means, as to any Person at a particular time, without
duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b) the maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c)
net obligations of such Person under any Swap Contract; 
 (d) all obligations of such Person to pay the deferred
purchase price of property or services (other than trade accounts payable in the ordinary course of business and not overdue by more than six (6) months unless being contested in good faith); 

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such
Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all
Synthetic Debt of such Person; 
 (g) all obligations of such Person to purchase, redeem, retire, defease or
otherwise make any payment in respect of any Equity Interest in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary
or involuntary liquidation preference plus accrued and unpaid dividends; and 
 (h) all Guarantees of such
Person in respect of any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made
non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Indemnitees” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Intellectual Property Security Agreement” has the meaning specified in the Security Agreement. 

“Intercreditor Agreement” means the Intercreditor Agreement dated as of the Closing Date among the Revolving
Administrative Agent, the Revolving Collateral Agent and the Administrative Agent, as the same may be amended, restated, modified, supplemented or replaced from time to time in accordance with the terms thereof. 

  
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 “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the
last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity
Date of the Facility under which such Loan was made. 
 “Interest Period” means, as to each Eurodollar Rate
Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six, and if available to all Lenders, nine or twelve months thereafter,
as selected by the Borrower in its Committed Loan Notice; provided that: 
 (a) any Interest Period that
would otherwise end on a day that 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;

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

(c) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made. 

“Intermediate Holdings” has the meaning specified in the introductory paragraph hereto. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means
of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person. For purposes of covenant
compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
 “IP Rights” has the meaning specified in Section 5.17. 
 “IP Security Agreement Supplement” has the meaning specified in the Security Agreement. 
 “IRS” means the United States Internal Revenue Service. 

  
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 “Joinder Agreement” means the joinder agreement, if any, by and among the
Borrowers, each New Term Loan Lender and the Administrative Agent, executed in accordance with Section 2.14, which shall set forth the terms and conditions for making of the New Term Loans by the New Term Loan Lenders. 

“Latest Maturity Date” shall mean, at any date of determination, the latest Maturity Date of the Term Loans. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” has the meaning specified in the introductory paragraph hereto. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or
preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any
financing lease having substantially the same economic effect as any of the foregoing). 
 “Loan” means an
extension of credit by a Lender to the Borrowers under Article II in the form of a Term Loan. 
 “Loan
Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the Collateral Documents, (e) the Fee Letter, (f) each Issuer Document, (g) the Intercreditor Agreement and
(h) the Post-Closing Agreement. 
 “Loan Modification Agreement” shall mean a Loan Modification Agreement
in form and substance reasonably satisfactory to the Administrative Agent and the Borrowers, by and among the Administrative Agent, the Borrowers, the other Loan Parties and one or more Accepting Lenders. 

“Loan Modification Offer” has the meaning specified in Section 2.15(a) hereof. 

“Loan Parties” means, collectively, the Borrower and each Guarantor. 

“Management Agreement” means that certain Consulting Agreement, dated as of May 31, 2011, between Intermediate
Holdings and Sun Capital Partners Management IV, LLC, as in effect as of the Closing Date, and any renewals or replacements thereof or amendments thereto (as long as the terms of such renewals, replacements or amendments are not less favorable to
the Lenders in any material respect, taken as a whole, as compared to such agreement as in effect on the Closing Date). 

  
 30 

 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, properties, assets or condition (material or otherwise) of Intermediate Holdings or Intermediate Holdings and its Subsidiaries taken as a whole, (b) a material impairment of the rights and
remedies of the Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party, or (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Maturity Date” in respect of the Term B Facility means May 31, 2017 and, in respect of any other Facility shall
have the meaning set forth in the Joinder applicable thereto delivered pursuant to and in accordance with Section 2.14; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be
the next preceding Business Day. 
 “Measurement Period” means, at any date of determination, the most recently
completed four Fiscal Quarters of Intermediate Holdings. 
 “Moody’s” means Moody’s Investors
Service, Inc. and any successor thereto. 
 “Mortgage” means an agreement, including a fee and/or leasehold
mortgage, deed of trust, trust deed, deed to secure debt or any other document, creating and evidencing a first priority Lien on a Mortgaged Property, as applicable, which shall be in a form reasonably satisfactory to the Administrative Agent.

 “Mortgaged Property” means (a) each Real Property identified to be mortgaged on Schedule 5.08(d)
hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 6.12(b). 
 “Multiemployer Plan” means any employee benefit plan of the type described in Section (3)(37) of ERISA, to which Intermediate Holdings or any ERISA Affiliate makes or is obligated to
make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 
 “Net
Cash Proceeds” means: 
 (a) with respect to any Disposition by any Loan Party or any of its
Subsidiaries, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such transaction (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note
receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable asset and that is required to be repaid in connection with such transaction
(other than Indebtedness under the Loan Documents), (B) the reasonable and customary out-of-pocket expenses incurred by such Loan Party or such Subsidiary in connection with such transaction, (C) income taxes reasonably estimated to be
actually payable within two years of the date of the 

  
 31 

 
relevant transaction as a result of any gain recognized in connection therewith, provided that if the amount of any estimated taxes pursuant to this subclause (C) exceeds the amount
of taxes actually required to be paid in cash in respect of such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds, (D) payments of attorneys’ fees, accountants’ fees, expenses, investment banking
fees, commissions and other related customary items that are paid in connection with such transaction, and (E) any amounts required to be held in escrow until such time as such amounts are released from escrow whereupon such amounts shall be
considered Net Cash Proceeds; 
 (b) with respect to the sale or issuance of any Equity Interest by any Loan
Party or any of its Subsidiaries, or the incurrence or issuance of any Indebtedness by any Loan Party or any of its Subsidiaries, the excess of (i) the sum of the cash and Cash Equivalents received in connection with such transaction over
(ii) (A) the underwriting discounts, commissions, fees and other reasonable and customary out-of-pocket costs and expenses, incurred by such Loan Party or such Subsidiary in connection therewith and (B) income taxes reasonably
estimated to be actually payable. 
 “New Term Loan” has the meaning specified in Section 2.14(a).

 “New Term Loan Commitments” has the meaning specified in Section 2.14(a). 

“New Term Loan Facility” means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the New
Term Loan Commitments at such time and (b) thereafter, the aggregate principal amount of the New Term Loans of all New Term Loan Lenders outstanding at such time. 
 “New Term Loan Lender” has the meaning specified in Section 2.14(a). 
 “New Term Loan Repayment Amount” shall have the meaning provided in Section 2.07(b). 
 “New Term Loan Repayment Date” shall have the meaning provided in Section 2.07(b). 
 “Non-Rejecting Lender” has the meaning specified in Section 2.05(d). 
 “Non-Tendered Notes” shall mean any outstanding Existing Senior Notes not validly tendered or validly tendered and subsequently withdrawn pursuant to the Tender Offer. 

“Note” means a Term B Note. 
 “NPL” means the National Priorities List under CERCLA. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan, Secured Cash Management Agreement or Secured Hedge Agreement, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in
such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

  
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 “Organization Documents” means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate
or articles of formation or organization of such entity. 
 “Other Taxes” means all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document. 
 “Outstanding Amount” means with respect to Term Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans occurring on such date. 
 “Parent Company” means CPG Finance, Inc., Sun Exopack, LLC and any successors thereto. 
 “Participant” has the meaning specified in Section 11.06(d). 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by Intermediate Holdings or any ERISA Affiliate or to which Intermediate Holdings or any ERISA Affiliate contributes or has an obligation to
contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 

“Permitted Amendment” has the meaning specified in Section 2.15(c) hereof. 

“Permitted Encumbrances” has the meaning specified in the Mortgages. 

“Permitted Payments to Parent” means, without duplication as to amounts: 

(a) payments to or on behalf of Holdings or any Parent Company in an amount sufficient to pay out-of-pocket legal,
accounting, filing and other general corporate overhead costs of Holdings and such Parent Company and franchise taxes and other fees required to maintain its existence actually and reasonably incurred by Holdings and such Parent Company, in any case
in an aggregate amount not to exceed $750,000 in any calendar year; 

  
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 (b) for so long as Intermediate Holdings is a member of a group filing a
consolidated or combined tax return with CPG Finance, Inc., payments to CPG Finance, Inc. in respect of an allocable portion of the tax liabilities of such group, including estimated taxes, that is attributable to Intermediate Holdings and its
Subsidiaries (“Tax Payments”). The Tax Payments shall not exceed the lesser of (i) the amount of the relevant tax (including any penalties and interest) that Intermediate Holdings would owe if Intermediate Holdings were filing
a separate tax return (or a separate consolidated or combined return with its Subsidiaries that are members of the consolidated or combined group), taking into account any carryovers and carrybacks of tax attributes (such as net operating losses) of
Intermediate Holdings and such Subsidiaries from other taxable years and (ii) the net amount of the relevant tax that CPG Finance, Inc. actually owes to the appropriate taxing authority. Any Tax Payments received from Intermediate Holdings
shall be paid over to the appropriate taxing authority within 30 days of CPG Finance, Inc.’s receipt of such Tax Payments or refunded to Intermediate Holdings; 

(c) payments to Sun Capital Partners Management IV, LLC of consulting fees pursuant to the Management Agreement in an
amount not to exceed in any Fiscal Year the greater of $3.0 million and 6.0% of Intermediate Holding’s EBITDA (as defined in the Management Agreement), up to an aggregate amount not to exceed $6,000,000 in any Fiscal Year; 

(d) payments to Sun Capital Partners Management IV, LLC of reasonable and customary management consulting fees pursuant to
the Management Agreement in an amount not to exceed 1% of the aggregate consideration (including assumed debt and long-term liabilities) paid to or by Intermediate Holdings or any of its Subsidiaries in connection with any refinancings,
restructurings, equity or debt offerings, acquisitions, mergers, consolidations, business combinations, sales and divestitures involving Intermediate Holdings or any of its Subsidiaries; and 

(e) payments to Sun Capital Partners Management IV, LLC for reimbursable out-of-pocket fees and expenses under and in
accordance with the terms of the Management Agreement. 
 “Permitted Refinancing” means, in respect of any
Indebtedness (the “Original Indebtedness”), any Indebtedness that extends, renews, replaces, defeases or refinances such Original Indebtedness (or any Permitted Refinancing in respect thereof); provided that: 

(a) in the case of a Permitted Refinancing of any Indebtedness (other than Indebtedness under the Revolving Credit Documents), the
principal amount of such Permitted Refinancing shall not exceed the principal amount of such Original Indebtedness except by an amount no greater than accrued and unpaid interest with respect to such Original Indebtedness and reasonable fees,
premium and expenses relating to such extension, renewal or refinancing; 

  
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 (b) other than a Permitted Refinancing of the Indebtedness under the Revolving Credit
Documents, the maturity of such Permitted Refinancing shall not be earlier, and the weighted average life to maturity of such Permitted Refinancing shall not be shorter, than the maturity date (or, if later, the date that is ninety-one
(91) days following the Latest Maturity Date) or the remaining weighted average life to maturity of such Original Indebtedness; 
 (c) such Permitted Refinancing shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events or at the
option of any holder thereof (except, in each case, upon the occurrence of an event of default, a sale of assets or a change in control or as and to the extent such repayment, prepayment, redemption, repurchase or defeasance would have been required
pursuant to the terms of such Original Indebtedness) prior to the maturity of such Original Indebtedness; 
 (d) such Permitted
Refinancing shall not constitute an obligation (including pursuant to a guaranty) of any Subsidiary that shall not have been (or, in the case of after-acquired Subsidiaries, shall not have been required to become) an obligor in respect of such
Original Indebtedness, and shall not constitute an obligation of Holdings if Holdings shall not have been an obligor in respect of such Original Indebtedness, and, in each case, shall constitute an obligation of such Subsidiary or of Holdings only
to the extent of their obligations in respect of such Original Indebtedness; 
 (e) such Permitted Refinancing shall not be
secured by any Lien on any asset other than the assets, if any, that secured such Original Indebtedness (or would have been required to secure such Original Indebtedness pursuant to the terms thereof) or, in the event Liens securing such Original
Indebtedness shall have been contractually subordinated to any Lien securing the Obligations, by any Lien that shall not have been contractually subordinated to at least the same extent; 

(f) in the case of a Permitted Refinancing of Indebtedness under the Revolving Credit Documents, (i) the lenders of such Permitted
Refinancing (or their agent on their behalf) shall have become parties to, and shall be bound by, the Intercreditor Agreement, (ii) the principal amount of such Permitted Refinancing shall not exceed the “Maximum ABL Amount” (as
defined in the Intercreditor Agreement) and (iii) such Permitted Refinancing shall comply with the requirements set forth in the Intercreditor Agreement; and 
 (g) in the case of a Permitted Refinancing of any Senior Notes, Refinancing Notes or Permitted Unsecured Debt, shall have no required amortization, sinking fund payments, “change of control” or
asset sale based mandatory prepayment, redemption, or offer to purchase provisions, except that such Permitted Refinancings may have mandatory offers to purchase based upon a “change of control” and/or “asset disposition” on
terms substantially similar to those contained in the Senior Notes Indenture (and which, in the case of asset dispositions, permit repayment of Indebtedness pursuant to this Agreement before requiring a mandatory offer to purchase such Permitted
Refinancing). 

  
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 “Permitted Unsecured Debt” means any unsecured Indebtedness;
provided that: 
 (a) no such Indebtedness shall be incurred or guaranteed by any Person other than a Loan Party;

 (b) no such Indebtedness shall be secured by any property or assets of Holdings or any of its Subsidiaries; 

(c) no such Indebtedness shall be subject to scheduled amortization or have a final maturity, in either case prior to the date occurring
ninety-one (91) days following the then Latest Maturity Date; 
 (d) no such Indebtedness shall have scheduled
amortization, sinking fund payments, “change of control” or asset sale based mandatory prepayment, redemption, or offer to purchase provisions, except that such Indebtedness may have mandatory offers to purchase based upon a “change
of control” and/or “asset disposition” on terms substantially similar to those contained in the Senior Notes Indenture (and which, in the case of asset dispositions, permit repayment of Indebtedness pursuant to this Agreement before
requiring a mandatory offer to purchase such Permitted Unsecured Debt); and 
 (e) the other covenants, events of default,
guarantees and other terms of which (other than interest rate and redemption premiums), taken as a whole, are not materially more restrictive to Holdings, Intermediate Holdings, the Borrowers or any of their respective Subsidiaries than those in the
Senior Notes. 
 The incurrence of Permitted Unsecured Debt shall be deemed to be a representation and warranty by the Borrowers that all
conditions thereto have been satisfied in all material respects and that the same is permitted in accordance with the terms of this Agreement, which representation and warranty shall be deemed to be a representation and warranty for all purposes
hereunder, including, without limitation, Articles V and VIII. 
 “Permitted Unsecured Debt
Documents” shall mean, after the execution and delivery thereof, the notes and other documentation evidencing any Permitted Unsecured Debt and each other agreement, indenture, document or instrument relating to the issuance of the Permitted
Unsecured Debt, in each case as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established
by the Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 
 “Platform” has the meaning specified in Section 6.02. 

“Pledge Agreement” has the meaning specified in Section 4.01(a)(iii). 

“Pledged Equity Interests” has the meaning specified in the Pledge Agreement. 

  
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 “Pledged Indebtedness” has the meaning specified in the Pledge Agreement.

 “Post-Closing Agreement” shall mean that certain letter agreement, dated as of the Closing Date, by and
among the Borrowers and the Administrative Agent. 
 “Public Lender” has the meaning specified in
Section 6.02. 
 “Public Market” shall exist if (a) a Public Offering has been consummated and
(b) any Equity Interests of Holdings have been distributed by means of an effective registration statement under the Securities Act of 1933. 
 “Public Offering” means a public offering of the Equity Interests of Holdings pursuant to an effective registration statement under the Securities Act of 1933. 

“Qualified Equity Interests” shall mean any Equity Interests other than Disqualified Stock. 

“Real Property” means, collectively, all right, title and interest in and to any and all parcels of or interests in real
property owned or leased by any person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general
intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof, and proceeds of the same. 
 “Refinancing Notes” means unsecured notes issued pursuant to the Refinancing Notes Indenture issued (a) for the purpose described in Section 7.02(d) or (b) to repay
the outstanding Term Loans; provided, in each case, that such notes (i) shall have terms and conditions that are not materially more onerous taken as a whole than the related provisions contained in the Senior Notes Indenture and
(ii) shall otherwise constitute a Permitted Refinancing of the Senior Notes or Refinancing Notes being so refinanced. 

“Refinancing Notes Indenture” shall mean the indenture entered into with respect to the Refinancing Notes and pursuant
to which same shall be issued. 
 “Register” has the meaning specified in Section 11.06(c).

 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,
members, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Remaining Mandatory Prepayment Amount” has the meaning specified in Section 2.05(d). 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the
30 day notice period has been waived. 
 “Request for Credit Extension” means a Committed Loan Notice.

  
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 “Required Lenders” means, as of any date of determination, Lenders holding
more than 50% of the Total Outstandings; provided that the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Required Prepayment Date” has the meaning specified in Section 2.05(d). 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant
treasurer or controller of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on
the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or
any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any
such capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or
other distribution or payment. 
 “Revolving Administrative Agent” shall mean (i) General Electric Capital
Corporation, in its capacity as administrative agent under the Revolving Credit Agreement, and its successors and assigns from time to time in such capacity or (ii) the administrative agent or similar agent under any Permitted Refinancing of
the Indebtedness under the Revolving Credit Agreement, as applicable. 
 “Revolving Collateral Agent” shall
mean (i) General Electric Capital Corporation, in its capacity as collateral agent under the Revolving Credit Agreement and its successors and assigns from time to time in such capacity or (ii) the collateral agent or similar agent under
any Permitted Refinancing of the Indebtedness under the Revolving Credit Agreement, as applicable. 
 “Revolving Credit
Agreement” shall mean the Third Amended and Restated Revolving Credit Agreement, dated as of the Closing Date, among Holdings, Intermediate Holdings, the Borrowers, the Guarantors, the other Subsidiaries of Borrower party thereto, the
several lenders from time to time party thereto, the Revolving Administrative Agent and the Revolving Collateral Agent, as amended, restated, adjusted, waived, renewed, modified, refunded, replaced, restated, restructured, increased, supplemented or
refinanced in whole or in part from time to time (whether with the same or different lenders and agents, and including increases in amounts) in accordance with this Agreement and the Intercreditor Agreement. 

“Revolving Credit Documents” shall mean the Revolving Credit Agreement and any related notes, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and in each case, as amended, restated, adjusted, waived, renewed, modified, refunded, replaced, restated, restructured, increased, supplemented or refinanced in whole or in
part from time to time (whether with the same or different lenders and agents, and including increases in amounts) in accordance with this Agreement and the Intercreditor Agreement. 

  
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 “Repayment Amount” shall mean the Term B Repayment Amount or a New Term
Loan Repayment Amount with respect to any Series, as applicable. 
 “Repayment Date” shall mean a Term B
Repayment Date or a New Term Loan Repayment Date, as applicable. 
 “S&P” means Standard &
Poor’s Financial Services LLC, a Subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto. 

“Sale-Leaseback Transaction” means any arrangements with any Person providing for the leasing by Intermediate Holdings
or any of its Subsidiaries of real or personal property which has been or is to be sold or transferred by Intermediate Holdings or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person in
connection therewith. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions. 
 “Secured Cash Management Agreement” means any Cash Management
Agreement that is entered into by and between any Loan Party and any Cash Management Bank. 
 “Secured Hedge
Agreement” means any interest rate Swap Contract required or permitted under Article VI or VII that is entered into by and between any Loan Party and any Hedge Bank. 

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks, the Cash Management
Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms
of the Collateral Documents. 
 “Security Agreement” has the meaning specified in
Section 4.01(a)(iii). 
 “Senior Notes” means the 10% unsecured notes of Intermediate Holdings due
2018 in an aggregate principal amount of $235,000,000 issued and sold on the Closing Date pursuant to the Senior Notes Documents. 
 “Senior Notes Documents” means the Senior Notes Indenture, the Senior Notes and all other agreements, instruments and other documents pursuant to which the Senior Notes have been or will
be issued or otherwise setting forth the terms of the Senior Notes. 
 “Senior Notes Indenture” means the
indenture entered into with respect to the Senior Notes and pursuant to which same shall be issued. 

  
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 “Series” means, with respect to a Loan, its character as a Term B Loan or a
distinct tranche of New Term Loans issued pursuant to and in accordance with Section 2.14 hereof. 

“Solvent” and “Solvency” mean, 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, (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, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. 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. 

“Sponsor Group” shall mean each of Sun Capital Partners III, LP, Sun Capital Partners III QP, LP, Sun Capital Partners
IV, LP and certain other co-investors. 
 “Subsidiary” of a Person means a corporation, partnership, joint
venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests
having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Intermediate Holdings. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

  
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 “Swap Termination Value” means, in respect of any one or more Swap
Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in
accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market
or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Synthetic Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered into by such Person that are
intended to function primarily as a borrowing of funds (including any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or as a liability on the
consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP. 
 “Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property (including Sale-Leaseback Transactions), in
each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting
treatment). 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tender Offer” shall mean the offer by Intermediate Holdings to repurchase up to any and all of the outstanding Existing
Senior Notes pursuant to the Tender Offer Materials. 
 “Tender Offer Materials” means the Offer to Purchase
and Consent Solicitation Statement and Letter of Transmittal and Consent dated May 6, 2011. 
 “Tender Offer Notes
Repurchase” shall mean the repurchase by Intermediate Holdings on the initial Credit Extension date of all of the Existing Senior Notes validly tendered and not withdrawn pursuant to the Tender Offer and the payment of all related tender
premiums and accrued and unpaid interest owing in connection therewith. 
 “Term B Borrowing” means a borrowing
consisting of simultaneous Term B Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term B Lenders pursuant to Section 2.01. 

“Term B Commitment” means, as to each Term B Lender, its obligation to make Term B Loans to the Borrower
pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Term B Commitment” or opposite
such caption in the Assignment and Assumption pursuant to which such Term B Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

  
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 “Term B Facility” means, at any time, (a) on or prior to the Closing
Date, the aggregate amount of the Term B Commitments at such time and (b) thereafter, the aggregate principal amount of the Term B Loans of all Term B Lenders outstanding at such time. 

“Term B Lender” means at any time, (a) on or prior to the Closing Date, any Lender that has a Term B Commitment at
such time and (b) at any time after the Closing Date, any Lender that holds Term B Loans at such time. 
 “Term B
Loan” means an advance made by any Term B Lender under the Term B Facility. 
 “Term B Note”
means a promissory note made by the Borrowers in favor of a Term B Lender, evidencing Term B Loans made by such Term B Lender, substantially in the form of Exhibit C. 

“Term B Repayment Amount” shall have the meaning provided in Section 2.07(a). 

“Term B Repayment Date” shall have the meaning provided in Section 2.07(a). 

“Term Borrowing” means a Term B Borrowing or a Borrowing of any New Term Loans. 

“Term Commitment” means a Term B Commitment or, if applicable, a New Term Loan Commitment. 

“Term Lender” means a Term B Lender. 
 “Term Loan” means a Term B Loan. 
 “Threshold
Amount” means $15,000,000. 
 “Total Outstandings” means the aggregate Outstanding Amount of all
Loans. 
 “Transaction” means, collectively, (a) the issuance and sale of the Senior Notes, (b) the
entering into by the Loan Parties and their applicable Subsidiaries of the Loan Documents and the Senior Notes Documents to which they are or are intended to be a party, (c) the refinancing of certain outstanding Indebtedness of the Borrower
and its Subsidiaries (including without limitation, the Existing Senior Notes and the Revolving Credit Agreement) and the termination of all commitments with respect thereto, (d) payment of the Closing Date Distribution, and (e) the
payment of the fees and expenses incurred in connection with the consummation of the foregoing. 
 “Transaction
Documents” means the Revolving Credit Agreement, the Loan Documents, the Senior Notes Indenture, all other material agreements to be entered into in connection with the Transaction and all schedules, exhibits and annexes to each of the
foregoing and all material side letters and agreements and other material instruments and documents affecting the terms of the foregoing or entered into in connection therewith. 

  
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 “Type” means, with respect to a Loan, its character as a Base Rate Loan or
a Eurodollar Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under
Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

 “United States” and “U.S.” mean the United States of America. 

“U.S. Loan Party” means any Loan Party that is organized under the laws of one of the states of the United States and
that is not a CFC. 
 “Waivable Mandatory Prepayment” has the meaning specified in Section 2.05(d).

 1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document: 
 (a) The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference
to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words
“herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof,
(iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in
which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

  
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 (b) In the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
 (c) Section headings herein and in the other Loan Documents are included for convenience of reference
only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting Terms. (a)
Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to
this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise
specifically prescribed herein. 
 (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of
any financial ratio or requirement set forth in any Loan Document, and either Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii) the Borrowers shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

1.04 Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by
dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there
is no nearest number). 
 1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable). 
 1.06 Currency Equivalents Generally. Any amount
specified in this Agreement (other than in Articles II, IX and X) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount
thereof in the applicable currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate (as defined below) for the purchase of such currency with Dollars. For purposes of this Section 1.06, the
“Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency

  
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through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date of such determination; provided that the Administrative
Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. 

ARTICLE II 
 THE
COMMITMENTS AND CREDIT EXTENSIONS 
 2.01 The Loans. Subject to the terms and conditions set forth herein, each
Term B Lender severally agrees to make a single loan to the Borrowers on the Closing Date in an amount not to exceed such Term B Lender’s Term B Commitment. The Term B Borrowing shall consist of Term B Loans made
simultaneously by the Term B Lenders in accordance with their respective Term B Commitments. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. Term B Loans may be Base Rate Loans or
Eurodollar Rate Loans as further provided herein. 
 2.02 Borrowings, Conversions and Continuations of Loans.
(a) Each Term B Borrowing, each conversion of Term Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrowers’ irrevocable notice to the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Administrative Agent not later than 12:00 p.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any
conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the Borrowers pursuant to this Section 2.02(a) must be confirmed promptly by
delivery to the Administrative Agent of a written Committed Loan Notice, completed and signed by a Responsible Officer of the Borrowers. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of
$5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether
telephonic or written) shall specify (i) whether the Borrower is requesting a Term B Borrowing, a conversion of Term Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans
are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrowers fail to specify a Type of Loan in a Committed Loan Notice or if the Borrowers fail to give a timely notice requesting a
conversion or continuation, then the applicable Term Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect
to the applicable Eurodollar Rate Loans. If the Borrowers request a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fail to specify an Interest Period, they will be deemed to have
specified an Interest Period of one month. 

  
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 (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly
notify each Lender of the amount of its Applicable Percentage under the applicable Facility of the applicable Term B Loans, and if no timely notice of a conversion or continuation is provided by the Borrowers, the Administrative Agent shall
notify each Lender of the details of any automatic conversion to Base Rate Loans described in Section 2.02(a). In the case of a Term B Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative
Agent in immediately available funds at the Administrative Agent’s Office not later than 2:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in
Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent
either by (i) crediting the account of the Borrowers on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to)
the Administrative Agent by the Borrowers. 
 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued
or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders.

 (d) The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any
Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrowers and the Lenders of any change in Bank of America’s prime
rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect to
all Term Borrowings, all conversions of any Term Loans from one Type to the other, and all continuations of Term Loans as the same Type, there shall not be more than six (6) Interest Periods in effect in respect of the Facilities.

 (f) Anything in this Section 2.02 to the contrary notwithstanding, the Borrowers may not select the Eurodollar
Rate for the initial Credit Extension. 
 2.03 Intentionally Omitted. 

2.04 Intentionally Omitted. 
 2.05 Prepayments. (a) Optional. Subject to the last sentence of this Section 2.05(a), the Borrowers may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Term Loans in whole or in part, subject to Section 2.05(e), without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 12:00 p.m.
(1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans, (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a
whole multiple of $1,000,000 in excess thereof, and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type or Type(s) and Series of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The
Administrative Agent 

  
 46 

 
will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage
in respect of the relevant Facility). If such notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a
Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each prepayment of Term Loans pursuant to this Section 2.05(a)
shall be applied ratably to each Series of Term Loans and shall be applied to the Term B Repayment Amounts and New Term Loan Repayment Amounts, as the case may be, on a pro rata basis, and each such prepayment shall be paid to the Lenders in
accordance with their respective Applicable Percentages of such Series. Notwithstanding anything to the contrary contained herein, (x) the Borrowers shall not be permitted to prepay any Loans pursuant to this Section 2.05(a) during the
period from the Closing Date through the date ten Business Days thereafter and (y) any prepayment of Loans pursuant to this Section 2.05(a) shall be made at a premium if and to the extent required by Section 2.05(e).

 (b) Mandatory. (i) Within five Business Days after financial statements have been delivered pursuant to
Section 6.01(a) and the related Compliance Certificate has been delivered pursuant to Section 6.02(b) (such payment date, the “Excess Cash Flow Payment Date”), the Borrowers shall prepay an aggregate
principal amount of Loans equal to the excess (if any) of (A) the Applicable Prepayment Percentage of Excess Cash Flow for the Fiscal Year covered by such financial statements over (B) the aggregate principal amount of Term Loans
prepaid pursuant to Section 2.05(a) during such Fiscal Year (such prepayments to be applied as set forth in clause (iv) below). 
 (ii) If any Loan Party or any of its Subsidiaries Disposes of any property (other than any Disposition of any property permitted by Section 7.05(a), (b), (c), (d), (e),
(f), (i) or (j)) which results in the realization by such Person of Net Cash Proceeds in excess of $5,000,000, individually or in the aggregate during any Fiscal Year, the Borrowers shall prepay an aggregate principal
amount of Loans equal to 100% of such Net Cash Proceeds that are in excess of $5,000,000 immediately upon receipt thereof by such Person (such prepayments to be applied as set forth in clause (iv) below); provided, however, that,
with respect to any Net Cash Proceeds realized under a Disposition described in this Section 2.05(b)(ii), at the election of the Borrowers (as notified by the Borrowers to the Administrative Agent on or prior to the date of such
Disposition), and so long as no Default shall have occurred and be continuing, such Loan Party or such Subsidiary may reinvest all or any portion of such Net Cash Proceeds in operating assets so long as within 180 days after the receipt of such Net
Cash Proceeds, such purchase shall have been consummated or a definitive agreement with respect to such purchase shall have been entered into by the Borrowers (as certified by the Borrowers in writing to the Administrative Agent); provided
further, however, that any Net Cash Proceeds not subject to such definitive agreement or so reinvested shall be immediately applied to the prepayment of the Loans as set forth in this Section 2.05(b)(ii); provided
further that Net Cash Proceeds received in connection with any Disposition of ABL Priority Collateral (as such term is defined in the Intercreditor Agreement) shall not be required to be used to prepay outstanding Term Loans to the extent
that such Net Cash Proceeds are used to prepay the revolving loans under the Revolving Credit Agreement. 

  
 47 

 (iii) Upon the incurrence or issuance by any Loan Party or any of their
Subsidiaries of any Indebtedness (other than Indebtedness expressly permitted to be incurred or issued pursuant to Sections 7.02(a) - (m), Section 7.02(n)(ii) and Sections 7.02 (o) – (v)), the
Borrowers shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom immediately upon receipt thereof by such Loan Party or such Subsidiary (such prepayments to be applied as set forth in clause
(iv) below); provided that any prepayment of Loans pursuant to this Section 2.05(b)(iii) shall be made at a premium if and to the extent required by Section 2.05(e). 

(iv) Each prepayment of Loans pursuant to the foregoing provisions of this Section 2.05(b) shall be applied
ratably to each Series of Term Loans and shall be applied to the Term B Repayment Amounts and New Term Loan Repayment Amounts, as the case may be, on a pro rata basis, and each such prepayment shall be paid to the Lenders in accordance with their
respective Applicable Percentages of such Series. 
 (c) Anything contained in Section 2.05(b) to the contrary
notwithstanding, (i) if, following the occurrence of any “Asset Sale” (as such term is defined in the Senior Notes Indenture) by any Loan Party or any of its Subsidiaries, the Borrowers are required to commit by a particular
date (a “Commitment Date”) to apply or cause its Subsidiaries to apply an amount equal to any of the “Net Proceeds” (as defined in the Senior Notes Indenture) thereof in a particular manner, or to apply by a
particular date (an “Application Date”) an amount equal to any such “Net Proceeds” in a particular manner, in either case in order to excuse the Borrowers from being required to make an “Asset Sale Offer”
(as defined in the Senior Notes Indenture) in connection with such “Asset Sale”, and the Borrowers shall have failed to so commit or to so apply an amount equal to such “Net Proceeds” at least 60 days before the applicable
Commitment Date or Application Date, as the case may be, or (ii) if the Borrowers at any other time shall have failed to apply or commit or cause to be applied an amount equal to any such “Net Proceeds”, and, within 60 days thereafter
assuming no further application or commitment of an amount equal to such “Net Proceeds” the Borrowers would otherwise be required to make an “Asset Sale Offer” in respect thereof, then in either such case the Borrowers shall
immediately pay or cause to be paid to the Administrative Agent an amount equal to such “Net Proceeds” to be applied to the payment of the Loans in the manner set forth in Section 2.05(b) (without regard to the $5,000,000
threshold referenced therein) in such amounts as shall excuse the Borrowers from making any such “Asset Sale Offer”. 

(d) Anything contained herein to the contrary notwithstanding, in the event the Borrowers are required to make any mandatory prepayment
(a “Waivable Mandatory Prepayment”) of the Loans, not less than five Business Days prior to the date (the “Required Prepayment Date”) on which the Borrowers elect (or are otherwise required) to make such Waivable
Mandatory Prepayment, the Borrowers shall notify the Administrative Agent of the amount of such prepayment, and the Administrative Agent will promptly thereafter notify each Lender holding an outstanding Loan of the amount of such Lender’s pro
rata share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise such option by giving written notice to the Administrative Agent of its election to do so on or before the third
Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify the Administrative Agent of its election to exercise such option on or before the second Business Day prior to the Required Prepayment

  
 48 

 
Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, the Borrowers shall pay to the Administrative Agent such portion of the
Waivable Mandatory Prepayment that is equal to the amount thereof payable to those Lenders that have not elected to exercise their option to refuse their pro rata share of such Waivable Mandatory Prepayment (each such Lender, a
“Non-Rejecting Lender”), to prepay the Loans of such Non-Rejecting Lenders (which prepayment shall be applied to the scheduled installments of principal of the Loans in accordance with Section 2.05(b)(iv)). The remaining
portions of such Waivable Mandatory Prepayment (the “Remaining Mandatory Prepayment Amount”), shall first be applied to prepay the Loans of such Non-Rejecting Lenders (which prepayment shall be applied to the scheduled installments
of principal of the Loans in accordance with Section 2.05(b)(iv)) and, to the extent such Non-Rejecting Lenders’ Loans shall have been paid in full, the Borrowers shall promptly make any mandatory prepayments required under the
Revolving Credit Agreement (or any Permitted Refinancing in respect thereof) and shall thereafter be permitted to retain any portions of the Remaining Mandatory Prepayment Amount that are not required to be applied to make such mandatory
prepayments. 
 (e) Notwithstanding anything contained herein to the contrary, any voluntary prepayment of Loans pursuant to
Section 2.05(a) or mandatory prepayment of Loans required under Section 2.05(b)(iii) shall be made at 101% of the principal amount repaid if such repayment occurs on or prior to May 31, 2012. 

2.06 Intentionally Omitted. 
 2.07 Repayment of Loans. Term B Loans. (a) The Borrowers shall repay to the Term B Lenders the aggregate principal amount of all Term B Loans outstanding on the following
dates (the “Term B Repayment Dates”) in the respective amounts set forth opposite such dates (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.05) (the “Term B Repayment Amounts”): 
  

					
	 Term B
Repayment Date
	  	Term
B
Repayment Amount	 
	 September 30, 2011
	  	$	875,000	  
	 December 31, 2011
	  	$	875,000	  
	 March 31, 2012
	  	$	875,000	  
	 June 30, 2012
	  	$	875,000	  
	 September 30, 2012
	  	$	875,000	  
	 December 31, 2012
	  	$	875,000	  
	 March 31, 2013
	  	$	875,000	  
	 June 30, 2013
	  	$	875,000	  
	 September 30, 2013
	  	$	875,000	  
	 December 31, 2013
	  	$	875,000	  
	 March 31, 2014
	  	$	875,000	  
	 June 30, 2014
	  	$	875,000	  
	 September 30, 2014
	  	$	875,000	  
	 December 31, 2014
	  	$	875,000	  

  
 49 

					
	 Term B
Repayment Date
	  	Term
B
Repayment Amount	 
	 March 31, 2015
	  	$	875,000	  
	 June 30, 2015
	  	$	875,000	  
	 September 30, 2015
	  	$	875,000	  
	 December 31, 2015
	  	$	875,000	  
	 March 31, 2016
	  	$	875,000	  
	 June 30, 2016
	  	$	875,000	  
	 September 30, 2016
	  	$	875,000	  
	 December 31, 2016
	  	$	875,000	  
	 March 31, 2017
	  	$	875,000	  

 provided, however, that
the final principal repayment installment of the Term B Loans shall be repaid on the Maturity Date for the Term B Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term B Loans outstanding
on such date. 
 (b) In the event that any New Term Loans are made, such New Term Loans shall, subject to
Section 2.14, be repaid by the Borrowers in the amounts (each, a “New Term Loan Repayment Amount”) and on the dates (each a “New Term Loan Repayment Date”) set forth in the applicable Joinder Agreement;
provided, however, that the final principal repayment installment of each New Term Loan Facility shall be repaid on the Maturity Date applicable thereto and in any event shall be in an amount equal to the aggregate principal
amount of all such New Term Loans outstanding on such date. 
 2.08 Interest. (a) Subject to the provisions of
Section 2.08(b), (i) each Eurodollar Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period
plus the Applicable Rate for such Facility; and (ii) each Base Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate
plus the Applicable Rate for such Facility; provided that immediately upon the incurrence of any New Term Loans pursuant to Section 2.14, the Administrative Agent shall calculate the Applicable Rate for each Type of each
Series of Term Loans (other than the then incurred New Term Loans) with deference to the Applicable Increased Term Loan Spread as further set forth in the definition of Applicable Rate. 

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by the Borrowers under any Loan Document is not paid when
due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

  
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 (iii) Upon the request of the Required Lenders, while any Event of Default
exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable
upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto
and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 2.09 Fees. (a) The Borrowers shall pay to the Arrangers and the Administrative Agent for their own respective
accounts fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 (b) The Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall
not be refundable for any reason whatsoever. 
 2.10 Computation of Interest and Fees. All computations of interest for
Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which
the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 2.11 Evidence of
Debt. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the
Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall
not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and
records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers
shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date,
Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

  
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 2.12 Payments Generally; Administrative Agent’s Clawback.
(a) General. All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers
hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the
date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire
transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment
to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected on computing interest or fees, as the case may be. 

(b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such
Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in
fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately
available funds with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such
Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the
Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to
make such payment to the Administrative Agent. 
 (ii) Payments by Borrowers; Presumptions by Administrative
Agent. Unless the Administrative Agent shall have received notice from the Borrowers prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders hereunder

  
 52 

 
that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Appropriate Lenders, the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Appropriate Lenders, severally agrees to repay to the Administrative Agent forthwith on demand
the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the
greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (iii) A notice of the Administrative Agent to any Lender or the Borrowers with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 

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

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and to make payments pursuant to
Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, or to make its payment under Section 11.04(c). 

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place
or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
 (f) Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such
funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and
(ii) second, toward payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 

2.13 Sharing of Payments by Lenders. Other than in connection with any payments pursuant to Section 2.05(d) and
2.16(a) hereof, if any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any Facility due and payable to such Lender hereunder and under the other
Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the

  
 53 

 
Obligations in respect of the Facility due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in respect of the
Facility due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any of the Facility owing (but not due and payable) to such Lender
hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate
amount of the Obligations in respect of the Facility owing (but not due and payable) to all Lenders hereunder and under the other Loan Parties at such time) of payment on account of the Obligations in respect of the Facility owing (but not due and
payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time, then the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and
(B) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of Obligations in respect of the Facility then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that: 

(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section 2.13 shall not be construed to apply to (A) any payment made by the
Borrowers pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other
than to the Borrowers or any Subsidiary thereof (as to which the provisions of this Section 2.13 shall apply). 

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the
amount of such participation. 
 2.14 Incremental Facility. (a) The Borrowers may, by written notice to the Agent
(the “Increased Commitment Notice”), elect to request from and after the 60th day after the Closing Date, additional tranches of Term Loans (“New Term Loans” and the commitments thereto, the “New Term Loan
Commitments”) on one or more occasions by an amount not in excess of $75,000,000 in the aggregate. Any New Term Loan Commitments shall be in the minimum amount of $15,000,000 and in integral multiples of $5,000,000 in excess thereof (or
such lesser amount that shall constitute the difference between $75,000,000 and the sum of all such New Term Loan Commitments obtained prior to such date), and shall be subject to the voluntary participation of Lenders in such New Term Loan
Commitments as otherwise provided herein. Such notice shall specify (i) the date (the “Increased Amount Date”) on which the Borrowers propose that the New Term Loans shall be effective, and shall be a date not less than 5
Business Days nor more than 45 days after the date on which such notice is delivered to the 

  
 54 

 
Administrative Agent (or such shorter period as may be approved by the Administrative Agent) and (ii) the identity of each Lender or other Person that is an Eligible Assignee (each, a
“New Term Loan Lender”) to whom the Borrowers propose any portion of such New Term Loan Commitments be allocated and the amounts of such proposed allocations. 
 (b) The entering into of New Term Loan Commitments shall be subject to the satisfaction of each of the following conditions precedent, as reasonably determined by the Administrative Agent: 

(i) any existing Lender may elect or decline, in its sole discretion, to provide a New Term Loan Commitment;
provided, however, that the election by any such Lender to provide or not provide New Term Loan Commitments shall in no way affect its then existing obligations under the Loan Documents; 

(ii) no Default or Event of Default shall have occurred and be continuing on the date the Increase Commitment Notice is
delivered and no Default or Event of Default shall exist on the Increased Commitment Amount Date, both before and after giving effect to the Series of New Term Loans; 

(iii) calculations are made by the Borrowers demonstrating that the Borrowers shall be in compliance with the requirements
of the Senior Notes Indenture, the Refinancing Notes Indenture (if outstanding) and the Revolving Credit Agreement, in each case applicable to the incurrence of the New Term Loans after giving effect thereto and demonstrating that, as at the last
day of the Fiscal Quarter most recently ended for which financial statements have been delivered in accordance with Section 6.01(a) or (b), after giving pro forma effect to the incurrence of the New Term Loans and the
anticipated use of the proceeds thereof, Intermediate Holdings and its Subsidiaries shall have a Consolidated Senior Secured Leverage Ratio for the Measurement Period ended on the last day of such Fiscal Quarter of not greater than 3.00:1.00
(calculated as if the incurrence of the New Term Loans and the anticipated use of the proceeds thereof had occurred on the last day of such Fiscal Quarter), and the Borrowers shall have furnished to the Administrative Agent a certificate from a
Responsible Officer certifying as to compliance with the requirements of this clause (iii); 
 (iv) both before
and after giving effect to the making of any Series of New Term Loans, each of the conditions set forth in Section 4.01 and 4.02 shall be satisfied; 

(v) the New Term Loan Commitments and New Term Loans shall be effected pursuant to one or more Joinder Agreements executed
and delivered by the applicable Lenders, the Borrowers and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 11.06; 

(vi) the Borrowers shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by
Administrative Agent in connection with the New Term Loan Commitments; 

  
 55 

 (vii) as reasonably requested by Administrative Agent, the Loan Parties
shall have acknowledged and ratified that their obligations under the applicable Loan Documents remain in full force and effect, as modified by the implementation of the New Term Loan Commitments; and 

(viii) in connection with the making of any New Term Loan Commitments, the Borrowers shall have paid all arranger fees and
closing fees agreed with respect to such New Term Loan Commitments, together with all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent in connection with the implementation of the New Term Loan
Commitments (including, without limitation, reasonable and documented attorneys’ fees and costs of outside counsel); and 

(c) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth
herein or in the applicable Joinder Agreement, identical to the existing Term Loans; provided that (i) the applicable Maturity Date of each Series shall be no earlier than the final Maturity Date of the Term Loans outstanding on the
Increased Amount Date with respect to such New Term Loans and the mandatory prepayment and other payment rights (other than Repayment Amounts and Repayment Dates) of the New Term Loans and the existing Term Loans shall be identical, (ii) the
weighted average life to maturity of the New Term Loans shall be no shorter than the weighted average life to maturity of the Term B Loans (as in effect on the Closing Date), (iii) the Effective Yield and the amortization schedule applicable to
the New Term Loans of each Series shall be determined by the Borrowers and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement, (iv) the Effective Yield applicable to such Series of New Term Loans may differ
from that applicable to the then outstanding Series of Term Loans; provided further, however, that if the Effective Yield for such New Term Loans exceeds the Effective Yield of any Series of the then outstanding Term Loans by more than
0.50% per annum, the Applicable Rate for all then outstanding Term Loans shall be increased as of such date in accordance with the requirements of “Applicable Rate” and (v) all other terms applicable to the New Term Loans of each
Series that differ from the existing Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement); provided further that such borrowers shall be the Borrowers.

 (d) On any Increased Commitment Amount Date on which any New Term Loan Commitments of any Series are effective, subject to
the satisfaction of the foregoing terms and conditions, (i) each New Term Loan Lender with a New Term Loan Commitment of any Series shall make a Loan to the Borrowers (a “New Term Loan”) in an amount equal to its New Term Loan
Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. 

(e) Agent shall notify Lenders promptly upon receipt of Borrower’s notice of each Increased Commitment Amount Date and in respect
thereof, the New Term Loan Commitments and the New Term Loan Lenders. 

  
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 (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Agent, to give effect to the provisions of this Section 2.14. 

2.15 Loan Modifications. 
 (a) The Borrowers may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a “Loan Modification Offer”) to all the Lenders under the Facility
(each of the Term B Facility or New Term Loan Facility subject to such Loan Modification Offer, an “Affected Class”) to make one or more Permitted Amendments (as defined in paragraph (c) of this Section 2.15)
pursuant to procedures reasonably specified by the Administrative Agent. Such Loan Modification Offer shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is
requested to become effective (which shall not be less than ten (10) Business Days nor more than thirty (30) Business Days after the date of such Loan Modification Offer). Permitted Amendments shall become effective only with respect to
the Loans of the Lenders of the Affected Class that accept the applicable Loan Modification Offer (such Lenders, the “Accepting Lenders”). 
 (b) The Borrowers and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement and such other documentation as the Administrative Agent shall reasonably
specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each of the parties hereto
hereby agrees that, upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Permitted Amendment evidenced thereby
and only with respect to the Loans of the Accepting Lenders of the Affected Class. Notwithstanding the foregoing, no Permitted Amendment shall become effective unless the Administrative Agent, to the extent it reasonably requests, shall have
received legal opinions, board resolutions and other customary closing certificates and documentation consistent with those delivered on the Closing Date under Section 4.01 hereof. 

(c) “Permitted Amendment” shall be any or all of the following: (i) an extension of the final maturity date of the
Loans of the Accepting Lenders, (ii) a reduction or elimination of the scheduled installment payments for the Loans of the Accepting Lenders, (iii) an increase in the Applicable Rate with respect to the Loans of the Accepting Lenders,
(iv) payment of additional fees to the Accepting Lenders (any such payment shall be in the form of cash or other property to the extent not prohibited by this Agreement), and (v) any other amendment that the Administrative Agent reasonably
believes is desirable to effect the foregoing and which is agreed to by the Borrowers and otherwise permitted hereunder. 
 2.16
Discounted Voluntary Prepayments. 
 (a) Notwithstanding anything to the contrary in Section 2.05(a) (which shall
not be applicable to this Section 2.16), the Borrowers shall have the right at any time and from time to time to offer to prepay Loans under the Facility at a discount to the par value of such Loans and

  
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on a non pro rata basis (each, a “Discounted Voluntary Prepayment” and a “Discounted Voluntary Prepayment Offer”) pursuant to the procedures described in this
Section 2.16; provided, however, that (A) any Discounted Voluntary Prepayment shall be offered to all Lenders with Loans outstanding on a pro rata basis (which such Lenders shall be allowed to offer all or a part of such
Lender’s Term Loans for prepayment), (B) no Default or Event of Default has occurred and is continuing or would result from such Discounted Voluntary Prepayment, and (C) the Borrowers shall deliver to the Administrative Agent a
certificate stating that (1) no Default or Event of Default has occurred and is continuing or would result from such Discounted Voluntary Prepayment, (2) each of the conditions to such Discounted Voluntary Prepayment contained in this
Section 2.16 has been satisfied, (3) none of Holdings, Intermediate Holdings, any Borrower or any Loan Party has any Borrower Restricted Information that has not been disclosed to the Lenders generally (other than those Lenders who
have elected to not receive any Borrower Restricted Information with respect to the Loan Parties) and (4) no more than one Discounted Voluntary Prepayment Offer may be issued and pending at any one time and no more than five Discounted
Voluntary Prepayment Offers may be made in any one Fiscal Year (unless the Administrative Agent consents in its reasonable discretion). 
 (b) The Borrowers must terminate any Discounted Voluntary Prepayment Offer if they fail to satisfy one or more of the conditions set forth above in Section 2.16(a) that are required to be met
at the time at which the Term Loans would have been prepaid pursuant to such Discounted Voluntary Prepayment Offer. If the Borrowers commence any Discounted Voluntary Prepayment Offer (and all relevant requirements set forth above that are required
to be satisfied at the time of the commencement of such Discounted Voluntary Prepayment Offer have in fact been satisfied), and if at such time of commencement the Borrowers reasonably believe that all required conditions set forth above that are
required to be satisfied at the time of the consummation of such Discounted Voluntary Prepayment Offer shall be satisfied, then the Borrowers shall have no liability to any Term Lender or any other Person for any termination of such Discounted
Voluntary Prepayment Offer as a result of their failure to satisfy one or more of the conditions set forth above that are required to be met at the time that otherwise would have been the time of consummation of such Discounted Voluntary Prepayment
Offer, and any such failure shall not result in any Default or Event of Default hereunder. All Term Loans prepaid by the Borrowers pursuant to this Section 2.16 shall be accompanied by all accrued interest on the par principal amount so
prepaid to, but not including, the date of the Discounted Voluntary Prepayment. All Term Loan prepayments conducted pursuant to Discounted Voluntary Prepayment Offers shall not constitute voluntary or mandatory prepayments for purposes of
Section 2.05(e) hereof. The par principal amount of Term Loans prepaid pursuant to this Section 2.16(b) shall be applied to reduce the final installment payment of the Term B Repayment Amounts and New Term Loan Repayment
Amounts, as the case may be. 
 (c) Each Discounted Voluntary Prepayment Offer shall comply with the Auction Procedures and any
such other procedures established by the Administrative Agent in its reasonable discretion and agreed to by the Borrowers. 

(d) The Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article IX
and Section 11.04 to the same extent as if each reference therein to the “Administrative Agent” were a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably
requested by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Discounted Voluntary Prepayment Offer. 

  
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 (e) This Section 2.16 shall neither (A) require the Borrowers to undertake
any Discounted Voluntary Prepayment Offer nor (B) limit or restrict the Borrowers from making voluntary prepayments of Term Loans in accordance with Section 2.05. 

2.17 Nature and Extent of each Borrower’s Liability. (a) Joint and Several Liability. Except to the extent
provided herein, each Borrower agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to Administrative Agent and Secured Parties the prompt payment and performance of, all Obligations and all agreements
under the Loan Documents. Except to the extent provided herein, each Borrower agrees that its guaranty obligations hereunder constitute a continuing guaranty of payment and not of collection, that such obligations shall not be discharged until full
payment of the Obligations, and that such obligations are absolute and unconditional, irrespective of (i) the genuineness, validity, regularity, enforceability, subordination or any future modification of, or change in, any Obligations or Loan
Document, or any other document, instrument or agreement to which any Loan Party is or may become a party or be bound; (ii) the absence of any action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver,
consent or indulgence of any kind by Administrative Agent or any Secured Party with respect thereto; (iii) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for the
Obligations or any action, or the absence of any action, by Administrative Agent or any Secured Party in respect thereof (including the release of any security or guaranty); (iv) the insolvency of any Loan Party; (v) any election by
Administrative Agent or any Secured Party in any proceeding under any Debtor Relief Law or Section 1111(b)(2) of the Bankruptcy Code; (vi) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under
Section 364 of the Bankruptcy Code or otherwise; (vii) the disallowance of any claims of Administrative Agent or any Secured Party against any Loan Party for the repayment of any Obligations under Section 502 of the Bankruptcy Code or
otherwise; or (viii) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except full payment of all Obligations. 

(b) Waivers (i) Each Borrower expressly waives all rights that it may have now or in the future under any statute, at common law,
in equity or otherwise, to compel Administrative Agent or Secured Parties to marshal assets or to proceed against any Loan Party, other Person or security for the payment or performance of any Obligations before, or as a condition to, proceeding
against such Borrower. Each Borrower waives all defenses available to a surety, guarantor or accommodation co-obligor other than full payment of all Obligations. It is agreed among each Borrower, Administrative Agent and Secured Parties that the
provisions of this Section 2.17 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Administrative Agent and Secured Parties would decline to make Loans. Each Borrower acknowledges
that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business. 
 (ii) Administrative Agent and Secured Parties may, in their discretion, pursue such rights and remedies as they deem appropriate, including realization upon Collateral or any real estate by judicial
foreclosure or non-judicial sale or enforcement, without affecting any 

  
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rights and remedies under this Section 2.17. If, in taking any action in connection with the exercise of any rights or remedies, Administrative Agent or any Secured Parties shall
forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any applicable Laws pertaining to “election of remedies” or otherwise, each Borrower consents
to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election of remedies that results in denial or impairment of the right of
Administrative Agent or any Secured Parties to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. Each Borrower waives all rights and defenses arising out
of an election of remedies, such as nonjudicial foreclosure with respect to any security for the Obligations, even though that election of remedies destroys such Borrower’s rights of subrogation against any other Person. Administrative Agent
may bid all or a portion of the Obligations at any foreclosure or trustee’s sale or at any private sale, and the amount of such bid need not be paid by Administrative Agent but shall be credited against the Obligations. The amount of the
successful bid at any such sale, whether Administrative Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between such bid amount and the remaining
balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 2.17, notwithstanding that any present or future law or court decision may have the effect of reducing the amount of any
deficiency claim to which Administrative Agent or any Secured Parties might otherwise be entitled but for such bidding at any such sale. 
 (c) Extent of Liability; Contribution (i) Notwithstanding anything in this Agreement or otherwise to the contrary, each Borrower’s liability under this Section 2.17 shall be
limited to the greater of (i) all amounts for which such Borrower is primarily liable, as described below, or (ii) such Borrower’s Allocable Amount. 

(ii) If any Borrower makes a payment under this Section 2.17 of any Obligations (other than amounts for which
such Borrower is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid
if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such Borrower shall be entitled to
receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The
“Allocable Amount” for any Borrower shall be the maximum amount that could then be recovered from such Borrower under this Section 2.17 without rendering such payment voidable under Section 548 of the Bankruptcy
Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. 

(iii) Nothing contained in this Section 2.17 shall limit the liability of any Borrower to pay Loans made
directly or indirectly to that Borrower (including Loans advanced to any other Borrower and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), and all accrued interest, fees, expenses and other related Obligations
with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder. 

  
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 (d) Joint Enterprise. Each Borrower has requested that Administrative Agent and
Lenders make this credit facility available to Borrowers on a combined basis, in order to finance Borrowers’ business most efficiently and economically. Borrowers’ business is a mutual and collective enterprise, and the successful
operation of each Borrower is dependent upon the successful performance of the integrated group. Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease administration of the facility,
all to their mutual advantage. Borrowers acknowledge that Administrative Agent’s and Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to Borrowers and
at Borrowers’ request. 
 (e) Subordination. Each Borrower hereby subordinates any claims, including any rights at
law or in equity to payment, subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Loan Party, howsoever arising, to the full payment of all Obligations. 

ARTICLE III 

TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account of any obligation of the Borrowers or any
other Loan Party hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require any Loan Party or the
Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by such Loan Party or the Administrative Agent, as the case may be, upon the basis of the information and
documentation to be delivered pursuant to subsection (e) below. 
 (ii) If any Loan Party or the
Administrative Agent shall be required by applicable Law to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) such withholding or deduction shall be applied
as required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the full amount withheld or deducted shall be timely paid to the relevant Governmental Authority in accordance with the
applicable Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Loan Party, as the case may be, shall be increased as necessary so that after any
required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the Administrative Agent or Lender, as the case may be, receives an amount equal to the
sum it would have received had no such withholding or deduction been made. 
 (b) Payment of Other Taxes by the Borrowers,
Intermediate Holdings and Holdings. Without limiting the provisions of subsection (a) above, the Borrowers, Intermediate Holdings and Holdings shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with
applicable Law. 

  
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 (c) Tax Indemnifications. (i) Without limiting the provisions of subsection
(a) or (b) above, the Borrowers, Intermediate Holdings and Holdings shall, and do hereby, jointly and severally, indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 10 days after demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) withheld or deducted by the Borrowers,
Intermediate Holdings, Holdings or the Administrative Agent or paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The Borrowers, Intermediate Holdings and Holdings shall also, and do hereby, jointly and severally, indemnify the Administrative
Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any reason fails, following demand by the Administrative Agent and reasonable attempts to collect, to pay indefeasibly to the
Administrative Agent as required by clause (ii) of this subsection (c). A certificate as to the amount of any such payment or liability delivered to the Borrowers, Intermediate Holdings and Holdings by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (ii) Without limiting the provisions of subsection (a) or (b) above, each Lender shall, and does hereby, indemnify the Borrowers, Intermediate Holdings, Holdings and the Administrative Agent,
and shall make payment in respect thereof within 10 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any
counsel for the Borrowers, Intermediate Holdings, Holdings or the Administrative Agent) incurred by or asserted against the Borrowers or the Administrative Agent by any Governmental Authority as a result of the failure by such Lender, as the case
may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender, as the case may be, to the Borrowers, Intermediate Holdings, Holdings or the Administrative Agent pursuant
to subsection (e). Each Lender hereby authorizes the Administrative Agent, the Borrowers, Intermediate Holdings or Holdings to set off and apply any and all amounts at any time owing to such Lender, under this Agreement or any other Loan Document
against any amount due to the Administrative Agent, the Borrowers, Intermediate Holdings or Holdings under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any
assignment of rights by, or the replacement of, a Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations. 
 (d) Evidence of Payments. Upon request by the Borrowers, Intermediate Holdings, Holdings or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrowers, Intermediate
Holdings, Holdings, a Guarantor or the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrowers, Intermediate Holdings or Holdings, as the case may be, shall deliver to the Administrative Agent, or
the Administrative Agent shall deliver to the Borrowers, Intermediate Holdings and Holdings, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return
required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrowers, Intermediate Holdings, Holdings or the Administrative Agent, as the case may be. 

  
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 (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the
Borrowers, to Intermediate Holdings, to Holdings and to the Administrative Agent, at the time or times prescribed by applicable Laws, whenever a lapse in time or change in circumstances renders previously delivered documentation obsolete or
inaccurate in any material respect or when reasonably requested by the Borrowers, Intermediate Holdings, Holdings or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing
authorities of any jurisdiction and such other reasonably requested information as will permit the Borrowers, Intermediate Holdings, Holdings or the Administrative Agent, as the case may be, to determine (A) whether or not payments made
hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in
respect of all payments to be made to such Lender by the Borrowers, Intermediate Holdings or Holdings, as the case may be, pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable
jurisdiction. 
 (ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall
deliver to the Borrowers, Intermediate Holdings, Holdings and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by the
Borrowers, Intermediate Holdings, Holdings or the Administrative Agent as will enable the Borrower, Intermediate Holdings, Holdings or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup
withholding or information reporting requirements; and 
 (B) each Foreign Lender that is entitled under the Code
or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to the Borrowers, Intermediate Holdings, Holdings and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrowers, Intermediate Holdings, Holdings
or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
 (I) executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party, 

(II) executed originals of Internal Revenue Service Form W-8ECI, 

  
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 (III) executed originals of Internal Revenue Service Form W-8IMY and all
required supporting documentation, 
 (IV) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of the Borrowers, Intermediate Holdings or Holdings within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and
(y) executed originals of Internal Revenue Service Form W-8BEN, or 
 (V) executed originals of any other
form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrowers,
Intermediate Holdings, Holdings or the Administrative Agent to determine the withholding or deduction required to be made. 
 (iii) Each Lender shall promptly (A) notify the Borrower, Intermediate Holdings, Holdings and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed
exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any
requirement of applicable Laws of any jurisdiction that the Borrower, Intermediate Holdings, Holdings or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender. 

(f) FATCA Forms. If a payment made to a Lender under any Loan Document would be subject to United States federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers,
Intermediate Holdings, Holdings and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers, Intermediate Holdings, Holdings and the Administrative Agent, such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers, Intermediate Holdings, Holdings and the Administrative Agent as may be
necessary for the Borrowers, Intermediate Holdings, Holdings and the Administrative Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with its obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for purposes of this Section 3.01(f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any
obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender, as the case may be. If the Administrative Agent

  
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or any Lender determines, in its sole and reasonable discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrowers, Intermediate
Holdings or Holdings, as the case may be, or with respect to which the Borrowers, Intermediate Holdings or Holdings, as the case may be, has paid additional amounts pursuant to this Section 3.01, it shall pay to the Borrowers,
Intermediate Holdings or Holdings, as the case may be, an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrowers, Intermediate Holdings or Holdings, as the case may be, under this
Section 3.01 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund), provided that the Borrowers, Intermediate Holdings or Holdings, as the case may be, upon the request of the Administrative Agent or such Lender, agree to repay the
amount paid over to the Borrowers, Intermediate Holdings or Holdings, as the case may be (plus any penalties, interest or other charges imposed by the relevant Governmental Authority), to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection (g) shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to the Borrowers, Intermediate Holdings, Holdings or any other Person. 
 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to
make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to
Eurodollar Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall, upon demand
from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue
to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount
so prepaid or converted. 
 3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of
such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested
Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the 

  
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Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion
to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

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

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)); 

(ii) subject any Lender to any Tax of any kind whatsoever with respect to this Agreement or any Eurodollar Rate Loan made
by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes indemnified under Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax
payable by such Lender); or 
 (iii) impose on any Lender or the London interbank market any other condition,
cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender; 
 and the result of any of the foregoing shall be to
increase the cost to such Lender of making or maintaining any Eurodollar Rate Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or
any other amount) then, upon request of such Lender, the Borrower will pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender, as the case may be, for such additional costs incurred or reduction
suffered. 
 (b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any
Lending Office of such Lender or such Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding
company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender, as the case may be, such additional amount
or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c)
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this
Section 3.04 and delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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 (d) Delay in Requests. Failure or delay on the part of any Lender to demand
compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender
pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender, as the case may be, notifies the Borrowers of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect thereof). 
 (e) Reserves on Eurodollar Rate
Loans. The Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrowers shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such
additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers
shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory,
automatic, by reason of acceleration, or otherwise); 
 (b) any failure by the Borrowers (for a reason other than the failure of
such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrowers; or 
 (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13; 

including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such
Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender shall be deemed to have
funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar
Rate Loan was in fact so funded. 

  
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 3.06 Mitigation Obligations; Replacement of Lenders. (a) Designation of a
Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01
or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender, as the case may be, to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender, as the case may be. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrowers may replace such Lender in accordance with Section 11.13. 

3.07 Survival. All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate
Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE IV 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
 4.01 Conditions of Initial Credit Extension. The obligation of each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 (a) The Administrative Agent’s receipt of the following, each of which shall be originals or electronic copies (followed
promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing
Date) and each in form and substance reasonably satisfactory to the Administrative Agent: 
 (i) executed
counterparts of this Agreement, the Guaranty and the Intercreditor Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrowers; 

(ii) a Note executed by the Borrowers in favor of each Lender requesting a Note; 

(iii) a security agreement, in substantially the form of Exhibit G (as it may be amended, amended and
restated, supplemented or otherwise modified from time to time, the “Security Agreement”), duly executed by each Loan Party, and a pledge agreement, in substantially the form of Exhibit H (as it may be amended, amended
and restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”), duly executed by each Loan Party thereto, together with: 

  
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 (A) certificates representing the Pledged Equity referred to therein
accompanied by undated stock powers executed in blank and instruments evidencing the Pledged Indebtedness indorsed in blank, 
 (B) Financing Statements (or the Canadian equivalent) in form appropriate for filing under the Uniform Commercial Code of all jurisdictions that the Administrative Agent may deem necessary or desirable in
order to perfect the Liens created under the Security Agreement and the Pledge Agreement, covering the Collateral described in the Security Agreement and the Pledge Agreement, 

(C) completed lien searches, dated on or before the date of the initial Credit Extension, listing all effective financing
statements filed in the jurisdictions referred to in clause (B) above that name any Loan Party as debtor, together with copies of such other financing statements, 

(D) evidence of the completion of all other actions, recordings and filings of or with respect to the Security Agreement
that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created thereby, 

(E) the Account Control Agreements and the Securities Account Control Agreement, in each case as referred to in the
Security Agreement and duly executed by the appropriate parties, 
 (F) evidence that all other action that the
Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Security Agreement has been taken (including receipt of duly executed payoff letters and UCC-3 termination statements); 

(iv) the Post-Closing Agreement shall have been duly executed by the Borrowers and delivered to the Administrative Agent;

 (v) Intellectual Property Security Agreements, duly executed by each applicable Loan Party; 

(vi) such certificates, resolutions or other action, incumbency certificates and/or other certificates of Responsible
Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party or is to be a party; 
 (vii) such documents and certifications as
the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Borrower and each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction
where it is qualified as a foreign corporation or other entity to do business; 

  
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 (viii) an opinion of Morgan, Lewis & Bockius LLP, counsel to the
Loan Parties, addressed to the Administrative Agent and each Lender, in form and substance reasonably satisfactory to the Administrative Agent; 
 (ix) an opinion of Kreis, Enderle, Hudgins & Borsos, P.C., local counsel to Cello-Foil Products, Inc. in Michigan, addressed to the Administrative Agent and each Lender, in form and substance
reasonably satisfactory to the Administrative Agent; 
 (x) [Intentionally Omitted]; 

(xi) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses
and approvals required in connection with the consummation by such Loan Party of the Transaction and the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party,
and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 
 (xii) a certificate signed by a Responsible Officer of the Borrowers certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, and (B) that
there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; 

(xiii) a business plan and budget of Intermediate Holdings and its Subsidiaries on a consolidated basis, including
forecasts prepared by management of Intermediate Holdings, of consolidated balance sheets and statements of income or operations and cash flows of Intermediate Holdings and its Subsidiaries on a monthly basis for the first year following the Closing
Date; 
 (xiv) certificates attesting to the Solvency of Intermediate Holdings and Intermediate Holdings and its
Subsidiaries on a consolidated basis, both before and after giving effect to the Transaction, from Intermediate Holdings’ chief financial officer; 
 (xv) evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect, together with the certificates of insurance, including, without limitation,
flood insurance, naming the Administrative Agent, on behalf of the Lenders, as an additional insured or loss payee, as the case may be, under all insurance policies maintained with respect to the assets and properties of the Loan Parties that
constitutes Collateral; 
 (xvi) Administrative Agent and Arrangers shall have received from the Borrower pro
forma consolidated and consolidating balance sheets of Borrower and its Subsidiaries as at the Closing Date, and reflecting the consummation of the Transactions, the related financings and the other transactions contemplated by the Loan Documents to
occur on or prior to the Closing Date, which pro forma financial statements shall be prepared in accordance with the Borrower’s historical methodology as posted to the holders of the Existing Senior Notes on the Borrower’s web-site; and

  
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 (xvii) such other assurances, certificates or documents as the
Administrative Agent reasonably may require. 
 (b) (i) All fees required to be paid to the Administrative Agent and the
Arrangers on or before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid. 
 (c) Unless waived by the Administrative Agent, the Borrowers shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the
Administrative Agent) to the extent invoiced prior to or on the Closing Date. 
 (d) (i) The Transaction shall have been
consummated pursuant to the terms of this Agreement, the Revolving Credit Agreement and the Senior Notes Indenture. 
 (ii) Administrative Agent and Arrangers shall each have received a fully executed copy of each Transaction Document. Each Transaction Document shall be in full force and effect. 

(e) The Borrowers shall have received at least $230,300,000 in proceeds (net of all initial purchaser discounts) from the sale of the
Senior Notes. 
 (f) [Intentionally Omitted.] 
 (g) Intermediate Holdings and the Borrowers shall have obtained (i) a public corporate family rating from Moody’s, (ii) a public corporate credit rating from S&P and (iii) a public
credit rating for the Term Loans from each of Moody’s and S&P. 
 (h) Either (i)(x) at least a majority of the
aggregate principal amount of the outstanding Existing Senior Notes shall have been validly tendered and not withdrawn pursuant to the Tender Offer and, substantially concurrently with the initial Credit Extension hereunder, shall be repurchased
pursuant to the Tender Offer Notes Repurchase and (y) the Existing Senior Notes Indenture Amendment shall have been entered into (and be in full force and effect), all to the reasonable satisfaction of the Administrative Agent or
(ii) Intermediate Holdings, substantially concurrently with the initial Credit Extension hereunder, shall defease or satisfy and discharge all of the Non-Tendered Notes in accordance with the terms of the Existing Senior Notes Indenture such
that, in the case of this subclause (ii), after giving effect thereto, all outstanding Existing Senior Notes shall have been repurchased pursuant to the Tender Offer Notes Repurchase or defeased or satisfied and discharged in accordance with the
terms of the Existing Senior Notes Indenture. 
 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender 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 Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date
specifying its objection thereto. 

  
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 4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any
Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of the Borrowers and each other Loan Party contained in Article V or any other Loan
Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 4.02, the representations
and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively; and provided that, in each case, such
materiality qualifiers shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof. 
 (b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof. 
 (c) The Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrowers shall
be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 Each of Holdings, Intermediate Holdings and each Borrower represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence, Qualification and Power. Each Loan Party and each of its Subsidiaries (a) is duly organized or formed,
validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and
approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents and Transaction Documents to which it is a party and consummate the Transaction, and
(c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except
in each case referred to in clause (a), (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 5.02 Authorization; No Contravention. The execution, delivery and performance by each
Loan Party of each Loan Document and Transaction Document to which such Person is or is to be a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any
of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is
a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or
(c) violate any Law, with respect to clauses (b) and (c), to the extent that it could reasonably be expected to result in a Material Adverse Effect. 
 5.03 Governmental Authorization; Other Consents. No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other
Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document or Transaction Document, or for the consummation of the
Transaction, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature
thereof), or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents. All applicable waiting periods in connection with
the Transaction have expired without any action having been taken by any Governmental Authority restraining, preventing or imposing materially adverse conditions upon the Transaction or the rights of the Loan Parties or their Subsidiaries freely to
transfer or otherwise dispose of, or to create any Lien on, any properties now owned or hereafter acquired by any of them. The Transaction has been consummated in accordance with the Transaction Documents and applicable Law. 

5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly
executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan
Party that is party thereto in accordance with its terms. 
 5.05 Financial Statements; No Material Adverse Effect.
(a) The Audited Financial Statements (and, when delivered, the financial statements delivered in accordance with Section 6.01) (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of Intermediate Holdings and its Subsidiaries as of the date thereof and their results of operations for the period
covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of
Intermediate Holdings and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

  
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 (b) The unaudited consolidated balance sheet of Intermediate Holdings and its Subsidiaries
dated March 31, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the Fiscal Quarter ended on that date (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present in all material respects the financial condition of Intermediate Holdings and its Subsidiaries as of the date thereof and their results
of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. Schedule 5.05 sets forth all material indebtedness and other liabilities,
direct or contingent, of Intermediate Holdings and its consolidated Subsidiaries as of the date of such financial statements, including liabilities for taxes, material commitments and Indebtedness. 

(c) Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect. 
 (d) The consolidated pro forma balance sheet
of Intermediate Holdings and its Subsidiaries as of May, 2011, and the related consolidated pro forma statements of income and cash flows of Intermediate Holdings and its Subsidiaries for the twelve (12) months then ended, certified by the
chief financial officer or treasurer of Intermediate Holdings, copies of which have been furnished to each Lender, fairly present in all material respects the consolidated pro forma financial condition of Intermediate Holdings and its
Subsidiaries as at such date and the consolidated pro forma results of operations of Intermediate Holdings and its Subsidiaries for the period ended on such date, in each case giving effect to the Transaction, all in accordance with GAAP.

 (e) The consolidated forecasted balance sheet, statements of income and cash flows of Intermediate Holdings and its
Subsidiaries delivered on or prior to the Closing Date pursuant to Section 4.01 and after the Closing Date pursuant to Section 6.01(d) represent and will represent as of the date thereof the good faith estimate of
Intermediate Holdings and its senior management concerning the most probable course of their business and were prepared on the basis of the assumptions stated therein, and such assumptions were believed to be reasonable at the time prepared, it
being understood and agreed that such forecasts and projections are not to be viewed as facts and that actual results during the period covered thereby may differ materially from projected results. 

5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrowers after
due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against Holdings or any of its Subsidiaries or against any of their properties or revenues that
(a) purport to affect or pertain to this Agreement, any other Loan Document, any Transaction Document or the consummation of the Transaction, or (b) either individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. 
 5.07 No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect
to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the
transactions contemplated by this Agreement or any other Loan Document. 

  
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 5.08 Ownership of Property; Liens; Investments. (a) Each Loan Party and each of
its Subsidiaries (other than the Immaterial Subsidiaries) has good record and marketable title in fee simple to, or valid leasehold interests in, all Real Property, free and clear of all Liens other than Liens created or permitted by the Loan
Documents, necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) None of the Loan Parties or any of their Subsidiaries has received any notice of, nor has any knowledge of, any pending or threatened
condemnation or eminent domain proceeding affecting the Mortgaged Properties or any sale or disposition thereof in lieu of condemnation as of the Closing Date. 
 (c) Schedule 5.08(c) sets forth a complete and accurate list of all Liens on the property or assets of each Loan Party, showing as of the date hereof the lienholder thereof, the principal
amount of the obligations secured thereby and the property or assets of such Loan Party subject thereto. The property of each Loan Party is subject to no Liens, other than Liens set forth on Schedule 5.08(c), and as otherwise permitted
by Section 7.01. 
 (d) Schedule 5.08(d) sets forth a complete and accurate list of all Real Property
owned and leased by each Loan Party and each of its Subsidiaries, showing as of the date hereof the street address, county or other relevant jurisdiction, state, record owner and the Borrowers’ good faith estimate of the Fair Market Value
thereof. 
 5.09 Environmental. (a) Neither any Loan Party nor any of its Subsidiaries (i) is subject to, or
has received notice of, any material Environmental Claim, (ii) has failed to comply with any Environmental Law or to obtain, maintain or comply with any Environmental Permit, (iii) has released, generated, used, treated, handled or stored
any Hazardous Materials in a manner or at a location reasonably likely to result in any Environmental Liability or (iv) has become subject to any Environmental Liability, in each case, that could reasonably be expected to have a Material
Adverse Effect. 
 (b) None of the properties currently or formerly owned or operated by any Loan Party or any of its
Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property, and no Hazardous Materials have been released at, on or from, or are present on, any such
property in a manner reasonably expected to result in a Material Adverse Effect. 
 (c) Neither any Loan Party nor any of its
Subsidiaries is conducting or otherwise responsible for, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or
threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials
generated, used, treated, handled or stored either by any Loan Party or any of its Subsidiaries or at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of
in a manner not reasonably expected to result in a Material Adverse Effect. 

  
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 5.10 Insurance. The properties of Intermediate Holdings and its Subsidiaries are
insured with financially sound and reputable insurance companies not Affiliates of Intermediate Holdings, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning
similar properties in localities where Intermediate Holdings or the applicable Subsidiary operates. 
 5.11 Taxes.
Intermediate Holdings and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges
levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in
accordance with GAAP, in each case, except where the failure to file such tax returns or pay taxes would not reasonably be expected to have a Material Adverse Effect. There is no proposed tax assessment against Intermediate Holdings or any
Subsidiary that would, if made, have a Material Adverse Effect. 
 5.12 ERISA Compliance. (a) Schedule 5.12
lists all Pension Plans and Multiemployer Plans to which Intermediate Holdings is subject as of the Closing Date. As of the Closing Date, copies of all such listed Pension Plans and Multiemployer Plans, together with a copy of the three most recent
form IRS/DOL 5500-series for each such Pension Plan and Multiemployer Plan, to the extent applicable, have been delivered to the Administrative Agent. Each Multiemployer Plan and Pension Plan is in compliance in all material respects with the
applicable provisions of ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is
currently being processed by the IRS with respect thereto and, to the best knowledge of Intermediate Holdings , nothing has occurred which would prevent, or cause the loss of, such qualification. Intermediate Holdings and each ERISA Affiliate have
made all contributions required by either Section 412 of the Code or Section 302 of ERISA or the terms of any Plan to each Plan, and no application for a funding waiver or an extension of any amortization period pursuant to
Section 412 of the Code has been made with respect to any Plan. 
 (b) There are no pending or, to the best knowledge of
Intermediate Holdings, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan or any Person as fiduciary or sponsor of any Plan that could reasonably be expected to have a Material Adverse Effect.
There has been no “prohibited transaction” as defined in Section 406 of ERISA and Section 4975 of the Code or violation of the fiduciary responsibility rules of ERISA with respect to any Plan that has resulted or could reasonably
be expected to result in a Material Adverse Effect. 
 (c) Except as set forth in Schedule 5.12 or as would not
reasonably be expected to result in a Material Adverse Effect: (i) no ERISA Event or Foreign Benefit Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability;
(iii)

  
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neither Intermediate Holdings nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due
and not delinquent under Section 4007 of ERISA); (iv) neither Intermediate Holdings nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under
Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; (v) within the last five years no Pension Plan of Intermediate Holdings or any ERISA Affiliate has been
terminated, whether or not in a “standard termination” as that term is used in Section 4041(b)(1) of ERISA, that resulted in liability to any of the Loan Parties that remains unsatisfied or could reasonably be expected to result in
liability to the Loan Parties in excess of the Threshold Amount, nor has any Pension Plan of Intermediate Holdings or any ERISA Affiliate (determined at any time within the past five years) with Unfunded Pension Liabilities been transferred outside
of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA) of Intermediate Holdings or any ERISA Affiliate; and (vi) neither Intermediate Holdings nor any ERISA Affiliate has engaged in a transaction that
could be subject to Section 4069 or 4212(c) of ERISA. 
 5.13 Subsidiaries; Equity Interests; Loan Parties. No Loan
Party has any Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and are owned
by a Loan Party in the amounts specified in Part (a) of Schedule 5.13 free and clear of all Liens except those created under the Collateral Documents. No Loan Party has any equity investments in any other corporation or entity other
than those specifically disclosed in Part (b) of Schedule 5.13. All of the outstanding Equity Interests in Intermediate Holdings have been validly issued, are fully paid and non-assessable and are owned by Holdings in the amounts
specified in Part (c) of Schedule 5.13 free and clear of all Liens except those created under the Collateral Documents. Set forth on Part (d) of Schedule 5.13 is a complete and accurate list of all Loan Parties, showing
as of the Closing Date (as to each Loan Party) the jurisdiction of its incorporation and the address of its principal place of business. As of the Closing Date, the copy of the charter of each Loan Party and each amendment thereto provided pursuant
to Section 4.01(a)(vii) is a true and correct copy of each such document, each of which is valid and in full force and effect. 
 5.14 Margin Regulations; Investment Company Act. (a) Each Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or
carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 
 (b) None of Intermediate Holdings, any Person Controlling Intermediate Holdings, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act
of 1940. 
 5.15 Disclosure. The Borrowers have disclosed to the Administrative Agent and the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in 

  
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writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrowers represent only that such information was prepared in good faith based upon
assumptions believed to be reasonable at the time. 
 5.16 Compliance with Laws. Each Loan Party and each Subsidiary
thereof is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order,
writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. 
 5.17 Intellectual Property. Except as set forth on Schedule 5.17, each Loan Party and each of
its Subsidiaries owns, or has the valid right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights and other intellectual property rights (collectively, “IP Rights”) necessary for the
operation of their respective businesses as currently conducted. Schedule 5.17 sets forth a complete and accurate list of all such IP Rights that are registered (or for which applications for registration have been filed), and except as
disclosed on Schedule 5.17, the IP Rights required to be listed on Schedule 5.17 are fully protected and/or duly and properly registered, filed or issued in the applicable office and jurisdictions for such registrations, filings or
issuances. To the best knowledge of the Borrowers, the conduct of the businesses of each Loan Party and each of its Subsidiaries does not and has not been alleged by any Person to infringe, misappropriate, dilute or otherwise violate the rights of
any other Person, and no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Borrowers, threatened. To the knowledge of the Borrowers, no Person is infringing, misappropriating, diluting or otherwise
violating the IP Rights of any Loan Party or any of the Subsidiaries. 
 5.18 Solvency. Intermediate Holdings and each
Borrower (each individually and together with its respective Subsidiaries on a consolidated basis) is Solvent. 
 5.19
Casualty, Etc. Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God
or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

5.20 Collateral Documents. The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent
for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.01 and, in the case of the ABL Priority Collateral (as defined in the Intercreditor Agreement), the
Intercreditor Agreement) on all right, title and interest of the respective Loan Parties in the Collateral described therein. Except for filings completed prior to the Closing Date and as contemplated hereby and by the Collateral Documents, no
filing or other action will be necessary to perfect or protect such Liens. 

  
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 ARTICLE VI 
 AFFIRMATIVE COVENANTS 
 So long as any Loan or other Obligation hereunder shall
remain unpaid or unsatisfied, each of Holdings, Intermediate Holdings and each Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03 and 6.11) cause each Subsidiary to:

 6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and detail reasonably
satisfactory to the Administrative Agent: 
 (a) as soon as available, but in any event within 90 days after the end of each
Fiscal Year of Intermediate Holdings (commencing with the Fiscal Year ended December 31, 2011), a consolidated balance sheet of Intermediate Holdings and its Subsidiaries as at the end of such Fiscal Year, and the related consolidated
statements of income or operations, changes in shareholders’ equity, and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and prepared in
accordance with GAAP, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or another independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report
and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit;

 (b) as soon as available, but in any event within 45 days after the end of each of the first three Fiscal Quarters of each
Fiscal Year of Intermediate Holdings (commencing with the Fiscal Quarter ended June 30, 2011), a consolidated balance sheet of Intermediate Holdings and its Subsidiaries as at the end of such Fiscal Quarter, and the related consolidated
statements of income or operations, changes in shareholders’ equity, and cash flows for such Fiscal Quarter and for the portion of Intermediate Holdings’ Fiscal Year then ended, setting forth in each case in comparative form the figures
for the corresponding Fiscal Quarter of the previous Fiscal Year and the corresponding portion of the previous Fiscal Year, all in reasonable detail, certified by a Responsible Officer of Intermediate Holdings as fairly presenting in all material
respects the financial condition, results of operations, shareholders’ equity and cash flows of Intermediate Holdings and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes;

 (c) as soon as available, but in any event within 30 days after the end of each of the first 11 months of each Fiscal Year of
Intermediate Holdings (commencing with the fiscal month ended May 31, 2011), a consolidated balance sheet of Intermediate Holdings and its Subsidiaries as of the end of such month, and the related consolidated statements of income or
operations, shareholders’ equity and cash flows for such month and for the portion of Intermediate Holdings’ Fiscal Year than ended setting forth in each case in comparative form for the corresponding month of the previous Fiscal Year and
the corresponding portion of the previous Fiscal Year, all in reasonable detail and duly certified by a Responsible Officer of Intermediate Holdings; and 

  
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 (d) as soon as available, but in any event at least within thirty (30) days following
the commencement of each Fiscal Year of Intermediate Holdings, an annual business plan and budget of Intermediate Holdings and its Subsidiaries for such Fiscal Year, on a consolidated basis, including forecasts prepared by management of Intermediate
Holdings, in form reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of Intermediate Holdings and its Subsidiaries on a quarterly basis for the immediately
following Fiscal Year (including the Fiscal Year in which the latest Maturity Date occurs). 
 As to any information contained in materials
furnished pursuant to Section 6.02(d), the Borrowers shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation
of the Borrowers to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein. 
 6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent: 

(a) Intentionally Omitted. 
 (b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the delivery of the financial statements for the Fiscal
Quarter ended June 30, 2011), (i) a duly completed Compliance Certificate signed by a Responsible Officer of Intermediate Holdings, and (ii) a copy of management’s discussion and analysis with respect to such financial
statements; 
 (c) promptly after any request by the Administrative Agent, and in any event within ten (10) Business Days
of such request, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by independent accountants in connection with the
accounts or books of any Loan Party or any of its Subsidiaries, or any audit of any of them; 
 (d) promptly after the
furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement (including, without
limitation, the Senior Notes, the Refinancing Notes and any Permitted Unsecured Debt) and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this Section 6.02; 

(e) as soon as available, but in any event within thirty (30) days after the end of each Fiscal Year of Intermediate Holdings, a
report summarizing the insurance coverage (specifying type, amount and carrier) in effect for each Loan Party and containing such additional information as the Administrative Agent may reasonably specify; 

  
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 (f) promptly, and in any event within five (5) Business Days after receipt thereof by
any Loan Party, copies of each notice or other correspondence received from the SEC concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party;

 (g) not later than five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of
all material notices, requests and other documents (including amendments, waivers and other modifications) so received under or pursuant to any Transaction Document or instrument, indenture, loan or credit or similar agreement and, from time to time
upon request by the Administrative Agent, such information and reports regarding the Transaction Documents and such instruments, indentures and loan and credit and similar agreements as the Administrative Agent may reasonably request; 

(h) promptly after the assertion or occurrence thereof, but in any event within ten (10) Business Days of such assertion or
occurrence, notice of any Environmental Claim against or of any noncompliance by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could (i) reasonably be expected to have a Material Adverse
Effect or (ii) cause any property described in the Mortgages to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law; 

(i) as soon as available, but in any event within thirty (30) days after the end of each Fiscal Year of Intermediate Holdings,
(i) a report supplementing Schedule 5.08(c) and Schedule 5.08(d), including a list and description (including the street address, county or other relevant jurisdiction, state, record owner and the Borrowers’ good faith
estimate of the Fair Market Value thereof) of all Real Property acquired during such Fiscal Year and a description of such other changes in the information included in such Schedules as may be necessary for such Schedules to be accurate and
complete; and (ii) a report supplementing Schedule 5.13 containing a description of all changes in the information included in such Schedule as may be necessary for such Schedule to be accurate and complete, each such report to be signed
by a Responsible Officer of Intermediate Holdings and to be in a form reasonably satisfactory to the Administrative Agent; and 

(j) promptly, but in any event within ten (10) Business Days of a reasonable request by the Administrative Agent, such additional
information regarding the business, financial, legal or corporate affairs of any Loan Party, or compliance with the terms of the Loan Documents, as the Administrative Agent may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 6.01(a) or (b) (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrowers post such documents, or provides a link thereto on the
Borrowers’ website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on the Borrowers’ behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrowers shall deliver paper copies of such documents to the Administrative Agent or
any Lender that requests the Borrowers to deliver such paper copies until a written request to cease delivering paper copies is 

  
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given by the Administrative Agent or such Lender and (ii) the Borrowers shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such
documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrowers shall be required to provide paper
copies of the Compliance Certificates required by Section 6.02(b) to the Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of
the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrowers with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its
copies of such documents. 
 The Borrowers hereby agree that (a) the Administrative Agent and/or the Arrangers will make
available to the Lenders materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrowers or their Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrowers hereby agree that it will use commercially reasonable efforts to
identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word
“PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Arranger and the Lenders to treat such
Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrowers or their securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made
available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public Side Information.” 
 6.03
Notices. Promptly notify the Administrative Agent after a Responsible Officer of Intermediate Holdings or a Borrower obtains actual knowledge thereof: 
 (a) of the occurrence of any Default; 
 (b) of any matter that has resulted or
could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of a Borrower or any Subsidiary; (ii) any dispute, litigation, investigation,
proceeding or suspension between a Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting a Borrower or any Subsidiary, including any
Environmental Claim; 

  
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 (c) of the occurrence of any ERISA Event or any Foreign Benefit Event that has had or could
reasonably be expected to have a Material Adverse Effect; 
 (d) of any material change in accounting policies or financial
reporting practices by any Loan Party; and 
 (e) of the (i) occurrence of any Disposition of property or assets for which
the Borrowers are required to make a mandatory prepayment pursuant to Section 2.05(b)(ii) or (ii) incurrence or issuance of any Indebtedness for which the Borrowers are required to make a mandatory prepayment pursuant to
Section 2.05(b)(iii). 
 Each notice pursuant to Section 6.03 (other than Section 6.03(e))
shall be accompanied by a statement of a Responsible Officer of the Borrowers setting forth details of the occurrence referred to therein and stating what action the Borrowers have taken and propose to take with respect thereto. Each notice pursuant
to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
 6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all material tax liabilities, assessments and
governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by Intermediate
Holdings, the Borrowers or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property, unless contested in good faith by Intermediate Holdings, the Borrowers or such Subsidiary; and (c) all
Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, to the extent that failure to pay and discharge such Indebtedness could reasonably be
expected to result in a Material Adverse Effect. 
 6.05 Preservation of Existence, Etc. (a) Except with respect to
the Immaterial Subsidiaries, preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or
7.05; provided, however, that the Borrowers and their respective Subsidiaries may consummate any merger or consolidation permitted under Section 7.04; and (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in
the operation of its business in good working order and condition, ordinary wear and tear excepted, and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect. 
 6.07 Maintenance of Insurance. Maintain with financially sound and
reputable insurance companies not Affiliates of a Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in

  
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the same or similar business in similar locations, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons. With respect to each Mortgaged
Property, obtain flood insurance in such total amount as is required by applicable Laws, if at any time the area in which any improvements located on any Mortgaged Property is designated a Flood Zone, and otherwise comply with the Flood Program.

 6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.09 Books and Records. Maintain proper books of record and account, in which full, true and correct entries in conformity in all
material respects with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of Intermediate Holdings, the Borrowers or such Subsidiary, as the case may be. 

6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent to visit and inspect any of
its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, and at
such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrowers, which shall be at the expense of the Borrowers once per Fiscal Year; provided, however, that
when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors, subject to such representatives or independent contractors entering into a confidentiality agreement in
form and substance reasonable acceptable to the Borrowers) may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and without advance notice. 

6.11 Use of Proceeds. Use the proceeds of the Credit Extensions (a) for general corporate purposes not in contravention of
any Law or of any Loan Document, (b) to pay the Closing Date Distribution, and (c) to pay the fees, costs and expenses of the Loan Parties incurred in connection with the Transaction. 

6.12 Covenant to Guarantee Obligations and Give Security. (a) Upon the formation or acquisition of any new direct or indirect
Subsidiary (other than any CFC or a Subsidiary that is held directly or indirectly by a CFC) by any Loan Party, then Intermediate Holdings and the Borrowers shall, at the Borrowers’ expense: 

(i) within 30 days after such formation or acquisition, cause such Subsidiary, and cause each direct and indirect
parent of such Subsidiary (if it has not already done so), to duly execute and deliver to the Administrative Agent a guaranty or guaranty supplement, in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing the
Obligations, 

  
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 (ii) within 30 days after such formation or acquisition, furnish to the
Administrative Agent a description of the real and personal properties of such Subsidiary, in detail reasonably satisfactory to the Administrative Agent, 
 (iii) as soon as reasonably practicable (but in any event within 30 days (or 90 days in the case of Mortgages and related deliverables) after formation or acquisition or such additional time as the
Administrative Agent may otherwise agree), cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it has not already done so) to duly execute and deliver to the Administrative Agent Mortgages, Security Agreement
supplements, IP Security Agreement Supplements and other security and pledge agreements, as specified by and in form and substance reasonably satisfactory to the Administrative Agent (including delivery of all pledged Equity Interests in and of such
Subsidiary, and other instruments of the type specified in Section 4.01(a)(iii)), securing payment of all the Obligations of such Subsidiary or such parent, as the case may be, under the Loan Documents and constituting first priority
Liens on all such real and personal properties (subject to the Lien of Revolving Collateral Agent pursuant to the Revolving Credit Documents and Liens permitted pursuant to Section 7.01); provided that Mortgages shall not be
required for any Excluded Real Property; 
 (iv) as soon as reasonably practicable (but in any event within 30
days (or 90 days in the case of Mortgages and related deliverables) after formation or acquisition or such additional time as the Administrative Agent may otherwise agree), cause such Subsidiary and each direct and indirect parent of such Subsidiary
(if it has not already done so) to take whatever action (including the due recording or filing of Mortgages, the filing of Uniform Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) as may
be reasonably necessary or advisable in the reasonable opinion of the Administrative Agent to create and perfect in favor of the Administrative Agent (or in favor of any representative of the Administrative Agent designated by it) valid first and
subsisting Liens on the properties purported to be subject to the Mortgages, Security Agreement supplements, IP Security Agreement Supplements and security and pledge agreements delivered pursuant to this Section 6.12, enforceable
against all third parties in accordance with their terms; provided that Mortgages shall not be required for any Excluded Real Property; 
 (v) together with the items delivered pursuant to clauses (i), (iii) and (iv) above, deliver to the Administrative Agent, upon the reasonable request of the Administrative Agent, a signed copy
of a legal opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to the matters contained in clauses (i), (iii) and
(iv) above, and as to such other matters as the Administrative Agent may reasonably request; and 
 (vi) as
promptly as practicable (but in any event within 90 days or such additional time as the Administrative Agent may otherwise agree) after such formation or acquisition, deliver, upon the reasonable request of the Administrative Agent in its sole
discretion, to the Administrative Agent with respect to each parcel of Real Property owned or held by the entity that is the subject of such formation or acquisition, such 

  
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documents, instruments, certificates (including but not limited to Flood Certificates), appraisals, title reports, Mortgage Policies, surveys, engineering, soils and other reports, environmental
assessment reports and other information reasonably requested by the Administrative Agent, provided, however, that to the extent that any Loan Party shall have otherwise received any of the foregoing items with respect to such
Real Property, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent; 
 (b) Upon the
purchase or acquisition of any Real Property (other than any Excluded Real Property) (as determined by the Borrowers in good faith) by any Loan Party, if such property, in the judgment of the Administrative Agent, shall not already be subject to a
perfected first priority security interest in favor of the Administrative Agent for the benefit of the Secured Parties, then Intermediate Holdings and the Borrowers shall, at the Borrowers’ expense: 

(i) within 30 days after such purchase or acquisition, furnish to the Administrative Agent a description of the property
so acquired in detail reasonably satisfactory to the Administrative Agent; 
 (ii) as soon as reasonably
practicable (but in any event within 90 days after purchase or acquisition or such additional time as the Administrative Agent may otherwise agree) after such purchase or acquisition, cause the applicable Loan Party to duly execute and deliver to
the Administrative Agent Mortgages, Security Agreement supplements, IP Security Agreement Supplements and other security and pledge agreements, as specified by and in form and substance reasonably satisfactory to the Administrative Agent, securing
payment of all the Obligations and constituting first priority Liens on all such properties; 
 (iii) as soon as
reasonably practicable (but in any event within 90 days after purchase or acquisition or such additional time as the Administrative Agent may otherwise agree) after such purchase or acquisition, cause the applicable Loan Party to take whatever
action (including the due recording or filing of Mortgages, the filing of Uniform Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) as may be reasonably necessary or advisable in the
reasonable opinion of the Administrative Agent to create and perfect in favor of the Administrative Agent (or in favor of any representative of the Administrative Agent designated by it) for the benefit of the Secured Parties valid first and
subsisting Liens on such property, enforceable against all third parties in accordance with their terms (subject to the Liens permitted pursuant to Section 7.01); 

(iv) together with the items delivered pursuant to clauses (ii) and (iii) above, deliver to the Administrative
Agent, upon the reasonable request of the Administrative Agent, a signed copy of a legal opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent
as to the matters contained in clauses (ii) and (iii) above and as to such other matters as the Administrative Agent may reasonably request; and 

  
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 (v) as soon as reasonably practicable (but in any event within 90 days or
such additional time as the Administrative Agent may otherwise agree) after such purchase or acquisition, deliver, upon the reasonable request of the Administrative Agent, to the Administrative Agent with respect to such Real Property such
documents, instruments, certificates (including but not limited to Flood Certificates), appraisals, title reports, Mortgage Policies, surveys, engineering, soils and other reports, environmental assessment reports and other information reasonably
requested by the Administrative Agent, each in scope, form and substance reasonably satisfactory to the Administrative Agent, provided, however, that to the extent that any Loan Party shall have otherwise received any of the foregoing
items with respect to such Real Property, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent; and 
 (c) Upon the request of the Administrative Agent following the occurrence and during the continuance of a Default, Intermediate Holdings and the Borrowers shall, at the Borrowers’ expense:

 (i) within 30 days after such request (unless such Default is cured or waived within such 30 day period),
furnish to the Administrative Agent a description of the real and personal properties of the Loan Parties in detail reasonably satisfactory to the Administrative Agent; 

(ii) unless such Default is cured or waived within such period, as soon as reasonably practicable (but in any event within
30 days (or 90 days in the case of Mortgages and related deliverables) after such request or such additional time as the Administrative Agent may otherwise agree), duly execute and deliver, and cause each Subsidiary (other than any Immaterial
Subsidiary, any CFC or a Subsidiary that is held directly or indirectly by a CFC) of each Borrower (if it has not already done so) to duly execute and deliver, to the Administrative Agent deeds of Mortgages, Security Agreement supplements, IP
Security Agreement Supplements and other security and pledge agreements, as specified by and in form and substance reasonably satisfactory to the Administrative Agent (including delivery of all Pledged Equity and Pledged Indebtedness in and of such
Subsidiary, and other instruments of the type specified in Section 4.01(a)(iii)), securing payment of all the Obligations of such Subsidiary under the Loan Documents and constituting Liens on all such properties; 

(iii) unless such Default is cured or waived within such period, as soon as reasonably practicable (but in any event
within 30 days (or 90 days in the case of Mortgages and related deliverables) after such request or such additional time as the Administrative Agent may otherwise agree), take, and cause each Subsidiary (other than any Immaterial Subsidiary, any CFC
or a Subsidiary that is held directly or indirectly by a CFC) of each Borrower to take, whatever action (including the due recording and filing of Mortgages, the filing of Uniform Commercial Code financing statements, the giving of notices and the
endorsement of notices on title documents) may be necessary or advisable in the reasonable opinion of the Administrative Agent to create and perfect in the Administrative Agent (or in any representative of the Administrative Agent designated by it)
valid first and subsisting Liens on the properties purported to be subject to Mortgages, Security Agreement supplements, IP Security Agreement Supplements and security and pledge agreements delivered pursuant to this Section 6.12,
enforceable against all third parties in accordance with their terms (subject to the Liens permitted pursuant to Section 7.01); 

  
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 (iv) unless such Default is cured or waived within such period, together
with the items delivered pursuant to clauses (ii) and (iii) above, deliver to the Administrative Agent, upon the reasonable request of the Administrative Agent, a signed copy of a legal opinion, addressed to the Administrative Agent and
the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to the matters contained in clauses (ii) and (iii) above, and as to such other matters as the Administrative Agent may
reasonably request; and 
 (v) unless such Default is cured or waived within such period, as soon as reasonably
practicable (but in any event within 90 days or such additional time as the Administrative Agent may otherwise agree), deliver, upon the reasonable request of the Administrative Agent, to the Administrative Agent with respect to each parcel of Real
Property owned or held by the Borrowers and their respective Subsidiaries, such documents, instruments, certificates (including but not limited to Flood Certificates), appraisals, title reports, Mortgage Policies, surveys, engineering, soils and
other reports, environmental assessment reports and other information reasonably requested by the Administrative Agent, each in scope, form and substance reasonably satisfactory to the Administrative Agent, provided, however,
that to the extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such Real Property, such items shall, promptly after the receipt thereof, be delivered to the Administrative
Agent. 
 6.13 Compliance with Environmental Laws. To the extent that failure to do so could reasonably be expected to
result in a Material Adverse Effect, (a) comply, and cause all lessees and other Persons operating or occupying its properties to comply with all Environmental Laws and Environmental Permits and obtain and renew all Environmental Permits
necessary for its operations and properties, and (b) conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its
properties to the extent required by Environmental Laws and in accordance with the requirements of all Environmental Laws; provided, however, that neither Intermediate Holdings nor any of its Subsidiaries shall be required to undertake
any such cleanup, removal, remedial or other action necessary to remove and clean up Hazardous Materials from any of its properties pursuant to Environmental Laws to the extent that its obligation to do so is being contested in good faith and by
proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP. 

6.14 Environmental Reports. Upon the Administrative Agent’s reasonable determination that a release of Hazardous Materials
has occurred at, or an Environmental Claim has arisen related to a release of Hazardous Materials at, Intermediate Holdings’ or any of its Subsidiaries’ properties, in each case, that has or is reasonably likely to result in a Material
Adverse Effect, within 60 days after receipt of a written request by the Administrative Agent, Borrowers shall provide to the Lenders an environmental site assessment report for such property in scope and substance reasonably necessary to determine
if such a release of Hazardous Materials has occurred and the estimated cost of any compliance, removal or remedial action required under Environmental Laws in connection with any such release of Hazardous Materials on such property. 

  
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 6.15 Further Assurances. Promptly upon the reasonable request by the Administrative
Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file,
register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably require from time to time in order to (i) carry out more effectively the purposes of the
Loan Documents, (ii) to the fullest extent permitted by applicable law, subject any Loan Party’s or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the
Collateral Documents (subject to limitations hereunder and under the Collateral Documents), (iii) perfect and maintain the validity, effectiveness and, subject to the Intercreditor Agreement, priority of any of the Collateral Documents and any
of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the
Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so. If the
Administrative Agent reasonably determine that they are required by applicable Laws to have appraisals prepared in respect of the Real Property of any Loan Party constituting Collateral, the Borrowers shall provide to the Administrative Agent
appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended. 

6.16 Post-Closing Obligations. Notwithstanding anything set forth herein to the contrary, execute and deliver the documents and
complete the tasks set forth in the Post-Closing Agreement, in each case within the time limits specified therein. 
 ARTICLE VII

 NEGATIVE COVENANTS 
 So long as any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, each of the Borrowers and Intermediate Holdings shall not, nor shall any of them permit any Loan Party to, directly or
indirectly, and solely in the case of Section 7.17, Holdings shall not: 
 7.01 Liens. Create, incur, assume
or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, or sign or file or suffer to exist under the Uniform Commercial Code of any jurisdiction a financing statement that names Intermediate
Holdings or Borrowers or any of their respective Subsidiaries as debtor, or assign any accounts or other right to receive income, other than the following: 
 (a) Liens pursuant to any Loan Document; 

  
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 (b) Liens existing on the date hereof and listed on Schedule 5.08(c) and any renewals
or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 7.02(f), (iii) the direct or any
contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(f); 

(c) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the
ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books
of the applicable Person; 
 (e) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 
 (f)
deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 (g) survey exceptions, easements or reservations of, or rights of others for, licenses, covenants, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of Real Property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely
affect the value of said properties or materially impair their use in the operation of the business of Intermediate Holdings and its Subsidiaries, taken as a whole; 
 (h) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h); 
 (i) Liens securing Indebtedness permitted under Section 7.02(h); provided that such Liens do not at any time encumber any property other than the property financed by such Indebtedness;

 (j) other Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed $15.0 million,
provided that no such Lien shall extend to or cover any Collateral; 
 (k) Liens securing Indebtedness permitted under
Section 7.02(e); provided that (i) such Liens shall remains subject, at all times, to the terms of the Intercreditor Agreement and (ii) no such Liens shall extend to any assets of Holdings, Intermediate Holdings, the
Borrowers or any other Loan Party, other than the Collateral; 
 (l) Liens and rights of setoff in favor of a bank imposed by
law and incurred in the ordinary course of business on deposit accounts maintained with such bank and cash and Cash Equivalents in such accounts; 

  
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 (m) Liens upon specific items of inventory or other goods and proceeds of any Borrower or
any of their respective Subsidiaries securing any Borrower’s or any such Subsidiary’s obligations in respect of banker’s acceptances issued or created for the account of any Borrower or any Subsidiary to facilitate the purchase,
shipment or storage of such inventory or other goods in the ordinary course of business; 
 (n) Liens encumbering deposits made
to secure obligations arising from statutory, regulatory, contractual or warranty requirements of the Borrowers or any of their respective Subsidiaries, or Liens encumbering deposits for letters of intent or purchase agreements for Investments
permitted pursuant to Section 7.03; 
 (o) Liens in favor of customs and revenue authorities arising as a matter of
law to secure payments of customs duties in connection with the importation of goods; 
 (p) Liens deemed to exist in connection
with Investments in repurchase agreements permitted under this Agreement; 
 (q) Liens on insurance policies and the proceeds
thereof securing the financing of the premiums with respect thereto to the extent permitted hereunder; 
 (r) Liens arising out
of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business; 
 (s) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business; 

(t) Liens on property subject to Sale-Leaseback Transactions to the extent such Sale-Leaseback Transactions are permitted by
Section 7.05(g); 
 (u) leases or subleases, licenses or sublicenses (including with respect to intellectual
property and software) granted to others in the ordinary course of business; 
 (v) the prior rights of consignees and their
lenders under consignment arrangements entered into in the ordinary course of business; and 
 (w) Liens on the assets of
Foreign Subsidiaries securing Indebtedness permitted by Section 7.02(v). 
 7.02 Indebtedness. Create, incur,
assume or suffer to exist any Indebtedness, except: 
 (a) the incurrence by Intermediate Holdings, the Borrowers or any Loan
Party of obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly
mitigating risks associated with fluctuations in interest rates or foreign exchange rates and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding
transactions to the defaulting party; 

  
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 (b) the incurrence of Indebtedness by a Subsidiary of Intermediate Holdings owed to
Intermediate Holdings or a Subsidiary of Intermediate Holdings, which Indebtedness shall (i) in the case of Indebtedness owed to a Loan Party, constitute “Pledged Indebtedness” under the Security Agreement, (ii) be on terms
(including subordination terms) reasonably acceptable to the Administrative Agent and (iii) be otherwise permitted under the provisions of Section 7.03; provided that (A) any subsequent issuance or transfer of Equity
Interests that results in any such Indebtedness being held by a Person other than a Borrower or a Loan Party and (B) any sale or other transfer of any such Indebtedness to a Person that is not a Borrower or a Loan Party, will be deemed, in each
case, to constitute an incurrence of such Indebtedness by the Borrowers or such Loan Party, as the case may be, that was not permitted by this clause (b); 
 (c) Indebtedness under the Loan Documents; 
 (d) Indebtedness of Intermediate
Holdings under the Senior Notes Documents (which may be guaranteed by Holdings and the other Guarantors as provided in the Senior Notes Documents) in an aggregate principal amount not to exceed $235,000,000.00 (as reduced by the amount of any
prepayments of principal of Senior Notes made after the Closing Date); provided that the then outstanding Senior Notes may be refinanced in full, or at least a majority of the then outstanding aggregate principal amount of Senior Notes may be
refinanced in part through a tender offer for or redemption of then outstanding Senior Notes, at any time through the issuance by Intermediate Holdings of the Refinancing Notes (which may be guaranteed by Holdings and the other Guarantors on
substantially the same terms as their guarantees of the theretofore outstanding Senior Notes), in each case so long as (x) the aggregate principal amount of outstanding Refinancing Notes, when added to the aggregate principal amount of Senior
Notes then outstanding (for this purpose disregarding (1) any Senior Notes which will be repaid with proceeds of the respective issuance of Refinancing Notes substantially concurrently therewith and (2) all Senior Notes, if Intermediate
Holdings has given to the Senior Notes Trustee a notice of redemption of all outstanding Senior Notes (with the respective redemption to occur at least 30 days but not more than 60 days after the giving of the respective notice of redemption) in
accordance with the provisions of the Senior Notes Indenture and has taken all actions necessary to terminate its obligations with respect to the Senior Notes and under the Senior Notes Indenture, in each case, except (i) in connection with any
Legal Defeasance (as defined in the Senior Notes Indenture), those obligations set forth in clauses (1) – (4) of Section 8.02 of the Senior Notes Indenture, in accordance with Sections 8.01, 8.02, 8.04 and 8.05 of the Senior
Notes Indenture, (ii) in connection with any Covenant Defeasance (as defined in the Senior Notes Indenture), any obligation under the Senior Notes Indenture other than those obligations set forth in Section 8.03 of the Senior Notes
Indenture, in accordance with Sections 8.01, 8.03, 8.04 and 8.05 of the Senior Notes Indenture, and (iii) in connection with any supplemental indenture to the Senior Notes Indenture that removes substantially all of the covenants from the
Senior Notes Indenture, any obligations similar to those set forth in clauses (1) – (4) of Section 8.02 of the Senior Notes Indenture or other than those obligations set forth in Section 8.03 of the Senior Notes Indenture,
in each case, as if the same were not outstanding, so long as the same are actually repaid substantially concurrently with the respective issuance of Refinancing Notes (in the case of preceding clause (1)) or redeemed and discharged in
accordance with the respective notice of redemption and, in any event, within 40 days after the date of the respective issuance of Refinancing Notes (in the case of preceding clause (2)), does not at any time exceed $235,000,000 and (y) at the
time of issuance of any Refinancing Notes and immediately after 

  
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giving effect thereto, no Default or Event of Default shall be in existence and Intermediate Holdings shall be in compliance with the requirements of the Senior Notes Indenture (if any Senior
Notes are to remain outstanding) and the Refinancing Notes Indenture (unless it is the initial issuance of Refinancing Notes), in each case applicable to the issuance of such Refinancing Notes and (z) the Refinancing Notes meet the requirements
contained in definition of “Refinancing Notes” contained herein; 
 (e) Indebtedness under the Revolving Credit
Agreement and any Permitted Refinancings thereof in an amount not to exceed the Maximum ABL Amount (as defined in the Intercreditor Agreement); 
 (f) Indebtedness outstanding on the date hereof and listed on Schedule 7.02 and any Permitted Refinancing thereof; provided that the terms relating to principal amount, amortization,
maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such Permitted Refinancing are no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement
or instrument governing the Indebtedness being refinanced, refunded, renewed or extended; 
 (g) Guarantees of the Borrowers or
any Guarantor (other than Holdings) in respect of Indebtedness otherwise permitted hereunder of the Borrowers or any Guarantor; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Term Loans,
then the guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 
 (h) the incurrence by the Borrowers or any Subsidiary thereof of Indebtedness in respect of Capitalized Leases or purchase money obligations, in each case, incurred for the purpose of financing all or any
part of the purchase price or cost of design, construction, installation or improvement or lease of property, plant or equipment used in the business of the Borrowers or any of their Subsidiaries, in an aggregate principal amount not to exceed the
greater of (x) 2.5% of Consolidated Total Assets and (y) $15.0 million at any time outstanding; 
 (i) Indebtedness of
any Person that becomes a Subsidiary of Intermediate Holdings after the date hereof in accordance with the terms of Section 7.03(g), which Indebtedness is existing at the time such Person becomes a Subsidiary of Intermediate Holdings
(other than Indebtedness incurred solely in contemplation of such Person’s becoming a Subsidiary of Intermediate Holdings); and 
 (j) the incurrence by Intermediate Holdings or any Subsidiary thereof of Indebtedness arising from agreements of a Intermediate Holdings or any Subsidiary thereof, providing for indemnification,
adjustment of purchase price, “earn out” or similar obligations, in each case, incurred in connection with the acquisition or disposition of assets, including shares of Equity Interests, otherwise permitted under this Agreement;
provided, that the amount of such Indebtedness does not exceed the gross proceeds actually received by Intermediate Holdings and its Subsidiaries in connection with any such disposition; 

  
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 (k) the incurrence by Intermediate Holdings or any of its Subsidiaries of Indebtedness in
respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances and performance, completion and surety bonds or guarantees in the ordinary course of business; 

(l) the incurrence by Intermediate Holdings or any of its Subsidiaries of Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within ten Business Days of being incurred; 

(m) the incurrence by Intermediate Holdings, a Borrower or any of the other Loan Parties of additional Indebtedness in an aggregate
principal amount (or accreted value, as applicable) at any time outstanding, including all Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (m), not to exceed
$25,000,000; 
 (n) Indebtedness under Refinancing Notes, 100% of the Net Cash Proceeds of which are applied to repay, at the
Borrowers’ and Intermediate Holdings option, (i) outstanding Term Loans or (ii) outstanding Senior Notes, in each case, so long as (A) no Default or Event of Default exists at the time of the issuance thereof,
(B) calculations are made by Intermediate Holdings demonstrating that Intermediate Holdings shall be in compliance with the requirements of the Senior Notes Indenture (if any Senior Notes are to remain outstanding) and the Refinancing Notes
Indenture (unless it is the initial issuance of Refinancing Notes), in each case applicable to such issuance of Refinancing Notes after giving effect thereto; (C) the Refinancing Notes meet the requirements contained in the definition of
“Refinancing Notes” contained herein; and (D) Intermediate Holdings shall have furnished to the Administrative Agent a certificate from a Responsible Officer certifying as to compliance with the requirements of this clause (n);

 (o) the incurrence by Intermediate Holdings or any Subsidiary of Indebtedness arising out of Sale-Leaseback Transactions
permitted by Section 7.05(g); 
 (p) the incurrence by Intermediate Holdings or any Subsidiary of Permitted
Unsecured Debt, and Permitted Refinancings thereof, not to exceed $200.0 million at any time outstanding; provided that immediately after giving effect to such incurrence, (A) no Default or Event of Default shall have occurred or be
continuing, (B) as at the last day of the Fiscal Quarter most recently ended for which financial statements have been delivered in accordance with Section 6.01(a) or (b), Intermediate Holdings and its Subsidiaries shall
have a Consolidated Leverage Ratio for the Measurement Period ended on the last day of such Fiscal Quarter of not greater than 5.25:1.00, such compliance to be determined on the basis of the financial information most recently delivered to the
Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b) as though such incurrence had been consummated as of the first day of the Measurement Period covered thereby and (C) Intermediate Holdings shall
have furnished to the Administrative Agent a certificate from a Responsible Officer certifying as to compliance with the requirements of preceding clauses (A) and (B) and containing the calculations required by preceding clause (B);

  
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 (q) Indebtedness consisting of the financing of insurance premiums in the ordinary course of
business; 
 (r) For the period commencing on the Closing Date and terminating on the 60th day thereafter, Indebtedness consisting of the Existing Senior
Notes, pending the redemption or purchase and cancellation by Intermediate Holdings thereof; 
 (s) Indebtedness in respect of
performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each case provided in the ordinary course of business; 
 (t) Indebtedness representing deferred compensation to employees of Intermediate Holdings or any of its Subsidiaries incurred in the ordinary course of business; 

(u) Indebtedness in respect of obligations of Intermediate Holdings or any Subsidiary to pay the deferred purchase price of goods or
services or progress payments in connection with such goods and services; and 
 (v) Indebtedness of Foreign Subsidiaries;
provided that the aggregate principal amount of Indebtedness incurred pursuant to this clause (v) shall not exceed $30.0 million at any time outstanding (for the avoidance of doubt, the Indebtedness permitted pursuant to this clause
(v) shall be in addition to Indebtedness of Foreign Subsidiaries incurred under the Revolving Credit Agreement or any Permitted Refinancing thereof). 
 7.03 Investments. Make or hold any Investments, except: 
 (a) Investments
held by the Borrowers and their respective Subsidiaries in the form of Cash Equivalents; provided that Cash Equivalents are not subject to setoff rights except to the extent expressly permitted in any Account Control Agreements or Securities
Account Control Agreements; 
 (b) advances to officers, directors and employees of the Borrowers and their respective
Subsidiaries in an aggregate amount not to exceed $2,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes; 
 (c) (i) Investments by the Borrowers and their respective Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional Investments by the Borrowers and their
respective Subsidiaries in Loan Parties (other than Holdings), and (iii) additional Investments by Subsidiaries of the Borrowers that are not Loan Parties in other Subsidiaries that are not Loan Parties; 

(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of
trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss; 

(e) Guarantees permitted by Section 7.02; 

  
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 (f) Intermediate Holdings and its Subsidiaries may make and hold Investments existing on the
Closing Date and any extensions, renewals, or reinvestments thereof (of any form), so long as the aggregate amount of all Investments pursuant to this clause (f) is not increased at any time above the amount of such Investment existing on the
Closing Date; 
 (g) the purchase or other acquisition (including as a result of a merger or consolidation) of all of the Equity
Interests in, or all or substantially all of the property of, any Person that, upon the consummation thereof, will be wholly-owned directly by a Borrower or one or more of its wholly-owned Subsidiaries (or Intermediate Holdings, so long as
contemporaneously therewith, all assets so acquired are transferred to one or more Borrowers or their respective Subsidiaries contemporaneously with the consummation thereof); provided that, with respect to each purchase or other acquisition
made pursuant to this Section 7.03(g): 
 (i) any such newly-created or acquired Subsidiary shall
become a Loan Party and shall otherwise comply with the requirements of Section 6.12; provided that such requirement shall not apply to a Subsidiary of a Foreign Subsidiary that is not required to become a Loan Party under
Section 6.12; 
 (ii) the lines of business of the Person to be (or the property of which is to be)
so purchased or otherwise acquired shall be substantially the same lines of business as one or more of the principal businesses of the Borrowers and their respective Subsidiaries in the ordinary course; 

(iii) such purchase or other acquisition shall not include or result in any contingent liabilities that could reasonably
be expected to be material to the business, financial condition, operations or prospects of Intermediate Holdings and its Subsidiaries, taken as a whole (as determined in good faith by the board of directors (or the persons performing similar
functions) of Intermediate Holdings or such Subsidiary if the board of directors is otherwise approving such transaction and, in each other case, by a Responsible Officer); 

(iv) (A) immediately before and immediately after giving pro forma effect to any such purchase or other acquisition, no
Default shall have occurred and be continuing and (B) immediately after giving effect to such purchase or other acquisition, as at the last day of the Fiscal Quarter most recently ended for which financial statements have been delivered in
accordance with Section 6.01(a) or (b), Intermediate Holdings and its Subsidiaries shall have a Consolidated Leverage Ratio for the Measurement Period ended on the last day of such Fiscal Quarter of not greater than
5.25:1.00, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b) as though such purchase or other
acquisition had been consummated as of the first day of the Measurement Period covered thereby; and 
 (v) the
Borrowers shall have delivered to the Administrative Agent and each Lender, at least five Business Days prior to the date on which any such purchase or other acquisition is to be consummated, a certificate of a Responsible Officer, in form and
substance reasonably satisfactory to the Administrative Agent and the Required Lenders, certifying that all of the requirements set forth in this clause (v) have been satisfied or will be satisfied on or prior to the consummation of such
purchase or other acquisition; 

  
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 (h) Investments by the Borrowers and their Subsidiaries not otherwise permitted under this
Section 7.03 in an aggregate amount not to exceed (x) $10,000,000 plus (y) the Available Amount; 
 (i)
Investments by the Borrowers or their Subsidiaries funded solely by Excluded Contributions contributed to Intermediate Holdings (and then either Borrower) by Holdings, Parent Company or Sponsor Group; 

(j) Investments by the Borrowers or their Subsidiaries in joint ventures and/or Foreign Subsidiaries not in excess of the greater of
$15.0 million and 2.5% of Consolidated Total Assets as of the end of the Fiscal Quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 6.01 in the aggregate at any
time outstanding (calculated without regard to write downs or write offs thereof); provided that if any Investment pursuant to this clause (j) is made in any Person that is not a Subsidiary at the date of the making of such Investment
and such Person becomes a Subsidiary after such date pursuant to another Investment the amount of which, when taken together with the amount of the prior Investment, would be permitted under another provision of this Section 7.03, any
Investment in such Person outstanding under this clause (j) shall thereafter be deemed to have been made pursuant to such other provision and shall cease to have been made pursuant to this clause (j) for so long as such person continues to
be a Subsidiary; 
 (k) Investments arising out of the receipt by Intermediate Holdings or any of its Subsidiaries of non-cash
consideration for the sale of assets permitted under Section 7.05; 
 (l) Investments consisting of the redemption,
purchase, repurchase or retirement of any Equity Interests permitted under Section 7.06; 
 (m) Investments
consisting of the redemption of any intercompany loans between the Loan Parties; and 
 (n) Investments resulting from pledges
and deposits under Sections 7.01(e), (f), (h), (n) and (o). 
 7.04 Fundamental Changes. (a) Merge,
dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person,
except that, so long as no Default exists or would result therefrom: 
 (i) any Subsidiary of any Borrower may
merge with (A) any Borrower, provided that such Borrower shall be the continuing or surviving Person, or (B) any one or more other Subsidiaries, provided that when any Loan Party is merging with another Subsidiary, such Loan
Party shall be the continuing or surviving Person; 

  
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 (ii) any Loan Party may Dispose of all or substantially all of its assets
(upon voluntary liquidation or otherwise) to a Borrower or to another Loan Party (other than Holdings or Intermediate Holdings); 
 (iii) any Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in the nature of a liquidation) to (A) another Subsidiary that is
not a Loan Party or (B) to a Loan Party; 
 (iv) so long as no Default has occurred and is continuing or
would result therefrom, each Borrower and each of their respective Subsidiaries may merge into or consolidate with any other Person (other than Holdings or Intermediate Holdings) or permit any other Person (other than Holdings or Intermediate
Holdings) to merge into or consolidate with it; provided, however, that in each case, immediately after giving effect thereto (A) in the case of any such merger to which a Borrower is a party, such Borrower is the surviving
corporation and (B) in the case of any such merger to which any Loan Party (other than a Borrower) is a party, such Loan Party is the surviving corporation; and 

(v) any Loan Party may merge with any other Person in furtherance of any transaction otherwise permitted under
Section 7.03(g); provided that such Loan Party shall be the surviving or continuing Person. 
 (b) Any
Immaterial Subsidiary may merge, dissolve, liquidate, consolidate with or into any Loan Party or Subsidiary of a Loan Party; provided that any such Loan Party shall be the surviving person. 

7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 (b) Dispositions of inventory in the ordinary course of business; 

(c) Dispositions of equipment or Real Property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property, provided, however, that in the case of a disposition of Real
Property complying with this Section 7.05(c), such replacement property shall be subject to the Lien in favor of the Administrative Agent in compliance with Section 6.12(b); 

(d) Dispositions of property by Intermediate Holdings or any Subsidiary to either Borrower or another wholly-owned Subsidiary of either
Borrower; provided that if the transferor of such property is a Guarantor, the transferee thereof must either be a Borrower or a Guarantor; 
 (e) Dispositions permitted by Section 7.04; 
 (f) the grant in the ordinary
course of business of any non-exclusive license of patents, trademarks, registrations therefor and other similar intellectual property; 

  
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 (g) each Borrower and each of their respective Subsidiaries may effect Sale-Leaseback
Transactions involving real property acquired after the Closing Date and not more than 180 days prior to such Sale-Leaseback Transaction for cash in an amount at least equal to the cost of such property; provided that any Net Cash Proceeds
received by the Borrowers or any of its Subsidiaries from any such Sale-Leaseback Transaction shall be applied to repay Term Loans as provided in Section 2.05(b)(ii) or reinvested or retained to the extent permitted by
Section 2.05(b)(ii); 
 (h) Intermediate Holdings and its Subsidiaries may sell assets, so long as (i) no Event
of Default then exists or would result therefrom, (ii) each such sale is on terms and conditions not less favorable to the Borrowers or such Subsidiary as would reasonably be obtained by the Borrowers or such Subsidiary at that time in a
comparable arm’s-length transaction with a Person other than an Affiliate and the Borrowers or such Subsidiary receives at least Fair Market Value (as determined in good faith by the Borrowers or such Subsidiary, as the case may be),
(x) at least 75% of the consideration received by the Borrowers or such Subsidiary shall be in the form of cash or Cash Equivalents (taking into account the amount of cash and Cash Equivalents, the principal amount of any promissory notes and
the Fair Market Value, as determined by the Borrowers or such Subsidiary, as the case may be, in good faith, of any other consideration) and is paid at the time of the closing of such sale, (y) the Net Cash Proceeds therefrom are applied as
(and to the extent) required by Section 2.05(b)(ii) and (z) the aggregate amount of the proceeds received from all assets sold pursuant to this clause (iii) shall not exceed, over the term of the Facility, the greater of
$30,000,000 and 5.0% of Consolidated Total Assets as of the end of the Fiscal Quarter immediately prior to the date of such Disposition for which financial statements have been delivered pursuant to Section 6.01; provided that in no
event shall Intermediate Holdings be permitted to sell or otherwise Dispose of any Equity Interests in any Borrower or any other Loan Party (other than Dispositions of Equity Interests in any Subsidiary acquired after the Closing Date and Disposed
of in accordance with Section 7.05(k)). 
 (i) Dispositions of Cash Equivalents; and 

(j) Leases or sub-leases of Real Property or personal property in the ordinary course of business; and 

(k) Intermediate Holdings may make Dispositions to its Subsidiaries in furtherance of any transaction otherwise permitted under
Section 7.03(g). 
 provided, however, that any Disposition pursuant to Section 7.05(b) through
Section 7.05(g) and Section 7.05(i) through Section 7.05(j) shall be for Fair Market Value. 

7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, or issue or sell any Equity Interests or accept any capital contributions, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or would result therefrom: 

(a) each Subsidiary may make Restricted Payments to Intermediate Holdings, any Subsidiaries of Intermediate Holdings that are Guarantors
and any other Person that owns a direct Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

  
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 (b) Intermediate Holdings, the Borrowers and each Subsidiary may declare and make dividend
payments or other distributions payable solely in the common stock or other common Equity Interests of such Person; 
 (c)
except to the extent the Net Cash Proceeds thereof are required to be applied to the prepayment of the Loans pursuant to Section 2.05(b)(iii), Intermediate Holdings, the Borrowers and each Subsidiary may purchase, redeem or otherwise
acquire its common Equity Interests with the proceeds received from the substantially concurrent issue of new common Equity Interests; 
 (d) the Borrowers (and, thereafter, if applicable and with the same amounts, Intermediate Holdings and Holdings) may (i) declare or pay cash dividends to its stockholders and (ii) purchase,
redeem or otherwise acquire for cash Equity Interests issued by it, in an aggregate amount with respect to such subclauses (i) and (ii) together not to exceed the sum of (x) $10,000,000 plus (y) the Available Amount;
provided that immediately after giving effect to such Restricted Payment, as at the last day of the Fiscal Quarter most recently ended for which financial statements have been delivered in accordance with Section 6.01(a)
or (b), Intermediate Holdings and its Subsidiaries shall have a Consolidated Leverage Ratio for the Measurement Period ended on the last day of such Fiscal Quarter of not greater than 5.25:1.00, such compliance to be determined on the
basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b) as though such Restricted Payment had been consummated as of the first day of the
Measurement Period covered thereby; 
 (e) the Borrowers (and, thereafter, if applicable and with the same amounts, Intermediate
Holdings and Holdings) may declare and pay Permitted Payments to Parent; provided, however, that any payments to be made by the Loan Parties under the Management Agreement not paid during any period while a Default or Event of Default
has occurred and is continuing or would arise as a result of such payment, shall accrue and may be paid when no Default or Event of Default exists; 
 (f) the Borrowers, Intermediate Holdings and Holdings may declare and pay, on the Closing Date, the Closing Date Distribution; 
 (g) non-cash repurchases of Equity Interests deemed to occur upon exercise of stock options if such Equity Interests represent a portion of the exercise price of such options; and 

(h) the Borrowers (and, thereafter, and with the same amounts, Intermediate Holdings and Holdings) may make Restricted Payments to allow
Holdings and any Parent Company to make payments in cash, in lieu of the issuance of fractional shares, upon the exercise of warrants or upon the conversion or exchange of Equity Interests of any such Person. 

7.07 Change in Nature of Business. Engage in any material line of business substantially different from those lines of business
conducted by Intermediate Holdings and its Subsidiaries on the date hereof or any business substantially related or incidental thereto. 

  
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 7.08 Transactions with Affiliates. Enter into any transaction of any kind with any
Affiliate of any Loan Party, whether or not in the ordinary course of business, other than (i) on fair and reasonable terms substantially as favorable to such Loan Party as would be obtainable by such Loan Party at the time in a comparable
arm’s length transaction with a Person other than an Affiliate, (ii) transactions between Loan Parties otherwise permitted under this Agreement, (iii) transactions described under the Management Agreement as in effect on the date
hereof, and (iv) payments on or after the Closing Date to stock option holders that are employees of the Loan Parties and which are related to the Closing Date Distribution. 

7.09 Burdensome Agreements. Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan
Document) that limits the ability (i) of any Subsidiary to make Restricted Payments to Intermediate Holdings or any Guarantor or to otherwise transfer property to or invest in Intermediate Holdings or any Guarantor, except for (A) the
Revolving Credit Agreement, the Senior Notes Indenture, the Refinancing Notes Indenture, the Permitted Unsecured Debt Documents or, in each case, any Permitted Refinancing thereof, (B) any other agreement existing on the date hereof and set
forth on Schedule 7.09 or (C) at the time any Subsidiary becomes a Subsidiary of a Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of a Borrower, (ii) of any
domestic Subsidiary to Guarantee the Indebtedness of a Borrower or (iii) of Intermediate Holdings or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause
(iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.02(h) solely to the extent any such negative pledge relates to the property financed by or the
subject of such Indebtedness; or requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person. 
 7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the
meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 

7.11 Immaterial Subsidiaries. In the case of Immaterial Subsidiaries (and unless any such Immaterial Subsidiary has become a Loan
Party hereunder), engage in any business or activity other than (a) the ownership of all outstanding Equity Interests in any Subsidiaries that are also Immaterial Subsidiaries, (b) maintaining their respective corporate existence,
(c) participating in tax, accounting and other administrative activities as a member of a consolidated group of companies, including the Loan Parties and (d) activities incidental to the businesses or activities described in clauses
(a) through (c) of this Section 7.11. For the avoidance of doubt, no Immaterial Subsidiary (unless such Immaterial Subsidiary has become a Loan Party hereunder) may incur or guaranty any Indebtedness under the Revolving Credit
Documents, the Senior Note Documents, the Refinancing Note Documents, if any, or the Permitted Unsecured Debt Documents, if any. 
 7.12 Capital Expenditures. Make or become legally obligated to make any Capital Expenditure, except for Capital Expenditures in the ordinary course of business not exceeding $45,000,000, in the
aggregate for the Borrowers and their domestic Subsidiaries during each 

  
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Fiscal Year; provided, however, that so long as no Default or Event of Default has occurred and is continuing or would result from such expenditure, any portion of any amount set
forth above, if not expended in the Fiscal Year for which it is permitted above, may be carried over for expenditure solely in the next following Fiscal Year. 
 7.13 Amendments of Organization Documents. Amend any of its Organization Documents other than any amendment or modification that is not adverse to the interests of the Lenders in any material
respect. 
 7.14 Accounting Changes. Make any change in (a) accounting policies or reporting practices, except as
required by GAAP or as required by the SEC or other Governmental Authorities, or (b) the Loan Parties’ Fiscal Year. 

7.15 Prepayments, Etc. of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity
thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness (including, without limitation, under the Senior Notes Documents, the Refinancing Notes Documents and the Permitted Unsecured Debt Documents),
except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement, (b)(i) the voluntary prepayment of Indebtedness outstanding under the Revolving Credit Agreement and Permitted Refinancings thereof in accordance
with the terms thereof, (ii) the mandatory prepayment of Indebtedness outstanding under the Revolving Credit Agreement solely with the sale or insurance proceeds of any ABL Priority Collateral (as defined in the Intercreditor Agreement) and
(iii) the prepayment of Indebtedness outstanding under the Revolving Credit Agreement and Permitted Refinancings thereof with the proceeds of Permitted Refinancings thereof in compliance with Section 7.02(e), (c) required
mandatory repayments or redemptions of Indebtedness outstanding under the Senior Notes Indenture or the Refinancing Notes Indenture and the prepayment of Indebtedness outstanding under the Senior Notes Indenture or the Refinancing Notes Indenture
with the proceeds of Refinancing Notes in compliance with Section 7.02(d), (d) the prepayment of Permitted Unsecured Debt and Permitted Refinancings thereof with the proceeds of Permitted Refinancings thereof in compliance with
Section 7.02(p), (e) regularly scheduled or required repayments or redemptions of Indebtedness set forth in Schedule 7.02 and refinancings and refundings of such Indebtedness in compliance with Section 7.02(f) and
(f) payments in an amount not to exceed the Available Amount; provided that immediately after giving effect to such payment, as at the last day of the Fiscal Quarter most recently ended for which financial statements have been delivered
in accordance with Section 6.01(a) or (b), Intermediate Holdings and its Subsidiaries shall have a Consolidated Leverage Ratio for the Measurement Period ended on the last day of such Fiscal Quarter of not greater than
5.25:1.00, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b) as though such payment had been
consummated as of the first day of the Measurement Period covered thereby. 
 7.16 Amendment of Indebtedness. Amend,
modify or change in any manner any term or condition of the Revolving Credit Documents, Senior Note Documents, Refinancing Note Documents or Permitted Unsecured Debt Documents or any Indebtedness set forth in Schedule 7.02 (in each case,
after the entering into thereof), except for any Permitted Refinancing, refinancing, refunding, renewal or extension thereof permitted by Section 7.02 and other than any amendment or modification that is not adverse to the interests of
the Lenders in any material respect (for the avoidance of doubt, a Permitted Refinancing shall not be considered to be adverse to the interests of the Lenders for purposes of this Section 7.16). 

  
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 7.17 Holding Company. In the case of Holdings, engage in any business or activity
other than (a) the ownership of all outstanding Equity Interests in Intermediate Holdings, (b) maintaining its corporate existence, (c) participating in tax, accounting and other administrative activities as a member of a consolidated
group of companies, including the Loan Parties, (d) the execution and delivery of the Loan Documents to which it is a party and the performance of its obligations thereunder, (e) its guarantee of Indebtedness outstanding under the
Revolving Credit Documents, Senior Note Documents, Refinancing Note Documents and Permitted Unsecured Debt Documents and (f) activities incidental to the businesses or activities described in clauses (a) through (e) of this
Section 7.17. 
 ARTICLE VIII 
 EVENTS OF DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the
following shall constitute an Event of Default: 
 (a) Non-Payment. The Borrowers or any other Loan Party fails to
(i) pay when and as required to be paid herein, any amount of principal of any Loan, or (ii) pay within five (5) days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) pay within five
(5) days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 
 (b)
Specific Covenants. The Borrowers fail to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.03, 6.05, 6.10, 6.11 or 6.12 or Article VII;
or 
 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in
Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days; or 
 (d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrowers or any other Loan Party herein, in any
other Loan Document, or in any document delivered in connection herewith or therewith shall prove to be false or misleading in any material respect when made or deemed made; or 

(e) Cross-Default. (i) Any Loan Party (A) fails to make any payment when due (whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available
amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such
Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or

  
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holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the
giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made,
prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from
(A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to
which a Loan Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

(f) Insolvency Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding under any Debtor
Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of
its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days;
or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for
relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts; Attachment. (i) Any Loan Party becomes
unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of
any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or 
 (h) Judgments.
There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or
could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30
consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 
 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan or a Foreign Benefit Event occurs with respect to any Foreign Pension Plan which has resulted or could
reasonably be expected to result in liability of the Borrower under Title IV of ERISA or applicable Laws, to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrowers
or any ERISA 

  
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Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a
Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any
provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any
Loan Party or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or
purports to revoke, terminate or rescind any provision of any Loan Document; or 
 (k) Change of Control. There occurs
any Change of Control; or 
 (l) Collateral Documents. Any Collateral Document after delivery thereof pursuant to
Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority Lien (subject to Liens permitted by Section 7.01, and, in the case of the ABL
Priority Collateral (as defined the Intercreditor Agreement), the Intercreditor Agreement) on the Collateral purported to be covered thereby (except from the failure of the Administrative Agent to maintain possession of certificates actually
delivered to it representing securities pledged under any Collateral Document and other than with respect to Collateral with an aggregate Fair Market Value not in excess of $2,500,000). 

8.02 Remedies upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the
commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated; 
 (b)
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers; and 
 (c) exercise on behalf of
itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents; 
 provided, however,
that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate and the unpaid
principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any Lender. 

  
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 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative
Agent in the following order: 
 First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders arising under the Loan Documents and amounts payable under Article III), ratably among them in proportion to the respective
amounts described in this clause Second payable to them; 
 Third, to payment of that portion of the Obligations
constituting unpaid principal of the Loans and Obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the Hedge Banks and the Cash Management Banks in proportion to the respective
amounts described in this clause Third held by them; 
 Last, the balance, if any, after all of the Obligations
have been indefeasibly paid in full, to the Borrowers or as otherwise required by Law. 
 Notwithstanding the foregoing, Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the
Administrative Agent may reasonably request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to the Credit Agreement that has given the notice contemplated by the
preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party
hereto. 
 ARTICLE IX 
 ADMINISTRATIVE AGENT 
 9.01 Appointment and Authority. (a) Each of the
Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the
Lenders, and neither the Borrowers nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 
 (b) The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including in its capacities as a potential Hedge Bank and a
potential Cash Management Bank) hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan
Parties to secure any of the 

  
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Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents,
sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for
exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article IX and Article XI (including Section 11.04(c)), as though such
co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. 
 9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as
though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder
in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary
or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action
or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the 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 Loan Document or applicable law; 
 (c)
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity; 
 (d)
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in
good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrowers or a Lender; and 

  
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 (e) shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness
of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any
Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have
been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is
satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.05 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 Loan 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 Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

9.06 Resignation and Removal of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to
the Lenders and the Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor, which shall be a bank with an office in the United States, or
an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its resignation (the “Resignation Effective Date”), then the retiring Administrative Agent may on behalf of the Lenders, appoint a 

  
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successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person
has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice. If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (c) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrowers and such Person remove such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall
nonetheless become effective in accordance with such notice. With effect from the Resignation Effective Date or the Removal Effective Date (as applicable)(a) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue
to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by
or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and
Section 11.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring
Administrative Agent was acting as Administrative Agent. 
 9.07 Non-Reliance on Administrative Agent and Other Lenders.
Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or
thereunder. 
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers or
Co-Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender
hereunder but shall be entitled to all benefits of this Section 9. 

  
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 9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any
proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.09 and 11.04) allowed in such judicial
proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to
distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 11.04. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of
any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding.

 9.10 Collateral and Guaranty Matters. Each of the Lenders (including in its capacities as a potential Cash Management
Bank and a potential Hedge Bank) irrevocably authorize the Administrative Agent, at its option and in its discretion, 
 (a) to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification
obligations and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements as to which arrangements satisfactory to the applicable Cash Management Bank of Hedge Bank shall have been made),
(ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 11.01;

 (b) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of
a transaction permitted hereunder; and 

  
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 (c) to subordinate any Lien on any property granted to or held by the Administrative Agent
under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(i). 
 Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from
its obligations under the Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent will, at the Borrowers’ expense, execute and deliver to the applicable Loan Party
such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release
such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10. 
 9.11 Secured Cash Management Agreements and Secured Hedge Agreements. Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Cash Management Bank or Hedge
Bank that obtains the benefits of Section 8.03, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or
object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly
provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with
respect to, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative
Agent may reasonably request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. 
 ARTICLE X

 CONTINUING GUARANTY 
 10.01 Guaranty. Each Guarantor party hereto hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment
when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs,
expenses or otherwise, of the Borrowers to the Secured Parties, and whether arising hereunder or under any other Loan Document, any Secured Cash Management Agreement or any Secured Hedge Agreement (including all renewals, extensions, amendments,
refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof). The Administrative Agent’s books and records showing the
amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantors, and conclusive for the purpose of establishing the amount of the Obligations. This Guaranty shall not be affected by the
genuineness, validity, regularity or enforceability of the Obligations or any instrument or 

  
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agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to
the Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of
the foregoing. 
 10.02 Rights of Lenders. Each Guarantor consents and agrees that the Secured Parties may, at any time
and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of
the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the
order or manner of sale thereof as the Administrative Agent and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations. Without limiting the
generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as
a discharge of such Guarantor. 
 10.03 Certain Waivers. Each Guarantor waives (a) any defense arising by reason of
any disability or other defense of the Borrowers or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of the Borrowers; (b) any defense based on any claim that
such Guarantor’s obligations exceed or are more burdensome than those of the Borrowers; (c) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder; (d) any right to proceed against the Borrowers,
proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party;
and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all
setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with
respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations. 
 10.04 Obligations Independent. The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any
other guarantor, and a separate action may be brought against each such Guarantor to enforce this Guaranty whether or not the Borrowers or any other person or entity is joined as a party. 

10.05 Subrogation. Guarantors shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar
rights with respect to any payments they makes under this Guaranty until all of the Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the Commitments and the Facilities are terminated. If
any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the
Obligations, whether matured or unmatured. 

  
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 10.06 Termination; Reinstatement. This Guaranty is a continuing and irrevocable
guaranty of all Obligations now or hereafter existing and shall remain in full force and effect until all Obligations and any other amounts payable under this Guaranty are indefeasibly paid in full in cash and the Commitments and the Facilities with
respect to the Obligations are terminated. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrowers or any other Loan Party is made, or
any of the Secured Parties exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such
payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of
Guarantors under this paragraph shall survive termination of this Guaranty. 
 10.07 Subordination. Each Guarantor hereby
subordinates the payment of all obligations and indebtedness of the Borrowers owing to such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Borrowers to such Guarantor as subrogee of the
Secured Parties or resulting from Guarantors’ performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness of the Borrowers to such
Guarantor shall be enforced and performance received by Holdings as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Obligations, but without reducing or affecting in any manner the
liability of such Guarantor under this Guaranty. 
 10.08 Stay of Acceleration. If acceleration of the time for payment
of any of the Obligations is stayed, in connection with any case commenced by or against any Guarantor or the Borrowers under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor immediately upon
demand by the Secured Parties. 
 10.09 Condition of Borrower. Each Guarantor acknowledges and agrees that it has the
sole responsibility for, and has adequate means of, obtaining from the Borrowers and any other guarantor such information concerning the financial condition, business and operations of the Borrowers and any such other guarantor as such Guarantor
requires, and that none of the Secured Parties has any duty, and such Guarantor is not relying on the Secured Parties at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of the
Borrowers or any other guarantor (each Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same). 

  
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 ARTICLE XI 
 MISCELLANENOUS 
 11.01 Amendments, Etc. No amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrowers or the applicable Loan
Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such
amendment, waiver or consent shall: 
 (a) waive any condition set forth in Section 4.01 (other than
Section 4.01(b)(i) or (c)), or, in the case of the initial Credit Extension, Section 4.02, without the written consent of each Lender; 
 (b) without limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 as to any Credit Extension under a particular Facility without the written consent
of the Required Lenders, as the case may be; 
 (c) extend or increase the Commitment of any Lender (or reinstate any Commitment
terminated pursuant to Section 8.02) without the written consent of such Lender; 
 (d) postpone any date fixed by
this Agreement or any other Loan Document (including any scheduled Repayment Date) for any payment (excluding mandatory prepayments other than payments of Repayment Amounts) of principal, interest, fees or other amounts due to the Lenders (or any of
them) hereunder or under such other Loan Document without the written consent of each Lender entitled to such payment; 
 (e)
reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (ii) of the second proviso to this Section 11.01) any fees or other amounts payable (including any Repayment Amount) hereunder or
under any other Loan Document without the written consent of each Lender entitled to such amount; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default
Rate” or to waive any obligation of the Borrowers to pay interest at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of
interest on any Loan or to reduce any fee payable hereunder or to reduce the Applicable Prepayment Percentage or otherwise reduce any amount payable hereunder; 
 (f) change Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 

(g) change any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; 

  
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 (h) release all or substantially all of the Collateral in any transaction or series of
related transactions, without the written consent of each Lender; 
 (i) release all or substantially all of the value of the
Guaranty, without the written consent of each Lender, except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting
alone); or 
 and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) the Fee Letter may be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except to the extent such
right is granted to such Lender in clauses (c), (d), (e), (f), (h) and (i) above. 
 If any Lender does not consent to
a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender and that has been approved by the Required Lenders, the Borrowers may replace such non-consenting Lender in accordance with
Section 11.13; 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 Borrowers to be made
pursuant to this paragraph). 
 11.02 Notices; Effectiveness; Electronic Communications. (a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to
the applicable telephone number, as follows: 
 (i) if to any Loan Party or the Administrative Agent, to the
address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and 
 (ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire. 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given
when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business
on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b). 

  
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 (b) Electronic Communications. Notices and other communications to the Lenders
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 Lender pursuant to Article II if such Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrowers may, in
their 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) The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent, any Arranger or any of their respective Related Parties (collectively, the
“Agent Parties”) have any liability to any Loan Party, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s, any
Arranger’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to any Loan Party, any Lender or any
other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d) Change of Address, Etc. Each of Holdings, Intermediate Holdings, the Borrowers and the Administrative Agent may change its
address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by
notice to the Borrowers and the Administrative Agent. In addition, each Lender 

  
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agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number
and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender
to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s
compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that
may contain material non-public information with respect to the Borrowers or their securities for purposes of United States Federal or state securities laws. 
 (e) Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices)
purportedly given by or on behalf of the Borrowers even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms
thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Administrative Agent, each Arranger, each Lender and the Related Parties of each of them from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 11.03 No Waiver; Cumulative
Remedies; Enforcement. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties
or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the
benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as
Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.13), or (c) any Lender from filing
proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as
Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have 

  
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the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding
proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

11.04 Expenses; Indemnity; Damage Waiver. (a) Costs and Expenses. The Borrowers shall pay (i) all reasonable and
documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the
credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or
not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the
Administrative Agent or any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with
Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 
 (b) Indemnification by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons
(each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related reasonable and documented expenses (including the reasonable and
documented fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrowers or any other Loan Party arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or
the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents,
(ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrowers or any of their Subsidiaries, or any
Environmental Claim or any Environmental Liability related in any way to the Borrowers or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory, whether brought by a third party or by the Borrowers or any other Loan Party or any of the Borrowers’ or such Loan Party’s directors, shareholders or creditors, and regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrowers or any other Loan Party against an Indemnitee for breach in
bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrowers or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction. 

  
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 (c) Reimbursement by Lenders. To the extent that the Borrowers for any reason fails
to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay
to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such
unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in its capacity
as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the
provisions of Section 2.12(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted
by applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to
in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or
other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct
of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 
 (e)
Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor. 

(f) Survival. The agreements in this Section shall survive the resignation of the Administrative Agent, the replacement of any
Lender and the repayment, satisfaction or discharge of all the other Obligations. 
 11.05 Payments Set Aside. To the
extent that any payment by or on behalf of the Borrowers is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof
is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand 

  
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its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such
payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination
of this Agreement. 
 11.06 Successors and Assigns. (a) Successors and Assigns Generally. The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrowers nor any other Loan Party may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with
the provisions of Section 11.06(b), (ii) by way of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
Section 11.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by
Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans at the time owing to it); provided that
any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any
Facility and the Loans at the time owing to it under such Facility or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in clause (A) above, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000, unless each of the Administrative Agent and, so
long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group
and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount
has been met; 

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

(A) the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required unless
(1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 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 five (5) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of (1) any Term Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or
(2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; 
 (iv)
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided,
however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. 
 (v) No Assignment to Loan Parties. No such assignment shall be made to
any Loan Party or any of their respective Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such
assignment shall be made to a natural person. 
 (vii) Affiliated Lenders. Assignments to or from an
Affiliated Lender shall be subject to the following additional conditions: 
 (A) such assignment must be made
pursuant to an open market purchase; 

  
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 (B) no Default shall have occurred or be continuing or would result from
such assignment; 
 (C) the assigning Lender and the assignee Affiliated Lender shall execute and deliver to the
Administrative Agent an assignment agreement substantially in the form of Exhibit E-3 hereto (an “Affiliated Lender Assignment and Assumption”) in lieu of an Assignment and Assumption, and such Affiliated Lender Assignment
and Assumption shall contain the following provisions: (1) the assignor/assignee Affiliated Lender shall each represent to the Administrative Agent in the Affiliated Lender Assignment and Assumption that the limitation set forth in
Section 11.06(b)(vii)(D) has not been violated, and (2) the assignor/assignee Affiliated Lender shall represent that such Affiliated Lender is not in possession of any Borrower Restricted Information that has not been disclosed to
the Lenders generally (other than those Lenders who have elected to not receive any Borrower Restricted Information with respect to any Loan Party); 
 (D) after giving effect to any such assignment, Affiliated Lenders shall not, in the aggregate, own or hold Loans with an aggregate principal amount in excess of 15% of the principal amount of all Loans
then outstanding; 
 (E) Each Affiliate Lender, in connection with any (i) consent (or decision not to
consent) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document, (ii) other action on any matter related to any Loan Document or (iii) direction to the Administrative Agent or
any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, agrees that, except with respect to any amendment, modification, waiver, consent or other action that adversely affects such Affiliate
Lender in any material respect as compared to other Lenders holding the same Series of Term Loans, shall be deemed to have voted its interest as a Lender without discretion in such proportion as the allocation of voting with respect to such matter
by Lenders who are not Affiliate Lenders (provided that, for the avoidance of doubt, such exception shall not apply to any amendment, modification, waiver, consent or other action otherwise permitted by Section 2.15). Each of the
Borrowers and each Affiliate Lender hereby agrees that if a case under Title 11 of the Bankruptcy Code is commenced against the Borrowers, the Borrowers, with respect to any plan of reorganization that does not adversely affect any Affiliate Lender
in any material respect as compared to other Lenders, shall seek (and each Affiliate Lender shall consent) to designate the vote of any Affiliate Lender and the vote of any Affiliate Lender with respect to any such plan of reorganization of the
Borrowers or any Affiliate of the Borrowers shall not be counted. Each Affiliate Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Affiliate Lender’s attorney-in-fact, with
full authority in the place and stead of such Affiliate Lender and in the name of such Affiliate Lender, from time to time in the Administrative Agent’s discretion to take any action and to execute any instrument that the Administrative Agent
may deem reasonably necessary to carry out the provisions of this clause; 

  
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 (F) Affiliated Lenders shall not receive information provided to Lenders by
the Administrative Agent or any of the Lenders (other than notices of Borrowings and prepayments and other administrative notices in respect of Loans or Commitments required to be delivered to Lenders pursuant to Article II) and will not be
permitted to attend or participate in any meeting not attended by the Borrowers; 
 (G) No Affiliate Lender shall
have any right to make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against Administrative Agent or any other Lender with respect to any duties
or obligations or alleged duties or obligations of such Agent or any other such Lender under the Loan Documents; and 
 (H) After giving effect to any such assignment, if Affiliated Lenders shall, in the aggregate, own or hold Loans with an aggregate principal amount in excess of 15% of the original principal amount of all
Loans then outstanding, then (1) the portion of the assigned Loans in excess of such 15% limit shall be null and void and the Register shall be modified to reflect such void portion of the assigned Loans, and (2) the assigning Lender shall
refund to the Affiliated Lender a pro rata portion of the purchase price of the Loans assigned pursuant to the Affiliated Lender Assignment and Assumption, which pro rata portion shall reflect the amount of Loans voided pursuant to subclause
(1) above. The Administrative Agent shall not have any affirmative obligation to determine whether the Loans held by Affiliated Lenders exceed the 15% limit set forth in this clause (H). 

Any attempted assignment or transfer by a Lender to an Affiliated Lender that does not comply with the foregoing requirements in this
Section 11.06(b)(vii) shall be null and void. All parties hereto acknowledge and agree that the Administrative Agent shall have no obligation or duty to monitor or track whether any Affiliated Lender has exceeded the 15% limit set forth
in Section 11.06(b)(vii)(H). 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section 11.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement (including compliance with Section 3.01(e), and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party
hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the
Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.06(d). 

  
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 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may
at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrowers or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans; provided that (i) such Lender’s obligations
under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 11.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees
that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.06(b),
provided that such Participant agrees to be subject to Section 3.01 as though it were a Lender. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were
a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Loan or
its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. 

  
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 (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrowers are notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(e) as though it were a Lender. 
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 
 11.07 Treatment of Certain Information; Confidentiality. Each
of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners,
members, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same (or at least as restrictive) as those of this
Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective, direct or indirect, counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrowers and its obligations, (g) with the consent of the Borrowers or (h) to the extent such Information (i) becomes publicly available other than as a result of a
breach of this Section or (ii) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrowers. 

For purposes of this Section, “Information” means all information received from any Loan Party or any Subsidiary thereof
relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Loan Party or any
Subsidiary thereof, provided that, in the case of information received from a Loan Party or any such Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person in accordance with their customary practices. 

  
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 Each of the Administrative Agent and the Lenders acknowledges that (a) the Information
may include material non-public information concerning the Borrowers or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material
non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 
 11.08
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the
Administrative Agent, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever
currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrowers or any other Loan Party against any and all of the obligations of the Borrowers or such Loan Party now or hereafter existing under
this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrowers or such Loan Party may be
contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates under this Section are in
addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrowers 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. 

11.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount
that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

11.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to
the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 11.11 Survival of Representations and Warranties. All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or
will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 

11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 11.13 Replacement of
Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, or if any Lender is a Defaulting Lender then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 
 (a) the
Borrowers shall have paid to the Administrative Agent the assignment fee specified in Section 11.06(b); 
 (b) such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); 
 (c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will
result in a reduction in such compensation or payments thereafter; and 
 (d) such assignment does not conflict with applicable
Laws. 

  
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 A Lender shall not be required to make any such assignment or delegation if, prior thereto,
as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 
 11.14 Governing Law; Jurisdiction; Etc. (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) SUBMISSION TO JURISDICTION. EACH BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND
ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. EACH BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF
THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW 

  
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 11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Loan Parties acknowledges and agrees, and acknowledges its Affiliates’
understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Arrangers, are arm’s-length commercial transactions between the Loan Parties and their respective
Affiliates, on the one hand, and the Administrative Agent and the Arrangers, on the other hand, (B) each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and
(C) each of the Loan Parties is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the
Arrangers and the Lenders each 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 Loan Parties or
any of their respective Affiliates, or any other Person and (B) none of the Administrative Agent, the Arrangers or the Lenders has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to disclose any of such interests to the Loan
Parties or any of their respective Affiliates. To the fullest extent permitted by law, each of the Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers and the Lenders with respect to
any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

11.17 Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
 129

 11.18 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify each Loan Party in accordance with the Act. The Borrowers shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the
Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” an anti-money laundering rules and regulations, including the Act. 

11.19 Time of the Essence. Time is of the essence of the Loan Documents. 

  
 130

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

			
	EXOPACK KEY HOLDINGS, LLC
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	EXOPACK HOLDING CORP.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	EXOPACK, LLC
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	CELLO-FOIL PRODUCTS, INC.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	EXOPACK-THOMASVILLE, LLC
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	EXOPACK-ONTARIO, INC.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer

 
			
	CELLO-FOIL HOLDING CORP.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	TPG GROUP HOLDING CORP.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	TPG ENTERPRISES, INC.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	TPG (US), INC.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	EXOPACK ADVANCED COATINGS, LLC
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	INTELICOAT TECHNOLOGIES IMAGE PRODUCTS MATTHEWS LLC
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 
			
	EXOPACK-HEBRON, L.L.C.
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer
	
	EXOPACK TECHNOLOGY, LLC
		
	By:	 	/s/ Jack E. Knott
		 	Name: Jack E. Knott
		 	Title:   Chief Executive Officer

 [SIGNATURE PAGE TO CREDIT AGREEMENT] 

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/ Robert Milligan
	Name:	 	Robert Milligan
	Title:	 	Vice President

 [SIGNATURE PAGE TO
CREDIT AGREEMENT] 

 SCHEDULES TO EXOPACK TERM LOAN B CREDIT AGREEMENT 

 

			
	1	  	EBITDA Adjustments
	1.01	  	Immaterial Subsidiaries
	2.01	  	Commitments and Applicable Percentages
	5.05	  	Supplement to Interim Financial Statements
	5.08(c)	  	Existing Liens
	5.08(d)	  	Real Property
	5.13	  	Subsidiaries and Other Equity Investments; Loan Parties
	5.17	  	Intellectual Property Matters
	6.12	  	Guarantors
	7.02	  	Existing Indebtedness
	11.02	  	Administrative Agent’s Office, Certain Addresses for Notices

  
 1 

 Schedule 1 
 EBITDA ADJUSTMENTS 
  

																	
	($ in millions)	  	FYE	 	 	Quarter March 31,	 	  	LTM	 
	 	  	2010	 	 	2010	 	  	2011	 	  	3/31/2011	 
	 Adjustments to EBITDA:
	  				 				  				  			
	 Loss on Fixed Asset Disposal
	  	 	0.7	  	 	 	0.3	  	  	 	0.1	  	  	 	0.5	  
	 Non-cash Stock Compensation
	  	 	0.3	  	 	 	0.1	  	  	 	0.1	  	  	 	0.3	  
	 Management Fees
	  	 	1.9	  	 	 	0.4	  	  	 	0.6	  	  	 	2.1	  
	 EOS Project
	  	 	—  	  	 	 	—  	  	  	 	0.4	  	  	 	0.4	  
	 EMCS Acquisition and Related Fees
	  	 	5.6	  	 	 	—  	  	  	 	—  	  	  	 	5.6	  
	 EMCS Integration (1)
	  	 	3.8	  	 	 	—  	  	  	 	1.5	  	  	 	5.3	  
	 Severance and Related Expenses
	  	 	2.7	  	 	 	0.9	  	  	 	—  	  	  	 	1.8	  
	 Foreign Exchange Loss on Intercompany Obligations
	  	 	0.1	  	 	 	—  	  	  	 	—  	  	  	 	0.1	  
	 Sarbanes Oxley Compliance and Other Related Expenses
	  	 	1.1	  	 	 	0.3	  	  	 	0.2	  	  	 	1.0	  
	 Process Improvement Consulting Analysis (2)
	  	 	3.5	  	 	 	0.8	  	  	 	1.0	  	  	 	3.7	  
	 Revaluation of Canadian Inventory and Canadian Restructuring (3)
	  	 	1.3	  	 	 	0.4	  	  	 	—  	  	  	 	0.9	  
	 Albany Press Fire (Insurance Proceeds) (4)
	  	 	(0.8	) 	 	 	—  	  	  	 	—  	  	  	 	(0.8	) 
	 Other Startup and Restructuring
	  	 	1.7	  	 	 	0.3	  	  	 	0.3	  	  	 	1.7	  
	 Capital Startup and Plant Equipment Restructuring
	  	 	2.0	  	 	 	0.3	  	  	 	0.4	  	  	 	2.1	  
	 Startup of US WPP
	  	 	0.4	  	 	 	0.3	  	  	 	—  	  	  	 	0.1	  
	 Longview Plant Closure
	  	 	0.5	  	 	 	—  	  	  	 	—  	  	  	 	0.5	  
	 Pet Food COE
	  	 	0.9	  	 	 	—  	  	  	 	—  	  	  	 	0.9	  
		  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
	 Total Adjustments to EBITDA
	  	 	25.7	  	 	 	4.1	  	  	 	4.6	  	  	 	26.2	  
		  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 

  

	(1)	The 2010 amount includes write-off of Fair Value of Inventory Step-up of $1.5 million. EMCS integration expected to be completed in early Q3 2011.

	(2)	Terminated Brooks Consulting at the end of March 2011. 

	(3)	Changed the historical accounting estimate for valuing inventory in one of our Canadian facilities and restructured this facility. 

	(4)	One-time costs associated with a press fire at our Albany, GA facility were added back in primarily during 2009. Associated insurance proceeds were subtracted in Q2
2010. 

  
 2 

 Schedule 1.01 
 IMMATERIAL SUBSIDIARIES 
 None. 

  
 3 

 Schedule 2.01 
 COMMITMENTS AND APPLICABLE PERCENTAGES 
  

									
	 Term B Lender
	  	Term B Commitment	 	  	Applicable Percentage	 
	 Bank of America, N.A.
	  	$	350,000,000	  	  	 	100.000000000	% 
	 Total
	  	$	350,000,000	  	  	 	100.000000000	% 

  
 4 

 Schedule 5.05 
 MATERIAL INDEBTEDNESS AND LIABILITIES AS OF MARCH 31, 2011 
  

					
	 Revolving Credit Facility
	  	$	76.0M	  
	 Current Portion Capital Lease Obligations
	  	$	1.8M	  
	 Trade Accounts Payable
	  	$	85.5M	  
	 Accrued Interest Senior Notes
	  	$	9.0M	  
	 Accrued Interest Revolving Credit Facility
	  	$	0.4M	  
	 Other Current Accrued Liabilities
	  	$	25.5M	  
	 Income Taxes Payable
	  	$	1.0M	  
	 11.25% Senior Notes
	  	$	320.0M	  
	 Long Term Portion Capital Lease Obligations
	  	$	10.1M	  
	 Deferred Income Taxes
	  	$	33.3M	  
	 Other Long Term Liabilities
	  	$	16.0M	  

  
 5 

 Schedule 5.08(c) 

EXISTING LIENS 
 Attached. 

  
 6 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack Key Holdings, LLC
 3070
Southport Road
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as US Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368571
 Filed:
1-31-06
  
 Amendment:
 2007 4251269
 Filed: 11-7-07

 
 Continuation:
 2010 3449331
 Filed: 10-4-10
	  	 Blanket filing
  

Amendment changes debtor address to current listing

						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368597
 Filed:
1-31-06
  
 Continuation:

2010 3449307
 Filed: 10-4-10
	  	Blanket filing
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Crown Credit Company
 40 S.
Washington St
 New Bremen, OH 45869
	  	UCC / Federal Tax Liens	  	 2008 0585255
 Filed:
2-18-08
	  	Crown lift truck
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Crown Credit Company
 40 S.
Washington St
 New Bremen, OH 45869
	  	UCC / Federal Tax Liens	  	 2008 0794733
 Filed:
3-5-08
	  	Crown lift truck
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Deutsche Leasing USA, Inc.
 190
S. LaSalle Street
 Suite 2150
 Chicago,
IL 60603
	  	UCC / Federal Tax Liens	  	 2008 1417854
 Filed:
4-23-08
  
 Amendment:

2008 1506979
 Filed: 5-1-08
	  	 Leased printing and packaging equipment, related software, etc.

 
 Amendment restates collateral description which remains leased printing and packaging
equipment, related software, etc.

  
 7 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Deutsche Leasing USA, Inc.
 190
S. LaSalle Street
 Suite 2150
 Chicago,
IL 60603
	  	UCC / Federal Tax Liens	  	 2008 1506953
 Filed:
5-1-08
	  	Leased printing and packaging equipment, related software, etc
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Crown Credit Company
 40 S.
Washington St
 New Bremen, OH 45869
	  	UCC / Federal Tax Liens	  	 2009 0612975
 Filed:
2-25-09
	  	Crown lift truck, batteries, etc.
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Crown Credit Company
 40 S.
Washington St
 New Bremen, OH 45869
	  	UCC / Federal Tax Liens	  	 2009 0942315
 Filed:
3-25-09
	  	Crown lift truck, batteries, etc.
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
  

And
  
 Exopack, LLC
 1304 Arthur K. Bolton
Parkway

Griffin, GA 30223
	  	Delaware Secretary of State	  	 Chevron Phillips Chemical Company LP
 10001 Six Pines Drive
 The Woodlands, TX 77380
	  	UCC / Federal Tax Liens	  	 2009 3475925
 Filed:
10-29-09
	  	Secured Party, as Consignor, agrees to deliver certain goods/products to Debtor, as Consignee, and Consignor takes a security interest in such goods/products
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 People’s Capital and Leasing Corp.
 255 Bank St.
 Waterbury, CT 06702
	  	UCC / Federal Tax Liens	  	 2010 2351686
 Filed:
7-7-10
	  	Equipment, inventory and software financed by Secured Party for Debtor – all leases, rental accounts, etc. rising from tenting of leasing said
collateral

  
 8 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 People’s Capital and Leasing Corp.
 255 Bank St.
 Waterbury, CT 06702
	  	UCC / Federal Tax Liens	  	 2010 2351728
 Filed:
7-7-10
	  	Equipment, inventory and software financed by Secured Party for Debtor – all leases, rental accounts, etc. rising from tenting of leasing said collateral
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 People’s Capital and Leasing Corp.
 255 Bank St.
 Waterbury, CT 06702
	  	UCC / Federal Tax Liens	  	 2010 2351819
 Filed:
7-7-10
	  	Equipment, inventory and software financed by Secured Party for Debtor – all leases, rental accounts, etc. rising from tenting of leasing said collateral
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Toyota Motor Credit Corporation

PO Box 3457
 Torrance, CA 90510
	  	UCC / Federal Tax Liens	  	 2010 3403726
 Filed:
9-30-10
  
 Amendment:
 2010 3695008
 Filed: 10-21-2010
	  	 Toyota forklifts
  

Amendment changes debtor’s address to current listing

						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Toyota Motor Credit Corporation

PO Box 3457
 Torrance, CA 90510
	  	UCC / Federal Tax Liens	  	 2011 0497399
 Filed:
2-10-11
	  	Toyota forklifts
						
	 Exopack Holding Corp.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Toyota Motor Credit Corporation

PO Box 3457
 Torrance, CA 90510
	  	UCC / Federal Tax Liens	  	 2011 0499213
 Filed:
2-10-11
  
 Amendment:
 2011 0553340
 Filed: 2-15-11
	  	 Toyota forklifts
  

 
  
  

Amendment restates collateral which remains Toyota forklifts

  
 9 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack, LLC
 501 Williams
St
 Tomah, WI 54660
	  	Delaware Secretary of State	  	 Winthrop Resources Corporation

11100 Wayzata Blvd,
 Ste 800

Minnetonka, MN 55305
	  	UCC / Federal Tax Liens	  	 40469991
 Filed:
2-4-04
  
 Continuation:

2009 0120912
 Filed: 1-13-09
	  	Leased equipment – thermal printers
						
	 Exopack, LLC
 3 Maplewood
Dr
 Hazleton, PA 18202
	  	Delaware Secretary of State	  	 NMHG Financial Services Inc.

10 Riverview Dr
 Danbury, CT
06810
	  	UCC / Federal Tax Liens	  	 52564988
 Filed:
8-17-05
  
 Amendment:
 53327864
 Filed: 10-26-05

 
 Continuation:
 2010 1873615
 Filed: 5-27-10
	  	 Leased equipment
  

 
  
 Amendment
corrects entity designation to reflect “limited liability company” instead of the previous “corporation”

						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 LaSalle Bank National Association, as Administrative Agent
 135 South LaSalle St
 Chicago, IL 60603
	  	UCC / Federal Tax Liens	  	 52683408
 Filed:
8-29-05
  
 Amendment:
 62408474
 Filed: 7-12-06

 
 Assignment:
 70029610
 Filed: 1-3-07

 
 Amendment:
 70029636
 Filed: 1-3-07

 
 Assignment:
 70029644
 Filed: 1-3-07
	  	 Consigned inventory at six (6) Exopack locations
  

Amendment further assigns consigned kraft rolls
  

International Paper assigns interest to Kapstone Kraft Paper Corporation
  

Amendment restates collateral which remains consigned paper related products

 
 Kapstone Kraft Paper Corporation assigns full interest to current
SP

  
 10 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as US Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368555
 Filed:
1-31-06
  
 Continuation:

2010 3449349
 Filed: 10-4-10
	  	Blanket filing
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 LaSalle Bank National Association, as Administrative Agent
 135 South LaSalle St
 Chicago, IL 60603
	  	UCC / Federal Tax Liens	  	 70029669
 Filed:
1-3-07
	  	Consigned paper related products
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 OCE’ Financial Services, Inc.
 5450 North Cumberland
 Chicago, IL 60656
	  	UCC / Federal Tax Liens	  	 70335439
 Filed:
1-26-07
	  	Leased equipment pursuant to customer trial agreement #74192, contract #716231 (type of equipment not specified)
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Toyota Motor Credit Corporation

PO Box 3457
 Torrance, CA 90510
	  	UCC / Federal Tax Liens	  	 2007 2171535
 Filed:
5-29-07
	  	Toyota forklifts
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation
 44 Old Ridgebury Road
 Danbury, CT 06810
	  	UCC / Federal Tax Liens	  	 2007 2579778
 Filed:
7-9-07
	  	Leased equipment – Tuber, palletizer, tail-end press related
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation
 299 Park Avenue
 New York, NY 10017
	  	UCC / Federal Tax Liens	  	 2007 3115457
 Filed:
8-15-07
	  	Membership interests in Exopack Advanced Coatings, LLC

  
 11 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 INX International Ink Co.
 150
North Martingale Rd,
 Suite 700

Schaumburg, IL 60173
	  	UCC / Federal Tax Liens	  	 2007 3147682
 Filed:
8-17-07
  
 Amendment:
 2009 2648647
 Filed: 7-30-09

 
 Amendment:
 2010 4650903
 Filed: 12-13-10
	  	 Ink servicing, mixing and dispensing equipment
  

Amendment restates collateral to add exhibit specifying equipment
  

Amendment restates collateral to add exhibit specifying equipment

						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Toyota Motor Credit Corporation

PO Box 3457
 Torrance, CA 90510
	  	UCC / Federal Tax Liens	  	 2007 3242699
 Filed:
8-14-07
	  	Toyota forklifts
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Toyota Motor Credit Corporation

PO Box 3457
 Torrance, CA 90510
	  	UCC / Federal Tax Liens	  	 2007 4407655
 Filed:
11-16-07
	  	Toyota forklifts
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Toyota Motor Credit Corporation

PO Box 3457
 Torrance, CA 90510
	  	UCC / Federal Tax Liens	  	 2007 4684386
 Filed:
12-10-07
	  	SteamVapor cleaning unit
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Harold M Pitman Company
  

Name changed to:
 AGFA II Acquisition
Corp
 721 Union Blvd
 Totowa, NJ
07512
	  	UCC / Federal Tax Liens	  	 2008 0244937
 Filed:
1-21-08
  
 Amendment:
 2010 4052241
 Filed: 11-18-10
	  	 Consigned goods and inventory (photographic plates, paper, supplies, etc.)

 
 Amendment changes secured party’s
name

  
 12 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 De Lage Landen Financial Services, Inc.
 1111 Old Eagle School Road
 Wayne, PA 19087
	  	UCC / Federal Tax Liens	  	 2009 0903309
 Filed:
3-16-09
	  	Equipment per contract number 24964868
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 De Lage Landen Financial Services, Inc.
 1111 Old Eagle School Road
 Wayne, PA 19087
	  	UCC / Federal Tax Liens	  	 2009 1466959
 Filed:
5-1-09
	  	Equipment per contract number 24973681
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 ICON Exopack, ,LLC
 100 Fifth
Avenue

4th floor
 New York, NY 10011
	  	UCC / Federal Tax Liens	  	 2009 2453352
 Filed:
7-31-09
	  	Equipment leased to Debtor by Secured Party
						
	 Exopack, LLC
 345 Cedar Springs
Avenue
 Spartanburg, SC 29304
	  	Delaware Secretary of State	  	 NMHG Financial Services Inc.

PO Box 35701
 Billings, MT 59107
	  	UCC / Federal Tax Liens	  	 2009 3453047
 Filed:
10-27-09
	  	Equipment leased to Debtor by Secured Party
						
	 Exopack, LLC
 1304 Arthur K.
Bolton
Parkway
 Griffin, GA 30223

And
 Exopack Holding Corp

2800 West Higgins Road
 Suite 435

Hoffman Estates, IL 60169
	  	Delaware Secretary of State	  	 Chevron Phillips Chemical Company LP
 10001 Six Pines Dr
 The Woodlands, TX 77380
	  	UCC / Federal Tax Liens	  	 2009 3475925

Filed:
	  	Consignor, agrees to deliver certain goods/products to Debtor, as Consignee, and Consignor takes a security interest in such goods/products
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 Citibank, N.A.
 388 Greenwich
Street

25th floor
 Mail Drop 7
 New York, NY 10013
	  	UCC / Federal Tax Liens	  	 2009 3485577
 Filed:
10-29-09
  
 TERMINATION:

2011 1986127
 Filed: 5-25-2011
	  	Accounts Receivable owing to Kimberly-Clark Corporation pursuant to Supplier Agreement

  
 13 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 NMHG Financial Services Inc.

PO Box 35701
 Billings, MT 59107
	  	UCC / Federal Tax Liens	  	 2009 3494108
 Filed:
10-30-09
	  	Equipment leased to Debtor by Secured Party
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 NMHG Financial Services Inc.

PO Box 35701
 Billings, MT 59107
	  	UCC / Federal Tax Liens	  	 2010 2176133
 Filed:
6-22-10
	  	Equipment leased to Debtor by Secured Party
						
	Exopack, LLC	  	Spartanburg County, SC	  	 Plaintiff:
 Irotas
Manufacturing Co.
	  	Suits	  	 2010CP4204159
 Filed:
8-6-10
	  	Common pleas; debt collection
						
	 Exopack, LLC
 3070 Southport
Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	Starlinger & Co.
Gesellschaft M.B.H.	  	UCC / Federal Tax Liens	  	 2011 2014226
 Filed:
5-26-2011
	  	TubeTec 150 Tubing Machine
						
	 Exopack-Ontario, Inc.
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	California Secretary of State	  	 General Electric Capital Corporation, as US Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Tax Liens / Judgments	  	 06-7057328896
 Filed:
1-31-06
  
 Continuation:

10-72468911
 Filed: 10-4-10
	  	Blanket filing
						
	 Exopack-Thomasville, LLC
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as US Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368639
 Filed:
1-31-06
  
 Continuation:

2010 3449380
 Filed: 10-4-10
	  	Blanket filing

  
 14 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack-Thomasville, LLC
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 INX International Ink Co.
 150
North Martingale Rd,
 Suite 700

Schaumburg, IL 60173
	  	UCC / Federal Tax Liens	  	 2010 4650739
 Filed:
12-13-10
	  	Ink servicing, mixing and dispensing equipment
						
	Exopack-Thomasville, LLC	  	Spartanburg County, SC	  	 Plaintiff:
 Irotas
Manufacturing Co.
	  	Suits	  	 2010CP4204159
 Filed:
8-6-2010
	  	See results under Exopack LLC
						
	 Exopack-Hebron, LLC
 3070
Southport Road
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368621
 Filed:
1-31-06
  
 Continuation:

2010 3449356
 Filed: 10-4-10
	  	Blanket filing
						
	 Plaintiff and counter-defendant:

Exopack-Hebron, LLC
	  	US District County - SC	  		  	Federal Civil Suits	  	 7:05-CV-00020-GRA
 Filed:
1-4-05
	  	See results under Exopack LLC
						
	 Exopack Technology, LLC
 3070
Southport Rd.
 Spartanburg, SC 29302
	  	California Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Tax Liens / Judgments	  	 06-7057328917
 Filed:
1-31-06
  
 Continuation:

10-72468912
 Filed: 10-4-10
	  	Blanket filing

  
 15 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Cello-Foil Holding Corp.
 155
Brook Street
 Battle Creek, MI 49017
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368563
 Filed:
1-31-06
  
 Amendment:
 2007 4251277
 Filed: 11-7-07

 
 Continuation:
 2010 3449299
 Filed: 10-4-10
	  	 Blanket filing
  

 
  
  

Amendment changes debtor address to current listing

						
	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
	  	Michigan Department of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal and State Tax Liens	  	 2006021447-5
 Filed:
2-2-06
  
 Continuation:

2010170376-3
 Filed: 12-28-10
	  	Blanket filing
						
	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
  

And
  
 Battle Creek Unlimited Inc.
 4950 West Dickman Rd

Battle Creek, MI 49017
	  	Michigan Department of State	  	 Mobil Chemical Company, a division of ExxonMobil Oil Corporation
 729 Pittsford-Palmyra Rd
 Macedon, NY 14502
	  	UCC / Federal and State Tax Liens	  	 2006040655-9
 Filed:
3-7-09
	  	Consignment – Polyethylene Grades Consigned Product
						
	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
	  	Michigan Department of State	  	 Mobil Chemical Company, a division of Exxon Mobil Corporation
 13501 Katy Freeway
 Houston, TX 77079
	  	UCC / Federal and State Tax Liens	  	 2008161285-4
 Filed:
10-17-08
	  	Consignment – Polyethylene Grades Consigned Product
						
	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
	  	Michigan Department of State	  	 Crown Credit Company
 40 S.
Washington St
 New Bremen, OH 45869
	  	UCC / Federal and State Tax Liens	  	 2009125799-1
 Filed:
8-31-09
	  	Leased equipment – Master Lease Agreement dtd 8-5-09

  
 16 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
	  	Michigan Department of State	  	 People’s Capital and Leasing Corp.
 255 Bank St.
 Waterbury, CT 06702

 
 Assigned by:
 Exopack Holding Corp
 3070 Southport Road
 Spartanburg, SC 29302
	  	UCC / Federal and State Tax Liens	  	 2010092568-5
 Filed:
7-7-10
	  	Leased property pursuant to Lease Agreement 2523L-001 dtd 7-6-2010
						
	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
	  	Michigan Department of State	  	 People’s Capital and Leasing Corp.
 255 Bank St.
 Waterbury, CT 06702

 
 Assigned by:
 Exopack Holding Corp
 3070 Southport Road
 Spartanburg, SC 29302
	  	UCC / Federal and State Tax Liens	  	 2010092570-0
 Filed:
7-7-10
	  	Leased property pursuant to Lease Agreement 2523L-002 dtd 7-6-2010
						
	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
	  	Michigan Department of State	  	 General Electric Capital Corporation
 PO Box 35701
 Billings, MT 59107
	  	UCC / Federal and State Tax Liens	  	 2010131806-9
 Filed:
10-1-10
	  	Equipment – Master Lease 7693213-001
						
	 Cello-Foil Products, Inc.
 155
Brook Street
 Battle Creek, MI 49017
	  	Michigan Department of State	  	 Trespaphan America, LLC
 101
Centreport Dr
 Suite 210
 Greensboro,
NC 27409
	  	UCC / Federal and State Tax Liens	  	 2010147501-1
 Filed:
11-3-10
	  	Trespaphan products consigned to Debtor

  
 17 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 TPG Group Holding Corp.
 3070
Spartanburg Road
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368696
 Filed:
1-31-06
  
 Amendment:
 2007 4251020
 Filed: 11-7-07

 
 Continuation:
 2010 3449414
 Filed: 10-4-10
	  	 Blanket filing
  

 
  
  

 
 Amendment

						
	 TPG (US), Inc.
 3070 Southport
Road
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368704
 Filed:
1-31-06
  
 Amendment:
 2007 4251202
 Filed: 11-7-07

 
 Continuation:
 2010 3449398
 Filed: 10-4-10
	  	 Blanket filing
  

 
  
  

Amendment changes debtor address to current listing

						
	 TPG Enterprises, Inc.
 3070
Southport Road
 Spartanburg, SC 29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 60368688
 Filed:
1-31-06
  
 Amendment:
 2007 4251079
 Filed: 11-7-07

 
 Continuation:
 2010 3449406
 Filed: 10-4-10
	  	 Blanket filing
  

 
  
  

Amendment changes debtor address to current listing

  
 18 

 Schedule 5.08(c) 

 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED PARTY
	  	 LIEN TYPE
	  	 FILING INFO
	  	 COLLATERAL
DESCRIPTION

	 Exopack Advanced Coatings, LLC

3070 Southport Road
 Spartanburg, SC
29302
	  	Delaware Secretary of State	  	 General Electric Capital Corporation, as U.S. Agent
 299 Park Avenue
 New York, NY 10171
	  	UCC / Federal Tax Liens	  	 2007 3115424
 Filed:
8-15-07
	  	All assets (excluding real property, plants and equipment)
						
	 Exopack Advanced Coatings, LLC

3070 Southport Road
 Spartanburg, SC
29302
	  	Delaware Secretary of State	  	 Air Liquide Industrial U.S. PL

18222 East Petroleum Dr
 Baton Rouge, LA
70809
	  	UCC / Federal Tax Liens	  	 2009 0913621
 Filed:
3-23-09
	  	1500 gallon nitrogen vessel

  
 19 

 Schedule 5.08(d) 

REAL PROPERTY 
 Owned Real Property 
  

									
	 Item
	  	 Record Owner
	  	 Property Location
	  	 Estimated Fair

Market Value
	  	 Mortgaged
to
Administrative
Agent?

	1.	  	Cello-Foil Products, Inc.	  	155 Brook Street
Battle Creek, MI 49017	  	As previously disclosed to the Administrative Agent	  	No
					
	2.	  	Cello-Foil Products, Inc.	  	1801 Oak Haven Drive Albany, GA 31701	  	As previously disclosed to the Administrative Agent	  	No
					
	3.	  	Exopack, LLC	  	 3070 Southport Road

Spartanburg, SC 29302
	  	As previously disclosed to the Administrative Agent	  	No
					
	4.	  	Exopack, LLC	  	 345 Cedar Springs Avenue

Spartanburg, SC 29302
	  	As previously disclosed to the Administrative Agent	  	Yes
					
	5.	  	Exopack, LLC	  	 1400 Chase Boulevard
 Sibley,
IA 51249
	  	As previously disclosed to the Administrative Agent	  	Yes
					
	6.	  	Exopack, LLC	  	 3 Maplewood Drive
 Hazleton, PA
18202
	  	As previously disclosed to the Administrative Agent	  	Yes
					
	7.	  	Exopack, LLC	  	 10801 Iona Avenue
 Hanford, CA
93230
	  	As previously disclosed to the Administrative Agent	  	Yes
					
	8.	  	Exopack, LLC	  	 501 Williams Street
 Tomah, WI
54660
	  	As previously disclosed to the Administrative Agent	  	No
					
	9.	  	Exopack, LLC	  	 1304 Arthur K. Bolton Parkway

Griffin, GA 30224
	  	As previously disclosed to the Administrative Agent	  	Yes
					
	10.	  	Exopack, LLC	  	 390 Southwell Boulevard

Tifton, GA 31794
	  	As previously disclosed to the Administrative Agent	  	Yes
					
	11.	  	Exopack, LLC	  	 2200 D Avenue E,
 Seymour,
Indiana 47274
	  	As previously disclosed to the Administrative Agent	  	No
					
	12.	  	Exopack, LLC	  	 271 River Street
 Menasha, WI
54952
	  	As previously disclosed to the Administrative Agent	  	Yes
					
	13.	  	Exopack-Thomasville, LLC	  	 900 Jordan Valley Road

Longview, TX 75604-5225
	  	As previously disclosed to the Administrative Agent	  	No
					
	14.	  	Exopack Performance Films Inc.	  	 201 South Blair Street
 Whitby,
Ontario L1N 5S6
	  	As previously disclosed to the Administrative Agent	  	No

  
 20 

 Schedule 5.08(d) 

Leased Real Property 
  

									
	 Item
	  	 Credit Party
	  	 Property Location (Address

including zip code)
	  	 County
	  	 Name and Address of Lessor

	1.	  	Cello-Foil
Products, Inc.	  	 Rail Pit
 4950 W. Dickman
Road
Battle Creek, MI 49015
	  	Calhoun	  	 City of Battle Creek, N/K/A Battle Creek Unlimited, Inc.
 4950 West Dickman Road
 Battle Creek, MI 49015

Attention: Industrial Park Marketing Director

					
	2.	  	Cello-Foil
Products, Inc.	  	North Warehouse
4950 W. Dickman Road
Battle Creek, MI 49015	  	Calhoun	  	 City of Battle Creek, N/K/A Battle Creek Unlimited, Inc.
 4950 West Dickman Road
 Battle Creek, MI 49015

Attention: Industrial Park Marketing Director

					
	3.	  	Cello-Foil
Products, Inc.	  	South Warehouse
4950 W. Dickman Road
Battle Creek, MI 49015	  	Calhoun	  	 City of Battle Creek, N/K/A Battle Creek Unlimited, Inc.
 4950 West Dickman Road
 Battle Creek, MI 49015

Attention: Industrial Park Marketing Director

					
	4.	  	Cello-Foil
Products, Inc.	  	 1747 Oak Haven Drive
 Albany,
GA 31707
	  	Dougherty	  	 Albany Dougherty Payroll Development Authority
 222 Pine Avenue
 Albany, GA 31701

					
	5.	  	Exopack, LLC	  	 2212 4th Avenue
 Seymour,
Indiana 47274
	  	Jackson	  	Columbus Container, Inc.
3460 Commerce Drive
Columbus, Indiana 47201
					
	6.	  	Exopack, LLC	  	108 Airport Park Drive,
Garden City, GA 31408	  	Chatham	  	 Albert R. Howard
 P.O. Box
606
 Portal, GA 30450

					
	7.	  	Exopack, LLC	  	101 South Tift Avenue,
Tifton, GA 31794	  	Tift	  	 Frances R. Bowen
 c/o Harry B.
Bowen
1918 Shoreham Drive
Charlotte, NC 28211

					
	8.	  	Exopack, LLC	  	 375 Southwell Blvd.
 Tifton, GA
31794
	  	Tift	  	 Tift County Development Authority
P.O. Box 7238
 Tifton, GA 31793
 Attention: Fern Bowen

					
	9.	  	Exopack, LLC	  	 1078 Union St.
 Spartanburg, SC
29302-3318
	  	Spartanburg	  	Cleveland S. Harley
1078 Union Street
Spartanburg, SC 29302
					
	10.	  	Exopack, LLC	  	 905 West Verdigris Parkway

Catoosa, OK 74015
	  	Rogers	  	 The City of Tulsa-Rogers County Port Authority and Tulsa’s Port of Catoosa Facilities Authority

5350 Cimarron Road
 Catoosa, OK
74015

					
	11.	  	Exopack, LLC	  	 1725 Dixie Road
 Neenah, WI
54956
	  	Winnebago	  	 Checker Logistics
 1725 Dixie
Road
 Neenah, WI 54956

  
 21 

 Schedule 5.08(d) 

 

									
	 Item
	  	 Credit Party
	  	 Property Location (Address

including zip code)
	  	 County
	  	 Name and Address of Lessor

	12.	  	Exopack, LLC	  	 3811 Dixon Street
 Des Moines,
IA 50313
	  	Polk	  	 Jacobson Warehouse
 3811 Dixon
Street
 Des Moines, IA 50313

Attention: Mark Larson

					
	13.	  	Exopack, LLC	  	 222430 76th Ave.
 Kent, WA
98032
	  	King	  	 Holman Warehouse
 222430 76th
Ave.
 Kent, WA 98032

					
	14.	  	Exopack, LLC	  	 1889 24th St. SW
 LeMars, IA
51031
	  	Plymouth	  	 LeMars Public Storage
 1889
24th St. SW
 LeMars IA 51031

					
	15.	  	Exopack, LLC	  	 504 Carver Road
 Griffin, GA
30224
	  	Spalding	  	 Southerwise
 504 Carver
Road
 Griffin, GA 30224

					
	16.	  	Exopack, LLC	  	 730 A Avenue
 Seymour, IN
47274
	  	Jackson	  	 Ranger Warehouse
 730 A
Avenue
 Seymour, IN 47274

					
	17.	  	Exopack, LLC	  	 11 Maplewood Drive
 Hazleton,
PA 18202
	  	Luzerne	  	 Karchner Warehouse
 11
Maplewood Drive
 Hazleton, PA 18202

					
	18.	  	Exopack, LLC	  	 310 Second Street, Bldg 3

Boscobel, WI 53805
	  	Grant	  	 Riverside Logistics
 310 Second
Street, Bldg 3
 Boscobel, WI 53805

					
	19.	  	Exopack, LLC	  	 Offsite Warehouse
 115 Balmoral
Ave.
 Cornwall, Ontario K6H 3G6
	  	Ontario, Canada	  	 Astro Storage and Warehousing

115 Balmoral Ave.
 Cornwall, Ontario K6H
3G6

					
	20.	  	Exopack Holding Corp.	  	 8600 West Bryn Mawr Ave.,
 8th
Floor
 Chicago, IL 60631
	  	Cook	  	 PR II Presidents Plaza JV, LLC

35361 Eagle Way
 Chicago, IL
60678

					
	21.	  	Exopack Holding Corp.	  	 2800 West Higgins Road,
 Suite
435
 Hoffman Estates, IL 60169
	  	Cook	  	 Newtower Trust Company Multi-Employer Property Trust
 c/o Hamilton Partners, Inc.
 300 Park Blvd.
 Itasca, IL 60143
 Attention: Senior Asset Manager

					
	22.	  	Exopack-Ontario, Inc.	  	 5601 Santa Ana Street,

Ontario, CA 91761
	  	San Bernardino	  	 Westates Holdings, LLC
 988
Villa Montes Circle
 Corona, California 92879

					
	23.	  	Exopack-Thomasville, LLC	  	 1308 Blair Street
 Thomasville,
NC 27360
	  	Davidson	  	 F. Stuart Kennedy and Helen J. Kennedy
 P.O. Box 1050
 1100 Dover Drive
 Thomasville, NC 27360

					
	24.	  	The Packaging Group (Canada) Corporation	  	 300 Spinnaker Way
 Concord,
Ontario L4K 4W1
	  	City of Vaughan, Ontario, Canada	  	 Spinnaker Langstaff Investments Limited
 3625 Dufferin Street, Suite 503
 Downsview, Ontario M3K 1N4

					
	25.	  	The Packaging Group (Canada) Corporation	  	 360 Spinnaker Way
 Vaughan,
Ontario L4K 4W1
	  	City of Vaughan, Ontario, Canada	  	 Spinnaker Langstaff Investments Limited and 360 Spinnaker Portfolio, Inc.
 3625 Dufferin Street, Suite 500
 Downsview, Ontario M3K
1N4

  
 22 

 Schedule 5.08(d) 

 

									
	 Item
	  	 Credit Party
	  	 Property Location (Address

including zip code)
	  	 County
	  	 Name and Address of Lessor

	26.	  	Intelicoat Technologies Image Products Matthews LLC	  	 Facility
 700 Crestdale
Road,
Matthews, NC 80105
	  	Mecklenburg	  	 Lakestar Properties, LLC
 4583
Highway 9 North
 Howell, New Jersey 07731

  
 23 

 Schedule 5.08(d) 

Miscellaneous Real Property 
 The property described in #26 above in the list of Leased Real Property is subleased to Kamazu Fashion Inc. 
 Portions of the property described in #12 above in the list of Owned Real Property is leased to Bemis Company, Inc. 

  
 24 

 Schedule 5.13 
 SUBSIDIARIES AND OTHER EQUITY INVESTMENTS; LOAN PARTIES 
 PARTS (a), (b),
(c): 
  

							
	 Loan Party
	  	 Direct Subsidiaries
	  	Ownership	 
	 Exopack Key Holdings, LLC
	  	Exopack Holding Corp.	  	 	100	% 
	 Exopack Holding Corp.
	  	 Cello-Foil Holding Corp.

Exopack, LLC
	  	 
  
	100
 100
	% 
 % 

	 Cello-Foil Holding Corp.
	  	 Cello-Foil Products, Inc.

TPG Group Holding Corp.
	  	 
  
	100
 100
	% 
 % 

	 TPG Group Holding Corp.
	  	 TPG Enterprises, Inc.
 TPG
(US), Inc.
	  	 
  
	100
 100
	% 
 % 

	 TPG Enterprises, Inc.
	  	 Exopack Performance Films Inc.*
 The Packaging Group (Canada) Corporation*
	  	 
  
	100
 100
	% 
 % 

	 The Packaging Group (Canada) Corporation*
	  	 Exopack-Newmarket, Ltd.*

3181952*
 Exopack L.P.*
	  	 
  
  
	100
 100

99.99
	% 
 % 

% 

	 3181952*
	  	Exopack L.P.*	  	 	0.01	% 
	 Exopack, LLC
	  	 Exopack-Thomasville, LLC

Exopack-Ontario, Inc.
 Exopack-Hebron,
L.L.C.
 Exopack Advanced Coatings, LLC

Exopack Advanced Coatings Ltd.*
	  	 
  
  
  
  
	100
 100

100
 100

100
	% 
 % 

% 
 % 

% 

	 Exopack-Ontario, Inc.
	  	Exopack-Technology, LLC	  	 	100	% 
	 Exopack Advanced Coatings, LLC
	  	Intelicoat Technologies Image Products Matthews LLC	  	 	100	% 
	 Exopack Advanced Coatings Ltd.*
	  	Intelicoat Technologies EF Holdco Ltd.*	  	 	100	% 
	 Intelicoat Technologies EF Holdco Ltd.*
	  	Exopack Advanced Coatings (North Wales) Ltd.*	  	 	100	% 

  

	*	Not a Loan Party 

 PART
(d): 
  

									
	 Loan
 Party
	  	 Jurisdiction of
Organization
	  	 Foreign
Qualifications
	  	 Chief

Executive Office
	  	 Principal

Place of Business

	Exopack Key Holdings, LLC	  	Delaware	  	Florida	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Exopack Holding Corp.	  	Delaware	  	 Florida,
 Oklahoma,

South Carolina
	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302

  
 25 

 Schedule 5.13 

 

									
	 Loan
 Party
	  	 Jurisdiction of
Organization
	  	 Foreign
Qualifications
	  	 Chief

Executive Office
	  	 Principal

Place of Business

	Exopack, LLC	  	Delaware	  	 Arkansas,
 California,
Georgia,
 Indiana,
 Iowa,

New Jersey,
 Oklahoma

Pennsylvania, South Carolina, Texas, Wisconsin
	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Exopack-Hebron, L.L.C.	  	Delaware	  	 Ohio
 South
Carolina
	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Exopack-Thomasville, LLC	  	Delaware	  	 North Carolina,

Texas
	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Exopack-Ontario, Inc.	  	California	  	None	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Exopack-Technology, LLC	  	California	  	None	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Cello-Foil Holding Corp.	  	Delaware	  	 Florida,

Michigan
	  	155 Brook Street,
Battle Creek, MI 49017	  	155 Brook Street,
Battle Creek, MI 49017

  
 26 

 Schedule 5.13 

 

									
	 Loan
 Party
	  	 Jurisdiction of
Organization
	  	 Foreign
Qualifications
	  	 Chief

Executive Office
	  	 Principal

Place of Business

	Cello-Foil Products, Inc.	  	Michigan	  	Georgia	  	155 Brook Street,
Battle Creek, MI 49017	  	155 Brook Street,
Battle Creek, MI 49017
					
	TPG Group Holding Corp.	  	Delaware	  	Florida	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	TPG (US)PM, Inc.	  	Delaware	  	None	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	TPG Enterprises, Inc.	  	Delaware	  	None	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Exopack Advanced Coatings, LLC	  	Delaware	  	North Carolina	  	3070 Southport Road,
Spartanburg, SC 29302	  	3070 Southport Road,
Spartanburg, SC 29302
					
	Intelicoat Technologies Image Products Matthews LLC	  	Delaware	  	North Carolina	  	3070 Southport Road,
Spartanburg, SC 29302	  	700 Crestdale Road,
Matthews, NC 28105

  
 27 

 Schedule 5.17 
 INTELLECTUAL PROPERTY 
 Disclosures Regarding Intellectual Property

 1. Exopack-Technology, LLC et al. (plaintiffs) v. Packaging Concepts, Inc. (defendant) v. General Mills (third party
defendant), filed August 12, 2005, U.S. District Court, Southern District of Texas, alleging infringement of U.S. Patent Nos. 5,488,220 and 6,046,443. General Mills and PCI allege that at least certain claims of the patents-in-suit are
invalid based on prior art, obvious extension of prior art, or sale of product with such claims more than a year prior to the patent application filing date. 
 2. Letter dated August 2, 2005, and December 5, 2005, to Masterfoods USA, Inc. and Exopack, LLC, respectively, from Frost Brown Todd, LLC (on behalf of MDH Packaging Corporation
(“MDH”)) regarding U.S. Patent No. 4,971,454 (the “454 patent”). MDH claims that a bag with a recloseable opening (manufactured by Exopack and sold by Exopack to Masterfoods USA for use in distribution of its
dog food products) falls within the scope of the claims of the ‘454 patent. Exopack believes that the bag does not fall within the scope of the claims of the ‘454 patent and has informed Masterfoods and counsel to MDH of the same. At the
present time, it appears that MDH is choosing to pursue Masterfoods directly as a user of the bags, rather than Exopack as a manufacturer/seller of the bags. Exopack is contractually obligated to indemnify Masterfoods for such claims of intellectual
property infringement. 
 3. In mid-2001 and early 2002, Exopack received notices from MDH alleging that Exopack was in violation of or was
planning to violate the terms of an exclusive license to certain closure technology allegedly licensed to MDH by KCL, and that Exopack was infringing or was planning to infringe the underlying patent covering such closure technology. Exopack
responded that it was the owner of a license from KCL through its predecessors in interest, Union Camp Corporation and International Paper. The parties then commenced negotiations of a materials supply and replacement licensing arrangement, which,
due to lack of Exopack customer demand for such materials, never was completed. 
 4. In connection with a dispute between Exopack and Actinic
Inc. regarding ownership of a bag coating invention, Exopack and Actinic reached a settlement of Exopack’s misappropriation claims against Actinic. In connection with the settlement, the parties executed an agreement perpetually and exclusively
licensing to Exopack all intellectual property rights in Actinic’s patent, plus improvements, including an option for Exopack to require assignment of patent in question. Exopack was also granted an exclusive license to Actinic’s
proprietary ink blend. 
 5. In mid to late 2003, FlexSol Corporation alleged orally that it had developed a high clarity shrink film product
similar to a product developed by Exopack (i.e., the subject of a published Exopack patent application). Exopack understands that FlexSol Corporation may have filed a patent application for the product FlexSol allegedly invented. Exopack was the
first to file for patent protection and believes it reduced its product to practice before FlexSol reduced the product it allegedly invented to practice. FlexSol maintains that it invented this product prior to Exopack. 

  
 28 

 Schedule 5.17 
 Copyrights 
  

					
	 Owner
	  	 Title
	  	Reg. No.
	Cello-Foil Products, Inc.	  	Quality assurance lab database: instruction manual	  	TXu001108708

  
 29 

 Schedule 5.17 
 Trademarks 
 Owner: Exopack, LLC 

 

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	 1.
	 	 CLEARSHIELD
	  	76552803
 10/20/2003
	  	3042255
 1/10/2006
	  	REGISTERED
					
	 2.
	 	 HALO
	  	77264525
 8/26/2007
	  	3914651
 2/1/2011
	  	REGISTERED
					
	 3.
	 	 I-VAC
	  	76623326
 12/6/2004
	  	3200077
 1/23/2007
	  	REGISTERED
					
	 4.
	 	 LASERTEAR
	  	76454119
 10/1/2002
	  	2907014
 11/30/2004
	  	REGISTERED
					
	 5.
	 	 MARAFLEX
	  	72057657
 8/22/1958
	  	679632
 6/2/1959
	  	 REGISTERED
 RENEWED

					
	 6.
	 	 MATTEFX

 

	  	77624246
 12/1/2008
	  	—  	  	 PENDING
 ITU

  
 30 

 Schedule 5.17 
 Owner: Exopack-Technology, LLC 
  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.
	 	 CEDEX

 

	  	77811502
 8/24/2009
	  	—  	  	 PENDING
 ITU

					
	2.
	 	 DESIGN ONLY

 

	  	78079895
 8/17/2001
	  	2765640
 9/16/2003
	  	REGISTERED
					
	3.	 	EXOPACK	  	78079904
 8/17/2001
	  	2765641
 9/16/2003
	  	REGISTERED
					
	4.	 	INSTA-BOWL	  	85056597
 6/7/2010
	  	—  	  	 PENDING
 ITU

					
	 5.
	 	 POLARFLEX

 

	  	77748938
 6/1/2009
	  	—  	  	PENDING
					
	6.
	 	 SEAL ‘N VENT

 

	  	78619093
 4/28/2005
	  	3319958
 10/23/2007
	  	REGISTERED
					
	7.
	 	 SEAL ‘N VENT

 

	  	78619213
 4/28/2005
	  	3319960
 10/23/2007
	  	REGISTERED
					
	8.	 	SHUR-SEAL	  	78303799
 9/22/2003
	  	3220481
 3/20/2007
	  	REGISTERED

  
 31 

 Schedule 5.17 
 Owner: Exopack Advanced Coatings, LLC 
  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.	 	DURATOOL	  	74116644
 11/19/1990
	  	1749153
 1/26/1993
	  	REGISTERED
					
	2.	 	DURATOOL ECLIPSE	  	76490607
 2/19/2003
	  	2996339
 9/20/2005
	  	REGISTERED
					
	3.	 	INSPIRE	  	76543292
 9/8/2003
	  	3151256
 10/3/2006
	  	REGISTERED
					
	4.	 	 REFLEX

 

	  	75176177
 10/3/1996
	  	2067371
 6/3/1997
	  	REGISTERED
					
	5.	 	STRAT FX	  	77077033
 1/5/2007
	  	3293301
 9/18/2007
	  	REGISTERED

  
 32 

 Schedule 5.17 

 

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	6.	 	TECNILITH	  	73289213
 12/10/1980
	  	1246122
 7/26/1983
	  	REGISTERED
					
	7.
	 	 Z-FLO CONDUCTIVE FILMS AND FOILS

 

	  	77808358
 8/19/2009
	  	3901524
 1/4/2011
	  	REGISTERED

  
 33 

 Schedule 5.17 
 Owner: Cello-Foil Products, Inc. 
  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.	 	 CF

 

	  	71683354
 3/14/1955
	  	635356
 10/9/1956
	  	 REGISTERED
 RENEWED

  
 34 

 Schedule 5.17 
 Patents 
 Owner: Exopack, LLC 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.	 	BAGS HAVING COMPOSITE STRUCTURES AND RELATED METHODS	  	12556151
 9/9/2009
	  	—  	  	PENDING
					
	2.	 	DIENOPHILE ADDITIVES TO POLYVINYLIDENE CHLORIDE COPOLYMERS	  	09649895
 8/28/2000
	  	6514626
 2/4/2003
	  	REGISTERED
					
	3.	 	DIENOPHILE ADDITIVES TO POLYVINYLIDENE CHLORIDE COPOLYMERS	  	10341702
 1/14/2003
	  	6911242
 6/28/2005
	  	REGISTERED
					
	4.	 	DUAL SCORED EASY OPEN FILM	  	11286958
 11/23/2005
	  	7531228
 5/12/2009
	  	REGISTERED
					
	5.	 	EASY-OPENING RECLOSABLE PACKAGE	  	08947679
 7/2/1997
	  	5882749
 3/16/1999
	  	REGISTERED
					
	6.	 	ENCAPSULATED BARRIER FOR FLEXIBLE FILMS AND A METHOD OF MAKING AND USING THE SAME	  	10918958
 8/16/2004
	  	7384679
 6/10/2008
	  	REGISTERED
					
	7.	 	ENCAPSULATED BARRIER FOR FLEXIBLE FILMS AND A METHOD OF MAKING THE SAME	  	09650385
 8/29/2000
	  	6500514
 12/31/2002
	  	REGISTERED

  
 35 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	8.	 	ENCAPSULATED BARRIER FOR FLEXIBLE FILMS AND A METHOD OF MAKING THE SAME	  	10325002
 12/20/2002
	  	6911244
 6/28/2005
	  	REGISTERED
					
	9.	 	FILM STRUCTURES AND PACKAGES THEREFROM USEFUL FOR PACKAGING RESPIRING FOOD PRODUCTS	  	10668427
 9/23/2003
	  	7008677
 3/7/2006
	  	REGISTERED
					
	10.	 	FILM STRUCTURES AND PACKAGES THEREFROM USEFUL FOR RESPIRING FOOD PRODUCTS THAT RELEASE CO2 AMOUNTS	  	12259512
 10/28/2008
	  	—  	  	PENDING
					
	11.	 	HEAT SHRINKABLE BARRIER BAGS	  	09105623
 6/26/1998
	  	6074715
 6/13/2000
	  	REGISTERED
					
	12.	 	HEAT SHRINKABLE BARRIER BAGS	  	09573596
 5/18/2000
	  	6544660
 4/8/2003
	  	REGISTERED
					
	13.	 	HEAT SHRINKABLE BARRIER BAGS WITH ANTI BLOCK ADDITIVES	  	09758843
 1/11/2001
	  	6531198
 3/11/2003
	  	REGISTERED
					
	14.	 	HEAT SHRINKABLE FILM STRUCTURES WITH IMPROVED SEALABILITY AND TOUGHNESS	  	08884121
 6/27/1997
	  	6051292
 4/18/2000
	  	REGISTERED
					
	15.	 	HEAT SHRINKABLE FILM STRUCTURES WITH IMPROVED SEALABILITY AND TOUGHNESS	  	09443904
 11/19/1999
	  	6753054
 6/22/2004
	  	REGISTERED

  
 36 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	16.	 	LAMINATE ANTIOXIDANT FILM	  	09887836
 6/22/2001
	  	7101624
 9/5/2006
	  	REGISTERED
					
	17.	 	LASER SCORED PACKAGE	  	07771977
 10/2/1991
	  	5229180
 7/20/1993
	  	REGISTERED
					
	18.	 	LASER SCORING OF PACKAGING SUBSTRATES	  	07720121
 7/1/1991
	  	5158499
 10/27/1992
	  	REGISTERED
					
	19.	 	LASER SCORING OF PACKAGING SUBSTRATES	  	08270782
 7/5/1994
	  	5630308
 5/20/1997
	  	REGISTERED
					
	20.	 	METHODS FOR MAKING MULTIPLE LAYER SHEET MATERIALS	  	083776057
 1/20/1995
	  	5705111
 1/6/1998
	  	REGISTERED
					
	21.	 	MICROWAVABLE BAGS FOR USE WITH LIQUID OIL AND RELATED METHODS	  	12581279
 10/19/2009
	  	—  	  	PENDING
					
	22.	 	MULTILAYER BARRIER STRUCTURES, METHODS OF MAKING THE SAME AND PACKAGES MADE THEREFROM	  	11029200
 1/4/2005
	  	—  	  	PENDING
					
	23.	 	MULTILAYER STRUCTURES, PACKAGES, AND METHODS OF MAKING MULTILAYER STRUCTURES	  	11029195
 1/4/2005
	  	—  	  	PENDING

  
 37 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	24.	 	MULTI-LAYER THERMOPLASTIC FILMS AND PACKAGES MADE THEREFROM	  	09369980
 7/30/1999
	  	7316833
 1/8/2008
	  	REGISTERED
					
	25.	 	MULTI-LAYERED BAGS AND METHODS OF MANUFACTURING THE SAME	  	12341080
 12/22/2008
	  	—  	  	PENDING
					
	26.	 	MULTI-LAYERED BAGS AND METHODS OF MANUFACTURING THE SAME	  	12335414
 12/15/2008
	  	—  	  	PENDING
					
	27.	 	PACKAGING MATERIAL FOR FORMING AN EASY-OPENING RECLOSABLE PACKAGING MATERIAL AND PACKAGE	  	08999707
 11/3/1997
	  	5882789
 3/16/1999
	  	REGISTERED
					
	28.	 	POLYAMIDE STRUCTURES FOR THE PACKAGING OF MOISTURE CONTAINING PRODUCTS	  	12349357
 1/6/2009
	  	—  	  	PENDING
					
	29.	 	POLYMERIC FILM STRUCTURES USEFUL AS SHRINK BAGS	  	09329415
 6/10/1999
	  	6706343
 3/16/2004
	  	REGISTERED
					
	30.	 	POLYMERIC FILM STRUCTURES USEFUL AS SHRINK BAGS	  	09591244
 6/9/2000
	  	6770338
 8/3/2004
	  	REGISTERED
					
	31.	 	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	09144713
 9/1/1998
	  	6270867
 8/7/2001
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

File assignment or name change documentation with the USPTO to correct break in chain of title from American National Can Company to Alcan Packaging
Flexible France

  
 38 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	32.	 	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	09006700
 1/14/1998
	  	6437064
 8/20/2002
	  	REGISTERED
					
	33.	 	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	09684567
 10/6/2000
	  	6511568
 1/28/2003
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

File assignment or name change documentation with the USPTO to correct break in chain of title from Pechiney Plastic Packaging, Inc. to Alcan Packaging
Flexible France

  
 39 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	34.	 	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	10136962
 5/2/2002
	  	6645641
 11/11/2003
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

File assignment or name change documentation with the USPTO to correct break in chain of title from Pechiney Plastic Packaging, Inc. to Alcan Packaging
Flexible France

					
	35.	 	TEAR TAPE FOR PLASTIC PACKAGING	  	09400806
 9/22/1999
	  	6316036
 11/13/2001
	  	REGISTERED
					
	36.	 	TEAR TAPE FOR PLASTIC PACKAGING	  	09352897
 7/13/1999
	  	6416841
 7/9/2002
	  	REGISTERED
					
	37.	 	TEAR TAPE FOR PLASTIC PACKAGING	  	09925560
 8/9/2001
	  	6749877
 6/15/2004
	  	REGISTERED
					
	38.	 	THERMOFORMABLE MULTILAYER POLYMERIC FILM	  	08602256
 2/15/1996
	  	6068933
 5/30/2000
	  	REGISTERED
					
	39.	 	THERMOFORMABLE MULTILAYER POLYMERIC FILM	  	09411671
 10/4/1999
	  	6562476
 5/13/2003
	  	REGISTERED

  
 40 

 Schedule 5.17 

 

			09/13/2010 		09/13/2010 		09/13/2010 		09/13/2010 
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	40.	 	THERMOFORMABLE MULTILAYER POLYMERIC FILM	  	10131954
 4/25/2002
	  	6942927
 9/13/2005
	  	REGISTERED
					
	41.	 	MULTI-LAYER LOW TEMPERATURE SHRINK FILM	  	13036974
 02/28/2011
	  		  	PENDING
					
	42.	 	OZONE APPLICATOR AND METHOD FOR POLYMER OXIDATION	  	12922202
 09/13/2010
	  		  	PENDING
					
	43.	 	BAGS HAVING ADHESIVE DRYING STRUCTURES AND RELATED METHODS	  	12625960
 11/25/2009
	  		  	PENDING

 Owner: Exopack-Technology,
LLC 
  

			09/13/2010 		09/13/2010 		09/13/2010 		09/13/2010 
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.	 	BAG FOR MICROWAVE COOKING	  	08282647
 7/29/1994
	  	5488220
 1/30/1996
	  	REGISTERED
					
	2.	 	BAG HAVING AN IMPROVED HEAT SEAL CLOSURE AND ASSOCIATED METHODS	  	11265946
 11/3/2005
	  	7544403
 6/9/2009
	  	REGISTERED

  
 41 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	3.	 	BAG HAVING RECLOSABLE SEAL AND ASSOCIATED METHODS	  	10383929
 3/7/2003
	  	6969196
 11/29/2005
	  	REGISTERED
					
	4.	 	BAG WITH ARCUATE-TRANSITION TEAR LINE	  	09858984
 5/16/2001
	  	6402379
 6/11/2002
	  	REGISTERED
					
	5.	 	BAG WITH REENFORCED HANDLE AND RESEALABLE POUR SPOUT OPENING	  	08509831
 8/1/1995
	  	5558438
 9/24/1996
	  	REGISTERED
					
	6.	 	BAG WITH REENFORCED HANDLE AND RESEALABLE POUR SPOUT OPENING	  	08621575
 3/26/1996
	  	5611626
 3/18/1997
	  	REGISTERED
					
	7.	 	BAG WITH TEAR-RESISTANT HANDLE	  	09261986
  3/4/1999
	  	6065871
 5/23/2000
	  	REGISTERED
					
	8.	 	BAG WITH TEAR-RESISTANT HANDLE	  	09512712
 2/24/2000
	  	6231232
 5/15/2001
	  	REGISTERED
					
	9.	 	ELASTOMER AND POLYOLEFIN RESIN BASED FILMS AND ASSOCIATED METHODS	  	11352066
 2/10/2006
	  	7582341
 9/1/2009
	  	REGISTERED
					
	10.	 	ELASTOMER AND POLYOLEFIN RESIN BASED FILMS AND ASSOCIATED METHODS	  	10760337
 8/1/2006
	  	7083838
 8/1/2006
	  	REGISTERED

  
 42 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	11.	 	ENHANCED SLIDER ZIPPER MULTIWALL BAG AND ASSOCIATED METHODS	  	10860366
 6/3/2004
	  	7090904
 8/15/2006
	  	REGISTERED
					
	12.	 	ENVIRONMENTALLY FRIENDLY PINCH BOTTOM BAG ASSEMBLY AND METHOD OF MAKING	  	08146961
 11/10/1993
	  	5529396
 6/25/1996
	  	REGISTERED
					
	13.	 	ENVIRONMENTALLY FRIENDLY PINCH BOTTOM BAG ASSEMBLY AND METHOD OF MAKING	  	08468444
 6/6/1995
	  	5728037
 3/17/1998
	  	REGISTERED
					
	14.	 	FLEXIBLE HINGED HANDLE AND CARRYING BAG EMPLOYING THE SAME	  	09522698
 3/10/2000
	  	6374461
 4/23/2002
	  	REGISTERED
					
	15.	 	GUSSETED BAG WITH ANTI-LEAK FEATURE	  	09304178
 5/3/1999
	  	6046443
 4/4/2000
	  	REGISTERED
					
	16.	 	HEAVY DUTY BAG WITH EASILY-REMOVABLE CORNER FOR POURING	  	08500173
 7/10/1995
	  	5593229
 1/14/1997
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

Brief: Security Interest
 Assignor: Rex
International, Inc., f/k/a Rex-Rosenlew International, Inc.
 Assignee: Fleet Capital Corporation

Signed: 8/15/2000
 Recorded:
11/14/2000
 Reel/Frame: 011306/0928
  

Brief: Security Interest
 Assignor: Plassein
International of Thomasville, Inc. f/k/a Rex International, Inc.
 Assignee: Fleet Capital Corporation

Signed: 5/14/2003
 Recorded: 5/20/2003

Reel/Frame: 014066/0876

  
 43 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	17.	 	LAMINATED BAG WALL CONSTRUCTION	  	08810043
  3/4/1997
	  	5871790
 2/16/1999
	  	REGISTERED
					
	18.	 	LOAD CARRYING BAG WITH PERFORATED TEAR LINE OPENING	  	08167757
 12/15/1993
	  	5482376
 1/9/1996
	  	REGISTERED
					
	19.	 	LOAD CARRYING BAG WITH PERFORATED TEAR LINE OPENING	  	08417407
 4/5/1995
	  	5601369
 2/11/1997
	  	REGISTERED
					
	20.	 	LOW-GLOSS DRY-ERASE COATING FORMULATION	  	11767139
 6/22/2007
	  	—  	  	PENDING
					
	21.	 	METHOD OF FORMING A BAG	  	11201871
 8/11/2005
	  	7322921
 1/29/2008
	  	REGISTERED
					
	22.	 	METHOD OF FORMING A BAG HAVING A RECLOSABLE SEAL	  	11265620
 11/2/2005
	  	7549269
 6/23/2009
	  	REGISTERED
					
	23.	 	METHOD OF FORMING A BURST-RESISTANT EASY-OPEN CORNER IN A HEAVY DUTY BAG	  	10649715
 8/26/2003
	  	7037250
 5/2/2006
	  	REGISTERED

  
 44 

 Schedule 5.17 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	24.	 	MICROWAVABLE BAG FOR COOKING AND SERVING FOOD	  	08666895
 6/20/1996
	  	5770839
 6/23/1998
	  	REGISTERED
					
	25.	 	MULTIPLY BAG WITH TEAR STRIP OPENING MECHANISM	  	09373256
 3/12/1999
	  	6213644
 4/10/2001
	  	REGISTERED
					
	26.	 	MULTIWALL BAG WITH ZIPPER AND FIN	  	10290681
 11/8/2002
	  	6979482
 12/27/2005
	  	REGISTERED
					
	27.	 	MULTIWALL VENTED BAG, VENTED BAG FORMING APPARATUS, AND ASSOCIATED METHODS	  	10421607
 4/23/2003
	  	6986605
 1/17/2006
	  	REGISTERED
					
	28.	 	NON-FLUOROCARBON OIL AND GREASE BARRIER METHODS OF APPLICATION AND PACKAGING	  	10200209
 7/22/2002
	  	6893686
 5/17/2005
	  	REGISTERED
					
	29.	 	PERFORATION BLADE FOR FORMING A BURST-RESISTANT EASY-OPEN CORNER IN A HEAVY DUTY BAG	  	09934417
 8/21/2001
	  	6609999
 8/26/2003
	  	REGISTERED
					
	30.	 	SIDE GUSSET BAG WITH CONVENIENT CARRY HANDLE	  	09650478
 8/29/2000
	  	6299351
 10/9/2001
	  	REGISTERED
					
	31.	 	TAMPER EVIDENT MULTI-WALL PACKAGING AND ASSOCIATED METHODS	  	12021296
 1/28/2008
	  	7563027
 7/21/2009
	  	REGISTERED
					
	32.	 	TAMPER EVIDENT MULTI-WALL PACKAGING AND ASSOCIATED METHODS	  	10366490
 2/13/2003
	  	6994471
 2/7/2006
	  	REGISTERED

  
 45 

 Schedule 5.17 
 Owner: Exopack Advanced Coatings, LLC 
  

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.	 	CURRENT COLLECTOR HAVING A CONDUCTIVE PRIMER LAYER	  	08284300
 8/2/1994
	  	5478676
 12/26/1995
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

Brief: Security Interest
 Assignor: Image
Products Group LLC
 Assignee: Congress Financial Corporation
 Signed: 6/19/2002
 Recorded: 7/15/2002
 Reel/Frame: 013036/0434

					
	2.	 	OVERCOATS FOR DIAZO-CONTAINING LAYERS WITH CHEMICALS AND ABRASION RESISTANCE	  	07694064
 5/1/1991
	  	5382495
 1/17/1995
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

Brief: Security Interest
 Assignor: Image
Products Group LLC
 Assignee: Congress Financial Corporation
 Signed: 6/19/2002
 Recorded: 7/15/2002
 Reel/Frame: 013036/0434

  
 46 

 Schedule 5.17 
 Licenses 
  

			
	 Item
	  	 Description

		
	1.	  	Product Development and Sales Agreement dated October 29, 1993 between Morton International, Inc. and Union Camp Corporation (assigned to Exopack).
		
	2.	  	Joint Development Agreement dated November 20, 2000 between International Paper Company and Actinic, Inc.
		
	3.	  	License and Development Agreement dated June 1, 2003 between Pactiv Corporation, on the one hand, and Exopack and Hebron (f/k/a Specialty Films & Associates, LLC), on the other
hand.
		
	4.	  	License Agreement dated April 4, 2002 between UV Color, Inc. and Exopack.
		
	5.	  	Joint Development Agreement – Flexible Packaging dated June 24, 2005 between Exopack and Shandong Shouguang JianYuanChun Co. Ltd.
		
	6.	  	International Program License Agreement dated May 21, 2003 between Exopack and Navision a/s.
		
	7.	  	Master Customer Agreement for Axapta for Converting System dated May 21, 2003 between Concord Business Systems, Inc. and Exopack.
		
	8.	  	Software License, Services and Maintenance Agreement dated August 9, 2001 between Exopack (f/k/a Exo-Tech Packaging) and J.D. Edwards.
		
	9.	  	Microsoft Business Agreement dated February 26, 2002 between MSLI, GP and Exopack.
		
	10.	  	Confidentiality Agreement dated October 25, 2002 between Plassein International (assigned to Thomasville) and Cargill.
		
	11.	  	Unexecuted License Agreement for use of Repasack recycling trademarks in Europe.
		
	12.	  	Non-Exclusive License Agreement, between Cargill, Inc. and Rex International (predecessor to Plassein International, assigned to Thomasville) [no date, unexecuted
copy].
		
	13.	  	Non-Exclusive License Agreement, between Salerno Plastics, Ltd. and Rex International (predecessor to Plassein International, assigned to Thomasville) [no date, unexecuted
copy].
		
	14.	  	Assignment, Transfer and License Agreement dated as of September 1, 2004 between Actinic, Inc. and Exopack LLC.
		
	15.	  	Trademark Usage Agreement dated September 1, 2005, between Shurfine Foods, Inc. and Exopack-Technology LLC.
		
	16.	  	License Agreement dated May 13, 1989, between KCL Corporation and Union Camp Corporation.

  
 47 

 Schedule 5.17 

 

			
	 Item
	  	 Description

		
	17.	  	Joint Development Agreement Addendum No. 1 dated February 24, 2003, between Color Converting Industries, L.L.C. and Exopack.
		
	18.	  	Confidentiality, Nondisclosure and Limited Use Agreement dated August 8, 2003, between Exopack and FlexSol Packaging Corp.
		
	19.	  	License Authorization Grant dated November 8, 2005 between McAfee, Inc. and Cello-Foil Products, Inc.
		
	20.	  	Software License Agreement dated January 21, 2000, between JB Systems, Inc., DHA Mainsaver and Cello-Foil Products, Inc.
		
	21.	  	Dedicated Access Agreement dated April 2, 2003, between Corecomm – Voyager. and Cello-Foil Products, Inc.
		
	22.	  	Master Software License Agreement dated August 31, 2000 between Peregrine Connectivity, Inc. and Cello-Foil Products, Inc.
		
	23.	  	Software Schedule to the Master Software License Agreement dated August 31, 2000 between Peregrine Connectivity, Inc. and Cello-Foil Products, Inc.
		
	24.	  	Purchase Order dated November 20, 2000, between Harbinger Corporation and Cello-Foil Products, Inc.
		
	25.	  	License Agreement and Order Form between Computer Associated Internal, Inc. and EDS for the exclusive use and benefit of Cello-Foil Products, Inc.
		
	26.	  	Addendum to License Agreement and Order Form between Computer Associated Internal, Inc. and EDS for the exclusive use and benefit of Cello-Foil Products, Inc.
		
	27.	  	Master License Agreement dated July 27, 2005 between Option Software, Inc. and Cello-Foil Products, Inc.
		
	28.	  	Vsupport Certificate (expiration date March 25, 2004) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP EXEC,WIN,MICROSOFT
EXCHANGE SVR AGENT W/ CLIENT ACCESS LIC,V9.0 -VS2 1 Y
		
	29.	  	Vsupport Certificate (expiration date March 25, 2004) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP EXEC,WIN,SVRS,V9.0
-VS2 1 Y
		
	30.	  	Software License Certificate (order date March 25, 2003) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP
EXEC,WIN,SVRS,V9.0,LICENSE COMPETITIVE UPG
		
	31.	  	VERISTAS VIP Program License between VERITAS Software Global Corporation and Cello-Foil Products, Inc.

  
 48 

 Schedule 5.17 

 

			
	 Item
	  	 Description

		
	32.	  	Software License Certificate (order date March 25, 2003) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP EXEC,WIN,MICROSOFT
EXCHANGE SVR AGENT W/ CLIENT ACCESS LIC,V9.0,LIC
		
	33.	  	License Agreement between Microsoft Corporation and Cello-Foil Products, Inc. for the following intellectual properties: Office 97 standard, Office 2000 standard, Office 2000
professional, Office XP standard, Office 2003 standard, Office 2003 professional, BackOffice 2.5, Exchange Server 5.5, SQL Server 7.0, Visio 2000, Visio 2003, Windows 2003 (CAL). Windows Server 2003, Windows Terminal Server 2003 (CAL), Project 2000,
Publisher 98, Visual Studio Net Pro 2003, Windows-98 and Windows XP Professional.
		
	34.	  	License Agreements entered into by Exopack-Newmarket, LLC for the following intellectual properties: Acrobat, ACT!, ADP PC/Payroll for Windows – Client, APICS Supply Chain
Creates Net Value CD, Backup Exec Win NT/2000, Backup Exec Win NT/2000 exchange agent, Backup Exec Win NT/2000 open file agent, Backup Exec Win NT/2000 remote agent, Bar-One Print only, Bar-One ProPlus, CADWizz, DesignCAD Express, MS Project
Standard 2003, MS Visual Basic, MS Win 2000 Pro, MS Win 2000 Server, MS-Office 95, MS-Office 97, MS-Office2000Premium, MS-Office2000Pro, MS-Office2000Std, MS-Windows 95, MS-Windows 98, NT 4.0 Server, NT 4.0 Workstation, SmartDraw Standard (2
concurrent users), SmartDraw Standard (Jim McMullan’s copy), Sterling Commerce - Gentran/EDI, and Visio.
		
	35.	  	License Agreements entered into by The Packaging Group (Canada) for the following intellectual properties: pcAnywhere 10.5 Host Only, Antivirus Enterprise Edition 9.0 Gold, Maint
1YR RNW, and pcAnywhere 10.5 Host & Remote.

  
 49 

 Schedule 6.12 
 GUARANTORS 
 Cello-Foil Holding Corp. 

Exopack Advanced Coatings, LLC 
 Exopack Holding
Corp. 
 Exopack Key Holdings, LLC 

Exopack-Hebron, L.L.C. 
 Exopack-Ontario, Inc.

 Exopack-Technology, LLC 

Exopack-Thomasville, LLC 
 Intelicoat
Technologies Image Products Matthews LLC 
 TPG Enterprises, Inc. 
 TPG Group Holding Corp. 
 TPG (US), Inc. 

  
 50 

 Schedule 7.02 
 EXISTING INDEBTEDNESS 
 Capitalized Leases and Purchase Money
Obligations 
  

									
	 Lessee
	  	 Lessor
	  	 Collateral
	  	 Maturity Date
	  	 Outstanding Amount

	 Exopack, LLC
	  	GE Capital Public Finance	  	Manufacturing facility located at 905 W. Verdigis Road, Catoosa, Oklahoma	  	October 31, 2023 with two additional options to renew for a period of 5 years each	  	$4,383,770 (as of May 31, 2011)
					
	 Exopack, LLC
	  	GE Credit Corp.	  	One 2008 7-layer film line manufactured by Kuhne, one 2003 7-layer film line manufactured by Kuhne, and one 1200KVA Clean Source UPS	  	November 30, 2014	  	$3,038,193 (as of May 27, 2011)
					
	 Exopack Holding Corp.
	  	 People’s Capital and
Leasing Corp.
 255 Bank St.
 Waterbury, CT 06702
	  	One new Windmoeller and Hoelsher 41 inch Miraflex CM10 ten color flexo press. Serial No. 54.697 and one new Windmoeller and Hoelsher 67 inch Novoflex CL10	  	July 5, 2015	  	$4,119,677 (as of May 31, 2011)

Contingent Obligations 
  

	1.	$300,000 CAD Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Bank Spinnaker Langstaff Investments, Letter of Credit Number SM218117, issued by
Wachovia Bank. 

  

	2.	$35,000 Standby Letter of Credit by Exopack, LLC for the benefit of Royal Indemnity Co., Letter of Credit Number S817488, issued by ABN Amro Bank.

  

	3.	$375,000 Standby Letter of Credit by Exopack, LLC for the benefit of Federal Insurance Co., Letter of Credit Number S871442, issued by ABN Amro Bank.

  

	4.	$1,950,000 Standby Letter of Credit by Exopack, LLC for the benefit of United States Fire Insurance, Letter of Credit Number SE446661W, issued by Wachovia Bank.

  

	5.	$100,000 Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Michigan Dept. of Labor and Economic Growth, Letter of Credit Number SM218121, issued
by Wachovia Bank. 

  
 51 

 Schedule 7.02 

 

	6.	$65,000 Standby Letter of Credit by Exopack, LLC for the benefit of Southern California Edison, Letter of Credit Number SM236908, issued by ABN Amro Bank.

  

	7.	$350,000 Standby Letter of Credit by Exopack, LLC for the benefit of Polyplex Americas, Letter of Credit Number SE450717 issued by Wells Fargo Bank.

  

	8.	$755,950 Standby Letter of Credit by Exopack, LLC for the benefit of General Electric Credit Corp of TN, Letter of Credit Number SE450900W, issued by Wells Fargo Bank.

  
 52 

 Schedule 11.02 
 ADMINISTRATIVE AGENT’S OFFICE; 
 CERTAIN ADDRESSES FOR NOTICES

 Administrative Agent: 
 Notice Address for all Notices under Article II of the Credit Agreement: 
 Bank of America, N.A. 
 One Independence Center 

101 N. Tryon St., 4th Floor 
 Mail Code: NC1-001-04-39 
 Charlotte, NC 28255-0001 

Attention: Christopher Mata 
 Telephone No.: (980) 387-2471 
 Telecopier No.: (704) 719-5474

 E-Mail: christopher.m.mata@baml.com 
 Notice Address for all Other Notices under the Credit Agreement: 

Bank of America, N.A. 
 Agency Management 
 901 Main Street, 14th Floor 

Mail Code: TX1-492-14-11 
 Dallas, Texas 75202-3714 
 Attention: Henry Pennell 

Telephone No.: (214) 209-1226 
 Telecopier No.: (214)290-9448 
 E-Mail: henry.pennell@baml.com 

with a copy to: 

Bank of America, N.A. 
 Corporate Center 
 100 N. Tryon St., 17th Floor 

Mail Code: NC1-007-17-15 
 Charlotte, NC 28255-0001 
 Attention: Robert Milligan 

Telephone No.: (980) 388-2754 
 Telecopier No.: (980) 683-6305 
 E-Mail: robert.milligan@baml.com

  
 53 

 Schedule 11.02 

Administrative Agent’s Wire Instructions: 
 Bank of America, N.A. 
 ABA Number: XXXXXXXXXXXX 

Account Number: XXXXXXXXXXXX 
 Attention: Corporate Credit Services 
 Reference: Exopack, LLC and Cello-Foil
Products, Inc.

  
 54 

 Schedule 11.02 
 Loan Parties: 
 Notice Address: 

c/o Exopack Holding Corp. 
 3070 Southport Road 
 Spartanburg, SC 29302 

Attention: Mr. Eric Lynch 
 Electronic Mail Address: eric.lynch@exopack.com 
 Telephone No.: 864-596-7474

 Facsimile No.: 864-596-4410 
 http://www.exopack.com 
 with a copy to: 

Sun Capital Partners, Inc. 
 5200 Town Center Circle, Suite 600, 
 Boca Raton, Florida 33486 

Attention: C. Deryl Couch & Jeremy Stone 
 Electronic Mail Address: dcouch@suncappart.com & jstone@suncappart.com 
 Telephone No.: 561-962-3409 
 Facsimile No.: 561-394-0540 

and 
 Patricia F.
Brennan, Esq. 
 Morgan, Lewis & Bockius LLP 
 101 Park Avenue 
 New York, NY 10178 

Telephone No.: 212-309-6814 
 Facsimile No.: 212-309-6001 
 Electronic Mail Address: pbrennan@morganlewis.com

  
 55 

 EXHIBIT A 

FORM OF COMMITTED LOAN NOTICE 
 Date:                     ,          

 

	To:	Bank of America, N.A., as Administrative Agent 

  

	Ladies	and Gentlemen: 

 Reference is
made to that certain Credit Agreement, dated as of May     , 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; capitalized terms used
but not defined herein have the respective meanings specified in the Agreement), among Exopack, LLC, a Delaware limited liability company (“Exopack”), Cello-Foil Products, Inc., a Michigan corporation (“Cello-Foil”,
and together with Exopack, collectively, the “Borrowers”), Exopack Holding Corp., a Delaware corporation (“Intermediate Holdings”), Exopack Key Holdings, LLC, a Delaware limited liability company
(“Holdings”), certain subsidiaries of the Borrowers, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent. 
 The undersigned hereby requests (select one): 
  

	 	 ̈	A Borrowing of [Term B Loans] [New Term Loans] 

  

	 	 ̈	A conversion or continuation of [Term B Loans] [New Term Loans] 

  

	 	1.	On                           
                                         
         (a Business Day). 

  

	 	2.	In the amount of
$                                         
            

  

	 	3.	Comprised of
                                         
                     

                                 [Type of
Loan requested] 
  

	 	4.	For Eurodollar Rate Loans: with an Interest Period of              months. 

  
 A - 1

 Form of Committed Loan Notice 

 The Borrowers hereby represent and warrant that the conditions specified in Sections
4.02(a) and (b) shall be satisfied on and as of the date of the applicable Credit Extension. 
  

			
	EXOPACK, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	CELLO-FOIL PRODUCTS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 A - 2

 Form of Committed Loan Notice 

 EXHIBIT B 

INTENTIONALLY OMMITTED 

  
 B - 1

 EXHIBIT C 

FORM OF TERM B NOTE 
              ,          

FOR VALUE RECEIVED, the undersigned (the “Borrowers”), hereby promise, jointly and severally, to pay to
                                 or its registered assigns (the
“Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the Term B Loan from time to time made by the Lender to the Borrowers under that certain Credit Agreement, dated as of
May     , 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; capitalized terms used but not defined herein have the respective meanings
specified in the Agreement), among the Borrowers, Exopack Holding Corp., Exopack Key Holdings, LLC, certain subsidiaries of the Borrowers, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent. 

The Borrowers promise to pay interest on the unpaid principal amount of the Term B Loan made by the Lender from the date of such Loan
until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in
immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment
(and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This Term B Note is one of
the Term B Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Term B Note is also entitled to the benefits of the Guaranty and is
secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Term B Note shall become, or may be declared to be, immediately due and
payable all as provided in the Agreement. The Term B Loan made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Term B
Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The Borrowers, for
themselves, their successors and assigns, hereby waive diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Term B Note. 

  
 C - 1

 Form of Term B Note 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
  

			
	EXOPACK, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	CELLO-FOIL PRODUCTS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 C - 2

 Form of Term B Note 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	  	Type of
Loan Made	  	Amount of
Loan Made	  	End of
Interest
Period	  	Amount of
Principal or
Interest Paid
This Date	  	Outstanding
Principal
Balance This
Date	  	Notation
Made By

  
 C - 3

 Form of Term B Note 

 EXHIBIT D 

FORM OF COMPLIANCE CERTIFICATE 
 Financial Statement Date:             ,          

 

	To:	Bank of America, N.A., as Administrative Agent 

  

	Ladies	and Gentlemen: 

 Reference is
made to that certain Credit Agreement, dated as of May     , 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; capitalized terms used
but not defined herein have the respective meanings specified in the Agreement), among Exopack, LLC, a Delaware limited liability company (“Exopack”), Cello-Foil Products, Inc., a Michigan corporation (“Cello-Foil”,
and together with Exopack, collectively, the “Borrowers”), Exopack Holding Corp., a Delaware corporation (“Intermediate Holdings”), Exopack Key Holdings, LLC, a Delaware limited liability company
(“Holdings”), certain subsidiaries of the Borrowers, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent. 

The undersigned Responsible Officer1 hereby certifies as of the date hereof that he/she is the
                                         
        of Intermediate Holdings, and that, as such, he/she is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on behalf of Intermediate Holdings, and that: 

[Use following paragraph 1 for fiscal year-end financial statements] 

1. Intermediate Holdings has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement
for the Fiscal Year of Intermediate Holdings ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section. 

[Use following paragraph 1 for fiscal quarter-end financial statements] 

1. Intermediate Holdings has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for
the Fiscal Quarter of Intermediate Holdings ended as of the above date. Such consolidated financial statements fairly present in all material respects the financial condition, results of operations, shareholders’ equity and cash flows of
Intermediate Holdings and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes. 

2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her
supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrowers, Intermediate Holdings and Holdings during the accounting period covered by such financial statements. 

 

	1 	 This certificate should be signed by the CEO or CFO of Intermediate Holdings. 

  
 D - 1

 Form of Compliance Certificate 

 3. A review of the activities of the Borrowers, Intermediate Holdings and Holdings during
such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Borrowers, Intermediate Holdings and Holdings performed and observed all its Obligations under the Loan
Documents, and 
 [select one:] 
 [to the best knowledge of the undersigned, during such fiscal period the Borrowers, Intermediate Holdings and Holdings performed and observed each covenant and condition of the Loan Documents applicable
to it, and no Default has occurred and is continuing.] 
 —or— 

[to the best knowledge of the undersigned, the following covenants or conditions have not been performed or observed and the following is
a list of each such Default and its nature and status:] 
 4. The representations and warranties of the Borrowers, Intermediate
Holdings and Holdings contained in Article V of the Agreement and all representations and warranties of any Loan Party that are contained in any document furnished at any time under or in connection with the Loan Documents, are true and
correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier
date, and except that for purposes of this Compliance Certificate, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Agreement, including the statements in connection with which this Compliance Certificate is delivered; provided that , in each case, such materiality
qualifiers shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof. 
 [Use following paragraph 5 for Fiscal Year-end Compliance Certificate] 
 5.
The financial analyses and information set forth on Schedules 1 attached hereto are true and accurate on and as of the date of this Compliance Certificate. 

  
 D - 2

 Form of Compliance Certificate 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of ,
.. 
  

			
	EXOPACK HOLDING CORP.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 D - 3

 Form of Compliance Certificate 

 [Use following Schedule 1 for Fiscal Year-end Compliance Certificate] 

SCHEDULE 1 

to the Compliance Certificate 
 ($ in 000’s) 
  

											
		
	 I
	  	Financial Definitions	  
				
		  	A.	  	Consolidated EBITDA	  			
					
		  		  	1.	  	Consolidated Net Income	  	$	______	  
					
		  		  	2.	  	Consolidated Interest Charges	  	$	______	  
					
		  		  	3.	  	Provision for Federal, state, local and foreign income taxes payable	  	$	______	  
					
		  		  	4.	  	Depreciation and amortization expense	  	$	______	  
					
		  		  	5.	  	Other non-recurring expenses reducing Consolidated Net Income which do not represent a cash item in such period or any future period	  	$	______	  
					
		  		  	6.	  	Payments pursuant to the Management Agreement	  	$	______	  
					
		  		  	7.	  	Non-cash compensation charges and non-cash expenses or charges arising from the grant or issuance of stock, stock options or other equity-based awards to directors, officers or
employees of Intermediate Holdings and its Subsidiaries.	  	$	______	  
					
		  		  	8.	  	Sarbanes-Oxley compliance and other related public company expenses	  	$	______	  
					
		  		  	9.	  	Cash restructuring charges or reserves and business optimization expense (not to exceed $7.5 million for any Measurement Period of four consecutive Fiscal Quarters)	  	$	______	  
					
		  		  	10.	  	Amount of net cost savings, operating expense reductions, other operating improvements and acquisition synergies projected by Intermediate Holdings in good faith (the aggregate
amount of add backs made pursuant to this Line 10 and Line 9 above for such Measurement Period of four consecutive Fiscal Quarters shall not exceed $15 million)	  	$	______	  
					
		  		  	11.	  	Fee, expenses and bonuses to employees in connection with the Transaction	  	$	______	  

  
 D - 4

 Form of Compliance Certificate 

											
					
		  		  	12.	  	Historical adjustments	  	 	$______	  
					
		  		  	13.	  	Other extraordinary non-recurring cash expenses (aggregate amount of add backs made pursuant to this Line 13, Line 9 and Line 10 for any Measurement Period of four consecutive
Fiscal Quarters shall not exceed $22.5 million)	  	 	$______	  
					
		  		  	14.	  	Federal, state, local and foreign income tax credits	  	 	$______	  
					
		  		  	15.	  	All non-cash items increasing Consolidated Net Income, other than the accrual of revenue in the ordinary course of business.	  	 	$______	  
					
		  		  	16.	  	Consolidated EBITDA (Lines I.A.1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13 – 14 – 15):	  	 	$______	  
				
		  	 B.
	  	Consolidated Cash Flow	  			
					
		  		  	1.	  	Consolidated Net Income	  	 	$______	  
					
		  		  	2.	  	Other non-recurring expenses reducing Consolidated Net Income which do not represent a cash item in such period or any future period	  	 	$______	  
					
		  		  	3.	  	Non-cash compensation charges and non-cash expenses or charges arising from the grant or issuance of stock, stock options or other equity-based awards to directors, officers or
employees of Intermediate Holdings and its Subsidiaries.	  	 	$______	  
					
		  		  	4.	  	To the extent included in Consolidated Net Income, all non-cash items increasing Consolidated Net Income, other than the accrual of revenue in the ordinary course of
business.	  	 	$______	  
					
		  		  	5.	  	Consolidated Cash Flow (Line I.B.1 + 2 + 3 – 4)	  	 	$______	  
				
		  	 C.
	  	Consolidated Leverage Ratio	  			
					
		  		  	1.	  	Consolidated Funded Indebtedness	  	 	$______	  
					
		  		  	2.	  	Consolidated EBITDA (Line I.A.16 above)	  	 	$______	  
					
		  		  	3.	  	Consolidated Leverage Ratio (Line I.C.1 ÷ Line I.C.2)	  	 	____ to 1	  
			
	 II
	  	Section 2.05(b)(i) – Mandatory Prepayments – Excess Cash Flow	  			
				
		  	 A.
	  	Applicable Prepayment Percentage	  	 	____	% 

  
 D - 5

 Form of Compliance Certificate 

											
					
		  		  		  	75% if Line I.C.3 is greater than or equal to 3.5 to 1	  			
					
		  		  		  	50% if Line I.C.3 is less than 3.5 to 1 and greater than or equal to 2 to 1	  			
					
		  		  		  	25% if Line I.C.3 is less than 2 to 1 and greater than or equal to 1.5 to 1	  			
					
		  		  		  	0% if Line I.C.3 is less than 1.5 to 1	  			
				
		  	B.	  	Excess Cash Flow	  			
					
		  		  	1.	  	Consolidated Cash Flow (Line I.B.5 above)	  	$	______	  
					
		  		  	2.	  	Decrease in Adjusted Consolidated Working Capital	  	$	______	  
					
		  		  	3.	  	Consolidated Interest Charges actually paid in cash	  	$	______	  
					
		  		  	4.	  	Scheduled principal repayments of Term Loans, to the extent actually made	  	$	______	  
					
		  		  	5.	  	Incomes taxes actually paid in cash	  			
					
		  		  	6.	  	Capital Expenditures actually made	  	$	______	  
					
		  		  	7.	  	Increase in Adjusted Consolidated Working Capital	  	$	______	  
					
		  		  	8.	  	Excess Cash Flow (Line II.B.1 + 2 – 3 – 4 – 5 – 6 – 7)	  	$	______	  
				
		  	C.	  	Aggregate principal amount of Term Loans prepaid pursuant to Section 2.05(a)	  	$	______	  
				
		  		  	Mandatory Prepayment (Line II.A x Line II.B.7 – Line II.C):	  	$	______	  
			
	 III
	  	Section 7.12 – Capital Expenditures.	  			
				
		  	A.	  	Capital Expenditures made during Fiscal Year to date:	  	$	______	  
				
		  	B.	  	Capital Expenditures that could have been made pursuant to Section 7.12 during prior Fiscal Year but which were not made:	  	$	______	  
				
		  	C.	  	Maximum permitted Capital Expenditures
 ($45 million + Line
III.B):
	  	$	______	  

  
 D - 6

 Form of Compliance Certificate 

 EXHIBIT E-1 

ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]2 Assignor identified in item 1 below ([the][each, an]
“Assignor”) and [the][each]3 Assignee
identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]4 hereunder are several and not joint.]5 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and
made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each]
Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the
Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity
as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of
[the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and
(ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by [the][any] Assignor. 
  

 

	2 	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first
bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	3 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple
Assignees, choose the second bracketed language. 

	4
 	 Select as appropriate. 

	5 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 E-1 - 1

 Form of Assignment and Assumption 

	1.	Assignor[s]: ______________________________ 

	 	  	         ______________________________ 

 

	2.	Assignee[s]: ______________________________ 

	 	  	         ______________________________ 

	  	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]] 

 

	3.	Borrowers: Exopack, LLC and Cello-Foil Products, Inc. 

  

	4.	Administrative Agent: Bank of America, N.A., as the Administrative Agent under the Credit Agreement 

 

	5.	Credit Agreement: Credit Agreement, dated as of May __, 2011, among Exopack, LLC, Cello-Foil Products, Inc., Exopack Holding Corp., Exopack Key Holdings, LLC,
certain subsidiaries of the Borrowers, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent 

  

	6.	Assigned Interest: 

  

																									
	 Assignor[s]6
	  	Assignee[s]7	 	  	Facility
Assigned8	 	  	Aggregate
Amount of
Commitment/Loans
for all Lenders9	 	  	Amount of
Commitment/
Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans10	 	 	CUSIP
Number	 
		  				  	 	_________	  	  	$	________________	  	  	$	_________	  	  	 	____________	% 	 			
		  				  	 	_________	  	  	$	________________	  	  	$	_________	  	  	 	____________	% 	 			
		  				  	 	_________	  	  	$	________________	  	  	$	_________	  	  	 	____________	% 	 			

  

	[7.	 Trade Date: __________________]11 

 Effective Date: __________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

 
  

	6 	 List each Assignor, as appropriate. 

	7 	 List each Assignee, as appropriate. 

	8 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.
“Term B Commitment”, etc.). 

	9 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments
made between the Trade Date and the Effective Date. 

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

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

  
 E-1 - 2

 Form of Assignment and Assumption 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	 ASSIGNOR

[NAME OF ASSIGNOR]

		
	By:	 	 
		 	Title:
	
	 ASSIGNEE

[NAME OF ASSIGNEE]

		
	By:	 	 
		 	Title:

 [Consented to
and]12 Accepted: 

 

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 
		 	Title:

 [Consented to:]13 

 

			
	EXOPACK, LLC
		
	By:	 	 
		 	Title:
	
	CELLO-FOIL PRODUCTS, INC.
		
	By:	 	 
		 	Title:

  

 

	12 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	13	 To be added only
if the consent of the Borrowers is required by the terms of the Credit Agreement. 

  
 E-1 - 3

 Form of Assignment and Assumption 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties.

 1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of
their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrowers, any of their Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document. 
 1.2. Assignee. [The][Each] Assignee (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it meets all the requirements to be an assignee under Section 11.06(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under
Section 11.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its
decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent
financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of
the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 E-1 - 4

 Form of Assignment and Assumption 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the
relevant] Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This
Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and
Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 E-1 - 5

 Form of Assignment and Assumption 

 EXHIBIT E-2 

FORM OF ADMINISTRATIVE QUESTIONNAIRE 
 Attached. 

  
 E-2 - 1

 Form of Administrative Questionnaire 

 EXHIBIT E-3 

AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION 

1. This Affiliated Lender Assignment and Assumption (this “Assignment and Assumption”) is dated as
of the Effective Date set forth below and is entered into by and between [the][each]14 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]15 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that
the rights and obligations of [the Assignors][the Assignees]16 hereunder are several and not joint.]17 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is
hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 2. For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective
Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date
inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement
and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the
respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in
their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and
assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an]
“Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

  

	14 	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first
bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	15 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first
bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	16 	 Select as appropriate. 

	17 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 E-3 - 1

 Affiliated Lender Assignment and Assumption 

	1.	Assignor[s]: ______________________________ 

___________________________[, in its capacity as an Affiliated Lender]18 

 

	2.	Assignee[s]: ______________________________ 

___________________________[, in its capacity as an Affiliated Lender]19 

 

	3.	Borrowers: Exopack, LLC and Cello-Foil Products, Inc. 

  

	4.	Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement 

 

	5.	Credit Agreement: Credit Agreement, dated as of May __, 2011, among Exopack, LLC, Cello-Foil Products, Inc., Exopack Holding Corp., Exopack Key Holdings, LLC,
certain subsidiaries of the Borrowers, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent 

  

	6.	Assigned Interest: 

  

																							
	 Assignor[s]20
	  	 Assignee[s]21
	  	Facility
Assigned22	 	  	Aggregate
Amount of
Commitment/Loans
for all Lenders23	 	  	Amount of
Commitment/
Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans24	 	 	CUSIP
Number	 
		  		  	 	_________	  	  	$	________________	  	  	$	_________	  	  	 	____________	% 	 			
		  		  	 	_________	  	  	$	________________	  	  	$	_________	  	  	 	____________	% 	 			
		  		  	 	_________	  	  	$	________________	  	  	$	_________	  	  	 	____________	% 	 			

  

	[7.	 Trade Date: __________________]25 

 

	18 	 Include if an Affiliated Lender 

	19 	 Include if an Affiliated Lender 

	20 	 List each Assignor, as appropriate. 

	21 	 List each Assignee, as appropriate. 

	22 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.
“Term B Commitment”, etc.). 

	23 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments
made between the Trade Date and the Effective Date. 

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

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

  
 E-3 - 2

 Affiliated Lender Assignment and Assumption 

 Effective Date: __________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

  
 E-3 - 3

 Affiliated Lender Assignment and Assumption 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR][, in its capacity as an Affiliated Lender]26
		
	By:	 	 
		 	Title:
	
	ASSIGNEE
	[NAME OF ASSIGNEE][, in its capacity as an Affiliated Lender]27
		
	By:	 	 
		 	Title:

 Consented to and Accepted: 

BANK OF AMERICA, N.A., as Administrative Agent 

			
		
	By:	 	 
		 	Title:

  

	26 	 Include if an Affiliated Lender 

	27 	 Include if an Affiliated Lender 

  
 E-3 - 4

 Affiliated Lender Assignment and Assumption 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 
 AFFLIATED LENDER ASSIGNMENT AND ASSUMPTION 
 1. Representations and
Warranties 
 1.1 Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers,
any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrowers, any of their Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document. 
 1.2 Assignee. [The][Each] Assignee (a) represents and warrants that
(i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it meets all the requirements to be an assignee under Section 11.06(b) of the Credit Agreement (subject to such consents, if any, as may be required under Section 11.06(b) of the Credit Agreement), (iii) from
and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the] [the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is
sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in
acquiring assets of such type, (v) it has received a copy of the Credit Agreement, received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof,
as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and
to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, (a) attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by
[the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to
be performed by it as a Lender. 

  
 E-3 - 5

 Affiliated Lender Assignment and Assumption 

 1.3 Affiliated Lenders. The Affiliated Lender, in its capacity as the
[Assignor][Assignee] represents and warrants (i) it is a Affiliated Lender and acknowledges that it is bound by and agrees to be subject to Section 11.06(b)(vii) of the Credit Agreement, (ii) no Default or Event of Default has
occurred or is continuing or would result from the consummation of the transactions contemplated by this Assignment and Assumption, (iii) after giving effect to this Assignment and Assumption, the aggregate principal amount of all Loans held by
all Affiliated Lenders constitutes less than 15% of the aggregate principal amount of all Loans then outstanding, (iv) it does not have any material non-public information with respect to the Borrowers that (a) has not been disclosed to
the Lenders (other than Lenders that do not wish to receive material non-public information with respect to Holdings, Intermediate Holdings, the Borrowers, any of their Subsidiaries or Affiliates) prior to the date hereof and (b) could
reasonably be expected to have a material effect upon, or otherwise be material, (x) to a Lender’s decision to participate in any assignment pursuant to Section 11.06 of the Credit Agreement or (y) to the market price of
the Loans, and (v) after giving effect to any such assignment, if Affiliated Lenders shall, in the aggregate, own or hold Loans with an aggregate principal amount in excess of 15% of the original principal amount of all Loans then outstanding,
then (1) the portion of the assigned Loans in excess of such 15% limit shall be null and void and the Register shall be modified to reflect such void portion of the assigned Loans, and (2) the assigning Lender shall refund to the
Affiliated Lender a pro rata portion of the purchase price of the Loans assigned pursuant to the Affiliated Lender Assignment and Assumption, which pro rata portion shall reflect the amount of Loans voided pursuant to subclause (1) above and
(vi) that the Administrative Agent does not have any affirmative obligation to determine whether the Loans held by Affiliated Lenders exceed the 15% limit set forth in clause (v). 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each]
Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have
accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York. 

  
 E-3 - 6

 Affiliated Lender Assignment and Assumption 

 EXHIBIT F 

FORM OF GUARANTY 

  
 F - 1

 Form of Guaranty 

 EXHIBIT G 

FORM OF SECURITY AGREEMENT 

  
 G - 1

 Form of Security Agreement 

 EXHIBIT H 

PLEDGE AGREEMENT 

  
 H - 1

 Form of Mortgage 

 EXHIBIT I 

FORM OF AUCTION PROCEDURE 
 This Exhibit I is intended to summarize certain basic terms of the modified Dutch auction procedures pursuant to and in accordance with the terms and conditions of Section 2.16 of
the Credit Agreement (as defined below), of which this Exhibit I is a part. It is not intended to be a definitive statement of all of the terms and conditions of a modified Dutch auction, the definitive terms and conditions for which shall be
set forth in the Auction Notice (as defined below). None of the Administrative Agent, the Auction Manager, or any of its Affiliates makes any recommendation pursuant to any Auction Notice as to whether or not any Lender should participate in a
Discounted Voluntary Prepayment Offer, nor shall the decision by the Administrative Agent or the Auction Manager (or any of their Affiliates) in its capacity as a Lender to participate in a Discounted Voluntary Prepayment Offer be deemed to
constitute such a recommendation. Each Lender should make its own decision as to whether to participate in a Discounted Voluntary Prepayment Offer and as to the price to be sought for such Term Loans. In addition, each Lender should consult its own
attorney, business advisor or tax advisor as to legal, business, tax and related matters concerning each Discounted Voluntary Prepayment Offer and the Auction Notice. Capitalized terms not otherwise defined in this Exhibit I have the meanings
assigned to them in the Credit Agreement, dated as of May ___, 2011, among Exopack, LLC, Cello-Foil Products, Inc., Exopack Key Holdings, LLC, Exopack Holding Corp., certain subsidiaries of Exopack Key Holdings, LLC, Bank of America, N.A., as
administrative agent and the other lenders party thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

(a) Notice Procedures. In connection with each Discounted Voluntary Prepayment Offer, the Borrowers will provide notification to
the Auction Manager for distribution to the Lenders of the Term Loans (each, an “Auction Notice”). Each Auction Notice shall contain (i) the aggregate amount of the Term Loans that the Borrowers offer to prepay in such
Discounted Voluntary Prepayment Offer (the “Auction Amount”), which may be expressed at the election of the Borrowers as either (A) the total par principal amount of the Series of Term Loans offered to be prepaid or
(B) the total cash amount offered to be paid pursuant to the auction described herein (the “Auction”); (ii) the range of discounts to par (the “Discount Range”), expressed as a range of prices per $1,000,
at which the Borrowers would be willing to prepay Term Loans in such Discounted Voluntary Prepayment Offer; provided that the par principal amount of the Term Loans offered to be prepaid in each Auction shall be in a minimum aggregate amount of
$5,000,000 and with minimum increments of $1,000,000 (it being understood that the par principal amount of Term Loans actually prepaid may be less than the minimum amount in the event that the aggregate par principal amount of Term Loans actually
offered to be available for prepayment by Lenders in such Auction is less than the minimum amount); (iii) the date on which such Discounted Voluntary Prepayment Offer will conclude, on which date Return Bids (as defined below) will be due by
1:00 p.m, which date shall be at least five Business Days following the date of the Discounted Prepayment Option Notice (as such date and time may be extended by the Auction Manager, the “Expiration Time”); and (iv) any other
conditions specified by the Borrowers that must be satisfied for the Borrowers to be obligated to consummate such Discounted Voluntary Prepayment Offer. Such Expiration Time may be extended upon notice by the Borrowers to the Auction Manager
received not less than 24 hours 

  
 I-1

 Form of Auction Procedures 

 
before the original Expiration Time. The terms of the Auction Notice may be amended upon notice by the Borrowers to the Auction Manager received not less than 24 hours before the original
Expiration Time. A Discounted Voluntary Prepayment Offer shall be regarded as a “failed discounted voluntary prepayment offer” in the event that either (x) the Borrowers withdraw such Discounted Voluntary Prepayment Offer in
accordance with the terms hereof or as set forth in Section 2.16 of the Credit Agreement or (y) the Expiration Time occurs with no Qualifying Bids having been received. In the event of a failed Discounted Voluntary Prepayment Offer,
the Borrower shall not be permitted to deliver a new Auction Notice prior to the date occurring three Business Days after such withdrawal or Expiration Time, as the case may be. Notwithstanding anything to the contrary contained herein, the
Borrowers shall not initiate any Discounted Voluntary Prepayment Offer by delivering an Auction Notice to the Auction Manager until after the conclusion (whether successful or failed) of the previous Discounted Voluntary Prepayment Offer (if any),
whether such conclusion occurs by withdrawal of such previous Discounted Voluntary Prepayment Offer or the occurrence of the Expiration Time of such previous Discounted Voluntary Prepayment Offer. 

(b) Reply Procedures. In connection with any Discounted Voluntary Prepayment Offer, each Lender wishing to participate in such
Discounted Voluntary Prepayment Offer shall, prior to the Expiration Time, provide the Auction Manager with a notice of participation, in the form included in the Auction Notice (each, a “Return Bid”) which shall specify (i) a
discount to par that must be expressed as a price per $1,000 in principal amount of Term Loans (the “Reply Price”) of each Series within the applicable Discount Range and (ii) the par principal amount of Term Loans of each
Series that such Lender accepts for prepayment at its Reply Price, which must be in increments of $100,000 (the “Reply Amount”). The minimum incremental amount requirements described above shall not apply if Lender submits a Reply
Amount equal to such Lender’s entire remaining amount of its applicable Series of Term Loans. Lenders may only submit one Return Bid per Series per Discounted Voluntary Prepayment Offer, but each Return Bid may contain up to three component
bids (or such larger number of component bids as may be specified in the Auction Notice), each of which may result in a separate Qualifying Bid and each of which will not be contingent on any other component bid submitted by such Lender resulting in
a Qualifying Bid. In addition to the Return Bid, the participating Lender must execute and deliver, to be held in escrow by the Auction Manager, an assignment and acceptance in the form included in the Auction Notice (each, an “Auction
Assignment and Assumption”). The Borrowers will not prepay any Term Loans at a price that is outside of the applicable Discount Range, nor will any Return Bids (including any component bids specified therein) submitted at a price that is
outside such applicable Discount Range be considered in any calculation of the Applicable Threshold Price (as defined below). Any Lender with outstanding Term Loans whose Return Bid is not received by the Auction Manager by the Expiration Time shall
be deemed to have declined to accept any Discounted Voluntary Prepayment of any of its Term Loans at any discount to their par value within the Discount Range. 
 (c) Acceptance Procedures. Based on the Reply Prices and Reply Amounts received by the Auction Manager, the Auction Manager, in consultation with the Borrowers, will calculate the lowest purchase
price (the “Applicable Threshold Price”) for such Discounted Voluntary Prepayment Offer within the Discount Range for such Discounted Voluntary Prepayment Offer that will allow the Borrowers to complete the Discounted Voluntary

  
 I-2

 Form of Auction Procedures 

 
Prepayment Offer by prepaying the full Auction Amount (or such lesser amount of Term Loans for which the Borrowers have received Qualifying Bids). The Borrowers shall prepay Term Loans of each
Lender whose Return Bid is within the Discount Range and contains a Reply Price that is equal to or less than the Applicable Threshold Price (each, a “Qualifying Bid”). All Term Loans included in Qualifying Bids (including multiple
component Qualifying Bids contained in a single Return Bid) received at a Reply Price lower than the Applicable Threshold Price will be prepaid at the Applicable Threshold Price, subject to proration as set forth in paragraph (d) below. Each
participating Lender will receive notice of a Qualifying Bid as soon as reasonably practicable but in no case later than five Business Days from the date of the Expiration Time. 

(d) Proration Procedures. If the aggregate principal amount of all Term Loans for which Qualifying Bids have been submitted in any
given Discounted Voluntary Prepayment Offer at or below the Applicable Threshold Price would exceed the remaining portion of the Auction Amount, the Borrowers shall prepay such Loans ratably based on the relative principal amounts offered by each
Lender in an aggregate amount equal to the amount necessary to complete the prepayment of the Auction Amount. No Return Bids or any component thereof will be accepted above the Applicable Threshold Price. 

(e) Notification Procedures. The Auction Manager will calculate the Applicable Threshold Price and post the Applicable Threshold
Price and proration factor onto an internet or intranet site (including an IntraLinks, SyndTrak or other electronic workspace) in accordance with the Auction Manager’s standard dissemination practices by 4:00 p.m., on the Business Day after
which the Expiration Time occurs; provided that the failure to post such Applicable Threshold Price and proration factor by such time shall not affect the validity of such Discounted Voluntary Prepayment Offer. The Auction Manager will insert
the principal amount of Term Loans of the applicable Series to be prepaid and the applicable settlement date. 
 (f)
Prepayment Notice. Each Auction Notice shall contain the following representations and warranties by the Borrowers: 
 “No Default or Event of Default has occurred and is continuing on the date of the delivery of this Auction Notice and at the time of prepayment of any Term Loans pursuant hereto or would result from
this Discounted Voluntary Prepayment Offer or from the application of the proceeds thereof. 
 Neither Borrower
is in possession of any material non-public information with respect to Holdings, Intermediate Holdings, any Borrower or any of their Subsidiaries that (x) has not been disclosed to the Lenders (other than Lenders that do not wish to receive
material non-public information with respect to Holdings, Intermediate Holdings, any Borrower or any of their Subsidiaries) prior to such date and (y) if not disclosed to the Lenders, could reasonably be expected to have a material effect
(whether negative or positive) upon, or otherwise be material to, (1) a Lender’s decision to participate in any Auction or (2) the market price of the Term Loans subject to such Auction or Equity Interests of Borrower, Intermediate
Holdings or Holdings.” 

  
 I-3

 Form of Auction Procedures 

 (g) Additional Procedures. Once initiated by an Auction Notice, the Borrowers must,
in accordance with Section 2.16(b) of the Credit Agreement, terminate any Discounted Voluntary Prepayment Offer if it reasonably believes that it will fail to satisfy one or more of the conditions set forth in Section 2.16(a)
of the Credit Agreement which are required to be met at the time which otherwise would have been the time of prepayment of Term Loans pursuant to such Discounted Voluntary Prepayment Offer. Any Return Bid (including any component bid thereof)
delivered to the Auction Manager may not be withdrawn, modified, revoked, terminated or cancelled by a Lender. However, a Discounted Voluntary Prepayment Offer may become void if the conditions to the prepayment set forth in Section 2.16
of the Credit Agreement are not met. The Borrowers shall pay the aggregate purchase price in respect of all Qualifying Bids for which prepayment by the Borrowers are required in accordance with the foregoing provisions to the Administrative Agent
for the account of the applicable Lenders not later than 2:00 p.m. on a settlement date as determined jointly by the Borrowers and the Auction Manager (which shall be not later than ten Business Days after the date Return Bids are due). All
questions as to the form of documents and eligibility of Term Loans that are the subject of a Discounted Voluntary Prepayment Offer will be determined by the Auction Manager, in consultation with the Borrowers, and their determination will be final
and binding so long as such determination is not inconsistent with the terms of Section 2.16 of the Credit Agreement or this Exhibit I. The Auction Manager’s interpretation of the terms and conditions of the Auction Notice,
in consultation with the Borrowers, will be final and binding so long as such interpretation is not inconsistent with the terms of Section 2.16 of the Credit Agreement or this Exhibit I. None of the Administrative Agent, the
Auction Manager or any of their Affiliates assumes any responsibility for the accuracy or completeness of the information concerning the Borrowers, the Loan Parties, or any of their Affiliates (whether contained in an Auction Notice or otherwise) or
for any failure to disclose events that may have occurred and may affect the significance or accuracy of such information. This Exhibit I shall not require either Borrower to initiate any Discounted Voluntary Prepayment Offer. 

  
 I-4

 Form of Auction ProceduresThird Amended and Restated Credit Agreement

 Exhibit 10.2 

 
  

 
 EXECUTION VERSION

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 
 DATED AS OF JANUARY 31, 2006 
 AS AMENDED AND RESTATED AS OF OCTOBER 31, 2007

 AS FURTHER AMENDED AND RESTATED AS OF July 2, 2010 
 AS FURTHER AMENDED AND RESTATED AS OF May 31, 2011 
 by and among 

EXOPACK, LLC, 

CELLO-FOIL PRODUCTS, INC., 
 EXOPACK PERFORMANCE FILMS INC., and 
 EXOPACK-NEWMARKET, LTD. 

as Borrowers 
 and

 THE OTHER PERSONS PARTY HERETO THAT ARE 
 DESIGNATED AS CREDIT PARTIES 
 and 

GENERAL ELECTRIC CAPITAL CORPORATION, 
 as US Agent, US L/C Issuer and US Lender 
 and 

GE CANADA FINANCE HOLDING COMPANY, 
 as Canadian Agent, Canadian L/C Issuer and Canadian Lender 
 and 

THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO, 
 as Lenders 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 SECTION 1. AMOUNTS AND TERMS OF LOANS
	  	 	9	  
			
	 1.1
	  	US Loans	  	 	9	  
	 1.2
	  	Canadian Loans	  	 	15	  
	 1.3
	  	Interest and Applicable Margins	  	 	21	  
	 1.4
	  	Fees	  	 	24	  
	 1.5
	  	Payments	  	 	26	  
	 1.6
	  	Prepayments	  	 	28	  
	 1.7
	  	Maturity	  	 	32	  
	 1.8
	  	Eligible Accounts	  	 	32	  
	 1.9
	  	Eligible Inventory	  	 	35	  
	 1.10
	  	Loan Accounts	  	 	37	  
	 1.11
	  	Yield Protection	  	 	38	  
	 1.12
	  	Taxes	  	 	39	  
	 1.13
	  	Borrower Representative	  	 	41	  
	 1.14
	  	Currency Conversions	  	 	42	  
	 1.15
	  	Judgment Currency; Contractual Currency	  	 	42	  
	 1.16
	  	Commitment Increases	  	 	43	  
		
	 SECTION 2. CONDITIONS TO LOANS
	  	 	44	  
			
	 2.1
	  	Conditions to Initial Loans	  	 	44	  
	 2.2
	  	Conditions to All Loans	  	 	44	  
	 2.3
	  	Reserved	  	 	45	  
	 2.4
	  	Effect of Amendment and Restatement	  	 	45	  
		
	 SECTION 3. REPRESENTATIONS AND WARRANTIES
	  	 	46	  
			
	 3.1
	  	Organization and Powers	  	 	46	  
	 3.2
	  	Disclosure	  	 	47	  
	 3.3
	  	No Material Adverse Effect	  	 	48	  
	 3.4
	  	No Conflict	  	 	48	  
	 3.5
	  	Financial Statements and Projections	  	 	48	  
	 3.6
	  	Solvency	  	 	48	  
	 3.7
	  	Use of Proceeds; Margin Regulations	  	 	48	  
	 3.8
	  	Brokers	  	 	49	  
	 3.9
	  	Compliance with Laws	  	 	49	  
	 3.10
	  	Intellectual Property	  	 	49	  
	 3.11
	  	Investigations, Audits, Etc.	  	 	49	  
	 3.12
	  	Employee Matters	  	 	50	  
	 3.13
	  	Litigation; Adverse Facts	  	 	50	  
	 3.14
	  	Ownership of Property; Liens	  	 	50	  
	 3.15
	  	Environmental Matters	  	 	51	  
	 3.16
	  	ERISA/Canadian Pension Plans	  	 	52	  
	 3.17
	  	Deposit and Disbursement Accounts	  	 	53	  

  
 ii 

							
	 3.18
	  	Agreements and Other Documents	  	 	53	  
	 3.19
	  	Insurance	  	 	53	  
	 3.20
	  	Taxes and Tax Returns	  	 	54	  
	 3.21
	  	Senior Notes; Related Transactions Documents	  	 	54	  
	 3.22
	  	Senior Indebtedness and Designated Senior Indebtedness	  	 	54	  
	 3.23
	  	Transfer Pricing	  	 	55	  
		
	 SECTION 4. AFFIRMATIVE COVENANTS
	  	 	56	  
			
	 4.1
	  	Compliance with Laws and Contractual Obligations	  	 	56	  
	 4.2
	  	Insurance; Damage to or Destruction of Collateral	  	 	56	  
	 4.3
	  	Inspection; Lender Meeting	  	 	60	  
	 4.4
	  	Organizational Existence	  	 	60	  
	 4.5
	  	Environmental Matters	  	 	60	  
	 4.6
	  	Landlords’ Agreements, Bailee Letters	  	 	61	  
	 4.7
	  	Conduct of Business	  	 	62	  
	 4.8
	  	Further Assurances	  	 	62	  
	 4.9
	  	Payment of Taxes	  	 	64	  
	 4.10
	  	Cash Management Systems; Bank Accounts	  	 	64	  
	 4.11
	  	Canadian Pension and Benefit Plans	  	 	65	  
	 4.12
	  	Transfer Pricing	  	 	65	  
	 4.13
	  	Maintenance of Accounts	  	 	66	  
		
	 SECTION 5. NEGATIVE COVENANTS
	  	 	66	  
			
	 5.1
	  	Indebtedness	  	 	66	  
	 5.2
	  	Liens and Related Matters	  	 	69	  
	 5.3
	  	Investments	  	 	70	  
	 5.4
	  	Contingent Obligations	  	 	71	  
	 5.5
	  	Restricted Payments	  	 	72	  
	 5.6
	  	Restriction on Fundamental Changes	  	 	74	  
	 5.7
	  	Disposal of Assets or Subsidiary Stock	  	 	77	  
	 5.8
	  	Transactions with Affiliates	  	 	78	  
	 5.9
	  	Conduct of Business	  	 	78	  
	 5.10
	  	Changes Relating to Indebtedness	  	 	79	  
	 5.11
	  	Fiscal Year	  	 	79	  
	 5.12
	  	Press Release; Public Offering Materials	  	 	79	  
	 5.13
	  	Subsidiaries	  	 	79	  
	 5.14
	  	Deposit Accounts	  	 	79	  
	 5.15
	  	Hazardous Materials	  	 	79	  
	 5.16
	  	ERISA	  	 	79	  
	 5.17
	  	Prepayments of Other Indebtedness	  	 	80	  
	 5.18
	  	Certain Amendments	  	 	80	  
	 5.19
	  	Fixed Charge Coverage Ratio	  	 	80	  
		
	 SECTION 6. REPORTING
	  	 	81	  
			
	 6.1
	  	Financial Statements and Other Reports	  	 	81	  
	 6.2
	  	Accounting Terms; Utilization of GAAP for Purposes of Calculations Under Agreement	  	 	86	  

  
 iii

							
	 SECTION 7. DEFAULT, RIGHTS AND REMEDIES
	  	 	86	  
			
	 7.1
	  	Event of Default	  	 	86	  
	 7.2
	  	Suspension or Termination of Commitments	  	 	88	  
	 7.3
	  	Acceleration and other Remedies	  	 	89	  
	 7.4
	  	Performance by Applicable Agent	  	 	90	  
	 7.5
	  	Application of Proceeds	  	 	91	  
		
	 SECTION 8. ASSIGNMENT AND PARTICIPATION
	  	 	92	  
			
	 8.1
	  	Assignment and Participations	  	 	92	  
	 8.2
	  	Agents	  	 	95	  
	 8.3
	  	Set Off and Sharing of Payments	  	 	102	  
	 8.4
	  	Disbursement of Funds	  	 	103	  
	 8.5
	  	Disbursements of Advances; Payment	  	 	104	  
	 8.6
	  	Collateral Allocation Mechanism	  	 	107	  
		
	 SECTION 9. MISCELLANEOUS
	  	 	110	  
			
	 9.1
	  	Indemnities	  	 	110	  
	 9.2
	  	Amendments and Waivers	  	 	111	  
	 9.3
	  	Notices; Electronic Communication	  	 	112	  
	 9.4
	  	Failure or Indulgence Not Waiver; Remedies Cumulative	  	 	115	  
	 9.5
	  	Marshaling; Payments Set Aside	  	 	116	  
	 9.6
	  	Severability	  	 	116	  
	 9.7
	  	Lenders’ Obligations Several; Independent Nature of Lenders’ Rights	  	 	116	  
	 9.8
	  	Headings	  	 	116	  
	 9.9
	  	Applicable Law	  	 	116	  
	 9.10
	  	Successors and Assigns	  	 	116	  
	 9.11
	  	No Fiduciary Relationship; Limited Liability	  	 	116	  
	 9.12
	  	Construction	  	 	117	  
	 9.13
	  	Confidentiality	  	 	117	  
	 9.14
	  	CONSENT TO JURISDICTION	  	 	118	  
	 9.15
	  	WAIVER OF JURY TRIAL	  	 	118	  
	 9.16
	  	Survival of Warranties and Certain Agreements	  	 	118	  
	 9.17
	  	Entire Agreement	  	 	119	  
	 9.18
	  	Counterparts; Effectiveness	  	 	119	  
	 9.19
	  	Replacement of Lenders	  	 	119	  
	 9.20
	  	Delivery of Termination Statements and Releases	  	 	121	  
	 9.21
	  	Subordination of Intercompany Debt	  	 	121	  
		
	 SECTION 10. US CROSS-GUARANTY
	  	 	122	  
			
	 10.1
	  	US Cross-Guaranty	  	 	122	  
	 10.2
	  	Waivers by US Borrowers	  	 	122	  
	 10.3
	  	Benefit of Guaranty	  	 	123	  
	 10.4
	  	Postponement of Subrogation, Etc.	  	 	123	  
	 10.5
	  	Election of Remedies	  	 	123	  
	 10.6
	  	Limitation	  	 	124	  
	 10.7
	  	Contribution with Respect to US Guaranty Obligations	  	 	124	  

  
 iv 

							
	 10.8
	  	Liability Cumulative	  	 	125	  
		
	 SECTION 11. CANADIAN CROSS-GUARANTY
	  	 	125	  
			
	 11.1
	  	Canadian Cross-Guaranty	  	 	125	  
	 11.2
	  	Waivers by Canadian Borrowers	  	 	126	  
	 11.3
	  	Benefit of Guaranty	  	 	126	  
	 11.4
	  	Postponement of Subrogation, Etc.	  	 	126	  
	 11.5
	  	Election of Remedies	  	 	126	  
	 11.6
	  	Limitations	  	 	127	  
	 11.7
	  	Contribution with Respect to Canadian Guaranty Obligations	  	 	128	  
	 11.8
	  	Liability Cumulative	  	 	128	  

  
 v 

 INDEX OF APPENDICES 

 

					
	 Annexes
	  		  	
			
	 Annex A
	  	-  	  	Definitions
	 Annex B
	  	-  	  	Commitment Amounts
	 Annex C
	  	-  	  	Closing Checklist
	 Annex D
	  	-  	  	Lenders’ Bank Accounts
	 Annex E
	  	-  	  	Compliance Certificate
			
	 Exhibits
	  		  	
			
	Exhibit 1.1(a)(i)	  	-  	  	US Tranche A Note
	Exhibit 1.1(a)(ii)	  	-  	  	Notice of US Tranche A Revolving Credit Advance
	Exhibit 1.1(b)(iii)	  	-  	  	Request for Letter of Credit Issuance
	Exhibit 1.1(e)(i)	  	-  	  	US Tranche A1 Note
	Exhibit 1.1(e)(ii)	  	-  	  	Notice of US Tranche A1 Revolving Credit Advance
	Exhibit 1.2(a)(i)	  	-  	  	Canadian Tranche A Note
	Exhibit 1.2(a)(ii)	  	-  	  	Notice of Canadian Tranche A Revolving Credit Advance
	Exhibit 1.2(e)(i)	  	-  	  	Canadian Tranche A1 Note
	Exhibit 1.2(e)(ii)	  	-  	  	Notice of Canadian Tranche A1 Revolving Credit Advance
	Exhibit 1.3(e)	  	-  	  	Notice of Continuation/Conversion
	Exhibit 1.16	  	-  	  	Commitment Increase Request
	Exhibit 5.19	  	-  	  	Minimum Fixed Charge Coverage Ratio
	Exhibit 6.1(d)(i)	  	-  	  	Canadian Tranche A Borrowing Base Certificate
	Exhibit 6.1(d)(ii)	  	-  	  	US Tranche A Borrowing Base Certificate
	Exhibit 6.1(d)(iii)	  	-  	  	Canadian Tranche A1 Borrowing Base Certificate
	Exhibit 6.1(d)(iv)	  	-  	  	US Tranche A1 Borrowing Base Certificate
	Exhibit 8.1	  	-  	  	Assignment Agreement
			
	 Schedules
	  		  	
			
	Schedule 3.1(a)	  	-  	  	Jurisdictions of Organization and Qualifications
	Schedule 3.1(c)	  	-  	  	Capitalization
	Schedule 3.5	  	-  	  	GAAP Exceptions
	Schedule 3.7	  	-  	  	Use of Proceeds
	Schedule 3.10	  	-  	  	Intellectual Property
	Schedule 3.11	  	-  	  	Investigations and Audits
	Schedule 3.12	  	-  	  	Employee Matters
	Schedule 3.13	  	-  	  	Litigation
	Schedule 3.14	  	-  	  	Real Property
	Schedule 3.15	  	-  	  	Environmental Matters
	Schedule 3.16	  	-  	  	ERISA/Canadian Pension Plans
	Schedule 3.17	  	-  	  	Deposit and Disbursement Accounts
	Schedule 3.18	  	-  	  	Agreements and Other Documents

  
 vi 

					
	 Schedule 3.19
	  	-  	  	Insurance
	 Schedule 4.7
	  	-  	  	Corporate and Trade Names
	 Schedule 4.10
	  	-  	  	Cash Management Systems
	 Schedule 5.1
	  	-  	  	Indebtedness
	 Schedule 5.2
	  	-  	  	Liens
	 Schedule 5.3
	  	-  	  	Investments
	 Schedule 5.4
	  	-  	  	Contingent Obligations
	 Schedule 5.8
	  	-  	  	Affiliate Transactions
	 Schedule 5.9
	  	-  	  	Business Description

  
 vii

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

This THIRD AMENDED AND RESTATED CREDIT AGREEMENT is dated as of January 31, 2006, as amended and restated as of October 31,
2007, as further amended and restated as of July 2, 2010, and as further amended and restated as of May, 31, 2011 and entered into by and among EXOPACK HOLDING CORP., a Delaware corporation (“Holdings”), EXOPACK, LLC, a
Delaware limited liability company (“Exopack Op Co”), CELLO-FOIL PRODUCTS, INC., a Michigan corporation (“Cello-Foil” and together with Exopack Op Co and any other Credit Party (as defined herein) that becomes a US
Borrower hereunder, each, individually, a “US Borrower” and, collectively and jointly and severally, the “US Borrowers”), EXOPACK-NEWMARKET, LTD., an Ontario company (“Exopack Canada”), EXOPACK
PERFORMANCE FILMS INC., an Ontario corporation (“Performance Films”, and together with Exopack Canada and any other Credit Party (as defined below) that becomes a Canadian Borrower hereunder, each, individually, a “Canadian
Borrower” and, collectively and jointly and severally, the “Canadian Borrowers” and together with the US Borrowers, each individually a “Borrower” and collectively (but not jointly and severally) the
“Borrowers”), the other persons designated as “Credit Parties” on the signature pages hereto, the financial institutions who are or hereafter become parties to this Agreement as Lenders, GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (in its individual capacity “GE Capital”), as a US Lender, as initial US L/C Issuer and as US Agent, and GE CANADA FINANCE HOLDING COMPANY, a Nova Scotia unlimited liability company (in its
individual capacity, “GE Canada”), as Canadian Agent, as initial Canadian L/C Issuer and a Canadian Lender. 

RECITALS 

WHEREAS, Borrowers, the other Credit Parties signatory thereto, Lenders and Agents are parties to that certain Credit Agreement, dated as
of January 31, 2006 as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended, restated, supplemented or otherwise modified prior to the date hereof (the
“Original Credit Agreement”); 
 WHEREAS, Borrowers have requested that Lenders and Agents further amend and
restate the Original Credit Agreement; and 
 WHEREAS, upon the terms and subject to the conditions hereinafter set forth,
Lenders and Agents have agreed to so amend and restate the Original Credit Agreement; and 
 WHEREAS, Exopack Key Holdings, LLC,
a Delaware limited liability company (“Exopack Holdings”) is willing to continue (a) to guaranty all of the Obligations; (b) to pledge to Canadian Agent for its benefit and the benefit of the Canadian Lenders, all of the
Stock of its Subsidiaries; (c) to pledge to US Agent for the benefit of the US Lenders, all of the Stock of its Domestic Subsidiaries and 65% of the Voting Stock and 100% of the Non-Voting Stock of each of its first-tier Foreign Subsidiaries;
(d) to cause each of its Domestic Subsidiaries to continue (i) to guaranty the Obligations, (ii) to pledge to Canadian Agent for its benefit and the benefit of the Canadian Lenders, all of the Stock of their Subsidiaries, and
(iii) to pledge to US Agent for the benefit of the US Lenders, all of the Stock of each of their Domestic Subsidiaries and 65% of the 

 
Voting Stock and 100% of the Non-Voting Stock of each of their first-tier Foreign Subsidiaries; and (e) to cause each of its Canadian Subsidiaries to continue to guaranty the Canadian
Obligations and to pledge to Canadian Agent all of the Stock of each of their Subsidiaries; and 
 WHEREAS, US Borrowers and
each of the other US Credit Parties desire to continue to secure all of the Obligations under the Loan Documents by granting to the US Agent, for the benefit of Agents and Lenders, a security interest in and lien upon substantially all of their real
and personal property; and 
 WHEREAS, Canadian Borrowers and each of the other Canadian Credit Parties desire to continue to
secure all of the Canadian Obligations under the Loan Documents by granting to the Canadian Agent, for the benefit of Canadian Agent and Canadian Lenders, a security interest in and lien upon substantially all of their property (other than real and
personal property, plants and Equipment); and 
 WHEREAS, all capitalized terms herein shall have the meanings ascribed thereto
in Annex A hereto which is incorporated herein by reference. 
 NOW, THEREFORE, in consideration of the premises and the
agreements, provisions and covenants herein contained, Holdings, Borrowers, the other Credit Parties party hereto, Lenders, L/C Issuers and Agents agree that the Original Credit Agreement is amended and restated in its entirety as follows:

 SECTION 1. 
 AMOUNTS AND TERMS OF LOANS 
 1.1 US Loans. Subject to the
terms and conditions of this Agreement and in reliance upon the representations and warranties of Borrowers and the other Credit Parties contained herein: 
 (a) US Tranche A Loan. 
 (i) Each US Tranche A Lender
agrees, severally and not jointly, to make available to US Borrowers from time to time until the US Tranche A Commitment Termination Date its Pro Rata Share of advances denominated in Dollars (each a “US Tranche A Revolving Credit
Advance”) requested by US Borrower Representative on behalf of any US Borrower hereunder. The Pro Rata Share of the US Tranche A Loan of any US Tranche A Lender shall not at any time exceed its separate US Tranche A Loan Commitment.
Moreover, the US Tranche A Loan outstanding to the US Borrowers shall not exceed at any time the Aggregate US Tranche A Borrowing Base. US Tranche A Revolving Credit Advances may be borrowed, repaid and reborrowed from time to time until the US
Tranche A Commitment Termination Date; provided, that any US Tranche A Revolving Credit Advance to be made at any time shall not exceed US Tranche A Borrowing Availability at such time. US Tranche A Borrowing Availability may be further
reduced by Reserves imposed by US Agent in its reasonable credit judgment acting in good faith, and without double-counting for Reserves already taken into account in determining US Tranche A Borrowing Availability. The US Tranche A Loan shall be
repaid in full on the US Tranche A Commitment Termination Date. Upon request of a US Tranche A Lender, US Borrowers shall jointly and severally execute and 

  
 9 

 
deliver to such US Tranche A Lender a note to evidence the US Tranche A Loan Commitment of that US Tranche A Lender. Each such note shall be in the principal amount of the US Tranche A Loan
Commitment of the applicable US Tranche A Lender denominated in Dollars, dated the date such requesting US Tranche A Lender became a US Tranche A Lender hereunder and substantially in the form of Exhibit 1.1(a)(i) (each as amended, modified,
extended, substituted, or replaced from time to time, a “US Tranche A Note” and, collectively, the “US Tranche A Notes”). Other than pursuant to Section 1.1(a)(ii), if at any time (x) the principal
amount of the outstanding US Tranche A Loan exceeds the lesser of the Aggregate US Tranche A Borrowing Base or the US Tranche A Loan Commitment, (y) the principal amount of the outstanding US Tranche A Loan of any US Borrower exceeds that US
Borrower’s separate US Tranche A Borrowing Base or (z) the principal amount of the outstanding US Tranche A Loan together with the Dollar Equivalent of the principal amount of the Canadian Loan exceeds the US Tranche A Loan Commitment (any
such excess US Tranche A Loan is herein referred to as a “US Overadvance” and, collectively, as “US Overadvances”), (A) US Tranche A Lenders shall not be obligated to make US Tranche A Revolving Credit
Advances, and (B) no additional US Letters of Credit shall be issued and, except as provided in Section 1.1(a)(ii) below, the US Tranche A Loan must be repaid immediately and US Letters of Credit cash collateralized in an amount
sufficient to eliminate any US Overadvance. All US Overadvances shall constitute US Index Rate Loans and, at the election of US Agent, shall bear interest at the Default Rate. US Tranche A Revolving Credit Advances which are to be made as US Index
Rate Loans may be requested in any amount with written notice prior to 1:00 p.m. (New York time) on the Business Day immediately prior to the Business Day on which such US Tranche A Revolving Credit Advance is to be made for funding requests
equal to or greater than $1,000,000. For funding requests for such US Index Rate Loans less than $1,000,000, written notice must be provided by 1:00 p.m. (New York time) on the Business Day on which the US Tranche A Revolving Credit Advance is to be
made. All requests for US Tranche A Revolving Credit Advances that are to be made as LIBOR Loans shall require at least three (3) Business Days’ prior written notice from the Business Day on which such US Tranche A Revolving Credit Advance
is to be made. Written notices for funding requests under the US Tranche A Loan Commitment shall be in the form attached as Exhibit 1.1(a)(ii) (“Notice of US Tranche A Revolving Credit Advance”). 

(ii) If US Borrower Representative on behalf of US Borrowers requests that US Tranche A Lenders make, or permit to remain
outstanding a US Overadvance, US Agent may, in its sole discretion, elect to make, or permit to remain outstanding such US Overadvances; provided, however, that US Agent may not cause US Tranche A Lenders to make, or permit to remain
outstanding, (a) a US Tranche A Loan balance in excess of the aggregate amount of all US Tranche A Loan Commitments or (b) a US Overadvance in an aggregate amount in excess of 10% of the US Tranche A Loan Commitment. If a US Overadvance is
made, or permitted to remain outstanding, pursuant to the preceding sentence, then all US Tranche A Lenders shall be bound to make, or permit to remain outstanding such US Overadvance based upon their Pro Rata Shares of the US Tranche A Loan
Commitments in accordance with the terms of this Agreement. If a US Overadvance remains outstanding for more than ninety (90) consecutive days during any one hundred eighty (180) day period, the US Tranche A Loan must be repaid immediately
in an amount sufficient to eliminate all of such US Overadvance. Furthermore, Supermajority Lenders may prospectively revoke US Agent’s ability to make or permit US Overadvances by written notice to US Agent. 

  
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 (b) US Letters of Credit. The US Tranche A Loan Commitment may, in
addition to US Tranche A Revolving Credit Advances, be utilized (subject to the limitations imposed by Section 1.1(a)), upon the request of US Borrower Representative on behalf of the applicable US Borrower, for the issuance of US
Letters of Credit. Immediately upon the issuance by a US L/C Issuer of a US Letter of Credit, and without further action on the part of US Agent or any of the US Tranche A Lenders, each US Tranche A Lender shall be deemed to have purchased from such
US L/C Issuer a participation in such US Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such US Tranche A Lender’s Pro Rata Share of the aggregate amount available to be drawn under
such US Letter of Credit. 
 (i) Maximum Amount. The aggregate amount of US Letter of Credit Obligations
with respect to all US Letters of Credit outstanding or unreimbursed at any time shall not exceed $10,000,000 (“US L/C Sublimit”). 
 (ii) Reimbursement. US Borrowers shall be irrevocably and unconditionally obligated forthwith without presentment, demand, protest or other formalities of any kind (including for purposes of
Section 10), to reimburse any US L/C Issuer on demand in immediately available funds for any amounts paid by such US L/C Issuer with respect to each US Letter of Credit, including all reimbursement payments, Fees, Charges, costs and
expenses paid by such US L/C Issuer, without duplication of fees otherwise paid by any US Borrower. Each US Borrower hereby authorizes and directs US Agent, at US Agent’s option, to debit such US Borrower’s accounts (by increasing the
outstanding principal balance of the US Tranche A Revolving Credit Advances made to such US Borrower) in the amount of any payment made by any US L/C Issuer with respect to any US Letter of Credit and to pay such amounts to such US L/C Issuer, and a
Notice of US Tranche A Revolving Credit Advance requesting a US Index Rate Loan in such amount shall be deemed to have been timely given on such date. All amounts paid by a US L/C Issuer with respect to any US Letter of Credit that are not
immediately repaid by US Borrowers with the proceeds of a US Tranche A Revolving Credit Advance or otherwise shall bear interest payable on demand at the interest rate applicable to US Tranche A Revolving Credit Advances which are US Index Rate
Loans plus, at the election of US Agent or Requisite Lenders, an additional two percent (2.00%) per annum. Each US Tranche A Lender agrees to fund its Pro Rata Share of any US Tranche A Loan made pursuant to this Section 1.1(b)(ii).
In the event US Agent elects not to debit a US Borrower’s account, such US Borrower fails to reimburse the applicable US L/C Issuer in full on the date of any payment in respect of a US Letter of Credit for the benefit of such US Borrower and
the other US Borrowers fail to reimburse the applicable US L/C Issuer in full on the date of any payment in respect of a US Letter of Credit, US Agent shall promptly notify each US Tranche A Lender of the amount of such unreimbursed payment and the
accrued interest thereon and each US Tranche A Lender shall, prior to 3:00 p.m. (New York time) on the next Business Day deliver to US Agent an amount equal to its Pro Rata Share thereof in same day funds. Each US Tranche A Lender hereby
absolutely and unconditionally agrees to pay to the applicable US L/C Issuer upon demand by such US L/C Issuer such US Tranche A Lender’s Pro Rata Share of each payment made by such US L/C Issuer in respect of a US Letter of Credit and not
reimbursed within one (1) Business Day by US Borrowers or satisfied through a debit of US Borrowers’ account. Each US Tranche A Lender acknowledges and agrees that its obligations pursuant to this subsection in respect of US Letters of
Credit are absolute and unconditional and shall not be affected by any 

  
 11 

 
circumstance whatsoever, including setoff, counterclaim, the occurrence and continuance of a Default or an Event of Default or any failure by Borrowers to satisfy any of the conditions set forth
in Section 2.2. If any US Tranche A Lender fails to make available to any US L/C Issuer the amount of such US Tranche A Lender’s Pro Rata Share of any payments made by such US L/C Issuer in respect of a US Letter of Credit as
provided in this Section 1.1(b)(ii), the applicable US L/C Issuer shall be entitled to recover such amount on demand from such US Tranche A Lender together with interest at the US Index Rate. 

(iii) Request for US Letters of Credit. US Borrower Representative shall give US Agent written notice, at least
three (3) Business Days prior to the requested issuance date for any US Letter of Credit, specifying (u) the date such US Letter of Credit is requested to be issued, (v) the face amount of such US Letter of Credit, (w) the name
and address of the beneficiary, (x) a description of the transactions proposed to be supported thereby, (y) the US Borrower for whose account such US Letter of Credit is to be issued and (z) the expiry date (or extended expiry date)
of such US Letter of Credit. Each request by US Borrower Representative for the issuance of a US Letter of Credit shall be in the form of Exhibit 1.1(b)(iii). If US Agent informs US Borrower Representative that no US L/C Issuer can issue the
requested US Letter of Credit directly, such US Borrower Representative may request that a US L/C Issuer arrange for the issuance of the requested US Letter of Credit under a risk participation agreement with another financial institution reasonably
acceptable to US Agent, such US L/C Issuer and the US Borrower Representative. The issuance of any US Letter of Credit under this Agreement shall be subject to satisfaction of the conditions set forth in Section 2.2 and the conditions
that the applicable US Letter of Credit (i) supports a transaction benefiting US Borrowers or any of their wholly-owned Subsidiaries and (ii) is in a form and contains such terms and conditions as are reasonably satisfactory to applicable
US L/C Issuer and, in the case of standby letters of credit, US Agent. The initial notice requesting the issuance of a US Letter of Credit shall be accompanied by the form of the US Letter of Credit and the Master Standby Agreement, and an
application for a US Letter of Credit, if any, then required by the US L/C Issuer completed in a manner reasonably satisfactory to such US L/C Issuer. If any provision of any application or reimbursement agreement is inconsistent with the terms of
this Agreement, then the provisions of this Agreement, to the extent of such inconsistency, shall control. 
 (iv) Expiration Dates of US Letters of Credit. The expiration date of each US Letter of Credit shall be on a date which is not later than the earlier of (a) one year from its date of issuance
or (b) the tenth (10th) day prior to the date
set forth in clause (a) of the definition of the term US Tranche A Commitment Termination Date. Notwithstanding the foregoing, a US Letter of Credit may provide for automatic extensions of its expiration date for one (1) or more successive
one (1) year periods provided that the US L/C Issuer has the right to terminate such US Letter of Credit on each such annual expiration date and no renewal term may extend the term of the US Letter of Credit to a date that is later than the
tenth (10th) day prior to the date set forth in
clause (a) of the definition of the term US Tranche A Commitment Termination Date. The applicable US L/C Issuer may elect not to renew any US Letter of Credit issued by it and, upon direction by US Agent or Requisite Lenders, shall not renew
any such US Letter of Credit at any time during the continuance of an Event of Default, provided that, in the case of a direction by US Agent or Requisite Lenders, the applicable US L/C Issuer receives such directions prior to the date notice
of non-renewal is required to be given by such US L/C Issuer and such US L/C Issuer has had a reasonable period of time to act on such notice. 

  
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 (v) Obligations Absolute. The obligation of US Borrowers to reimburse
the US L/C Issuers, US Agent and US Tranche A Lenders for payments made in respect of US Letters of Credit issued by any US L/C Issuer shall be unconditional and irrevocable and shall be paid under all circumstances strictly in accordance with the
terms of this Agreement, including the following circumstances: (a) any lack of validity or enforceability of any Letter of Credit; (b) any amendment or waiver of or any consent or departure from all or any of the provisions of any Letter
of Credit or any Loan Document; (c) the existence of any claim, set-off, defense or other right which Borrowers, any of their Subsidiaries or Affiliates or any other Person may at any time have against any beneficiary of any Letter of Credit,
any Agent, any L/C Issuer, any Lender or any other Person, whether in connection with this Agreement, any other Loan Document or any other related or unrelated agreements or transactions; (d) any draft or other document presented under any
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; (e) payment under any Letter of Credit against presentation of a draft or other
document that does not substantially comply with the terms of such Letter of Credit; or (f) any other act or omission to act or delay of any kind of any L/C Issuer, any Agent, any Lender or any other Person or any other event or circumstance
whatsoever that might, but for the provisions of this Section 1.1(b)(v), constitute a legal or equitable discharge of US Borrowers’ obligations hereunder. Without limiting the generality of the foregoing, it is expressly understood
and agreed by US Borrowers that the absolute and unconditional obligation of US Borrowers to US Agent and US Tranche A Lenders hereunder to reimburse payments made under a US Letter of Credit will not be excused by the gross negligence or willful
misconduct of the applicable US L/C Issuer. However, the foregoing shall not be construed to excuse any US L/C Issuer from claims which US Borrowers may assert against such US L/C Issuer subject to the terms of the Master Standby Agreement.

 (vi) Obligations of US L/C Issuers. Each US L/C Issuer (other than GE Capital) hereby agrees that it
will not issue a US Letter of Credit hereunder until it has provided US Agent with written notice specifying the amount and intended issuance date of such US Letter of Credit and US Agent has returned a written acknowledgment of such notice to US
L/C Issuer (such notices and acknowledgements to be given promptly). Each US L/C Issuer (other than GE Capital) further agrees to provide to US Agent: (a) a copy of each US Letter of Credit issued by such US L/C Issuer promptly after its
issuance; (b) a weekly report summarizing available amounts under US Letters of Credit issued by such US L/C Issuer, the dates and amounts of any draws under such US Letters of Credit, the effective date of any increase or decrease in the face
amount of any US Letters of Credit during such week and the amount of any unreimbursed draws under such US Letters of Credit; and (c) such additional information reasonably requested by US Agent from time to time with respect to the US Letters
of Credit issued by such US L/C Issuer. 

  
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 (c) Funding Authorization. Subject to the next sentence hereof, the
proceeds of all US Loans made pursuant to this Agreement subsequent to the Closing Date are to be funded by US Agent by wire transfer to the account designated by US Borrower Representative below (the “US Disbursement Account”):

  

			
	 Bank:
	  	Bank of America
	ABA No.:	  	XXXXXXXXXXXX
	Bank Address:	  	101 S. Tryon Street
		  	Charlotte, North Carolina 28255
	Account No.:	  	XXXXXXXXXXXX

 US Borrower Representative shall provide US
Agent with written notice of any change in the foregoing instructions at least three (3) Business Days before the desired effective date of such change. 
 (d) In this Agreement whenever it is necessary to compare or add the outstanding balance of the US Loans or the US Loan Commitments or any portion thereof, to the outstanding balance of the Canadian Loans
or Canadian Commitments, or any portion thereof, such Revolving Loans and Commitments will be expressed in the Dollar Equivalent thereof 
 (e) US Tranche A1 Loan. Each US Tranche A1 Lender agrees, severally and not jointly, to make available to US Borrowers from time to time until the US Tranche A1 Commitment Termination Date its Pro
Rata Share of advances denominated in Dollars (each a “US Tranche A1 Revolving Credit Advance”) requested by US Borrower Representative on behalf of any US Borrower hereunder. The Pro Rata Share of the US Tranche A1 Loan of any US
Tranche A1 Lender shall not at any time exceed its separate US Tranche A1 Loan Commitment. Moreover, the US Tranche A1 Loans outstanding to the US Borrowers shall not exceed at any time the Aggregate US Tranche A1 Borrowing Base. US Tranche A1
Revolving Credit Advances may be borrowed, repaid and reborrowed from time to time until the US Tranche A1 Commitment Termination Date; provided, that any US Tranche A1 Revolving Credit Advance to be made at any time shall not exceed US
Tranche A1 Borrowing Availability at such time. The US Tranche A1 Loan shall be repaid in full on the US Tranche A1 Commitment Termination Date. Upon request of a US Tranche A1 Lender, US Borrowers shall jointly and severally execute and deliver to
such US Tranche A1 Lender a note to evidence the US Tranche A1 Loan Commitment of that US Tranche A1 Lender. Each such note shall be in the principal amount of the US Tranche A1 Loan Commitment of the applicable US Tranche A1 Lender denominated in
Dollars, dated the date such requesting US Tranche A1 Lender became a US Tranche A1 Lender hereunder and substantially in the form of Exhibit 1.1(e)(i) (each as amended, modified, extended, substituted, or replaced from time to time, a
“US Tranche A1 Note” and, collectively, the “US Tranche A1 Notes”). US Tranche A1 Revolving Credit Advances which are to be made as US Index Rate Loans may be requested in any amount with written notice prior to
1:00 p.m. (New York time) on the Business Day immediately prior to the Business Day on which the US Tranche A1 Loan is to be made for funding requests equal to or greater than $1,000,000. For funding requests for such US Index Rate Loans less
than $1,000,000, written notice must be provided by 1:00 p.m. (New York time) on the Business Day on which the US Tranche A1 Loan is to be made. All requests for US Tranche A1 Revolving Credit Advances that are to be made as LIBOR Loans require at
least three (3) Business Days’ prior written notice. Written notices for funding requests under the US Tranche A1 Loan Commitment shall be in the form attached as Exhibit 1.1(e)(ii) (“Notice of US Tranche A1 Revolving Credit
Advance”). 

  
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 1.2 Canadian Loans. Subject to the terms and conditions of this Agreement and in
reliance upon the representations and warranties of Borrowers and the other Credit Parties contained herein: 

(a) Canadian Tranche A Loan. 

(i) Each Canadian Tranche A Lender agrees, severally and not jointly, to make available to Canadian Borrowers from time to
time until the Canadian Tranche A Commitment Termination Date its Pro Rata Share of advances denominated in Canadian Dollars (each a “Canadian Tranche A Revolving Credit Advance”) requested by Canadian Borrower Representative on
behalf of any Canadian Borrower hereunder. The Pro Rata Share of the Canadian Tranche A Loan of any Canadian Tranche A Lender shall not at any time exceed its separate Canadian Tranche A Loan Commitment. Moreover, the Canadian Tranche A Loans
outstanding to the Canadian Borrowers shall not exceed at any time the Aggregate Canadian Tranche A Borrowing Base. Canadian Tranche A Revolving Credit Advances may be borrowed, repaid and reborrowed from time to time until the Canadian Tranche A
Commitment Termination Date; provided, that any Canadian Tranche A Revolving Credit Advance to be made at any time shall not exceed Canadian Tranche A Borrowing Availability at such time. Canadian Tranche A Borrowing Availability may be
further reduced by Reserves imposed by Canadian Agent in its reasonable credit judgment acting in good faith and without double-counting for Reserves already taken into account in determining Canadian Tranche A Borrowing Availability. The Canadian
Tranche A Loan shall be repaid in full on the Canadian Tranche A Commitment Termination Date. Upon request of a Canadian Tranche A Lender, each Canadian Borrower shall execute and deliver to such Canadian Tranche A Lender a note to evidence the
Canadian Tranche A Loan Commitment of that Canadian Tranche A Lender. Each such note shall be in the principal amount of the Canadian Tranche A Loan Commitment of the applicable Canadian Tranche A Lender denominated in Canadian Dollars, dated the
date such requesting Canadian Tranche A Lender became a Canadian Tranche A Lender hereunder and substantially in the form of Exhibit 1.2(a)(i) (each as amended, modified, extended, substituted, or replaced from time to time, a
“Canadian Tranche A Note” and, collectively, the “Canadian Tranche A Notes”). Other than pursuant to Section 1.2(a)(ii), if at any time (x) the principal amount of the outstanding Canadian Tranche A
Loan exceeds the lesser of the Aggregate Canadian Tranche A Borrowing Base or the Canadian Tranche A Loan Commitment, (y) the Dollar Equivalent of the principal amount of the outstanding Canadian Tranche A Loan of any Canadian Borrower exceeds
that Canadian Borrower’s separate Canadian Tranche A Borrowing Base or (z) the Dollar Equivalent of the principal amount of the outstanding Canadian Tranche A Loan together with the Dollar Equivalent of the principal amount of the US
Tranche A Loan exceeds the US Tranche A Loan Commitment (any such excess Canadian Tranche A Loan is herein referred to collectively as “Canadian Overadvances”), (A) Canadian Tranche A Lenders shall not be obligated to make
Canadian Tranche A Revolving Credit Advances and (B) no additional Canadian Letters of Credit shall be issued and, except as provided in Section 1.2(a)(ii) below, the Canadian Tranche A Loan must be repaid immediately and Canadian
Letters of Credit cash collateralized in an amount sufficient to eliminate any Canadian Overadvance. All Canadian Overadvances shall constitute Canadian Index Rate Loans and, at the election of Canadian Agent, shall bear interest at the Default
Rate. Canadian Tranche A Revolving Credit Advances which are to be made as Canadian Index Rate Loans may be requested in any amount with written notice prior to 

  
 15 

 
1:00 p.m. (Toronto time) on the Business Day immediately prior to the Business Day on which the Canadian Tranche A Revolving Credit Advances is to be made for funding requests equal to or
greater than Cdn$1,000,000. For funding requests for such Canadian Index Rate Loans less than Cdn$1,000,000, written notice must be provided by 1:00 p.m. (Toronto time) on the Business Day on which the Canadian Tranche A Revolving Credit Advances is
to be made. All requests for Canadian Tranche A Revolving Credit Advances that are to be made as BA Rate Loans require written notice prior to 1:00 pm (Toronto time) on a Business Day at least three (3) Business Days’ prior to the Business
Day on which such Canadian Tranche A Revolving Credit Advances is to be made. Written notices for funding requests under the Canadian Tranche A Loan Commitment shall be in the form attached as Exhibit 1.2(a)(ii) (“Notice of Canadian
Tranche A Revolving Credit Advance”). 
 (ii) If Canadian Borrower Representative on behalf of Canadian
Borrowers requests that Canadian Tranche A Lenders make, or permit to remain outstanding a Canadian Overadvance, Canadian Agent may, in its sole discretion, elect to make, or permit to remain outstanding such Canadian Overadvances; provided,
however, that Canadian Agent may not cause Canadian Tranche A Lenders to make, or permit to remain outstanding, (a) a Canadian Tranche A Loan balance in excess of the aggregate amount of all Canadian Tranche A Loan Commitments or
(b) a Canadian Overadvance in an aggregate amount in excess of 10% of the Canadian Tranche A Loan Commitment. If a Canadian Overadvance is made, or permitted to remain outstanding, pursuant to the preceding sentence, then all Canadian Tranche A
Lenders shall be bound to make, or permit to remain outstanding such Canadian Overadvance based upon their Pro Rata Shares of the Canadian Tranche A Loan Commitments in accordance with the terms of this Agreement. If a Canadian Overadvance remains
outstanding for more than ninety (90) days during any one hundred eighty (180) day period, the Canadian Tranche A Loan must be repaid immediately in an amount sufficient to eliminate all of such Canadian Overadvance. Furthermore, holders
of a majority of the Canadian Tranche A Commitment may prospectively revoke Canadian Agent’s ability to make or permit Canadian Overadvances by written notice to Canadian Agent. 

(b) Canadian Letters of Credit. The Canadian Tranche A Loan Commitment may, in addition to Canadian Tranche A
Revolving Credit Advances, be utilized (subject to the limitations imposed by Section 1.1(a)), upon the request of Canadian Borrower Representative on behalf of the applicable Canadian Borrower, for the issuance of Canadian Letters of
Credit for the benefit of such Canadian Borrower. Immediately upon the issuance by a Canadian L/C Issuer of a Canadian Letter of Credit, and without further action on the part of Canadian Agent or any of the Canadian Tranche A Lenders, each Canadian
Tranche A Lender shall be deemed to have purchased from such Canadian L/C Issuer a participation in such Canadian Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such Canadian Tranche A
Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Canadian Letter of Credit. 

(i) Maximum Amount. The aggregate amount of Canadian Letter of Credit Obligations with respect to all Canadian
Letters of Credit outstanding or unreimbursed at any time shall not exceed the Dollar Equivalent of $5,000,000 (“Canadian L/C Sublimit”). 

  
 16 

 (ii) Reimbursement. Each Canadian Borrower shall be irrevocably and
unconditionally obligated forthwith without presentment, demand, protest or other formalities of any kind (including for purposes of Section 11), to reimburse any Canadian L/C Issuer on demand in immediately available funds for any
amounts paid by such Canadian L/C Issuer with respect to each Canadian Letter of Credit for the benefit of such Canadian Borrower, including all reimbursement payments, Fees, Charges, costs and expenses paid by such Canadian L/C Issuer, without
duplication of fees otherwise paid by any Canadian Borrower. Each Canadian Borrower hereby authorizes and directs Canadian Agent, at Canadian Agent’s option, to debit such Canadian Borrower’s accounts (by increasing the outstanding
principal balance of the Canadian Tranche A Revolving Credit Advances made to such Canadian Borrower) in the amount of any payment made by any Canadian L/C Issuer with respect to any Canadian Letter of Credit for the benefit of such Canadian
Borrower and to pay such amounts to such Canadian L/C Issuer, and a Notice of Canadian Tranche A Revolving Credit Advance requesting a Canadian Index Rate Loan in such amount shall be deemed to have been timely given on such date. All amounts paid
by a Canadian L/C Issuer with respect to any Canadian Letter of Credit that are not immediately repaid by Canadian Borrowers with the proceeds of a Canadian Tranche A Revolving Credit Advance or otherwise shall bear interest payable on demand at the
interest rate applicable to Canadian Tranche A Revolving Credit Advances which are Canadian Index Rate Loans plus, at the election of Canadian Agent or Requisite Lenders, an additional two percent (2.00%) per annum. Each Canadian Tranche A
Lender agrees to fund its Pro Rata Share of any Canadian Tranche A Loan made to each Canadian Borrower pursuant to this Section 1.1(b)(ii). In the event Canadian Agent elects not to debit a Canadian Borrower’s account, such Canadian
Borrower fails to reimburse the applicable Canadian L/C Issuer in full on the date of any payment in respect of a Canadian Letter of Credit for the benefit of such Canadian Borrower and the other Canadian Borrowers fail to reimburse the applicable
Canadian L/C Issuer in full on the date of any payment in respect of a Canadian Letter of Credit, Canadian Agent shall promptly notify each Canadian Tranche A Lender of the amount of such unreimbursed payment and the accrued interest thereon and
each Canadian Tranche A Lender shall, prior to 3:00 p.m. (Toronto time), on the next Business Day deliver to Canadian Agent an amount equal to its Pro Rata Share thereof in same day funds. Each Canadian Tranche A Lender hereby absolutely and
unconditionally agrees to pay to the applicable Canadian L/C Issuer upon demand by such Canadian L/C Issuer such Canadian Tranche A Lender’s Pro Rata Share of each payment made by such Canadian L/C Issuer in respect of a Canadian Letter of
Credit and not reimbursed within one (1) Business Day by Canadian Borrowers or satisfied through a debit of Canadian Borrowers’ account. Each Canadian Tranche A Lender acknowledges and agrees that its obligations pursuant to this
subsection in respect of Canadian Letters of Credit are absolute and unconditional and shall not be affected by any circumstance whatsoever, including setoff, counterclaim, the occurrence and continuance of a Default or an Event of Default or any
failure by Borrowers to satisfy any of the conditions set forth in Section 2.2. If any Canadian Tranche A Lender fails to make available to any Canadian L/C Issuer the amount of such Canadian Tranche A Lender’s Pro Rata Share of any
payments made by such Canadian L/C Issuer in respect of a Canadian Letter of Credit as provided in this Section 1.1(b)(ii), the applicable Canadian L/C Issuer shall be entitled to recover such amount on demand from such Canadian Tranche
A Lender together with interest at the Canadian Index Rate. 

  
 17 

 (iii) Request for Canadian Letters of Credit. Canadian Borrower
Representative shall give Canadian Agent prior written notice, at least three (3) Business Days prior to the date on which it requests the issuance of a Canadian Letter of Credit specifying (u) the date such Canadian Letter of Credit is
requested to be issued, (v) the face amount of such Canadian Letter of Credit, (w) the name and address of the beneficiary, (x) a description of the transactions proposed to be supported thereby, (y) the Canadian Borrower for
whose account such Canadian Letter of Credit is to be issued and (z) the expiry date (or extended expiry date) of the Canadian Letter of Credit. Each request by Canadian Borrower Representative for the issuance of a Canadian Letter of Credit
shall be in the form of Exhibit 1.1(b)(iii). If Canadian Agent informs Canadian Borrower Representative that no Canadian L/C Issuer can issue the requested Canadian Letter of Credit directly, such Canadian Borrower Representative may request
that a Canadian L/C Issuer arrange for the issuance of the requested Canadian Letter of Credit under a risk participation agreement with another financial institution resident in Canada for purposes of Part XIII of the ITA reasonably acceptable to
Canadian Agent, Canadian L/C Issuer and the Canadian Borrower Representative. The issuance of any Canadian Letter of Credit under this Agreement shall be subject to satisfaction of the conditions set forth in Section 2.2 and the
conditions that the applicable Canadian Letter of Credit (i) supports a transaction benefiting Canadian Borrowers or any of their wholly-owned Subsidiaries and (ii) is in a form and contains such terms and conditions as are reasonably
satisfactory to applicable Canadian L/C Issuer and, in the case of standby letters of credit, Canadian Agent. The initial notice requesting the issuance of a Canadian Letter of Credit shall be accompanied by the form of the Canadian Letter of Credit
and the Master Standby Agreement, and an application for a Canadian Letter of Credit, if any, then required by the applicable Canadian L/C Issuer completed in a manner reasonably satisfactory to such Canadian L/C Issuer. If any provision of any
application or reimbursement agreement is inconsistent with the terms of this Agreement, then the provisions of this Agreement, to the extent of such inconsistency, shall control. 

(iv) Expiration Dates of Canadian Letters of Credit. The expiration date of each Canadian
Letter of Credit shall be on a date which is not later than the earlier of (a) one year from its date of issuance or (b) the tenth (10th) day prior to the date set forth in clause (a) of the definition of the term Canadian Tranche A Commitment
Termination Date. Notwithstanding the foregoing, a Canadian Letter of Credit may provide for automatic extensions of its expiration date for one (1) or more successive one (1) year periods provided that the Canadian L/C Issuer has the
right to terminate such Canadian Letter of Credit on each such annual expiration date and no renewal term may extend the term of the Canadian Letter of Credit to a date that is later than the tenth (10th) day prior to the date set forth in clause (a) of the
definition of the term Canadian Tranche A Commitment Termination Date. The applicable Canadian L/C Issuer may elect not to renew any such Canadian Letter of Credit issued by it and, upon direction by Canadian Agent or Requisite Lenders, shall not
renew any Canadian Letter of Credit at any time during the continuance of an Event of Default, provided that, in the case of a direction by Canadian Agent or Requisite Lenders, the applicable Canadian L/C Issuer receives such directions prior
to the date notice of non-renewal is required to be given by such Canadian L/C Issuer and such Canadian L/C Issuer has had a reasonable period of time to act on such notice. 

(v) Obligations Absolute. The obligation of Canadian Borrowers to reimburse the Canadian L/C Issuers, Canadian
Agent and Canadian Tranche A Lenders for payments made in respect of Canadian Letters of Credit issued by any Canadian L/C Issuer shall be unconditional and irrevocable and shall be paid under all circumstances strictly in accordance

  
 18 

 
with the terms of this Agreement, including the following circumstances: (a) any lack of validity or enforceability of any Letter of Credit; (b) any amendment or waiver of or any
consent or departure from all or any of the provisions of any Letter of Credit or any Loan Document; (c) the existence of any claim, set-off, defense or other right which Borrowers, any of their Subsidiaries or Affiliates or any other Person
may at any time have against any beneficiary of any Letter of Credit, any Agent, any L/C Issuer, any Lender or any other Person, whether in connection with this Agreement, any other Loan Document or any other related or unrelated agreements or
transactions; (d) any draft or other document presented under any 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; (e) payment
under any Letter of Credit against presentation of a draft or other document that does not substantially comply with the terms of such Letter of Credit; or (f) any other act or omission to act or delay of any kind of any L/C Issuer, any Agent,
any Lender or any other Person or any other event or circumstance whatsoever that might, but for the provisions of this Section 1.1(b)(v), constitute a legal or equitable discharge of Canadian Borrowers’ obligations hereunder.
Without limiting the generality of the foregoing, it is expressly understood and agreed by Canadian Borrowers that the absolute and unconditional obligation of Canadian Borrowers to Canadian Agent and Canadian Tranche A Lenders hereunder to
reimburse payments made under a Canadian Letter of Credit will not be excused by the gross negligence or willful misconduct of the applicable Canadian L/C Issuer. However, the foregoing shall not be construed to excuse any Canadian L/C Issuer from
claims which Canadian Borrowers may assert against such Canadian L/C Issuer subject to the terms of the Master Standby Agreement. 
 (vi) Obligations of Canadian L/C Issuers. Each Canadian L/C Issuer (other than GE Canada) hereby agrees that it will not issue a Canadian Letter of Credit hereunder until it has provided Canadian
Agent with written notice specifying the amount and intended issuance date of such Canadian Letter of Credit and Canadian Agent has returned a written acknowledgment of such notice to Canadian L/C Issuer (such notices and acknowledgements to be
given promptly). Each Canadian L/C Issuer (other than GE Canada) further agrees to provide to Canadian Agent: (a) a copy of each Canadian Letter of Credit issued by such Canadian L/C Issuer promptly after its issuance; (b) a weekly report
summarizing available amounts under Canadian Letters of Credit issued by such Canadian L/C Issuer, the dates and amounts of any draws under such Canadian Letters of Credit, the effective date of any increase or decrease in the face amount of any
Canadian Letters of Credit during such week and the amount of any unreimbursed draws under such Canadian Letters of Credit; and (c) such additional information reasonably requested by Canadian Agent from time to time with respect to the
Canadian Letters of Credit issued by such Canadian L/C Issuer. 

  
 19 

 (c) Funding Authorization. Subject to the next sentence hereof, the
proceeds of all Canadian Loans made pursuant to this Agreement subsequent to the Closing Date are to be funded by Canadian Agent by wire transfer to the applicable account designated by Canadian Borrower Representative below (the “Canadian
Disbursement Account”): 
  

			
	Bank:	  	Exopack Canada
		  	Bank of America Canada
		  	200 Front Street West
		  	Toronto, Ontario M5V 3L2
		  	XXXXXXXXXXXXX
		  	Account No.: XXXXXXXXXXXXX
		
		  	Exopack Performance Films Inc.
		  	Bank of America Canada
		  	200 Front Street West
		  	Toronto, Ontario M5V 3L2
		  	XXXXXXXXXXXXX
		  	Account No.: XXXXXXXXXXXXX

 Canadian Borrower
Representative shall provide Canadian Agent with written notice of any change in the foregoing instructions at least three (3) Business Days before the desired effective date of such change. 

(d) In this Agreement whenever it is necessary to compare or add the outstanding balance of the Canadian Loans or Canadian
Loan Commitments, or any portion thereof, to the outstanding balance of the US Loans or the US Loan Commitments, or any portion thereof, such Revolving Loans and Commitments will be expressed in the Dollar Equivalent thereof. 

(e) Canadian Tranche A1 Loan. Each Canadian Tranche A1 Lender agrees, severally and not jointly, to make available to
Canadian Borrowers from time to time until the Canadian Tranche A1 Commitment Termination Date its Pro Rata Share of advances denominated in Canadian Dollars (each a “Canadian Tranche A1 Revolving Credit Advance”) requested by
Canadian Borrower Representative on behalf of any Canadian Borrower hereunder. The Pro Rata Share of the Canadian Tranche A1 Loan of any Canadian Tranche A1 Lender shall not at any time exceed its separate Canadian Tranche A1 Loan Commitment.
Moreover, the Canadian Tranche A1 Loans outstanding to the Canadian Borrowers shall not exceed at any time the Aggregate Canadian Tranche A1 Borrowing Base. Canadian Tranche A1 Revolving Credit Advances may be borrowed, repaid and reborrowed from
time to time until the Canadian Tranche A1 Commitment Termination Date; provided, that any Canadian Tranche A1 Revolving Credit Advance to be made at any time shall not exceed Canadian Tranche A1 Borrowing Availability at such time. The
Canadian Tranche A1 Loan shall be repaid in full on the Canadian Tranche A1 Commitment Termination Date. Upon request of a Canadian Tranche A1 Lender, each Canadian Borrower shall execute and deliver to such Canadian Tranche A1 Lender a note to
evidence the Canadian Tranche A1 Loan Commitment of that Canadian Tranche A1 Lender. Each such note shall be in the principal amount of the Canadian Tranche A1 Loan Commitment of the applicable Canadian Tranche A1 Lender denominated in Canadian
Dollars, dated the date such requesting Canadian Tranche A1 Lender became a Canadian Tranche A1 Lender hereunder and substantially in the form of Exhibit 1.2(e)(i) (each as amended, modified, extended, substituted, or replaced from time to
time, a “Canadian Tranche A1 Note” and, collectively, the “Canadian Tranche A1 Notes”). Canadian Tranche A1 Revolving Credit Advances which are to 

  
 20 

 
be made as Canadian Index Rate Loans may be requested in any amount with written notice prior to 1:00 p.m. (Toronto time) on the Business Day immediately prior to the Business Day on which
the Canadian Tranche A1 Loan is to be made for funding requests equal to or greater than Cdn$1,000,000. For funding requests for such Canadian Index Rate Loans less than Cdn$1,000,000, written notice must be provided by 1:00 p.m. (Toronto time) on
the Business Day on which the Canadian Loan is to be made. All requests for Canadian Tranche A1 Revolving Credit Advances that are to be made as BA Rate Loans require at least three (3) Business Days’ prior written notice. Written notices
for funding requests under the Canadian Tranche A1 Loan Commitment shall be in the form attached as Exhibit 1.2(e)(ii) (“Notice of Canadian Tranche A1 Revolving Credit Advance”). 

1.3 Interest and Applicable Margins. 
 (a) US Borrowers shall pay interest to US Agent, for the ratable benefit of US Lenders, and Canadian Borrowers shall pay interest to Canadian Agent, for the ratable benefit of Canadian Lenders, in each
case with respect to the various Loans made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the US Tranche A Revolving Credit Advances designated as US Index Rate Loans (and for
all other US Obligations not otherwise set forth below), the US Index Rate plus the Applicable Margin or, with respect to US Tranche A Revolving Credit Advances designated as LIBOR Loans, at the election of US Borrower Representative, the applicable
LIBOR Rate plus the Applicable Margin; (ii) with respect to the Canadian Tranche A Revolving Credit Advances denominated in Canadian Dollars and designated as Canadian Index Rate Loans (and for all other Canadian Obligations not otherwise set
forth below), the Canadian Index Rate plus the Applicable Margin; (iii) with respect to Canadian Tranche A Revolving Credit Advances denominated in Canadian Dollars and designated as BA Rate Loans, at the election of Canadian Borrower
Representative, the applicable BA Rate plus the Applicable Margin, (iv) with respect to the US Tranche A1 Revolving Credit Advances designated as US Tranche A1 Index Rate Loans, the US Index Rate plus the Applicable Margin or, with respect to
US Tranche A1 Revolving Credit Advances designated as LIBOR Loans, at the election of US Borrower Representative, the applicable LIBOR Rate plus the Applicable Margin, (v) with respect to the Canadian Tranche A1 Revolving Credit Advances
denominated in Canadian Dollars and designated as Canadian Index Rate Loans, the Canadian Index Rate plus the Applicable Margin, and (vi) with respect to Canadian Tranche A1 Revolving Credit Advances denominated in Canadian Dollars and
designated as BA Rate Loans, at the election of Canadian Borrower Representative, the applicable BA Rate plus the Applicable Margin. 
 (b) If any payment on any Loan becomes due and payable on a day other than a Business Day, the maturity thereof will be extended to the next succeeding Business Day (except as set forth in the definition
of LIBOR Period) and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. 
 (c) All computations of Fees calculated on a per annum basis and interest on LIBOR Loans shall be made by the Applicable Agent on the basis of a 360-day year. All Interest on US Index Rate Loans and
Canadian Loans denominated in Canadian Dollars subject to interest calculated by reference to the Canadian Index Rate or the BA Rate shall be calculated on the basis of a 365 day year. In each case, the calculation shall be made for the actual
number 

  
 21 

 
of days occurring in the period for which such Fees and interest are payable. The US Index Rate and the Canadian Index Rate are floating rates determined for each day. Each determination by the
Applicable Agent of an interest rate and Fees hereunder shall be presumptive evidence of the correctness of such rates and Fees. 
 (d) (1) So long as an Event of Default has occurred and is continuing under Section 7.1(a), (f) or (g) and without notice of any kind, or (2) so long as any other Event of
Default has occurred and is continuing and at the election of Applicable Agent (or upon the written request of the Requisite Lenders) confirmed by written notice from Applicable Agent to Applicable Borrower Representative, subject to Applicable Law,
the interest rates applicable to the Loans and the Letter of Credit Fees applicable to the Letters of Credit shall be increased by two percentage points (2%) per annum above the rates of interest or the rate of such Fee otherwise applicable
hereunder (the “Default Rate”), and all such outstanding non-contingent Obligations shall bear interest at the Default Rate applicable to such Obligations. Interest and Letter of Credit Fees at the Default Rate shall accrue in the
case of clause (1) above from the initial date of such Event of Default, and in the case of clause (2) above, from the date specified by the Applicable Agent, which date shall be no earlier than the initial date of the applicable Event of
Default, and in each case, until that Event of Default is cured or waived and shall be payable upon demand, but in any event, shall be payable on the next regularly scheduled payment date set forth herein for such Obligation. 

(e) Applicable Borrower Representative shall have the option to (i) request that any US Revolving Credit Advance be
made as a LIBOR Loan, (ii) request that any Canadian Revolving Credit Advance be made as a BA Rate Loan, (iii) convert at any time all or any part of outstanding US Loans from US Index Rate Loans to LIBOR Loans, (iv) convert at any
time all or any part of outstanding Canadian Loans from Canadian Index Rate Loans to BA Rate Loans, (v) convert any LIBOR Loan to a US Index Rate Loan, subject to payment of the LIBOR Breakage Costs in accordance with Section 1.4(e)
if such conversion is made prior to the expiration of the LIBOR Period applicable thereto, (vi) convert any BA Rate Loan to a Canadian Index Rate Loan, subject to payment of the BA Rate Breakage Costs in accordance with
Section 1.4(f) if such conversion is made prior to the expiration of the BA Period applicable thereto, (vii) continue all or any portion of any LIBOR Loan as a LIBOR Loan upon the expiration of the applicable LIBOR Period and the
succeeding LIBOR Period of that continued LIBOR Loan shall commence on the first day after the last day of the LIBOR Period of the LIBOR Loan to be continued, or (vii) continue all or any portion of any BA Rate Loan as a BA Rate Loan upon the
expiration of the applicable BA Period and the succeeding BA Period of that continued BA Rate Loan shall commence on the first day after the last day of the BA Period of the BA Rate Loan to be continued. Any US Loan or group of US Loans having the
same proposed LIBOR Period to be made or continued as, or converted into, a LIBOR Loan must be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess of such amount. Any Canadian Loan or group of Canadian Loans denominated in
Canadian Dollars having the same proposed BA Period to be made or continued as, or converted into, a BA Rate Loan must be in a minimum amount of Cdn$500,000 and integral multiples of Cdn$100,000 in excess of such amount. Any such election must be
made by 1:00 p.m. (New York time) on the 3rd Business Day prior to (a) in the case of a LIBOR Loan (1) the date of any proposed US Revolving Credit Advance which is to bear interest at the LIBOR Rate, (2) the end of each LIBOR Period
with respect to any LIBOR Loans to be continued as such, or (3) the date on 

  
 22 

 
which the US Borrower Representative wishes to convert any US Index Rate Loan to a LIBOR Loan for a LIBOR Period designated by such Borrower Representative in such election and (b) in the
case of a BA Rate Loan (1) the date of any proposed Canadian Revolving Credit Advance which is to bear interest at the BA Rate, (2) the end of each BA Period with respect to any BA Rate Loans to be continued as such, or (3) the date
on which Canadian Borrower Representative wishes to convert any Canadian Index Rate Loan to a BA Rate Loan for a BA Period designated by Canadian Borrower Representative in such election. If no election is received with respect to an existing LIBOR
Loan or an existing BA Rate Loan by 1:00 p.m. (New York time) on the 3rd Business Day prior to the end of the LIBOR Period or the BA Period, as applicable, with respect thereto, that LIBOR Loan shall be converted to a US Index Rate Loan at the end
of its LIBOR Period and that BA Rate Loan shall be converted into a Canadian Index Rate Loan at the end of its BA Period. Applicable Borrower Representative must make such election by notice to Applicable Agent in writing, by fax or overnight
courier. In the case of any conversion or continuation, such election must be made pursuant to a written notice (a “Notice of Conversion/Continuation”) in the form of Exhibit 1.3(e). No Loan shall be made, converted into or
continued as a LIBOR Loan or a BA Rate Loan, if an Event of Default has occurred and is continuing and (i) with respect to the Canadian Loans, Canadian Agent or Canadian Requisite Lenders or (ii) with respect to the US Loans, US Agent or
US Requisite Lenders, have determined not to make or continue any Loan as a LIBOR Loan or a BA Rate Loan as a result thereof. 
 (f) Notwithstanding anything to the contrary set forth in this Section 1.3, if a court of competent jurisdiction determines in a final order that any rate of interest payable hereunder exceeds
the highest rate of interest permissible under Applicable Law (the “Maximum Lawful Rate”), then so long as the Maximum Lawful Rate would be so exceeded, such rate of interest payable hereunder shall be equal to the Maximum Lawful
Rate; provided, however, that if at any time thereafter such rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrowers shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the
total interest received by Applicable Agent is equal to the total interest that would have been received had such interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as
otherwise provided in this Agreement. Thereafter, such interest hereunder shall be paid at the rate(s) of interest and in the manner provided in Sections 1.3(a) through (e), unless and until any rate of interest again exceeds the Maximum
Lawful Rate, and at that time this paragraph shall again apply. In no event shall the total interest received by any Lender pursuant to the terms hereof exceed the amount that such Lender could lawfully have received had the interest due hereunder
been calculated for the full term hereof at the Maximum Lawful Rate. If the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of
days in the year in which such calculation is made. If, notwithstanding the provisions of this Section 1.3(f), a court of competent jurisdiction shall determine by a final, non-appealable order that a Lender has received interest
hereunder in excess of the Maximum Lawful Rate, Applicable Agent shall, to the extent permitted by applicable law, promptly apply such excess as specified in Section 1.5 and thereafter shall refund any excess to Borrowers or as such
court of competent jurisdiction may otherwise order. 

  
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 1.4 Fees. 

(a) Fee Letter. US Borrowers shall pay to the Agents, the Fees specified in that certain fee letter dated as of the
Closing Date, among GE Capital, GE Canada and the Borrowers (the “GE Capital Fee Letter”), at the times specified for payment therein. 
 (b) Unused Line Fees. As additional compensation for the Lenders, US Borrowers shall, jointly and severally, pay to US Agent, for the ratable benefit of such Lenders, in arrears, on the first
Business Day of each month prior to the US Tranche A Commitment Termination Date and on the US Tranche A Commitment Termination Date, a fee, calculated on the basis of a 360-day year, for Borrowers’ non-use of available funds in an amount equal
to (i) three eighths of one percent (0.375%) per annum multiplied by (ii) the difference between (x) the Dollar Equivalent of the Commitments of all Lenders (as it may be reduced from time to time) and (y) the average for the
period of the Dollar Equivalent of the daily closing balances of the Loans (outstanding during the period for which such Fee is due). 
 (c) Unused Accordion Fee. As additional compensation for the Lenders, US Borrowers shall, jointly and severally, pay to US Agent, for the ratable benefit of the Lenders, in arrears, on the first
Business Day of each month prior to the US Tranche A Commitment Termination Date and on the US Tranche A Commitment Termination Date, a fee, calculated on the basis of a 360-day year, for Borrowers’ non-use of the Aggregate Accordion Commitment
in an amount equal to (i) one quarter of one percent (0.25%) per annum multiplied by (ii) (x) the Aggregate Accordion Commitment plus the aggregate amount of all Commitments on the Closing Date minus (y) the average for
the period of the Dollar Equivalent of the daily closing amount of the Commitments (outstanding during the period for which such Fee is due). 
 (d) Letter of Credit Fees. 
 (i) US Borrowers agree to pay
to US Agent for the benefit of US Tranche A Lenders, as compensation to such US Tranche A Lenders for US Letter of Credit Obligations incurred hereunder, (1) without duplication of costs and expenses otherwise payable to US Agent or US Tranche
A Lenders hereunder, all reasonable costs and expenses, without duplication of fees otherwise paid by US Borrowers, incurred by US Agent or any US Tranche A Lender on account of such US Letter of Credit Obligations, and (2) for each month
during which any US Letter of Credit Obligation shall remain outstanding, a fee (the “US Letter of Credit Fee”) in an amount equal to the product of the Dollar Equivalent of the average daily undrawn face amount of all US Letters of
Credit issued, guaranteed or supported by risk participation agreements multiplied by a per annum rate equal to the Applicable US Tranche A LIBOR Margin from time to time in effect. Such fee shall be paid to US Agent for the benefit of the US
Tranche A Lenders in arrears, on the first Business Day of each month and on the US Tranche A Commitment Termination Date. In addition, US Borrowers shall pay to any US L/C Issuer, on demand, such reasonable fees, without duplication of fees
otherwise payable hereunder (including all per annum fees), charges and expenses of such US L/C Issuer in respect of the issuance, negotiation, acceptance, amendment, transfer and payment of such US Letter of Credit or otherwise payable pursuant to
the application and related documentation under which such US Letter of Credit is issued. 

  
 24 

 (ii) Each Canadian Borrower agrees to pay to Canadian Agent for the benefit
of Canadian Tranche A Lenders, as compensation to such Canadian Tranche A Lenders for Canadian Letter of Credit Obligations incurred for its benefit hereunder, (1) without duplication of costs and expenses otherwise payable to Canadian Agent or
Canadian Tranche A Lenders hereunder, all reasonable costs and expenses, without duplication of fees otherwise paid by such Canadian Borrower, incurred by Canadian Agent or any Canadian Tranche A Lender on account of such Canadian Letter of Credit
Obligations, and (2) for each month during which any such Canadian Letter of Credit Obligation shall remain outstanding, a fee (the “Canadian Letter of Credit Fee”) in an amount equal to the product of the Dollar Equivalent of
the average daily undrawn face amount of all of such Canadian Letters of Credit issued, guaranteed or supported by risk participation agreements multiplied by a per annum rate equal to the Applicable Tranche A BA Rate Margin from time to time in
effect. Such fee shall be paid to Canadian Agent for the benefit of the Canadian Tranche A Lenders in arrears, on the first Business Day of each month and on the Canadian Tranche A Commitment Termination Date. In addition, each Canadian Borrower
shall pay to any Canadian L/C Issuer, on demand, such reasonable fees, without duplication of fees otherwise payable hereunder (including all per annum fees), charges and expenses of such Canadian L/C Issuer in respect of the issuance, negotiation,
acceptance, amendment, transfer and payment of such Canadian Borrower’s Canadian Letter of Credit Obligations or otherwise payable pursuant to the application and related documentation under which such Canadian Letter of Credit is issued.

 (e) LIBOR Breakage Costs. Upon (i) any default by any US Borrower in making any borrowing of,
conversion into or continuation of any LIBOR Loan following US Borrower Representative’s delivery to US Agent of any LIBOR Loan request in respect thereof or (ii) any payment of a LIBOR Loan on any day that is not the last day of the LIBOR
Period applicable thereto (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise), US Borrowers shall pay US Agent, for the benefit of all US Lenders that funded or were prepared to fund any such LIBOR Loan,
LIBOR Breakage Costs, if applicable. 
 (f) BA Rate Breakage Costs. Upon (i) any default by any
Canadian Borrower in making any borrowing of, conversion into or continuation of any BA Rate Loan following Canadian Borrower Representative’s delivery to Canadian Agent of any BA Rate Loan request in respect thereof or (ii) any payment of
a BA Rate Loan on any day that is not the last day of the BA Period applicable thereto (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise), Canadian Borrowers shall pay Canadian Agent, for the benefit of
all Canadian Lenders that funded or were prepared to fund any such BA Rate Loan, the BA Rate Breakage Costs, if applicable. 
 (g) Expenses and Attorneys’ Fees. 
 (i) US Borrowers
agree to promptly pay all reasonable, out-of-pocket fees, charges, costs and expenses (including reasonable attorneys’ fees and expenses) incurred by US Agent in connection with any matters contemplated by or arising out of the Loan Documents,
in connection with the examination, review, due diligence investigation, documentation, negotiation, closing and syndication of the transactions contemplated herein and in connection with the continued administration of the Loan Documents including
any amendments, modifications, consents and waivers. US Borrowers agree to promptly pay all reasonable, out-of-pocket fees, charges, costs and expenses (including fees, charges, costs and expenses of

  
 25 

 
attorneys, auditors appraisers, consultants and advisors) incurred by US Agent in connection with any amendment, waiver or consent with respect to the Loan Documents, Event of Default, work-out
or action to enforce any Loan Document or to collect any payments due from US Borrowers or any other US Credit Party. In addition, in connection with any work-out or action to enforce any Loan Document or to collect any payments due from US
Borrowers or any other US Credit Party, US Borrowers agree to promptly pay all reasonable, out-of-pocket fees, charges, costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by US Lenders. All fees, charges,
costs and expenses for which US Borrowers are responsible under this Section 1.4(g)(i) shall be deemed part of the US Obligations when incurred, payable in accordance with the final sentence of Section 1.5(b) and secured by
the US Collateral. 
 (ii) Canadian Borrowers agree to promptly pay all reasonable, out-of-pocket fees, charges,
costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Canadian Agent in connection with any matters contemplated by or arising out of the Loan Documents, in connection with the examination, review, due diligence
investigation, documentation, negotiation, closing and syndication of the transactions contemplated herein and in connection with the continued administration of the Loan Documents including any amendments, modifications, consents and waivers.
Canadian Borrowers agree to promptly pay all reasonable, out-of-pocket fees, charges, costs and expenses (including fees, charges, costs and expenses of attorneys, auditors appraisers, consultants and advisors) incurred by Canadian Agent in
connection with any amendment, waiver or consent with respect to the Loan Documents, Event of Default, work-out or action to enforce any Loan Document or to collect any payments due from Canadian Borrowers or any other Canadian Credit Party. In
addition, in connection with any work-out or action to enforce any Loan Document or to collect any payments due from Canadian Borrowers or any other Canadian Credit Party, Canadian Borrowers agree to promptly pay all reasonable, out-of-pocket fees,
charges, costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by Canadian Lenders. All fees, charges, costs and expenses for which Canadian Borrowers are responsible under this Section 1.4(g)(ii)
shall be deemed part of the Canadian Obligations when incurred, payable in accordance with the final sentence of Section 1.5(b) and secured by the Collateral. 
 1.5 Payments. 
 (a) All payments by Borrowers of the
Obligations shall be without deduction, defense, setoff or counterclaim and shall be made in same day funds and delivered (i) by the Canadian Borrowers, with respect to the Canadian Tranche A Loans and Canadian Tranche A1 Loans, to Canadian
Agent for the benefit of Canadian Agent and Canadian Tranche A Lenders and Canadian Tranche A1 Lenders, as applicable, and (ii) by the US Borrowers, with respect to US Tranche A Loans and the US Tranche A1 Loans, to US Agent for the benefit of
US Agent and US Tranche A Lenders and US Tranche A1 Lenders, as applicable, in each case by wire transfer to the following account or such other place as Applicable Agent may from time to time designate to the Applicable Borrower Representative in
writing. 

  
 26 

 With respect to the Canadian Tranche A Loans and Canadian Tranche A1 Loans:

 Royal Bank of Canada 
 Swift No. XXXXXXXXXXXXX 
 XXXXXXXXXXXXX 

XXXXXXXXXXXXX 

Account Number: XXXXXXXXXXXXX 
 200 Bay Street Main Floor 
 Toronto, ON Canada M5J 2K5 

Account Name: XXXXXXXXXXXXX 
 Reference: XXXXXXXXXXXXX 
 With respect to the US Tranche A Loan and US
Tranche A1 Loan: 
 Deutsche Bank Trust Company Americas 

ABA No. XXXXXXXXXXXXX 
 Account Number: XXXXXXXXXXXXX 
 60 Wall Street 6th Floor 

New York, NY 10005 
 Account Name: XXXXXXXXXXXXX 
 Reference: XXXXXXXXXXXXX 

(b) Borrowers shall receive credit on the day of receipt for good funds received by Applicable Agent by 2:00 p.m. (New
York time) in the case of US Agent or 2:00 p.m. (Toronto time) in the case of Canadian Agent. In the absence of receipt by such times, such funds shall be deemed to have been paid on the next Business Day. Whenever any payment to be made hereunder
shall be stated to be due on a day that is not a Business Day, the payment may be made on the next succeeding Business Day and such extension of time shall be included in the computation of the amount of interest and Fees due hereunder. 

(c) US Borrowers hereby authorize US Tranche A Lenders to make US Tranche A Revolving Credit Advances in Dollars (as US
Index Rate Loans), on the basis of their Pro Rata Shares, for the payment of interest, Fees, expenses and US Letter of Credit reimbursement obligations and any amounts required to be deposited with respect to outstanding US Letter of Credit
Obligations pursuant to the terms of this Agreement. 
 (d) Canadian Borrowers hereby authorize Canadian Tranche
A Lenders to make Canadian Tranche A Revolving Credit Advances in Canadian Dollars as Canadian Index Rate Loans, on the basis of their Pro Rata Shares, for the payment of interest, Fees and expenses and Canadian Letter of Credit reimbursement
obligations and any amounts required to be deposited with respect to outstanding Canadian Letter of Credit Obligations pursuant to the terms of this Agreement. 
 (e) US Borrowers hereby authorize US Tranche A1 Lenders to make US Tranche A1 Revolving Credit Advances in Dollars (as US Index Rate Loans), on the basis of their Pro Rata Shares, for the payment of
interest, Fees and expenses pursuant to the terms of this Agreement. 

  
 27 

 (f) Canadian Borrowers hereby authorize Canadian Tranche A1 Lenders to make
Canadian Tranche A1 Revolving Credit Advances in Canadian Dollars as Canadian Index Rate Loans, on the basis of their Pro Rata Shares, for the payment of interest, Fees and expenses pursuant to the terms of this Agreement. 

1.6 Prepayments. 
 (a) Voluntary Prepayments of Loans. At any time, any Borrower may prepay any Loan, in whole or in part, without premium or penalty subject to the payment of LIBOR Breakage Costs and BA Rate
Breakage Costs, if and to the extent applicable. 
 (b) Voluntary Reduction of the Commitments.

 (i) At any time, US Borrower Representative on behalf of US Borrowers may permanently reduce the US Tranche A
Loan Commitment without premium or penalty subject to the payment of LIBOR Breakage Costs, if and to the extent applicable; provided, however, that the US Tranche A Loan Commitment may not be permanently reduced to less than the
outstanding principal balance of the US Tranche A Loan as of the date of such reduction (determined after giving effect to all prepayments and repayments made on such date). Any reduction of the US Tranche A Loan Commitment shall not result in a pro
rata or any other reduction of the US L/C Sublimit unless so designated in writing by US Borrower Representative or, unless the US Tranche A Loan Commitment is reduced below $25,000,000, of the Canadian Commitment. In addition, US Borrower
Representative on behalf of US Borrowers may, at any time terminate the US Tranche A Loan Commitment on at least ten (10) Business Days’ prior written notice to US Agent, which termination may be revoked or deferred by US Borrower
Representative on behalf of US Borrowers; provided, that upon such termination, the US Tranche A Loans and all other US Obligations shall be immediately due and payable in full and all US Letter of Credit Obligations shall be cash
collateralized or otherwise satisfied in accordance with Section 1.6(g) of this Agreement. 
 (ii) At
any time, Canadian Borrower Representative on behalf of Canadian Borrowers may permanently reduce the Canadian Tranche A Loan Commitment without premium or penalty subject to the payment of BA Rate Breakage Costs, if and to the extent applicable;
provided, however, that the Canadian Tranche A Loan Commitment may not be permanently reduced to less than the outstanding principal balance of the Canadian Tranche A Loan as of the date of such reduction (determined after giving
effect to all prepayments and repayments made on such date). Any reduction of the Canadian Tranche A Loan Commitment shall not result in a pro rata or any other reduction of the Canadian L/C Sublimit unless so designated in writing by Canadian
Borrower Representative or of the US Tranche A Loan Commitment. In addition, Canadian Borrower Representative on behalf of Canadian Borrowers may, at any time terminate the Canadian Tranche A Loan Commitment on at least ten (10) Business
Days’ prior written notice to Canadian Agent, which termination may be revoked or deferred by Canadian Borrower Representative on behalf of Canadian Borrowers; provided, that upon such termination, the Canadian Tranche A Loan and all other
Canadian Obligations shall be immediately due and payable in full and all Canadian Letter of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with Section 1.6(g) of this Agreement. 

  
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 (iii) At any time, US Borrower Representative on behalf of US Borrowers may
permanently reduce the US Tranche A1 Loan Commitment without premium or penalty subject to the payment of LIBOR Breakage Costs, if and to the extent applicable; provided, however, that the US Tranche A1 Loan Commitment may not be
permanently reduced to less than the outstanding principal balance of the US Tranche A1 Loan as of the date of such reduction (determined after giving effect to all prepayments and repayments made on such date). In addition, US Borrower
Representative on behalf of US Borrowers may, at any time terminate the US Tranche A1 Loan Commitment on at least ten (10) Business Days’ prior written notice to US Agent, which termination may be revoked or deferred by US Borrower
Representative on behalf of US Borrowers; provided, that upon such termination, the US Tranche A1 Loans shall be immediately due and payable in full. 
 (iv) At any time, Canadian Borrower Representative on behalf of Canadian Borrowers may permanently reduce the Canadian Tranche A1 Loan Commitment without premium or penalty subject to the payment of BA
Rate Breakage Costs, if and to the extent applicable; provided, however, that the Canadian Tranche A1 Loan Commitment may not be permanently reduced to less than the outstanding principal balance of the Canadian Tranche A1 Loan as of
the date of such reduction (determined after giving effect to all prepayments and repayments made on such date). In addition, Canadian Borrower Representative on behalf of Canadian Borrowers may, at any time terminate the Canadian Tranche A1 Loan
Commitment on at least ten (10) Business Days’ prior written notice to Canadian Agent, which termination may be revoked or deferred by Canadian Borrower Representative on behalf of Canadian Borrowers; provided, that upon such termination,
the Canadian Tranche A1 Loan shall be immediately due and payable in full. 
 (v) At any time, US Borrower
Representative on behalf of US Borrowers and Canadian Borrower Representative on behalf of Canadian Borrowers may permanently reduce or terminate the unused Aggregate Accordion Commitment without premium or penalty by written notice to the
Applicable Agent. 
 (c) Prepayments from Asset Dispositions. 

(i) Except as otherwise provided in Section 1.6(f) hereof, promptly upon receipt of any Net Proceeds received
by any US Credit Party in excess of the Dollar Equivalent of $5,000,000 in the aggregate during any Fiscal Year, US Borrowers shall prepay the US Tranche A Loans and US Tranche A1 Loans in an amount equal to such Net Proceeds, except that US
Borrowers or their Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in productive replacement fixed assets of a kind then used or usable in the business of US Borrowers. If US
Borrowers do not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without US Borrowers having reinvested the Net Proceeds of any such Asset Disposition or if such Net Proceeds are
attributable to a working capital, earnings, balance sheet or similar adjustment under any acquisition agreement or similar purchase agreement, US Borrowers shall prepay the US Tranche A Loans and US Tranche A1 Loans in an amount equal to such
remaining Net Proceeds in accordance with Section 1.6(e). 

  
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 (ii) Except as otherwise provided in Section 1.6(f) hereof,
promptly upon receipt of any Net Proceeds received by any Canadian Credit Party in excess of the Dollar Equivalent of $5,000,000 in the aggregate during any Fiscal Year, Canadian Borrowers shall prepay the Canadian Tranche A Loans and Canadian
Tranche A1 Loans in an amount equal to such Net Proceeds, except that Canadian Borrowers or their Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in productive replacement fixed
assets of a kind then used or usable in the business of Canadian Borrowers. If Canadian Borrowers do not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Canadian Borrowers
having reinvested the Net Proceeds of any such Asset Disposition or if such Net Proceeds are attributable to a working capital, earnings, balance sheet or similar adjustment under any acquisition agreement or similar purchase agreement, Canadian
Borrowers shall prepay the Canadian Tranche A Loans and Canadian Tranche A1 Loans in an amount equal to such remaining Net Proceeds in accordance with Section 1.6(e). 

(d) Reserved. 
 (e) Application of Proceeds. 
 (i) With respect to any
prepayments made by any US Borrower pursuant to Section 1.6(c)(i), such prepayments shall be applied as follows: first, to the US Tranche A1 Revolving Credit Advances outstanding to that US Borrower until the same have been repaid
in full; second, to the principal balance of the US Tranche A1 Revolving Credit Advances made to each other US Borrower, pro rata, until the same have been repaid in full; third, to the US Tranche A Revolving Credit Advances
outstanding to that US Borrower until the same have been repaid in full; and fourth to the principal balance of the US Tranche A Revolving Credit Advances made to each other US Borrower, pro rata, until the same have been repaid in full
Considering each type of US Tranche A1 Loan and US Tranche A Loan being prepaid separately, any such prepayment shall be applied first to US Index Rate Loans of the type required to be prepaid before application to LIBOR Loans of the type required
to be prepaid, in each case in a manner which minimizes any resulting LIBOR Breakage Costs. The application of prepayments pursuant to this Section 1.6(e)(i) shall not permanently reduce the Commitments unless an Event of Default shall
have occurred and be continuing. 
 (ii) With respect to any prepayments required to be made in respect of any
Canadian Borrower pursuant to Section 1.6(c)(ii) such prepayments shall be made as follows: first, to the Canadian Tranche A1 Revolving Credit Advances outstanding to that Canadian Borrower until the same have been repaid in full;
second, to the principal balance of the Canadian Tranche A1 Revolving Credit Advances made to each other Canadian Borrower, pro rata, until the same have been repaid in full; third, to the Canadian Tranche A Revolving Credit Advances
outstanding to that Canadian Borrower until the same have been repaid in full; and fourth in respect of the principal balance of the Canadian Tranche A Revolving Credit Advances made to each other Canadian Borrower, pro rata, until the same
have been repaid in full. Considering each type of Canadian Tranche A1 Loan and Canadian Tranche A Loan being 

  
 30 

 
prepaid separately, any such prepayment shall be applied first to Canadian Index Rate Loans of the type required to be prepaid before application to BA Rate Loans of the type required to be
prepaid, in each case in a manner which minimizes any resulting BA Rate Breakage Costs. The application of prepayments pursuant to this Section 1.6(e)(ii) shall not permanently reduce the Commitments unless an Event of Default shall have
occurred and be continuing. 
 (iii) Notwithstanding anything herein to the contrary and so long as no Event of
Default has occurred and is continuing, if the timing and circumstances of a mandatory prepayment under this Section 1.6 (the required date of any such payment, a “Prepayment Date”) would otherwise trigger LIBOR Breakage
Costs, then on such prepayment date the Borrowers may, at their option, deposit Dollars into a cash collateral account maintained by the Applicable Agent in an amount equal to required prepayment. On the next Interest Payment Date with respect to
any LIBOR Loan in effect, after such prepayment date or on any date on which an Event of Default exists, the Applicable Agent is irrevocably authorized and directed to apply funds from such cash collateral account, if any, (and liquidate investments
held in such cash collateral account as necessary) to prepay LIBOR Loans until the aggregate of such prepayments equals the prepayment which would have been required on such Prepayment Date but for the operation of this
Section 1.6(e)(iii). 
 (iv) Notwithstanding anything herein to the contrary and so long as no Event
of Default has occurred and is continuing, if the timing and circumstances of a mandatory prepayment under this Section 1.6 would otherwise trigger BA Rate Breakage Costs, then on such prepayment date the Borrowers may, at their option,
deposit Dollars into a cash collateral account maintained by the Applicable Agent in an amount equal to the required prepayment. On the next Interest Payment Date with respect to any BA Rate Loan in effect, after such prepayment date or on any date
on which an Event of Default exists, the Applicable Agent is irrevocably authorized and directed to apply funds from such cash collateral account, if any, (and liquidate investments held in such cash collateral account as necessary) to prepay BA
Rate Loans until the aggregate of such prepayments equals the prepayment which would have been required on such Prepayment Date but for the operation of this Section 1.6(e)(iv). 

(f) Application of Prepayments from Insurance Proceeds. Subject to the Intercreditor Agreement, repayments from
insurance with respect to the Collateral in accordance with Section 4.2, business interruption insurance in respect of events occurring after the Closing Date or condemnation proceeds with respect to any Collateral, shall be applied
first to the Revolving Credit Advances of the Borrower that incurred such casualties. None of the US Tranche A Loan Commitment, the US Tranche A1 Loan Commitment, the Canadian Tranche A Loan Commitment or the Canadian Tranche A1 Loan Commitment
shall be permanently reduced by the amount of any such prepayments. If such insurance or condemnation proceeds received by a particular Borrower exceed the outstanding principal balances of the Loans to that Borrower or if the precise amount of
insurance proceeds allocable to Inventory as compared to Equipment, Fixtures and Real Property are not otherwise determined, the allocation and application of those proceeds shall be determined by Applicable Agent acting reasonably and in good
faith, provided that no Canadian Credit Parties shall make any payments to any persons other than Canadian Lenders or Canadian L/C Issuers. 

  
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 (g) Letter of Credit Obligations. 

(i) In the event any US Letters of Credit are outstanding at the time that the US Tranche A Loan Commitment is terminated,
US Borrowers shall either (x) deposit with US Agent for the benefit of all US Tranche A Lenders cash in an amount equal to 105% of the aggregate outstanding US Letter of Credit Obligations to be available to US Agent to reimburse payments of
drafts drawn under such US Letters of Credit and pay any Fees and expenses related thereto or (y) provide back-to-back replacement Letters of Credit reasonably acceptable to US Agent. 

(ii) In the event any Canadian Letters of Credit are outstanding at the time that the Canadian Tranche A Loan Commitment
is terminated, each Canadian Borrower shall either (x) deposit with Canadian Agent for the benefit of all Canadian Tranche A Lenders cash in an amount equal to 105% of the aggregate outstanding Canadian Letter of Credit Obligations issued for
its benefit to be available to Canadian Agent to reimburse payments of drafts drawn under such Canadian Letters of Credit and pay any Fees and expenses related thereto or (y) provide back-to-back replacement Letters of Credit with respect to
all Letters of Credit issued for its benefit reasonably acceptable to Canadian Agent. 
 1.7 Maturity. 

(a) All of the US Obligations shall become due and payable as otherwise set forth herein, but in any event all of the then
outstanding US Obligations shall become due and payable on the US Tranche A Commitment Termination Date. Until the Termination Date, US Agent shall be entitled to retain the Liens on the Collateral granted under the US Collateral Documents and the
ability to exercise all rights and remedies available to it under the Loan Documents and applicable laws. Notwithstanding anything contained in this Agreement to the contrary, upon any termination of the US Tranche A Loan Commitment, all of the US
Obligations (other than contingent indemnification obligations as to which no claim has been asserted) shall be due and payable. 
 (b) All of the Canadian Obligations shall become due and payable as otherwise set forth herein, but in any event all of the then outstanding Canadian Obligations shall become due and payable on the
Canadian Tranche A Commitment Termination Date. Until the Termination Date, Canadian Agent shall be entitled to retain the Liens on the Collateral granted under the Canadian Collateral Documents and the ability to exercise all rights and remedies
available to it under the Loan Documents and applicable laws. Notwithstanding anything contained in this Agreement to the contrary, upon any termination of the Canadian Tranche A Loan Commitment, all of the Canadian Obligations (other than
contingent indemnification obligations as to which no claim has been asserted) shall be due and payable. 
 1.8 Eligible
Accounts. All of the Accounts owned by each Credit Party and reflected in the most recent Borrowing Base Certificate delivered by each Borrower to Applicable Agent shall be “Eligible Accounts” for purposes of this Agreement,
further described in Schedule 1 to Exhibit 6.1(d), except any Account to which any of the exclusionary criteria set forth below applies. Each Agent shall have the right to establish or modify or eliminate Reserves against the
applicable Eligible Accounts from time to time in its reasonable credit judgment acting in good 

  
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faith. In addition, the Applicable Agent reserves the right, at any time and from time to time after the Closing Date and, absent an Event of Default upon three (3) Business Days’ prior
notice to applicable Borrower Representative, to adjust any of the criteria set forth below, to establish new criteria and to adjust advance rates with respect to Eligible Accounts, in each case in its reasonable credit judgment acting in good
faith, subject to the approval of Supermajority Lenders in the case of adjustments or new criteria or changes in advance rates which have the effect of making more credit available. Eligible Accounts shall not include any Account of any Credit
Party: 
 (a) that does not arise from the sale of goods or the performance of services by such Credit Party in
the ordinary course of its business; 
 (b) (i) upon which such Credit Party’s right to receive payment is
not absolute or is contingent upon the fulfillment of any condition whatsoever or (ii) as to which such Credit Party is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial process, or
(iii) if the Account represents a progress billing consisting of an invoice for goods sold or used or services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject to such Credit
Party’s completion of further performance under such contract or is subject to the equitable lien of a surety bond issuer; 
 (c) to the extent that any defense, counterclaim, setoff or dispute is asserted as to such Account (it being understood and agreed that (i) only the portion of the Account that is subject to such
defense, counterclaim, setoff or dispute shall not be an Eligible Account and (ii) the remaining portion of such Account shall not be rendered ineligible under this clause (c)); 

(d) that is not a true and correct statement of bona fide indebtedness incurred in the amount of the Account for
merchandise sold to or services rendered and accepted by the applicable Account Debtor; 
 (e) with respect to
which an invoice has not been sent to the applicable Account Debtor; 
 (f) that (i) is not owned by such
Credit Party or (ii) is subject to any right, claim, security interest or other interest of any other Person, other than Liens in favor of Applicable Agent, on behalf of itself and the applicable Lenders and Prior Claims that are unregistered
and that secure amounts that are not yet due and payable; 
 (g) that arises from a sale to any director,
officer, other employee or Affiliate of any Credit Party, or to any entity that has any common officer or director of any Credit Party, other than any unrelated portfolio company of Sponsor, Sponsor’s affiliates and any purchaser of
Subordinated Debt or the Senior Notes; 
 (h) that is the obligation of an Account Debtor that is the United
States government or a political subdivision thereof, or any state, county or municipality or department, agency or instrumentality thereof unless Applicable Agent, in its sole discretion, has agreed to the contrary in writing or such Credit Party,
if necessary, has complied with respect to such obligation with the Federal Assignment of Claims Act of 1940, or any applicable state, county or municipal law restricting the assignment thereof with respect to such obligation; 

  
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 (i) that is the obligation of an Account Debtor that is the Canadian
government (Her Majesty The Queen in Right of Canada) or a political subdivision thereof, or any province or territory, or any municipality or department, agency or instrumentality thereof, unless (i) Lenders have agreed to the contrary in
writing, (ii) such Account is assignable by way of security or (iii) such Credit Party, if necessary, has complied with the Financial Administration Act (Canada) and any amendments thereto, or any applicable territorial, provincial, county
or municipal law of similar purpose and effect restricting the assignment thereof with respect to such obligation; 
 (j) that is the obligation of an Account Debtor located in a country other than the United States or Canada unless payment thereof is assured by a letter of credit assigned and delivered to Applicable
Agent, or is covered by adequate credit insurance for such Account Debtor, each satisfactory to such Agent as to form, amount and issuer, provided that, obligations of EI Dupont de Nemours, a Mexican company and, so long as that certain
guaranty from Mars, Inc. in favor of Effem Mexico Inc., a Mexican corporation remains in full force and effect, Effem Mexico, Inc. shall not be excluded; 
 (k) to the extent such Credit Party is liable for goods sold or services rendered by the applicable Account Debtor to such Credit Party but only to the extent of the potential offset; 

(l) that arises with respect to goods that are delivered on a bill-and-hold, cash-on-delivery basis, guaranteed sale or
other terms by reason of which the payment by the Account Debtor is or may be conditional; 
 (m) that is in
default; provided, that, without limiting the generality of the foregoing, an Account shall be deemed in default upon the occurrence of any of the following: 
 (i) the Account is not paid within the earlier of: 60 days following its due date or 90 days following its original invoice date, provided that, such Accounts shall not be excluded so long as they
are not past due in accordance with their terms and are not in an aggregate amount in excess of $1,000,000; 

(ii) the Account Debtor obligated upon such Account suspends business, makes a general assignment for the benefit of
creditors or fails to pay its debts generally as they come due; or 
 (iii) a petition is filed by or against any
Account Debtor obligated upon such Account under any bankruptcy law or any other federal, state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors until such time, if ever, as such
petition is dismissed; 
 (n) that is the obligation of an Account Debtor if 50% or more of the Dollar amount of
all Accounts owing by that Account Debtor are ineligible under the other criteria set forth in this Section 1.8 (other than clauses (a), (b), (d), (e), (f), or (l) hereof); 

(o) as to which Applicable Agent’s Lien thereon, on behalf of itself and the applicable Lenders, is not a first
priority perfected Lien; 

  
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 (p) as to which any of the representations or warranties in the Loan
Documents are untrue; 
 (q) to the extent such Account is evidenced by a judgment, Instrument or Chattel Paper;

 (r) to the extent such Account exceeds any credit limit established by the Applicable Agent, in its reasonable
credit judgment acting in good faith, following prior written or electronic notice of such limit by Applicable Agent to Applicable Borrower Representative; 
 (s) to the extent that such Account, together with all other Accounts owing to such Account Debtor and its Affiliates as of any date of determination exceeds 20% of all Eligible Accounts of all Credit
Parties; 
 (t) that is payable in any currency other than Dollars or Canadian Dollars; or 

(u) that is otherwise unacceptable to the Applicable Agent in its reasonable credit judgment acting in good faith.

 For the purpose of valuing Canadian Credit Parties’ Eligible Accounts denominated in Canadian Dollars, the amount of such Eligible
Accounts shall be converted into the Equivalent Amount thereof in Dollars on the last Business Day of each Fiscal Month; provided, that Canadian Agent reserves the right to adjust, at any time in its reasonable credit judgment, the value of Canadian
Dollars of such Eligible Accounts to take into account currency rate exchange fluctuations since the last valuation thereof. 

1.9 Eligible Inventory. All of the Inventory owned by any Credit Party and reflected in the most recent Borrowing Base Certificate
delivered by each Borrower to Applicable Agent shall be “Eligible Inventory” for purposes of this Agreement, further described in Schedule 1 to Exhibit 6.1(d), except any Inventory to which any of the exclusionary
criteria set forth below applies. Applicable Agent shall have the right to establish, modify, or eliminate Reserves against Eligible Inventory from time to time in its reasonable credit judgment acting in good faith. In addition, the Applicable
Agent reserves the right, at any time and from time to time after the Closing Date and, absent an Event of Default upon three (3) Business Days’ prior notice to applicable Borrower Representative, to adjust any of the criteria set forth
below, to establish new criteria and to adjust advance rates with respect to Eligible Inventory, in each case, in its reasonable credit judgment acting in good faith, subject to the approval of Supermajority Lenders in the case of adjustments or new
criteria or changes in advance rates which have the effect of making more credit available. Eligible Inventory shall not include any Inventory of any Credit Party that: 

(a) is not owned by such Credit Party free and clear of all Liens and rights of any other Person (including the rights of
a purchaser that has made progress payments and the rights of a surety that has issued a bond to assure such Borrower’s performance with respect to that Inventory and the rights of suppliers under Section 81.1 of the Bankruptcy and
Insolvency Act (Canada)), except the Liens in favor of Applicable Agent, on behalf of the applicable Secured Parties and Prior Claims that are unregistered and that secure amounts that are not yet due and payable (other than the claims of
suppliers under Section 81.1 of the Bankruptcy and Insolvency Act (Canada)), except the Liens in favor of Applicable Agent, on behalf of the applicable Secured Parties and other Permitted Encumbrances described in clauses (a),
(b), (c), (e) and (f)(3) in such definition; 

  
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 (b) (i) is not located on premises owned, leased or rented by such Credit
Party and set forth in Disclosure Schedule (3.14) or (ii) is stored at a leased location, unless (x) the Applicable Agent has given its prior consent thereto, (y) a reasonably satisfactory landlord waiver has been
delivered to Applicable Agent, or (z) Reserves satisfactory to Applicable Agent have been established with respect thereto in an amount not to exceed three (3) months rent, (iii) is stored with a bailee or warehouseman unless a
reasonably satisfactory, acknowledged bailee letter has been received by the Applicable Agent or Reserves reasonably satisfactory to Applicable Agent have been established with respect thereto, or (iv) is located at an owned location subject to
a mortgage in favor of a lender other than the Applicable Agent, unless a reasonably satisfactory mortgagee waiver has been delivered to the Applicable Agent, or (v) is located at any site if the aggregate book value of Inventory at any such
location is less than $100,000; 
 (c) is placed on consignment or is in transit, except for Inventory in transit
between United States and Canadian locations of Credit Parties as to which the Applicable Agent’s Liens have been perfected at origin and destination; and except for (i) Inventory in transit between domestic locations of Credit Parties,
(ii) work-in-progress inventory of the type and in the amounts specified in clause (p) of this section, and (iii) consigned Inventory that arises with respect to goods that are delivered on a bill and hold, cash on delivery basis or
placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is or may be conditional, provided that in the case of such consigned Inventory, (A) as to each consignee (it being understood that for
the purposes of this paragraph (c), the term consignee shall include any Person to whom such Credit Party has provided possession of Inventory prior to the consummation of an irrevocable sale of such Inventory to such Person), the applicable Credit
Party has, at such Credit Party’s cost and expense (i) conducted Code, PPSA, tax lien and judgment searches against such consignee, (ii) filed UCC-1 financing statements against such consignee naming such Credit Party as secured party
and Applicable Agent as assignee of secured party, and (iii) provided to each secured party of record that has filed a financing statement against such consignee (whether or not such Inventory is Inventory in the hands of such consignee) a
notice, in form and substance reasonably satisfactory to Applicable Agent, pursuant to Section 9-324 of the Code or similar provision of the PPSA of such Credit Party’s intent to provide purchase money financing to such consignee and
(iv) obtained from such consignee a letter agreement, in form and substance reasonably satisfactory to Applicable Agent, in which such consignee acknowledges the Lien of Applicable Agent and agrees that to the extent that such consignee has not
paid the purchase price of any item of Inventory, Applicable Agent can take possession of and remove such item of Inventory upon an Event of Default and (B) such Credit Party holds a perfected first priority security interest against such
consignee, such security interest having been assigned of record to Applicable Agent; 
 (d) is covered by a
negotiable document of title, unless such document has been delivered to the Applicable Agent with all necessary endorsements, free and clear of all Liens except those in favor of the Applicable Agent and applicable Secured Parties; 

  
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 (e) is excess, obsolete, unsaleable, shopworn, seconds, damaged or unfit for
sale; 
 (f) consists of display items or packing or shipping materials, manufacturing supplies or replacement
parts; 
 (g) consists of goods which have been returned by the buyer and are not capable of readily being resold
to another buyer; 
 (h) is not of a type held for sale in the ordinary course of such Credit Party’s
business; 
 (i) is not subject to a first priority lien in favor of the Applicable Agent on behalf of the
applicable Secured Parties subject to Permitted Encumbrances; 
 (j) breaches any of the representations or
warranties pertaining to Inventory set forth in the Loan Documents; 
 (k) consists of any costs associated with
“freight-in” charges; 
 (l) consists of Hazardous Materials or goods that can be transported or sold
only with licenses that are not readily available; 
 (m) is not covered by casualty insurance reasonably
acceptable to Applicable Agent; 
 (n) is otherwise unacceptable to Applicable Agent in its reasonable credit
judgment acting in good faith; 
 (o) consists of work-in-progress inventory except that work-in-progress
inventory in an amount not to exceed $6,500,000 shall not be excluded; or 
 (p) consists of raw materials in
transit, except raw materials in transit that are adequately insured and in which such Credit Party has perfected title under Applicable Law in such raw materials in an amount not to exceed $1,000,000 in the aggregate. 

1.10 Loan Accounts. Each of US Agent and Canadian Agent shall maintain a loan account (each, a “Loan Account”) on
its books for each US Borrower or Canadian Borrower, as applicable, to account for all applicable Advances, all payments made by US Borrowers or Canadian Borrowers, as applicable, and all other applicable debits and credits as provided in this
Agreement with respect to the Loans or any other Obligations. All entries in each Loan Account shall be made in accordance with US Agent’s or Canadian’s Agent’s, as applicable, customary accounting practices as in effect from time to
time. The balance in each Loan Account, as recorded on US Agent’s or Canadian Agent’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to US Agent, US
Tranche A Lenders and US Tranche A1 Lenders by US Borrowers or Canadian Agent, Canadian Tranche A Lenders and Canadian Tranche A1 Lenders by Canadian Borrowers; provided that any failure to so record or any error in so recording shall not limit or
otherwise 

  
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affect any US Borrower’s duty to pay the US Obligations or any Canadian Borrower’s duty to pay the Canadian Obligations. US Agent and Canadian Agent shall render to US Borrower
Representative and Canadian Borrower Representative, respectively, a monthly accounting of transactions with respect to the Loans setting forth the balance of each Loan Account as to each US Borrower and Canadian Borrower for the immediately
preceding month. Unless Applicable Borrower Representative notifies Applicable Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days after the date thereof,
each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers. Notwithstanding any provision
herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

 1.11 Yield Protection. 

(a) Capital Adequacy and Other Adjustments. In the event that any Lender shall have determined
that a Change in Law does or shall have the effect of increasing the amount of capital, reserves or other funds required to be maintained by such Lender or any corporation controlling such Lender and thereby reducing the rate of return on such
Lender’s or such corporation’s capital as a consequence of its obligations hereunder, then US Borrowers in the case of a US Lender or Canadian Borrowers in the case of a Canadian Lender shall from time to time within fifteen (15) days
after notice and demand from such Lender (together with the certificate referred to in the next sentence and with a copy to Applicable Agent) pay to Applicable Agent, for the account of such Lender, additional amounts sufficient to compensate such
Lender for such reduction; provided that if the respective Lender has unreasonably delayed or withheld such notice and demand, the respective Lender shall not be entitled to receive additional payments pursuant to this Section 1.11(a)
for periods occurring prior to the 180th day before the
receipt of such notice and demand. A certificate as to the amount of such cost and showing the basis of the computation of such cost submitted by such Lender to Applicable Borrower Representative and the Applicable Agent shall be presumptive
evidence of the matters set forth therein. 
 (b) Increased Funding Costs; Illegality. Notwithstanding
anything to the contrary contained herein, if any Change in Law shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender to agree to make or to make or to continue to fund or
maintain any LIBOR Loan or BA Rate Loan, then, unless that Lender is able to make or to continue to fund or to maintain such LIBOR Loan or BA Rate Loan, as the case may be, at another branch or office of that Lender without, in that Lender’s
opinion, adversely affecting it or its Loans or the income obtained therefrom, on notice thereof and demand therefor by such Lender to the Applicable Borrower Representative through Applicable Agent, (i) the obligation of such Lender to agree
to make or to make or to continue to fund or maintain LIBOR Loans or BA Rate Loans, as the case may be, shall terminate and (ii) each applicable Borrower shall forthwith prepay in full each such outstanding LIBOR Loans or BA Rate Loans, as the
case may be, owing by such Borrower to such Lender, together with interest accrued thereon, unless the Applicable Borrower Representative on behalf of Borrowers, within five (5) Business Days after the delivery of such notice and demand,
converts all affected LIBOR 

  
 38 

 
Loans into US Index Rate Loans and all affected BA Rate Loans into Canadian Index Rate Loans. If, after the date hereof, the introduction of, change in or interpretation of any law, rule,
regulation, treaty or directive would impose or increase reserve requirements (other than as taken into account in the definition of LIBOR or BA Rate) and the result of any of the foregoing is to increase the cost to any Agent or any such Lender of
issuing any Letter of Credit or making or continuing any Loan hereunder, as the case may be, or to reduce any amount receivable hereunder, then (i) US Borrowers shall from time to time within fifteen (15) days after notice and demand from
US Agent to US Borrower Representative (together with the certificate referred to in the next sentence) pay to US Agent, for the account of all such affected US Lenders and (ii) Canadian Borrowers shall from time to time within fifteen
(15) days after notice and demand from Canadian Agent to Canadian Borrower Representative (together with the certificate referred to in the next sentence) pay to Canadian Agent, for the account of all such affected Canadian Lenders, additional
amounts sufficient to compensate such Lenders for such increased cost; provided that Borrowers shall not be liable to pay for any such amounts incurred or accrued more than 180 days prior to the date on which notice of the event giving rise to the
obligation to make such payment is given to Borrowers. A certificate as to the amount of such cost and showing the basis of the computation of such cost submitted by the Applicable Agent on behalf of all such affected Lenders to Borrowers shall be
presumptive evidence of the matters set forth therein. 
 1.12 Taxes. 

(a) No Deductions; Other Taxes. Except as otherwise provided in this Section 1.12, any and all payments
or reimbursements made hereunder (including any payments made pursuant to Section 10 and 11) or under any other Loan Document shall be made free and clear of and without deduction for any and all Charges, present or future, taxes,
levies, imposts, deductions or withholdings, and all liabilities with respect thereto (including any interest, additions to tax or penalties applicable thereto) of any nature whatsoever imposed by any Governmental Authority
(“Taxes”), excluding (i) such Taxes to the extent imposed on or measured by an Agent’s or a Lender’s net income, taxable income or a similar measure or capital (and franchise taxes, branch profits taxes, taxes on
doing business or other taxes imposed in lieu thereof) as a result of a present or former connection between such Agent or Lender and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or taxing authority
thereof or therein (other than any such connection arising from such Agent or Lender having executed, delivered, performed its obligations or received a payment under this Agreement or any other Loan Document), (ii) any U.S. federal withholding
tax that is imposed on amounts payable to a Foreign Lender or to an Agent for the benefit of a Foreign Lender at the time such Foreign Lender becomes a party to this Agreement, except to the extent that such Foreign Lender’s assignor (if any)
was entitled, at the time of such assignment, to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to this Section 1.12(a), (iii) any U.S. federal withholding tax that is directly
attributable to a Foreign Lender’s failure (other than as a result of a change in law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority) to comply with
Section 1.12(d), or (iv) subject to Section 8.6(c), any Canadian withholding tax imposed on any payment made by any Canadian Borrower hereunder to any entity, including, without limitation, a Canadian Lender, the
Canadian Agent or a Canadian L/C Issuer, by reason of such entity not being a Canadian Person at the time such amount is paid or credited (other than an 

  
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assignment to a non-Canadian Person after an Event of Default has occurred and is continuing), (collectively, together with any related interest, penalties and additions to tax, “Excluded
Taxes,” and all such non-Excluded Taxes being referred to herein as “Non-Excluded Taxes”). 
 (b) Additional Payments. If any Borrower shall be required by law to deduct any Non-Excluded Taxes from or in respect of any sum payable hereunder or under any other Loan Document to any Lender or
any Agent, then (i) the sum payable hereunder shall be increased as may be necessary so that, after making all required deductions (including deductions applicable to additional sums payable pursuant to this Section 1.12), such
Lender or any Agent receives, on an after-Tax basis, an amount equal to the sum it would have received had no such deductions in respect of such Non-Excluded Taxes been made; and (ii) all required deductions shall be withheld and timely paid
over to the relevant Governmental Authority in accordance with applicable law. 
 (c) Other Taxes. In
addition, Borrowers agree to timely pay to the relevant Governmental Authority in accordance with applicable law any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any
payment made hereunder or under any other Loan Document or from the execution, delivery or registration of this Agreement or any other Loan Document (“Other Taxes”). 

(d) Tax Forms. 
 (i) Prior to becoming a US Lender under this Agreement, within fifteen (15) days after a reasonable written request of US Borrower Representative or US Agent from time to time thereafter and at such
times after becoming a US Lender under this Agreement as may be reasonably necessary to ensure that the most recent forms provided to the US Borrower Representative and US Agent are still valid, each such Person or Lender that is not in each case a
“United States person” (as such term is defined in IRC Section 7701(a)(30)) for U.S. federal income tax purposes (a “US Foreign Lender”) shall provide, in accordance with applicable procedures under U.S. tax law to US
Borrower Representative and US Agent, if it is legally entitled to, two properly completed (including all required attachments and information) and executed IRS Forms W-8BEN or Forms W-8ECI or other applicable forms, certificates or documents
prescribed by the IRS, certifying as to such US Foreign Lender’s entitlement to an exemption from, or reduction in, U.S. withholding tax with respect to payments to be made to such US Foreign Lender under this Agreement and under the Notes.

 (ii) Prior to becoming a US Lender under this Agreement, within fifteen (15) days after a reasonable
written request of US Borrower Representative or US Agent from time to time thereafter and at such times after becoming a US Lender under this Agreement as may be reasonably necessary to ensure that the most recent forms provided to the US Borrower
Representative and US Agent are still valid, each such Person or Lender that is in each case a “United States person” (as such term is defined in IRC Section 7701(a)(30)) for U.S. federal income tax purposes provide to US Borrower
Representative and US Agent, if it is legally entitled to, two properly completed and executed IRS Forms W-9, certifying as to such US Lender’s entitlement to an exemption from U.S. backup withholding tax, or any successor form. 

  
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 (iii) Each Canadian Lender, and the successors and assignees of such
Canadian Lender, organized under the laws of a jurisdiction outside of Canada (each, a “Canadian Foreign Lender” and, together with the US Foreign Lenders, the “Foreign Lenders”), shall provide to Canadian Borrowers
(with a copy to Canadian Agent), any appropriate certificate or document, certifying as to such Canadian Foreign Lender’s entitlement to an exemption from Canadian withholding tax with respect to payments to be made to such Canadian Lender
under this Agreement and under the Notes. 
 (e) Indemnification. Borrowers will indemnify each Lender and
each Agent for the full amount of Non-Excluded Taxes and Other Taxes (including any Non-Excluded Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this Section 1.12) paid by such Lender or Agent, as the case may
be, and any liability including penalties, interest and expenses, including reasonable attorney’s fees and expenses) arising therefrom or with respect thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally
asserted by the relevant Governmental Authority. A certificate as to the amount of such payments or liabilities submitted by any Lender or Agent to Applicable Borrower Representative (with a copy to Agent if applicable) shall be presumptive evidence
of the amount due. Borrowers shall pay such Agent or such Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after the receipt thereof. 

(f) Evidencing of Payments. As soon as practicable after any payment of Taxes or Other Taxes by the Borrowers to a
Governmental Authority, the Borrowers shall deliver to the Applicable Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Applicable Agent. 
 1.13 Borrower Representative. 

(a) Each US Borrower hereby designates Exopack Op Co (the “US Borrower Representative”) as its
representative and agent on its behalf for the purposes of issuing Notices of US Tranche A Revolving Credit Advances, Notices of US Tranche A1 Revolving Credit Advances and Notices of Conversion/Continuation, giving instructions with respect to the
disbursement of the proceeds of the US Tranche A Loans and US Tranche A1 Loans, selecting interest rate options, requesting issuance of US Letters of Credit, giving and receiving all other notices and consents hereunder or under any of the other
Loan Documents and taking all other actions (including in respect of compliance with covenants) on behalf of any US Borrower or US Borrowers under the Loan Documents. US Borrower Representative hereby accepts such appointment. US Agent, each US
Tranche A Lender and each US Tranche A1 Lender may regard any notice or other communication pursuant to any Loan Document from US Borrower Representative as a notice or communication from all US Borrowers. Each warranty, covenant, agreement and
undertaking made on its behalf by US Borrower Representative shall be deemed for all purposes to have been made by such US Borrower and shall be binding upon and enforceable against such US Borrower to the same extent as it if the same had been made
directly by such US Borrower. 

  
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 (b) Each Canadian Borrower hereby designates Exopack Canada (the
“Canadian Borrower Representative”) as its representative and agent on its behalf for the purposes of issuing Notices of Canadian Tranche A Revolving Credit Advances, Notices of Canadian Tranche A1 Revolving Credit Advances and
Notices of Continuations/Conversions, giving instructions with respect to the disbursement of the proceeds of the Canadian Tranche A Loans and Canadian Tranche A1 Loans, requesting issuance of Canadian Letters of Credit, selecting interest rate
options, giving and receiving all other notices and consents hereunder or under any of the other Loan Documents and taking all other actions (including in respect of compliance with covenants) on behalf of any Canadian Borrower or Canadian Borrowers
under the Loan Documents. Canadian Borrower Representative hereby accepts such appointment. Canadian Agent, each Canadian Tranche A Lender and each Canadian Tranche A1 Lender may regard any notice or other communication pursuant to any Loan Document
from Canadian Borrower Representative as a notice or communication from all Canadian Borrowers. Each warranty, covenant, agreement and undertaking made on its behalf by Canadian Borrower Representative shall be deemed for all purposes to have been
made by such Canadian Borrower and shall be binding upon and enforceable against such Canadian Borrower to the same extent as it if the same had been made directly by such Canadian Borrower. 

1.14 Currency Conversions. 
 Principal, interest, reimbursement obligations, fees, and all other amounts payable under this Agreement and the other Loan Documents to any Lender shall be payable in the currency in which such
Obligations are denominated. If an Agent receives any payment from or on behalf of a Credit Party in any currency other than the currency in which the Obligation is denominated such Agent may convert the payment (including the proceeds of
realization upon any collateral) into the currency in which such Obligation is denominated at the rate of exchange set out in Section 1.15(b). For the purpose of such calculations, comparisons, measurements or determinations, amounts
denominated in other currencies shall be converted in the Equivalent Amount of Dollars on the date of calculation, comparison, measurement or determination. 
 1.15 Judgment Currency; Contractual Currency. 
 (a) If, for
the purpose of obtaining or enforcing judgment against any Borrower in any court in any jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 1.15 referred to as the
“Judgment Currency”) an amount due under any Loan Document in any currency (the “Obligation Currency”) other than the Judgment Currency, the conversion shall be made at the spot rate of exchange prevailing on the
Business Day immediately preceding (i) the date of actual payment of the amount due, in the case of any proceeding in the courts of any jurisdiction that will give effect to such conversion being made on such date, or (ii) the date on
which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the applicable date as of which such conversion is made pursuant to this Section 1.15 being hereinafter in this Section 1.15
referred to as the “Judgment Conversion Date”). 
 (b) If, in the case of any proceeding in the
court of any jurisdiction referred to in Section 1.15(a), there is a change in the spot rate of exchange prevailing between the Judgment Conversion Date and the date of actual receipt for value of the amount due, the Applicable Borrower
shall pay such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount actually received in the Judgment 

  
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Currency, when converted at the spot rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of the
Judgment Currency stipulated in the judgment or judicial order at the spot rate of exchange prevailing on the Judgment Conversion Date. Any amount due from a Borrower under this Section 1.15(b) shall be due as a separate debt and shall
not be affected by judgment being obtained for any other amounts due under or in respect of any of the Loan Documents. 
 (c) Any amount received or recovered by the Applicable Agent in respect of any sum expressed to be due to them (whether for itself or as trustee for any other person) from any Borrower under this
Agreement or under any of the other Loan Documents in a currency other than the currency (the “contractual currency”) in which such sum is so expressed to be due (whether as a result of, or from the enforcement of, any judgment or order of
a court or tribunal of any jurisdiction, the winding-up of a Borrower or otherwise) shall only constitute a discharge of such Borrower to the extent of the amount of the contractual currency that such Applicable Agent is able, in accordance with its
usual practice, to purchase with the amount of the currency so received or recovered on the date of receipt or recovery (or, if later, the first date on which such purchase is practicable). If the amount of the contractual currency so purchased is
less than the amount of the contractual currency so expressed to be due, such Borrower shall indemnify such Applicable Agent against any loss sustained by it as a result, including the cost of making any such purchase. 

(d) Interest Act (Canada). For purposes of disclosure pursuant to the Interest Act (Canada), the annual
rates of interest or fees to which the rates of interest or fees provided in this Agreement and the other Loan Documents (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any other period of time less
than a calendar year) are equivalent are the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 360 or such other period of time, respectively. 

1.16 Commitment Increases. 
 (a) From time to time after the Closing Date and in accordance with this Section 1.16, the US Borrowers may request an increase to the US Tranche A Loan Commitment and/or the US Tranche A1
Loan Commitment and the Canadian Borrowers may request an increase in the Canadian Tranche A Loan Commitment and/or the Canadian Tranche A1 Loan Commitment (each such increase, a “Commitment Increase”) so long as the following
conditions are satisfied: (i) the applicable Borrowers deliver to the applicable Agents not later than 1:00pm (New York time) 5 Business Days prior to the Business Day immediately prior to the Business Day on which the Borrowers request such
Commitment Increase to be effective, a Commitment Increase Request in the form attached as Exhibit 1.16 (“Commitment Increase Request”); (ii) at the time of and immediately after giving effect to any such proposed
Commitment Increase, no Default or Event of Default shall exist, (iii) such Commitment Increase is in a minimum amount of $5,000,000 and integral multiples thereof, and the aggregate amount of all such Commitment Increases does not exceed the
Aggregate Accordion Commitment; (iv) each condition set forth in Section 2.2 has been met and (v) the applicable Borrowers pay a commitment increase fee to the Applicable Agents, for the ratable benefit of the Lenders whose
Commitments are being increased, equal to 0.50% multiplied by the principal amount of such Commitment Increase. 

  
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 (b) Provided that the conditions set forth in Section 1.16(a)
are satisfied, each Commitment Increase shall be effective as the date specified in the applicable Commitment Increase Request and on such date the principal amount of such Commitment Increase shall be ratably allocated to each Lender. 

SECTION 2. 

CONDITIONS TO LOANS 
 The obligations of Lenders and L/C Issuers to make Loans and to issue or cause to be issued Letters of Credit are subject to satisfaction of all of the applicable conditions set forth below. 

2.1 Conditions to Initial Loans. 
 The obligations of Lenders and L/C Issuers to make the initial Loans and to issue and cause to be issued Letters of Credit on the Closing Date are, in addition to the conditions precedent specified in
Section 2.2, subject to: 
 (a) Borrowers shall have delivered all documents listed on, take all
actions set forth on and satisfy all other conditions precedent listed in the Closing Checklist attached hereto as Annex C, all in form and substance, or in a manner, satisfactory to Agents and Lenders; 

(b) Both before and after giving effect to the Loans and the Related Transactions, there shall not exist any Default or
Event of Default under the Loan Documents or under any material contract or agreement of Holdings, the Borrowers or their respective subsidiaries; and the representations and warranties shall be true and correct in all material respects; and

 (c) There shall not exist any action, suit, investigation, litigation or proceeding pending or, to the
knowledge of the Borrowers, threatened in any court or before any arbitrator or governmental authority that has or could reasonably be expected to have a Material Adverse Effect on Borrowers and their Subsidiaries (taken as a whole) or that seeks to
enjoin the entry into the Loan Documents. 
 2.2 Conditions to All Loans. Except as otherwise expressly provided herein,
no Lender or L/C Issuer shall be obligated to fund any Advance or incur any Letter of Credit Obligation, if, as of the date thereof (the “Funding Date”): 

(a) any representation or warranty by any Credit Party contained herein or in any other Loan Document is untrue or
incorrect in any material respect (without duplication of any materiality qualifier contained therein) as of such date, except to the extent that such representation or warranty expressly relates to an earlier date, and Applicable Agent or Requisite
Lenders have determined not to make such Advance or incur such Letter of Credit Obligation as a result of the fact that such warranty or representation is untrue or incorrect; 

(b) any Default or Event of Default has occurred and is continuing or would result after giving effect to any Advance (or
the incurrence of any Letter of Credit Obligation), and Applicable Agent or Requisite Lenders shall have determined not to make any Advance or incur any Letter of Credit Obligation as a result of that Default or Event of Default; or 

  
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 (c) after giving effect to any Advance (or the incurrence of any Letter of
Credit Obligations), (i) the Dollar Equivalent of the outstanding amount of the aggregate US Tranche A Loan would exceed US Tranche A Borrowing Availability (except as provided in Section 1.1(a)(ii)), (ii) the Dollar Equivalent
of the outstanding amount of the aggregate US Tranche A1 Loan would exceed US Tranche A1 Borrowing Availability, (iii) the Dollar Equivalent of the outstanding amount of the aggregate Canadian Tranche A Loan would exceed Canadian Tranche A
Borrowing Availability (except as provided in Section 1.2(a)(ii)), (vi) the Dollar Equivalent of the outstanding amount of the aggregate Canadian Tranche A1 Loan would exceed Canadian Tranche A1 Borrowing Availability, (v) the
Dollar Equivalent of the outstanding amount of the US Tranche A Loans together with the Dollar Equivalent of the outstanding amount of the Canadian Tranche A Loans exceeds the US Tranche A Loan Commitment, (vi) the Dollar Equivalent of the
outstanding amount of the US Tranche A1 Loans together with the Dollar Equivalent of the outstanding amount of the Canadian Tranche A1 Loans exceeds the US Tranche A1 Loan Commitment or (vii) the Dollar Equivalent of the outstanding amount of
the US Loans together with the Dollar Equivalent of the outstanding amount of the Canadian Loans exceeds the sum of the US Tranche A Loan Commitments and the US Tranche A1 Loan Commitments. For the avoidance of doubt, it is agreed that the Canadian
Tranche A Loan Commitment is a subfacility of the US Tranche A Loan Commitment and the Canadian Tranche A1 Loan Commitment is a subfacility of the US Tranche A1 Loan Commitment. 

2.3 Reserved. 
 2.4 Effect of Amendment and Restatement. Upon this Agreement becoming effective pursuant to Section 2.1, from and after the Closing Date: (a) all US Tranche A Loan Commitments (as
defined in the Original Credit Agreement) shall be deemed to be US Tranche A Loan Commitments hereunder and reduced to the amounts set forth on Annex A hereto and all US Tranche A Loans (as defined in the Original Credit Agreement) shall be deemed
to be US Tranche A Loans hereunder; (b) all US Tranche A1 Loan Commitments (as defined in the Original Credit Agreement) shall be deemed to be US Tranche A1 Loan Commitments hereunder and reduced to the amounts set forth on Annex A hereto and
all US Tranche A1 Loans (as defined in the Original Credit Agreement) shall be deemed to be US Tranche A1 Loans hereunder; (c) all Canadian Tranche A Loan Commitments (as defined in the Original Credit Agreement) shall be deemed to be Canadian
Tranche A Loan Commitments hereunder and reduced to the amounts set forth on Annex A hereto and all Canadian Tranche A Loans (as defined in the Original Credit Agreement) shall be deemed to be Canadian Tranche A Loans hereunder; (d) all
Canadian Tranche A1 Loan Commitments (as defined in the Original Credit Agreement) shall be deemed to be Canadian Tranche A1 Loan Commitments hereunder and reduced to the amounts set forth on Annex A hereto and all Canadian Tranche A1 Loans (as
defined in the Original Credit Agreement) shall be deemed to be Canadian Tranche A1 Loans hereunder; (e) all terms and conditions of the Original Credit Agreement and any other “Loan Document” as defined therein, as amended by this
Agreement and the other Loan Documents being executed and delivered on the Closing Date, shall be and shall remain in full force and effect, as so amended, and shall constitute the legal, valid, binding and enforceable obligations of

  
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the Credit Parties party thereto; (f) the terms and conditions of the Original Credit Agreement shall be amended as set forth herein and, as so amended, shall be restated in their entirety,
but shall be amended only with respect to the rights, duties and obligations among Borrowers, Lenders and Agent accruing from and after the Closing Date; (g) this Agreement shall not in any way release or impair the rights, duties, Obligations
or Liens created pursuant to the Original Credit Agreement or any other Loan Document or affect the relative priorities thereof, in each case to the extent in force and effect thereunder as of the Closing Date, except as modified hereby or by
documents, instruments and agreements executed and delivered in connection herewith, and all of such rights, duties, Obligations and Liens are assumed, ratified and affirmed by the Borrowers; (h) to the extent expressly provided for in the
Original Credit Agreement, all indemnification obligations of the Credit Parties under the Original Credit Agreement and any other Loan Documents shall survive the execution and delivery of this Agreement and shall continue in full force and effect
for the benefit of Lenders, Agents, and any other Person indemnified under the Original Credit Agreement or any other Loan Document at any time prior to the Closing Date; (i) the Obligations incurred under the Original Credit Agreement shall,
to the extent outstanding on the Closing Date, continue outstanding under this Agreement and shall not be deemed to be paid, released, discharged or otherwise satisfied by the execution of this Agreement, and this Agreement shall not constitute a
refinancing, substitution or novation of such Obligations or any of the other rights, duties and obligations of the parties hereunder; (j) the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right,
power or remedy of Lenders or Agents under the Original Credit Agreement, nor constitute a waiver of any covenant, agreement or obligation under the Original Credit Agreement, except to the extent that any such covenant, agreement or obligation is
no longer set forth herein or is modified hereby; (k) any and all references in the Loan Documents to the Original Credit Agreement shall, without further action of the parties, be deemed a reference to the Original Credit Agreement, as amended
and restated by this Agreement, and as this Agreement shall be further amended or amended and restated from time to time hereafter and (l) any and all references in the Loan Documents to the “Closing Date” shall, without further
action of the parties, be deemed a reference to the Original Closing Date. 
 SECTION 3. 

REPRESENTATIONS AND WARRANTIES 
 To induce US Agent, Canadian Agent and Lenders to enter into the Loan Documents, to make Loans and to issue or cause to be issued Letters of Credit, US Credit Parties, jointly (with each other) and
severally represent and warrant to the US Agent and each US Lender, and Canadian Credit Parties jointly (with each other) and severally represent and warrant to Canadian Agent and each Canadian Lender that the following statements are and, after
giving effect to the Related Transactions, will be true, correct and complete with respect to all Credit Parties. 
 3.1
Organization and Powers. 
 (a) Each of the Credit Parties and each of their Subsidiaries is duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization, and qualified to do business and in good standing in all countries, states and provinces where such qualification is required except where failure
to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect. The jurisdiction of organization and 

  
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all jurisdictions in which each Credit Party is qualified to do business as of the Closing Date are set forth on Schedule 3.1(a). Each of the Credit Parties and each of their Subsidiaries
has all requisite organizational power and authority to own and operate its properties, to carry on its business as now conducted and proposed to be conducted, to enter into each Loan Document and Related Transactions Document to which it is a party
and to incur the Obligations, grant liens and security interests in the Collateral and carry out the Related Transactions. 
 (b) Executive Offices, Collateral Locations. As of the Closing Date, the current location of each Credit Party’s chief executive office, principal place of business, domicile (within the
meaning of the Civil Code of Québec) and the warehouses and premises at which any Collateral is located are set forth on Schedule 3.1(a), and none of such locations has changed within four (4) months preceding the Closing
Date. Each Credit Party that keeps records in the Province of Quebec relating to Collateral keeps a duplicate copy thereof at a location outside the Province of Quebec, as designated on Schedule 3.1(a). 

(c) Capitalization. As of the Closing Date: (i) the authorized Stock of each of the Credit Parties and each of
their Subsidiaries is as set forth on Schedule 3.1(c); (ii) all issued and outstanding Stock of each of the Credit Parties and each of their Subsidiaries is duly authorized and validly issued, fully paid, nonassessable (as applicable),
free and clear of all Liens other than Permitted Encumbrances under clauses (a) and (e) of the definition thereof and those in favor of the Agents for the benefit of the applicable Secured Parties, and such Stock was issued in compliance
with all applicable state, provincial, federal and foreign laws concerning the issuance of securities; (iii) the identity of the holders of the Stock of each of the Credit Parties and each of their Subsidiaries and the percentage of their
fully-diluted ownership of the Stock of each of the Credit Parties and each of their Subsidiaries is set forth on Schedule 3.1(c); and (iv) no Stock of any Credit Party or any of their Subsidiaries, other than those described above, are
issued and outstanding. Except as provided in Schedule 3.1(c), as of the Closing Date, there are no preemptive or other outstanding rights, options, warrants, conversion rights or similar agreements or understandings for the purchase or
acquisition from any Credit Party or any of their Subsidiaries of any Stock of any such entity. 
 (d) Binding
Obligation. This Agreement is, and the other Loan Documents and the Related Transactions Documents when executed and delivered will be, the legally valid and binding obligations of the Credit Parties party thereto, each enforceable against each
of such Credit Parties, as applicable, in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and general principles of
equity. 
 3.2 Disclosure. No representation or warranty of any Credit Party contained in this Agreement, the Financial
Statements referred to in Section 3.5 (other than Projections, as to which the only representation and warranty made is as set forth in Section 3.5 hereof), the other Loan Documents or any other document, certificate or
written statement furnished to any Agent or any Lender by or on behalf of any such Person for use in connection with the Loan Documents contains any untrue statement of a material fact or omitted, omits or will omit to state a material fact
necessary in order to make the statements contained herein or therein not misleading in any material respect in light of the circumstances in which the same were made. 

  
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 3.3 No Material Adverse Effect. Since the most recent audited Financial Statements
delivered hereunder, there have been no events or changes in facts or circumstances affecting any Credit Party or any of its Subsidiaries which individually or in the aggregate have had or would reasonably be expected to have a Material Adverse
Effect. 
 3.4 No Conflict. The consummation of the Related Transactions does not and will not (i) violate or
conflict with any laws, rules, regulations or orders of any Governmental Authority or violate, conflict with, result in a breach of, or constitute a default (with due notice or lapse of time or both) under any Contractual Obligation or
organizational documents of any Credit Party or any of its Subsidiaries in each case, except if such violations, conflicts, breaches or defaults have not had and would not reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect or (ii) result in the creation of a Lien on any assets of any Credit Party (other than Liens subject to the Intercreditor Agreement). 
 3.5 Financial Statements and Projections. Except for the Projections or as set forth on Schedule 3.5, all Financial Statements concerning Holdings and its Subsidiaries which have been or
will hereafter be furnished to any Agent pursuant to this Agreement, including those listed below, have been or will be prepared in accordance with GAAP consistently applied (except as disclosed therein) and do or will present fairly in all material
respects the financial condition of the entities covered thereby as at the dates thereof and the results of their operations for the periods then ended, subject to, in the case of unaudited Financial Statements, the absence of footnotes and normal
year-end adjustments. 
 (a) The consolidated balance sheets at December 31, 2010 and the related statement
of income of Holdings and its Subsidiaries for the Fiscal Year then ended, audited by PricewaterhouseCoopers LLP. 
 (b) The consolidated balance sheet at March 31, 2011 and the related statement of income of Holdings and its Subsidiaries for the three (3) months then ended. 

The Projections delivered on or prior to the Closing Date and the updated Projections delivered pursuant to Section 6.1(f)
represent and will represent as of the date thereof the good faith estimate of Borrowers and their senior management concerning the most probable course of their business and were prepared on the basis of the assumptions stated therein, and such
assumptions were believed to be reasonable at the time prepared, it being understood and agreed that Projections are not to be viewed as facts and that actual results during the period covered by the Projections may differ materially from projected
results. 
 3.6 Solvency. Each of the Borrowers is, and the Credit Parties and their Subsidiaries taken as a whole are,
Solvent. 
 3.7 Use of Proceeds; Margin Regulations. 

(a) No part of the proceeds of any Loan will be used for “buying” or “carrying” “margin
stock” within the respective meanings of such terms under Regulation U or for any other purpose that violates the provisions of the regulations of the Board of Governors of the Federal Reserve System. If requested by any Agent, each Credit
Party will furnish to each Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form 0-1, as applicable, referred to in Regulation U. 

  
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 (b) Borrowers shall utilize the proceeds of the Loans solely for Permitted
Acquisitions and the financing of Borrowers’ working capital and general corporate needs. Schedule 3.7 contains a description of Borrowers’ sources and uses of funds as of May 31, 2011, including Loans and Letter of Credit
Obligations to be made or incurred on that date, and a funds flow memorandum detailing how funds from each source are to be transferred for particular uses. 
 (c) None of Holdings, any Borrower or any of their respective Subsidiaries is subject to regulation as an “investment company” as defined in, or subject to regulation under, the Investment
Company Act of 1940. 
 3.8 Brokers. No broker or finder acting on behalf of any Credit Party or Affiliate thereof
brought about the obtaining, making or closing of the Loans or the Related Transactions, and no Credit Party or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith. 

3.9 Compliance with Laws. Each Credit Party (i) is in compliance and each of its Subsidiaries is in compliance with the
requirements of all Requirements of Law (including, without limitation, United States Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, USA Patriot Act of 2001 (31 U.S.C. 5318 et seq.), Criminal Code (Canada),
Proceeds of Crime (Money Laundering) and Terrorist Funding Act (Canada) and the regulations thereunder, the United Nations Suppression of Terrorism Regulations and the Anti-Terrorism Act (Canada), in each case, as amended) and the obligations,
covenants and conditions contained in all Contractual Obligations other than those laws, rules, regulations, orders and provisions of such Contractual Obligations the noncompliance with which would not be reasonably expected to have, either
individually or in the aggregate, a Material Adverse Effect, and (ii) maintains and each of its Subsidiaries maintains all licenses, qualifications and permits required under any Requirement of Law other than any failure to maintain which would
not reasonably be expected to have a Material Adverse Effect. 
 3.10 Intellectual Property. As of the Closing Date,
except as set forth on Schedule 3.10, each of the Credit Parties and its Subsidiaries owns, is licensed to use or otherwise has the right to use, all material Intellectual Property used in or necessary for the conduct of its business as
currently conducted that is material to the financial condition, business or operations of such Credit Party and its Subsidiaries and all such Intellectual Property that is federally registered as of the Closing Date is identified on Schedule
3.10 and except as disclosed on Schedule 3.10 fully protected and/or duly and properly registered, filed or issued in the applicable office and jurisdictions for such registrations, filings or issuances. As of the Closing Date, except as
disclosed in Schedule 3.10, to their knowledge, the use of such Intellectual Property by the Credit Parties and their Subsidiaries and the conduct of their businesses does not and has not been alleged by any Person to infringe on the rights
of any Person. 
 3.11 Investigations, Audits, Etc. As of the Closing Date, except as set forth on Schedule 3.11,
no Credit Party or any of their Subsidiaries is the subject of an audit by the IRS or CRA or, to any Credit Party’s knowledge, any review by the IRS, CRA or any similar governmental agency or any governmental investigation concerning the
violation or possible violation of any law. 

  
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 3.12 Employee Matters. As of the Closing Date, except as set forth on Schedule
3.12, (a) no Credit Party or Subsidiary of a Credit Party nor any of their respective employees is subject to any collective bargaining agreement, (b) no petition for certification or union election is pending with respect to the
employees of any Credit Party or any of their Subsidiaries and no union or collective bargaining unit has sought such certification or recognition with respect to the employees of any Credit Party or any of their Subsidiaries, (c) there are no
strikes, slowdowns, or work stoppages pending or, to the best knowledge of any Credit Party after due inquiry, threatened between any Credit Party or any of their Subsidiaries and its respective employees, other than employee grievances arising in
the ordinary course of business which would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect and (d) hours worked by and payment made to employees of each Credit Party and each of their
Subsidiaries comply in all material respects with the Fair Labor Standards Act and each other federal, state, provincial, local or foreign law applicable to such matters. Except as set forth on Schedule 3.12, none of the Borrowers nor any of
their Subsidiaries is party to a material employment contract. 
 3.13 Litigation; Adverse Facts. Except as set forth on
Schedule 3.13, there are no judgments outstanding against any Credit Party or any of its Subsidiaries or affecting any property of any Credit Party or any of its Subsidiaries as of the Closing Date, nor is there any Litigation pending,
or to the knowledge of any Credit Party after due and diligent investigation threatened, against any Credit Party or any of its Subsidiaries, in each case which either (x) purport to affect or pertain to this Agreement, any other Loan Document,
any Related Transactions Document or the transactions contemplated hereby or thereby or (y) could reasonably be expected to result in any Material Adverse Effect. 
 3.14 Ownership of Property; Liens. As of the Closing Date, the real estate listed in Schedule 3.14 (“Real Property”) constitutes all of the real property owned, leased,
subleased, or used by any Credit Party or any of its Subsidiaries. As of the Closing Date, each of the Credit Parties and each of its Subsidiaries owns good and marketable fee simple title (or its equivalent under Applicable Law) to all of its owned
Real Property, and valid leasehold interests in all of its leased Real Property, all as described on Schedule 3.14, subject to applicable Permitted Encumbrances, and, upon request of the Agents, copies of all such leases or a summary of terms
thereof reasonably satisfactory to Agents have been delivered to Agents. Schedule 3.14 further describes any Real Property with respect to which any Credit Party or any of its Subsidiaries is a lessor, sublessor or assignor as of the Closing
Date. As of the Closing Date, each of the Credit Parties and each of its Subsidiaries also has good and marketable title to, or valid leasehold interests in, all of its personal property and assets subject to applicable Permitted Encumbrances. As of
the Closing Date, none of the properties and assets of any Credit Party or any of its Subsidiaries are subject to any Liens other than Permitted Encumbrances, and there are no facts, circumstances or conditions known to any Borrower that are
reasonably likely to result in any Liens (including Liens arising under Environmental Laws) other than Permitted Encumbrances against the properties or assets of any Credit Party or any of its Subsidiaries. Each of the Credit Parties and each of its
Subsidiaries has received all deeds, assignments, waivers and consents necessary to establish and protect such Credit Party’s or Subsidiary’s right, title and interest in 

  
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and to all such Real Property and other properties and assets. As of the Closing Date, no portion of any Credit Party’s or any of its Subsidiaries’ Real Property necessary to operate
the Borrower’s business in the ordinary course has suffered any material damage by fire or other material casualty loss that has not heretofore been repaired and restored or otherwise remedied as reasonably necessary to operate the
Borrowers’ business in the ordinary course. As of the Closing Date, all material permits required to have been issued or appropriate to enable the Real Property to be lawfully occupied and used for all of the purposes for which it is currently
occupied and used have been lawfully issued and are in full force and effect. As of the Closing Date, no Credit Party and no Subsidiary of a Credit Party has notice of or knowledge of any pending or threatened condemnation or eminent domain
proceeding on any Mortgaged Property. 
 3.15 Environmental Matters. 

(a) Except as set forth in Schedule 3.15, as of the Closing Date: (i) the Real Property is free of
contamination from any Hazardous Material except for such contamination that could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; (ii) no Credit Party and no Subsidiary of a Credit Party
has caused or suffered to occur any Release of Hazardous Materials on, at, in, under, above, to, from or about any of their Real Property where such Release could reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect; (iii) the Credit Parties and their Subsidiaries are and have been in compliance with all Environmental Laws, except for such noncompliance that could not reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect; (iv) the Credit Parties and their Subsidiaries have obtained, and are in compliance with, all Environmental Permits required by Environmental Laws for the operations of their respective businesses as presently conducted
or as proposed to be conducted, except where the failure to so obtain or comply with such Environmental Permits could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, and all such Environmental
Permits are valid, uncontested and in good standing; (v) no Credit Party and no Subsidiary of a Credit Party is involved in operations or knows of any facts, circumstances or conditions, including any Releases of Hazardous Materials, that are
likely to result in any Environmental Liabilities of such Credit Party or Subsidiary which could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, and no Credit Party or Subsidiary of a Credit Party
has permitted any current or former tenant or occupant of the Real Property to engage in any such operations; (vi) there is no Litigation arising under or related to any Environmental Laws, Environmental Permits or Hazardous Material that seeks
damages, penalties, fines, costs or expenses that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or which seeks injunctive relief against, or that alleges criminal misconduct by any Credit
Party or any Subsidiary of a Credit Party; (vii) no notice has been received by any Credit Party or any Subsidiary of a Credit Party identifying any of them as a “potentially responsible party” or requesting information under CERCLA
or analogous state statutes, and to the knowledge of the Credit Parties, there are no facts, circumstances or conditions that may result in any of the Credit Parties or their Subsidiaries being identified as a “potentially responsible
party” under CERCLA or analogous state statutes except for any such notices that could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and (viii) the Credit Parties have provided to
Agent copies of all existing environmental reports, reviews and audits and all written information pertaining to actual or potential Environmental Liabilities, in each case in possession of the

  
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Credit Parties relating to any of the Credit Parties or their Subsidiaries other than any such reports, reviews, audits or information pertaining to actual or potential Environmental Liabilities
that could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 (b) Each Credit Party hereby acknowledges and agrees that to their knowledge neither Agent (i) is now, and has ever been, in control of any of the Real Property or affairs of such Credit Party or its
Subsidiaries, and (ii) has the capacity through the provisions of the Loan Documents or otherwise to influence any Credit Party’s or its Subsidiaries’ conduct with respect to the ownership, operation or management of any of their Real
Property or compliance with Environmental Laws or Environmental Permits. 
 3.16 ERISA/Canadian Pension Plans.

 (a) Schedule 3.16 lists all Title IV Plans and Multiemployer Plans to which any Credit Party is subject
as of the Closing Date. As of the Closing Date, copies of all such listed Plans, together with a copy of the three most recent form IRS/DOL 5500-series for each such Plan, to the extent applicable, have been delivered to US Agent (to the extent
requested by US Agent). Except with respect to Multiemployer Plans and except as disclosed on Schedule 3.16, each Qualified Plan has been determined by the IRS to qualify under Section 401(a) of the IRC, and to the knowledge of the
applicable Credit Party, nothing has occurred that would cause the loss of such qualification. Except as would not reasonably be expected to have a Material Adverse Effect, each Plan is in material compliance with the applicable provisions of ERISA
and the IRC. Neither any Credit Party nor ERISA Affiliate has failed to make any contribution or pay any amount due as required by either Section 412 of the IRC or Section 302 of ERISA or the terms of any Title IV Plan. No Credit Party has
engaged in a “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the IRC, in connection with any Plan, that would subject any Credit Party to a material tax on prohibited transactions imposed by
Section 502(i) of ERISA or Section 4975 of the IRC. 
 (b) As of the Closing Date, except as set forth
in Schedule 3.16: (i) no Title IV Plan has any Unfunded Pension Liability; (ii) no ERISA Event or event described in Section 4062(e) of ERISA with respect to any Title IV Plan has occurred or is reasonably expected to occur;
(iii) there are no pending, or to the knowledge of any Borrower, threatened claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted or instituted against any Plan or any Person as fiduciary or
sponsor of any Plan that could result in liability to a Credit Party; (iv) within the last five years no Title IV Plan of any Credit Party or ERISA Affiliate has been terminated, whether or not in a “standard termination” as that term
is used in Section 404(b)(1) of ERISA, that remains unsatisfied or could reasonably be expected to result in liability to any Credit Party in excess of $500,000, nor has any Title IV Plan of any Credit Party or ERISA Affiliate (determined at
any time within the past five years) with Unfunded Pension Liabilities been transferred outside of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA) of any Credit Party or ERISA Affiliate that has or could
reasonably be expected to result in a Material Adverse Effect. 

  
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 (c) Schedule 3.16 lists all Canadian Pension Plans to which any
Credit Party is subject as of the Closing Date. The Canadian Pension Plans are duly registered under the ITA and all other applicable laws which require registration. Borrowers have complied with and performed, in all material respects, all of their
obligations under and in respect of the Canadian Pension Plans and Canadian Benefit Plans under the terms thereof, any funding agreements and all applicable laws (including any fiduciary, funding, investment and administration obligations). All
employer and employee payments, contributions or premiums to be remitted, paid to or in respect of each Canadian Pension Plan or Canadian Benefit Plan have been paid in a timely fashion in accordance with the terms thereof, any funding agreement and
all applicable laws. There have been no withdrawals or applications of the assets of the Canadian Pension Plans or the Canadian Benefit Plans in material violation of applicable law or the applicable plan documents. There are no outstanding disputes
concerning the assets of the Canadian Pension Plans or the Canadian Benefit Plans. No Canadian Pension Plan has been wound up in whole or in part and no circumstances exist now or have existed that would entitle any Governmental Authority to require
the full or partial winding up of any Canadian Pension Plan. Each of the Canadian Pension Plans is and will be fully funded on a solvency basis (using actuarial methods and assumptions which are consistent with the valuations last filed with the
applicable Governmental Authorities and which are consistent with generally accepted actuarial principles). 
 3.17 Deposit
and Disbursement Accounts. Schedule 3.17 lists all banks and other financial institutions at which any Credit Party maintains deposit, security or other accounts as of the Closing Date, including any Disbursement Accounts, and such
Schedule correctly identifies the name, address and telephone number of each depository, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor. 

3.18 Agreements and Other Documents. As of the Closing Date, each Credit Party has provided or made available to each Agent and
its counsel, on behalf of Lenders, promptly upon their request, accurate and complete copies (or summaries) of all of the following agreements or documents to which it is subject and each of which is listed in Schedule 3.18: supply agreements
and purchase agreements not terminable by such Credit Party within sixty (60) days following written notice issued by such Credit Party and involving transactions in excess of $2,500,000 per annum (other than purchase orders entered into in the
ordinary course of business); leases of Equipment having a remaining term of one year or longer and requiring aggregate rental and other payments in excess of $1,000,000 per annum (other than purchase orders entered into in the ordinary course of
business); licenses and permits held by the Credit Parties, the absence of which would reasonably be expected to have a Material Adverse Effect; instruments and documents evidencing any Indebtedness or Guaranteed Indebtedness of such Credit Party
and any Lien granted by such Credit Party with respect thereto; and instruments and agreements evidencing the issuance of any equity securities, warrants, rights or options to purchase equity securities of such Credit Party. 

3.19 Insurance. Each Credit Party represents and warrants that it and each of its Subsidiaries currently maintains in good repair,
working order and condition (normal wear and tear excepted) all material properties as set forth in Section 4.2 and maintains all insurance described in such Section. Schedule 3.19 lists all insurance policies of any nature
maintained, as of the Closing Date, for current occurrences by each Credit Party. 

  
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 3.20 Taxes and Tax Returns. 

(a) As of the Closing Date, (i) all Tax Returns required to be filed by the Credit Parties have been timely and
properly filed and (ii) all taxes that are due (other than taxes being contested in good faith by appropriate proceedings and for which adequate reserves have been provided for in accordance with GAAP) have been paid, in each case except where
the failure to file Tax Returns or pay Taxes would not reasonably be expected to have a Material Adverse Effect. No Governmental Authority has asserted any claim for taxes, or to any Credit Party’s knowledge, has threatened to assert any claim
for taxes that would, if not paid by a Credit Party, have a Material Adverse Effect. All taxes required by law to be withheld or collected and remitted (including, without limitation, income tax, unemployment insurance and workmen’s
compensation premiums) with respect to the Credit Parties have been withheld or collected and paid to the appropriate Governmental Authorities (or are properly being held for such payment), except for amounts the nonpayment of which would not be
reasonably likely to have a Material Adverse Effect. 
 (b) None of the Credit Parties has been notified that
either the IRS, CRA or any other Governmental Authority, has raised, or intends to raise, any adjustments with respect to Taxes of the Credit Parties, which adjustments would be reasonably likely to have a Material Adverse Effect. 

3.21 Senior Notes; Related Transactions Documents. As of the Closing Date, Borrowers have delivered to Agents (i) a complete
and correct copy of any amendments, supplements, modifications, assignments of, to, or related to the Indenture or the form of the Senior Note, made since the Original Closing Date, including, but not limited to, to the Tender Offer Materials and
(ii) a complete and correct copy of each Related Transactions Document (including all schedules and all other documents delivered pursuant thereto or in connection therewith). No Credit Party, and to the knowledge of any Credit Party, no other
Person party thereto is in material default in the performance or compliance with any provisions thereof. Each of the (i) Indenture and the Senior Notes and (ii) the Related Transactions Documents and all Indebtedness incurred thereunder
comply, in all material respects, with all applicable laws. 
 3.22 Senior Indebtedness and Designated Senior
Indebtedness. This Agreement constitutes the “Revolving Credit Agreement” under and as defined in the 2011 Term Loan B Credit Agreement and the “ABL Credit Agreement” under and as defined in the 2011 Indenture. All present
and future Obligations hereunder constitute indebtedness permitted under Section 7.02(e) of the 2011 Term Loan B Credit Agreement and constitutes “Permitted Debt” permitted under Section 4.09 of the 2011 Indenture. Any Liens
securing the Obligations constitute Liens permitted under Section 7.01(k) of the 2011 Term Loan B Credit Agreement and constitute “Permitted Liens” as such term is used in the 2011 Indenture and 2011 High Yield Notes. Without limiting
the foregoing, all present and future Obligations are hereby designated as indebtedness permitted under Section 7.02(e) of the 2011 Term Loan B Credit Agreement, and all future Liens securing the Obligations are hereby designated as Liens
permitted under Section 7.01(k) of the 2011 Term Loan B Credit Agreement and all present and future Obligations are hereby designated as indebtedness permitted under Section 4.09 of the 2011 Indenture, and all future Liens securing the
Obligations are hereby designated as “Permitted Liens” as such term is used in the 2011 Indenture and 2011 High Yield Notes. 

  
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 3.23 Transfer Pricing. All amounts that have been directly or indirectly received by,
or credited to, each Canadian Credit Party for property or services (taken as a whole) provided by such Canadian Credit Party to any US Credit Party or any other Person not resident in Canada for purposes of the ITA with whom such Canadian Credit
Party is not operating at Arm’s Length are equal to the amounts that would have been directly or indirectly received by, or credited to, such Canadian Credit Party for such property or services if that property or those services (taken as a
whole) had been provided to a Person with whom such Canadian Credit Party is operating at Arm’s Length. The terms and conditions of all financial arrangements(taken as a whole) entered into between each Canadian Credit Party and any US Credit
Party or other Person not resident in Canada for purposes of the ITA with whom such Canadian Credit Party is not operating at Arm’s Length with respect to Property or services (taken as a whole) provided by such Canadian Credit Party are
equivalent to those terms and conditions of financial arrangements (taken as a whole) with respect to the provision of such property or services (taken as a whole) that would have been agreed to by such Canadian Credit Party with any Person with
whom such Canadian Credit Party is operating at Arm’s Length. Each Canadian Credit Party creates or obtains and maintains the records and documents described in Subsection 247(4) of the ITA in respect of all property or services provided to, or
financial dealings with, any US Credit Party and any other Person not resident in Canada for purposes of the ITA with whom such Canadian Credit Party is not operating at Arm’s Length. In respect of each year in which any Canadian Credit Party
has provided property or services to, or engaged in financial dealings with, any US Credit Party or any other Person not resident in Canada for purposes of the ITA with whom such Canadian Credit Party is not operating at Arm’s Length, such
Canadian Credit Party has filed a completed Form T106 (with all required attachments) with the CRA by the prescribed filing deadline. 
 3.24 Governmental Authorization; Other Consent. No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other
Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Credit Party of this Agreement or any other Loan Document or Related Transactions Document, or for the consummation of
the Related Transactions, (b) the grant by any Credit Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents, or (d) the exercise by
either Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents. All applicable waiting periods in connection with the Related Transactions have expired without any
action having been taken by any Governmental Authority restraining, preventing or imposing materially adverse conditions upon any Related Transaction or the rights of the Credit Parties or their Subsidiaries freely to transfer or otherwise dispose
of, or to create any Lien on, any properties now owned or hereafter acquired by any of them. 
 3.25 Casualty, Etc.
Neither the businesses nor the properties of any Credit Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public
enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

  
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 3.26 Collateral Documents. The provisions of the Collateral Documents are effective
to create in favor of the Applicable Agent for the benefit of the applicable Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Encumbrances and, in the case of the Term B Priority Collateral (as defined in the
Intercreditor Agreement), the Intercreditor Agreement) on all right, title and interest of the respective Credit Parties in the Collateral described therein. Except for filings completed prior to the Closing Date and as contemplated hereby and by
the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens. 
 SECTION 4.

 AFFIRMATIVE COVENANTS 
 Each US Credit Party jointly and severally agrees with all other US Credit Parties as to all US Credit Parties, and each Canadian Credit Party jointly and severally agrees with all other Canadian Credit
Parties as to all Canadian Credit Parties that from and after the Closing Date and until the Termination Date: 
 4.1
Compliance with Laws and Contractual Obligations. Each Credit Party will (a) comply with and shall cause each of its Subsidiaries to comply with (i) all Requirements of Law (including, without limitation, material laws, rules,
regulations and orders relating to taxes, employer and employee contributions, securities, employee retirement and welfare benefits, environmental protection matters and employee health and safety and applicable Canadian laws, if any and/or any
analogous law to which any Credit Party is subject) as now in effect and which may be imposed in the future in all jurisdictions in which any Credit Party or any of its Subsidiaries is now doing business or may hereafter be doing business and
(ii) the obligations, covenants and conditions contained in all Contractual Obligations of such Credit Party or any of its Subsidiaries other than, in each case, the noncompliance with which would not be reasonably expected to have, either
individually or in the aggregate, a Material Adverse Effect, and (b) maintain or obtain and shall cause each of its Subsidiaries to maintain or obtain all licenses, qualifications and permits now held or hereafter required to be held by such
Credit Party or any of its Subsidiaries, for which the loss, suspension, revocation or failure to obtain or renew, would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. This Section 4.1
shall not preclude any Credit Party or its Subsidiaries from contesting any taxes or other payments, if they are being diligently contested in good faith in a manner which stays enforcement thereof and if appropriate expense provisions have been
recorded in conformity with GAAP and no Lien other than a Permitted Encumbrance in respect thereof has been created. 
 4.2
Insurance; Damage to or Destruction of Collateral. 
 (a) The Credit Parties shall, at their sole cost and
expense, maintain the policies of insurance described on Schedule 3.19 as in effect on the date hereof or otherwise in form and amounts and with insurers reasonably acceptable to Agents. Such policies of insurance (or the loss payable and
additional insured endorsements delivered to Applicable Agent) shall contain provisions pursuant to which the insurer agrees to provide not less than 30 days prior written notice to Applicable Agent in the event of any non-renewal, cancellation or
amendment of any such insurance policy. Each Agent confirms that the insurance in effect on the Closing 

  
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Date is reasonably acceptable to it. If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above or to pay all premiums
relating thereto, Applicable Agent may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that such Agent reasonably deems advisable. No Agent shall
have any obligation to obtain insurance for any Credit Party or pay any premiums therefor. By doing so, Applicable Agent shall not be deemed to have waived any Default or Event of Default arising from any Credit Party’s failure to maintain such
insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys’ fees, court costs and other charges related thereto, shall be payable on demand by Borrowers to Applicable Agent and shall be additional Obligations
hereunder secured by the Collateral. With respect to each Mortgaged Property, obtain flood insurance in such total amount as is required by Applicable Laws, if at any time the area in which any improvements located on any Mortgaged Property is
designated a Flood Zone, and otherwise comply with the Flood Program. 
 (b) US Agent reserves the right at any
time upon any change in any US Credit Party’s risk profile (including any change in the product mix maintained by any US Credit Party or any laws affecting the potential liability of such US Credit Party) to require additional forms and limits
of insurance to, in US Agent’s reasonable opinion, adequately protect US Agent’s and Lenders’ interests in all or any portion of the US Collateral and to ensure that each US Credit Party is protected by insurance in amounts and with
coverage customary for its industry. If reasonably requested by US Agent, each US Credit Party shall deliver to US Agent from time to time a report of a reputable insurance broker, reasonably satisfactory to US Agent, with respect to its insurance
policies. 
 (c) Canadian Agent reserves the right at any time upon any change in any Canadian Credit
Party’s risk profile (including any change in the product mix maintained by any Canadian Credit Party or any laws affecting the potential liability of such Canadian Credit Party) to require additional forms and limits of insurance to, in
Canadian Agent’s reasonable opinion, adequately protect both Canadian Agent’s and Canadian Lenders’ interests in all or any portion of the Canadian Collateral and to ensure that each Canadian Credit Party is protected by insurance in
amounts and with coverage customary for its industry. If reasonably requested by Canadian Agent, each Canadian Credit Party shall deliver to Canadian Agent from time to time a report of a reputable insurance broker, reasonably satisfactory to
Canadian Agent, with respect to its insurance policies. 
 (d) Subject to the terms of the Intercreditor
Agreement, each US Credit Party shall deliver to US Agent, in form and substance reasonably satisfactory to US Agent, endorsements to (i) all “All Risk” and business interruption insurance naming US Agent, on behalf of itself and
Lenders, as loss payee, and (ii) all general liability and other liability policies naming US Agent, on behalf of itself and Lenders, as additional insured. Each US Credit Party irrevocably makes, constitutes and appoints US Agent (and all
officers, employees or agents designated by US Agent), so long as any Default or Event of Default has occurred and is continuing or the anticipated insurance proceeds exceed $2,500,000, as each US Credit Party’s true and lawful agent and
attorney-in-fact for the purpose of making, settling and adjusting claims under such “All Risk” policies of insurance, endorsing the name of each US Credit Party on any check or other item of payment for the proceeds of such “All
Risk” policies of insurance 

  
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and for making all determinations and decisions with respect to such “All Risk” policies of insurance. US Agent shall have no duty to exercise any rights or powers granted to it
pursuant to the foregoing power-of-attorney. US Borrower Representative shall promptly notify US Agent of any loss, damage, or destruction to the US Collateral in the amount of $1,000,000 or more, whether or not covered by insurance. After deducting
from any insurance proceeds the expenses, if any, incurred by US Agent in the collection or handling thereof, US Agent may, at its option, apply such proceeds to the reduction of the US Obligations in accordance with Section 1.6(f),
provided that in the case of insurance proceeds pertaining to any US Credit Party other than a US Borrower, such insurance proceeds shall be applied to the Loans owing by such US Borrower, or permit or require each US Credit Party to use such
money, or any part thereof, to replace, repair, restore or rebuild the US Collateral in a diligent and expeditious manner with materials and workmanship of substantially the same quality as existed before the loss, damage or destruction.
Notwithstanding the foregoing, if the casualty giving rise to such insurance proceeds could not reasonably be expected to have a Material Adverse Effect and such insurance proceeds do not exceed $2,500,000 in the aggregate, US Agent shall permit the
applicable US Credit Party to replace, restore, repair or rebuild the property; provided that if such US Credit Party has not completed or entered into binding agreements to complete such replacement, restoration, repair or rebuilding within
180 days after receipt of such proceeds, US Agent may apply such insurance proceeds to the US Obligations in accordance with Section 1.6(f); provided further, subject to the terms of the Intercreditor Agreement, that in the
case of insurance proceeds pertaining to any US Credit Party other than a US Borrower, such insurance proceeds shall be applied to the Loans owing by the US Borrowers. Subject to the terms of the Intercreditor Agreement, all insurance proceeds that
are to be made available to such US Borrower to replace, repair, restore or rebuild the US Collateral shall be applied by US Agent to reduce the outstanding principal balance of the US Loans (which application shall not result in a permanent
reduction of the US Tranche A Loan Commitment or US Tranche A1 Loan Commitment) and upon such application, US Agent shall establish a Reserve against the Aggregate US Tranche A Borrowing Base and the US Tranche A1 Borrowing Base in an amount equal
to the amount of such proceeds so applied. Subject to the terms of the Intercreditor Agreement, all insurance proceeds made available to any US Credit Party that is not a US Borrower to replace, repair, restore or rebuild US Collateral shall be
deposited in a cash collateral account, upon terms reasonably satisfactory to the Applicable Agent. Thereafter, such funds shall be made available to such US Credit Party to provide funds to replace, repair, restore or rebuild the US Collateral as
follows: (i) such US Borrower shall request a US Tranche A Revolving Credit Advance or release from the cash collateral account be made to such US Credit Party in the amount requested to be released; (ii) so long as the conditions set
forth in Section 2.2 have been met, US Tranche A Lenders shall make such US Tranche A Revolving Credit Advance or US Agent shall release funds from the cash collateral account; and (iii) in the case of insurance proceeds applied
against the US Tranche A Loan, the Reserve established with respect to such insurance proceeds shall be reduced by the amount of each such US Tranche A Revolving Credit Advance. Subject to the Intercreditor Agreement, to the extent not used to
replace, repair, restore or rebuild the Collateral, such insurance proceeds shall be applied in accordance with Section 1.6(f); provided that in the case of insurance proceeds pertaining to any US Credit Party other than a US
Borrower, such insurance proceeds shall be applied to the Loans owing by the US Borrowers. 

  
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 (e) Each Canadian Credit Party shall deliver to Canadian Agent, in form and
substance reasonably satisfactory to Canadian Agent, endorsements to (i) all “All Risk” and business interruption insurance naming Canadian Agent, on behalf of itself and Canadian Lenders, as loss payee, and (ii) all general
liability and other liability policies naming Canadian Agent, on behalf of itself and Canadian Lenders, as additional insured. Each Canadian Credit Party irrevocably makes, constitutes and appoints Canadian Agent (and all officers, employees or
agents designated by Canadian Agent), so long as any Default or Event of Default has occurred and is continuing or the anticipated insurance proceeds exceed $2,500,000, as each Canadian Credit Party’s true and lawful agent and attorney-in-fact
for the purpose of making, settling and adjusting claims under such “All Risk” policies of insurance, endorsing the name of each Canadian Credit Party on any check or other item of payment for the proceeds of such “All Risk”
policies of insurance and for making all determinations and decisions with respect to such “All Risk” policies of insurance. Canadian Agent shall have no duty to exercise any rights or powers granted to it pursuant to the foregoing
power-of-attorney. Each Canadian Borrower shall promptly notify Canadian Agent of any loss, damage, or destruction to the Canadian Collateral in the amount of $1,000,000 or more, whether or not covered by insurance. After deducting from any
insurance proceeds the expenses, if any, incurred by Canadian Agent in the collection or handling thereof, Canadian Agent may, at its option, apply such proceeds to the reduction of the Canadian Obligations in accordance with
Section 1.6(f), provided that in the case of insurance proceeds pertaining to any Canadian Credit Party other than a Canadian Borrower, such insurance proceeds shall be advanced to a Canadian Borrower to be applied to the Loans
owing by such Canadian Borrower, or permit or require each Canadian Credit Party to use such money, or any part thereof, to replace, repair, restore or rebuild the Canadian Collateral in a diligent and expeditious manner with materials and
workmanship of substantially the same quality as existed before the loss, damage or destruction. Notwithstanding the foregoing, if the casualty giving rise to such insurance proceeds could not reasonably be expected to have a Material Adverse Effect
and such insurance proceeds do not exceed $2,500,000 in the aggregate, Canadian Agent shall permit the applicable Canadian Credit Party to replace, restore, repair or rebuild the property; provided that if such Canadian Credit Party has not
completed or entered into binding agreements to complete such replacement, restoration, repair or rebuilding within 180 days after receipt of such proceeds, Canadian Agent may apply such insurance proceeds to the Canadian Obligations in accordance
with Section 1.6(f); provided further that in the case of insurance proceeds pertaining to any Canadian Credit Party other than a Canadian Borrower, such insurance proceeds shall be applied to the Loans owing by the Canadian
Borrowers. All insurance proceeds that are to be made available to such Canadian Borrower to replace, repair, restore or rebuild the Canadian Collateral shall be applied by Canadian Agent to reduce the outstanding principal balance of the Canadian
Loans (which application shall not result in a permanent reduction of the Canadian Tranche A Loan Commitment or Canadian Tranche A1 Loan Commitment) and upon such application, Canadian Agent shall establish a Reserve against the Aggregate Canadian
Tranche A Borrowing Base or the Aggregate Canadian Tranche A1 Borrowing Base in an amount equal to the amount of such proceeds so applied. All insurance proceeds made available to any Canadian Credit Party that is not a Canadian Borrower to replace,
repair, restore or rebuild Canadian Collateral shall be deposited in a cash collateral account. Thereafter, such funds shall be made available to such Canadian Credit Party to provide funds to replace, repair, restore or rebuild the Canadian
Collateral as follows: (i) such Canadian Borrower shall request a Canadian Tranche A Revolving Credit Advance or release from the cash collateral account be made to such Canadian Credit Party in the amount requested to be released; (ii) so
long as the conditions set forth in Section 2.2 have been met, Canadian 

  
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Lenders shall make such Canadian Tranche A Revolving Credit Advance or Canadian Agent shall release funds from the cash collateral account; and (iii) in the case of insurance proceeds
applied against the Canadian Tranche A Loan, the Reserve established with respect to such insurance proceeds shall be reduced by the amount of each such Canadian Tranche A Revolving Credit Advance. To the extent not used to replace, repair, restore
or rebuild the Canadian Collateral, such insurance proceeds shall be applied in accordance with Section 1.6(f); provided that in the case of insurance proceeds pertaining to any Canadian Credit Party other than a Canadian
Borrower, such insurance proceeds shall be applied to the Loans owing by the Canadian Borrowers. 
 4.3 Inspection; Lender
Meeting. Each Credit Party shall permit any authorized representatives of either Agent to visit, audit and inspect any of the properties of such Credit Party and its Subsidiaries, including its and their financial and accounting records, and to
make copies and take extracts therefrom, and to discuss its and their affairs, finances and business with its and their officers and certified public accountants, at such reasonable times during normal business hours and as often as may be
reasonably requested; provided that so long as no Event of Default has occurred and is continuing (i) such audits and inspections shall be conducted no more frequently than once per Fiscal Year and the applicable Credit Party shall have
been given three (3) Business Days prior notice of such audit or inspection and (ii) with respect to such discussions with such certified public accounts, the applicable Credit Party shall have been afforded the opportunity to be present
as such discussions. Representatives of each Lender will be permitted to accompany representatives of any Agent during each visit, inspection and discussion referred to in the immediately preceding sentence. In addition to the foregoing, each Credit
Party will participate and will cause key management personnel of each Credit Party and its Subsidiaries to participate in a meeting with Agents and Lenders at least once during each year, which meeting shall be held at such time and such place as
may be reasonably requested by any Agent. In addition, Borrowers agree to reimburse US Agent and/or Canadian Agent in connection with: (i) the reasonable and documented actual out-of-pocket costs (including reasonable fees and expenses) of any
Collateral audit if a third party auditor is retained to conduct such audit or (ii) field audit charges as the US Agent may from time to time establish (which are presently $900 per person per day) per diem per auditor per audit conducted with
respect to any US Credit Party and field audit charges as the Canadian Agent may from time to time establish (which are presently $900 per person per day), incurred by Canadian Agent, per diem per auditor per audit conducted with respect to any
Canadian Credit Party, plus, in each case, actual reasonable, documented out-of-pocket expenses if US Agent’s or Canadian Agent’s in-house auditors conduct such Collateral audit, in either case not more than two times in any twelve-month
period absent an Event of Default. 
 4.4 Organizational Existence. Except as otherwise permitted by
Section 5.6, each Credit Party will and will cause its Subsidiaries to at all times preserve and keep in full force and effect its organizational existence and good standing and all rights and franchises material to its business.

 4.5 Environmental Matters. Each Credit Party shall and shall cause each Person within its control to: (a) conduct
its operations and keep and maintain its real property in compliance with all applicable Environmental Laws and applicable Environmental Permits other than noncompliance that would not reasonably be expected to have a Material Adverse Effect;

  
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(b) implement any and all investigation, remediation, removal and response actions that are required to comply with applicable Environmental Laws and applicable Environmental Permits
pertaining to the presence, generation, treatment, storage, use, disposal, transportation or Release of any Hazardous Material on, at, in, under, above, to or from any of its real property, except where the failure to do so would not reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect; (c) notify the Applicable Agent promptly of any violation of applicable Environmental Laws or applicable Environmental Permits or any Release on, at, in,
under, above, to or from any real property in each case, which such Credit Party or Person within its control, first becomes aware of after the Closing Date, that is reasonably likely to result in Environmental Liabilities to a Credit Party or its
Subsidiaries in excess of the Dollar Equivalent of $300,000 or, and (d) promptly forward to the Applicable Agent a copy of any written order, notice of actual or alleged violation or liability, request for information or any written
communication or report received after the Closing Date by such Credit Party or any Person within its control in connection with any such violation or Release or any other matter relating to any applicable Environmental Laws or applicable
Environmental Permits that could reasonably be expected to result in Environmental Liabilities in excess of the Dollar Equivalent of $300,000, in each case whether or not the Environmental Protection Agency or any Governmental Authority has taken or
threatened any action in connection with any such violation, Release or other matter. If any Agent at any time has a reasonable basis to believe that there may be a violation of any applicable Environmental Laws or applicable Environmental Permits
by any Credit Party or any Person under its control or any Environmental Liability arising thereunder, or a Release of Hazardous Materials on, at, in, under, above, to or from any of its real property, that, in each case, could reasonably be
expected to have a Material Adverse Effect, then each Credit Party and its Subsidiaries shall, upon such Agent’s written request (i) cause the performance of such environmental audits including subsurface sampling of soil and groundwater,
if and to the extent appropriate, and preparation of such environmental reports, at Borrowers’ expense, as such Agent may from time to time reasonably request, which shall be conducted by reputable environmental consulting firms reasonably
acceptable to such Agent and shall be in form and substance reasonably acceptable to such Agent, and (ii) if the Credit Parties fail to perform (or cause performance of) any environmental audit under Section 4.5 above within a
reasonable time after receiving a written request from any Agent, Credit Parties shall permit such Agent or its representatives to have reasonable access to all real property for the purpose of conducting such environmental audits and testing as
such Agent deems appropriate, including subsurface sampling of soil and groundwater, if and to the extent appropriate. US Borrowers shall reimburse the US Agent for the costs of such audits and tests with respect to any US Credit Party’s Real
Property and the same will constitute a part of the US Obligations secured hereunder. Canadian Borrowers shall reimburse the Canadian Agent for the costs of such audits and tests with respect to any Canadian Credit Party’s Real Property and the
same will constitute a part of the Obligations secured hereunder. Each Agent confirms that the environmental reports provided on or before the Closing Date are satisfactory to it. 

4.6 Landlords’ Agreements, Bailee Letters. Each Credit Party shall use reasonable efforts to obtain a landlord’s
agreement or bailee letter, as applicable, from the lessor of each leased property or bailee with respect to any warehouse, processor or converter facility or other location where Collateral with a book value greater than the Dollar Equivalent of
$1,000,000 is stored or located, which agreement or letter shall be reasonably satisfactory in form and substance to Applicable Agent. With respect to such locations or warehouse space leased, owned

  
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or where Collateral is stored or located as of the Closing Date and thereafter, if Applicable Agent has not received a landlord or bailee letter as of the Closing Date (or, if later, as of the
date such location is acquired, leased or Collateral stored or located), the Eligible Inventory at that location shall, in Applicable Agent’s discretion, be subject to such Reserves as may be established by such Agent in its reasonable credit
judgment acting in good faith. After the Closing Date, no real property or warehouse space shall be leased by any Credit Party or its Subsidiary and no Inventory shall be shipped to a processor or converter under arrangements established after the
Closing Date (excluding renewals of existing leases and arrangements), in each case where the book value of Collateral located therein exceeds $750,000 without the prior written consent of the Applicable Agent (which consent, in such Agent’s
discretion, may be conditioned upon the establishment of Reserves acceptable to such Agent) or, unless and until a satisfactory landlord agreement or bailee letter, as appropriate, shall first have been obtained with respect to such location. Each
Credit Party shall and shall cause its Subsidiaries to timely and fully pay and perform their obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located (other
than Collateral in an aggregate amount for all such locations not to exceed the Dollar Equivalent of $500,000 in the aggregate). 
 4.7 Conduct of Business. Each Credit Party shall at all times maintain, preserve and protect all of its assets and properties material in the conduct of its business, and keep the same in good
repair, working order and condition in all material respects (taking into consideration ordinary wear and tear) and from time to time make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent
with past practices; and transact business only in such corporate and trade names as are set forth in Schedule 4.7 or otherwise notified to Applicable Agent in writing fifteen (15) days prior to its use. 

4.8 Further Assurances. 
 (a) Promptly upon the reasonable request by the Applicable Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or
recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Applicable Agent may
reasonably require from time to time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by Applicable Law, subject any Credit Party’s or any of its Subsidiaries’
properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents (subject to limitations hereunder and under the Collateral Documents), (iii) perfect and maintain the validity,
effectiveness and, subject to the Intercreditor Agreement, priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more
effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Credit Party
or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so. If the US Agent reasonably determines that it is required by Applicable Laws to have appraisals prepared in respect of the Real Property of any Credit
Party constituting Collateral, the Borrowers shall provide to the US Agent appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of the Financial Institutions Reform, Recovery and Enforcement Act of 1989,
as amended. 

  
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 (b) Each US Credit Party shall cause each Person that on or after the
Closing Date becomes, upon its becoming a Domestic Subsidiary of such US Credit Party (provided that this shall not be construed to constitute consent by any of the Lenders to any transaction referred to above which is not expressly permitted by the
terms of this Agreement), promptly (but in any event within 30 days after formation or acquisition) to guaranty the Obligations upon terms in form and substance reasonably satisfactory to the US Agent, and to (i) grant to US Agent, for the
benefit of the Secured Parties, a first priority security interest (subject to Permitted Encumbrances) in all or substantially all of the property of such Domestic Subsidiary (other than Excluded Real Property) to secure the Obligations (provided
that such Domestic Subsidiary shall not be required to pledge more than 65% of the outstanding Voting Stock and 100% of the Non-Voting Stock of any Foreign Subsidiary of such Domestic Subsidiary to secure the US Obligations); (ii) pledge, or
cause to be pledged, to US Agent, for the benefit of Agents and Lenders, all of the Stock of such Domestic Subsidiary to secure the Obligations; and (iii) pledge, or cause to be pledged, to Canadian Agent, for the benefit of the Canadian Agent
and Canadian Lenders, all of the Stock of such Domestic Subsidiary to secure the Canadian Obligations. The documentation for such guaranty, security and pledge shall be substantially similar to the Loan Documents executed concurrently herewith with
such modifications as are reasonably requested by US Agent. 
 (c) Each Canadian Credit Party shall except with
respect to 3181952 and Exopack L.P., cause each Person that after the Closing Date becomes, upon its becoming a Subsidiary of such Credit Party (provided that this shall not be construed to constitute consent by any of the Lenders to any transaction
referred to above which is not expressly permitted by the terms of this Agreement), promptly (but in any event within 30 days after formation or acquisition) to guaranty the Canadian Obligations upon terms in form and substance reasonably
satisfactory to the Canadian Agent, and to (i) grant to Canadian Agent, for the benefit of Canadian Agent and Canadian Lenders, a first priority security interest (subject to Permitted Encumbrances) in all or substantially all of the personal
property of such Subsidiary to secure the Canadian Obligations (provided that any Domestic Subsidiary shall not be required to pledge more than 65% of the outstanding Voting Stock and 100% of the outstanding Non-Voting Stock of any Foreign
Subsidiary of such Domestic Subsidiary); (ii) except with respect to the Stock of 3181952 and partnership interests of Exopack L.P., pledge, or cause to be pledged, to Canadian Agent, for the benefit of Canadian Agent and Canadian Lenders,
all of the Stock of such Subsidiary to secure the Canadian Obligations; and (iii) except with respect to the Stock of 3181952 and partnership interests of Exopack L.P., pledge, or cause to be pledged, to US Agent, for the benefit of US
Agent and US Lenders, 65% of the outstanding Voting Stock and 100% of the Non-Voting Stock of such Subsidiary to secure the US Obligations. The documentation for such guaranty, security and pledge shall be substantially similar to the Loan Documents
executed concurrently herewith with such modifications as are reasonably requested by Canadian Agent. 
 (d)
Promptly, and in any event within 30 days of becoming a Domestic Subsidiary of a US Credit Party, such Domestic Subsidiary shall pledge, or cause to be pledged, to US Agent, for the benefit of US Agent and US Lenders, 65% of the outstanding Voting
Stock of any Foreign Subsidiary and 100% of the Non-Voting Stock of any Foreign Subsidiary upon its 

  
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becoming a first tier Foreign Subsidiary of such US Credit Party. Promptly, and in any event within 30 days of becoming a Domestic Subsidiary of a US Credit Party, such Domestic Subsidiary shall
pledge or cause to be pledged to the Canadian Agent, for the benefit of the Canadian Agent and Canadian Lenders, 100% of the Stock of any Person upon its becoming a first tier Foreign Subsidiary of such US Credit Party. The documentation for such
guaranty, security and pledge shall be substantially similar to the Loan Documents executed concurrently herewith with such modifications as are reasonably requested by US Agent. 

(e) with respect to any Lien granted on property (real or personal) pursuant to Sections 4.8(b), (c) and
(d), as soon as reasonably practicable (but in any event within the time periods set forth therein (or such longer period as the Applicable Agent may agree in its sole discretion) after the creation thereof, cause the execution of and
delivery to the Applicable Agent, Mortgages, such documents, instruments, certificates (including but not limited to Flood Certificates), appraisals, title reports, surveys, engineering, soils and other reports, environmental assessment reports and
other information reasonably requested by the US Agent (such documents, collectively, the “Mortgage-Related Documents”), Collateral Document supplements, other security and pledge agreements, certificates and financing statements as
specified by and in form and substance reasonably satisfactory to the US Agent, securing payment of all the Obligations of such Subsidiary or such parent, as the case may be, under the Loan Documents and constituting first priority Liens on all such
real and personal properties (subject to Permitted Encumbrances); provided that Mortgages shall not be required for any Excluded Real Property. 
 (f) Each US Credit Party shall, as promptly as practicable (but in any event within 90 days or such additional time as the US Agent may otherwise agree) after acquisition of Real Property (other than
Excluded Real Property), deliver, upon the reasonable request of the US Agent in its sole discretion, to the US Agent with respect to each parcel of Real Property owned or held by the entity that is the subject of such formation or acquisition,
Mortgages and Mortgage-Related Documents, provided, however, that to the extent that any Credit Party shall have otherwise received any of the foregoing items with respect to such Real Property, such items shall, promptly after
the receipt thereof, be delivered to the US Agent. 
 4.9 Payment of Taxes. Each Credit Party shall properly prepare and
file all tax returns and shall timely pay and discharge (or cause to be paid and discharged) all material taxes, assessments and governmental and other charges or levies imposed upon it or upon its income or profits, or upon property belonging to
it; provided that such Credit Party shall not be required to pay any such tax, assessment, charge or levy that is being contested in good faith by appropriate proceedings and for which the affected Credit Party shall have set aside on its books
adequate reserves with respect thereto in conformance with GAAP. 
 4.10 Cash Management Systems; Bank Accounts.
Borrowers shall, and shall cause each other Credit Party to, enter into Control Agreements with respect to each deposit account maintained by Borrowers or any Subsidiary of a Borrower (other than any payroll account so long as such payroll account
is a zero balance account and other deposit accounts with an average aggregate daily balance not to exceed $25,000) as of or after the Closing Date. Each such Control Agreement shall be in form and substance satisfactory to the Applicable Agent.
Each Borrower shall, and shall cause any Subsidiary to, provide prior written notice to the 

  
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Applicable Agent before directly or indirectly establishing any new bank account and prior to the establishment thereof, Applicable Agent, such Borrower or such Subsidiary and the bank at which
the account is to be opened shall enter into a Control Agreement regarding each such bank account in form and substance satisfactory to the Applicable Agent pursuant to which such bank (i) acknowledges the security interest of the Applicable
Agent in such bank account, (ii) agrees to comply with instructions originated by the Applicable Agent directing disposition of the funds in the bank account without further consent from Borrowers, and (iii) agrees to subordinate and limit
any security interest the bank may have in the bank account on terms satisfactory to the Applicable Agent. As of the Closing Date, Borrowers and each other Credit Party have entered into Control Agreements (which such Control Agreements are
acceptable to Agents) with respect to each deposit account maintained by Borrowers or any Subsidiary of a Borrower (other than any payroll account so long as such payroll account is a zero balance account and other deposit accounts with an average
aggregate daily balance not to exceed $25,000) as more fully set forth on Schedule 4.10 hereto. 
 4.11 Canadian
Pension and Benefit Plans. Canadian Borrowers shall deliver to Canadian Agent (i) if requested by Canadian Agent, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan as filed with any
applicable Governmental Authority; (ii) promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Canadian Credit Party may receive from any applicable Governmental Authority with respect to any Canadian
Pension Plan; and (iii) notification within 30 days of any increases having a cost to one or more of the Canadian Credit Parties in excess of Cdn$1,000,000 per annum in the aggregate, in the benefits of any existing Canadian Pension Plan or
Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which any Canadian Credit Party was not previously contributing. 

4.12 Transfer Pricing. All amounts to be directly or indirectly received by, or credited to, each Canadian Credit Party for
property or services (taken as a whole) to be provided by such Canadian Credit Party to any US Credit Party or any other Person not resident in Canada for purposes of the ITA with whom such Canadian Credit Party is not operating at Arm’s Length
shall be equal to the amounts that would have been directly or indirectly received by, or credited to, such Canadian Credit Party for such property or services (taken as a whole) if that property or those services (taken as a whole) were to be
provided to a Person with whom such Canadian Credit Party is operating at Arm’s Length. The terms and conditions of all financial arrangements (taken as a whole) entered into between each Canadian Credit Party and any US Credit Party or other
Person not resident in Canada for purposes of the ITA with whom such Canadian Credit Party is not operating at Arm’s Length with respect to property or services (taken as a whole) to be provided by such Canadian Credit Party shall be equivalent
to those terms and conditions of financial arrangements (taken as a whole) with respect to the provision of such Property or services (taken as a whole) that would have been agreed to by such Canadian Credit Party with any Person with whom such
Canadian Credit Party is operating at Arm’s Length. Each Canadian Credit Party shall create or obtain and maintain the records and documents described in subsection 247(4) of the ITA in respect of all property or services provided to, and
financial arrangements with, any US Credit Party and any other Person not resident in Canada for purposes of the ITA with whom such Canadian Credit Party is not operating at Arm’s Length. In respect of each year in which any Canadian Credit
Party provides 

  
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Property or services to, or engages in financial arrangements with, any US Credit Party or any other Person not resident in Canada for purposes of the ITA with whom such Canadian Credit Party is
not operating at Arm’s Length, such Canadian Credit Party shall file a completed Form T106 (with all required attachments) with the CRA by the prescribed filing deadline. 
 4.13 Maintenance of Accounts. If an Account owing to a Canadian Borrower includes a charge for any tax payable to any Governmental Authority, Canadian Agent is authorized, if Canadian Borrower has
not paid such tax, in its sole discretion, to pay the amount thereof to the proper taxing authority for the account of the Canadian Borrower and to charge the Canadian Borrower therefor, except for taxes that (i) are being contested in good
faith with reasonable diligence and by appropriate proceedings and with respect to which Canadian Borrower maintains reasonable reserves on its books therefor and (ii) would not reasonably be expected to result in any Lien other than a
Permitted Encumbrance. Notwithstanding the foregoing, if Canadian Agent releases to the Canadian Borrower an amount in respect of goods and services taxes and sales taxes that are included in each Account, such Canadian Borrower shall immediately
remit such amount to the proper taxing authority and, if requested by Canadian Agent, provide Canadian Agent with a receipt therefor. Except as set forth in Section 1.12, in no event shall Agent or Canadian Agent (or the fondé de
pouvoir, as the case may be) or any Lender be liable for any taxes to any Government Authority that may be imposed on Borrowers. 
 4.14 Use of Proceeds. Use the proceeds of the Advances solely for Permitted Acquisitions and the financing of Borrowers’ working capital and general corporate needs. 

SECTION 5. 

NEGATIVE COVENANTS 
 Each US Credit Party jointly and severally agrees with all other US Credit Parties as to all US Credit Parties, and each Canadian Credit Party jointly and severally agrees with all other Canadian Credit
Parties as to all Canadian Credit Parties that from and after the Closing Date and until the Termination Date: 
 5.1
Indebtedness. The Credit Parties shall not and shall not cause or permit their Subsidiaries directly or indirectly to create, incur, assume, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness (other
than pursuant to a Contingent Obligation permitted under Section 5.4) except: 
 (a) Indebtedness
described on Schedule 5.1; 
 (b) the Obligations; 

(c) Indebtedness consisting of (i) intercompany loans and advances made by any Credit Party to any other Credit
Party, including, without limitation, the Existing Subordinated Intercompany Note (other than Holdings or any UK Group Member), (ii) intercompany loans and advances made by any Credit Party to any UK Group Member, in an aggregate amount not to
exceed $5,000,000 and (iii) intercompany loans and advances made by any UK Group Member to any Credit Party, in an aggregate amount not to exceed $5,000,000; provided, that: (i) such Credit Parties shall have executed and delivered
to each other Credit Party on the Closing Date, or on October 31, 2007, with respect to the Existing Subordinated 

  
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Intercompany Note, as the case may be, or, with respect to any intercompany loan pursuant to Section 5.1(c)(ii) or (iii), on the date of entering into such intercompany loan, a demand
note (collectively, the “Intercompany Notes”) to evidence any such intercompany Indebtedness owing at any time by and among them, which Intercompany Notes shall be in form and substance reasonably satisfactory to Applicable Agent
and shall be pledged and delivered to Applicable Agent pursuant to the applicable Pledge Agreement or Security Agreement as additional collateral security for the Obligations; (ii) such Credit Party shall record all intercompany transactions on
its books and records in a manner reasonably satisfactory to Applicable Agent; (iii) the obligations of such Credit Party under any such Intercompany Notes shall be on terms, including subordination terms, reasonably satisfactory to Applicable
Agent; (iv) at the time any such intercompany loan or advance is made by such Credit Party and after giving effect thereto, such Credit Party shall be Solvent; (v) no Default or Event of Default would occur and be continuing after giving
effect to any such proposed intercompany loan; and (vi) the aggregate balance of all such intercompany loans (other than loans permitted under clause (j) below) owing by the Canadian Credit Parties to US Credit Parties shall not exceed
$5,000,000 at any time; and provided further that, Indebtedness under sub-clauses (i), (j), (k), (l), (m), (n) and (o) hereof may be documented pursuant to other intercompany notes in
a form acceptable to Applicable Agent which (i) shall be pledged and delivered to Applicable Agent pursuant to the applicable Pledge Agreement or Security Agreement as additional collateral and (ii) the obligations of such Credit Party
under any such intercompany notes shall be subordinated to the Obligations hereunder in a manner reasonably satisfactory to Applicable Agent pursuant to and in accordance with the terms of the Intercompany Note; 

(d) the Senior Notes in an amount not to exceed $28,500,000 in an aggregate principal amount
outstanding at any time on or prior to the 30th day
following the Closing Date; 
 (e) Indebtedness with respect to Capitalized Leases or purchase money obligations,
in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement or lease of property, plant or equipment used in the business of the Credit Parties, in an
aggregate principal amount not to exceed the greater of (x) 2.5% of Consolidated Total Assets and (y) $15,000,000 million at any time outstanding; 
 (f) Indebtedness with respect to real property in an aggregate amount not to exceed $25,000,000 in the aggregate secured by such real property, whether purchase money indebtedness or otherwise, so long as
such Indebtedness with respect to any individual parcel of real property shall not exceed the value thereof together with the buildings and improvements thereon; 

(g) any other unsecured Indebtedness not to exceed the Dollar Equivalent of $12,000,000 in an aggregate principal amount
at any time outstanding; provided that such other Indebtedness of Foreign Subsidiaries and (other than Canadian Subsidiaries) Excluded Subsidiaries shall not exceed $2,000,000 in the aggregate at any time outstanding; 

(h) refinancings of Indebtedness permitted under clauses (a), (d) and (e) that do not accelerate the scheduled
dates for payment thereof, increase the principal amounts thereof, materially increase any interest rate or fees applicable thereto, add additional obligors therefor, or enhance the collateral therefor or the priority thereof; 

  
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 (i) Indebtedness (for the avoidance of doubt, less any interest accruing
thereon) of Exopack Ontario to Exopack Thomasville, in an amount not to exceed $18,000,000; provided, that Exopack Ontario shall have executed and delivered to Exopack Thomasville, which shall have pledged and delivered to US Agent, an
intercompany note to evidence such Indebtedness; 
 (j) Indebtedness (for the avoidance of doubt, less any
interest accruing thereon) of TPG Canada (or any successor thereto) to TPG Enterprises of up to Cdn $10,000,000 as a result of the TPG Recapitalization; provided, that TPG Canada shall have executed and delivered to TPG Enterprises, which
shall have pledged and delivered to US Agent, an intercompany note to evidence such Indebtedness; 
 (k) (A)
Indebtedness of Exopack Canada to TPG Canada of up to Cdn $10,000,000, as such amount may be increased in accordance with Section 5.5(j), as a result of the Exopack Canada Consolidation provided, that TPG Canada shall have
contributed such intercompany note to Exopack L.P. in exchange for a 99.99999% limited partnership interest in Exopack L.P.; and (B) Indebtedness of Exopack Canada to Exopack L.P. of up to Cdn $10,000,000, as such amount may be increased in
accordance with Section 5.5(j), as a result of the Exopack Canada Consolidation, provided, that, Exopack Canada shall have executed and delivered to Exopack L.P. an intercompany note, which shall have been delivered to
Canadian Agent, to evidence such Indebtedness; 
 (l) Indebtedness of Exopack UK Holdco to the US Borrowers or
the Canadian Borrowers, in an amount not to exceed $10,000,000 in the aggregate, except for Indebtedness of Exopack UK Holdco to the US Borrowers or Canadian Borrowers incurred in connection with the Intelicoat Acquisition; 

(m) Indebtedness (for the avoidance of doubt, less any interest accruing thereon) of Performance Films to TPG Enterprises
in an amount not to exceed the greater of the Canadian Dollar Equivalent Amount of $11,000,000 Dollars and $11,000,000 Canadian Dollars in the aggregate to be incurred in connection with the Liqui-box Acquisition and the proceeds of which will be
used solely to consummate the Liqui-box Acquisition, which Indebtedness, for the avoidance of doubt, may be interest-free and which Indebtedness may be replaced at the discretion of the Credit Parties within seventy (70) days of the Liqui-box
Acquisition Closing Date, with Indebtedness in the same aggregate Canadian Dollar principal amount that is interest-bearing; 
 (n) [reserved] 
 (o) [reserved] 

(p) Indebtedness evidenced by the 2011 High Yield Notes in an aggregate amount not to exceed $235,000,000 and any
Permitted Refinancing of such Indebtedness; 

  
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 (q) Indebtedness incurred under the 2011 Term Loan B Credit Agreement and
any Permitted Refinancing of such Indebtedness in an aggregate amount not to exceed the Maximum Term B Amount (as defined in the Intercreditor Agreement), provided that any commitments or loans (including, without limitation, for the
avoidance of doubt, “New Term Commitments” and “New Term Loans” pursuant to Section 2.14 of the 2011 Term Loan B Credit Agreement) made thereunder after the Closing Date must constitute 2011 Term Loan B Incremental Loans;
and 
 (r) obligations under other Hedging Agreements entered into for the sole purpose of hedging in the normal
course of business and consistent with industry practices and Cash Management Agreements. 
 5.2 Liens and Related
Matters. 
 (a) No Liens. The Credit Parties shall not and shall not cause or permit their
Subsidiaries to directly or indirectly create, incur, assume or permit to exist any Lien on or with respect to any property or asset of such Credit Party or any such Subsidiary, whether now owned or hereafter acquired, or any income or profits
therefrom, except Permitted Encumbrances (including, without limitation, those Liens constituting Permitted Encumbrances existing on the date hereof and renewals and extensions thereof, as set forth on Schedule 5.2) and Liens securing
Indebtedness permitted under Section 5.1(f). 
 (b) No Negative Pledges. The Credit Parties
shall not and shall not cause or permit their Subsidiaries to directly or indirectly enter into or assume any agreement (other than the Loan Documents, the 2011 Indenture, the 2011 High Yield Notes, the 2011 Term Loan B Credit Agreement and
agreements entered into with respect to other Indebtedness permitted under Section 5.1(f) and any Permitted Refinancing with respect to any of the foregoing) prohibiting the creation or assumption of any Lien upon its properties or
assets, whether now owned or hereafter acquired and other than (i) provisions restricting subletting or assignment under any lease governing a leasehold interest or lease of personal property; (ii) restrictions with respect to a Subsidiary
imposed pursuant to any agreement which has been entered into for the sale or disposition of all or substantially all of the equity interests or assets of such Subsidiary, so long as such sale or disposition of all or substantially all of the equity
interests or assets of such Subsidiary is permitted under this Agreement; and (iii) restrictions on assignments or sublicensing of licensed Intellectual Property. No reference to Permitted Encumbrances in this Agreement or any other Loan
Document, including any statement or provision as to the acceptability of any Permitted Encumbrances or the permitted priority thereof, shall in any way constitute or be construed so as to provide for a subordination of any rights of the Agents or
the Lenders hereunder or arising under any Loan Documents in favor of any holder of such Permitted Encumbrances or any Lien ranking in priority to such Permitted Encumbrances. 

(c) No Restrictions on Subsidiary Distributions to Borrowers. Except as provided herein, the Credit Parties shall
not and shall not cause or permit their Subsidiaries to directly or indirectly create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind (other than the Loan Documents, the Indenture, the
2011 Indenture, the 2011 High Yield Notes and the 2011 Term Loan B Credit Agreement and any Permitted Refinancing with respect to any of the foregoing) on the ability of 

  
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any such Subsidiary to: (1) pay dividends or make any other distribution on any of such Subsidiary’s Stock owned by any Borrower or any other Subsidiary; (2) pay any Indebtedness
owed to any Borrower or any other Subsidiary; (3) make loans or advances to any Borrower or any other Subsidiary; or (4) transfer any of its property or assets to any Borrower or any other Subsidiary. 

5.3 Investments. The Credit Parties shall not and shall not cause or permit their Subsidiaries to directly or indirectly make or
own any Investment in any Person except: 
 (a) Borrowers and their Subsidiaries may make and own Investments in
Cash Equivalents subject to Control Agreements in favor of the Applicable Agent; provided that such Cash Equivalents are not subject to setoff rights except to the extent expressly permitted in any relevant Control Agreement; 

(b) Credit Parties may make intercompany loans to other Credit Parties to the extent permitted under
Section 5.1; 
 (c) Borrowers and their Subsidiaries may make loans and advances to employees for
moving, entertainment, travel and other similar expenses in the ordinary course of business not to exceed the Dollar Equivalent of $2,000,000 in the aggregate at any time outstanding; 

(d) Credit Parties and their Subsidiaries may make capital contributions to their wholly-owned Subsidiaries that are US
Credit Parties in an amount not to exceed the Dollar Equivalent of $1,000,000 in the aggregate reduced by the amount of Investments made pursuant to Section 5.3(b); 

(e) Investments representing non-cash consideration received in accordance with Section 5.7; 

(f) Investments in Subsidiaries existing on the Closing Date and other Investments existing on the Closing Date as set
forth on Schedule 5.3 and any renewals, amendments and replacements thereof that do not increase the amount thereof; 
 (g) each Credit Party may hold investments comprised of notes payable, or stock or other securities issued by financially troubled Account Debtors (excluding Affiliates) to such Credit Party pursuant to
agreements with respect to settlement of such Account Debtor’s Accounts with such Credit Party negotiated in the ordinary course of business; 
 (h) Investments consisting of loans by a Borrower to employees of that Borrower which are used solely by such employees to simultaneously purchase the Stock of Holdings, provided that Holdings
contemporaneously contributes the proceeds of such Stock to the capital of that Borrower; 
 (i) Permitted
Acquisitions; 
 (j) Investments consisting of loans made by TPG Enterprises to TPG Canada of up to Cdn
$10,000,000 as part of the TPG Recapitalization; 

  
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 (k) Borrowers and their Subsidiaries may make advances in the form of a
prepayment of expenses, so long as such expenses were incurred in the ordinary course of business and are being paid in accordance with customary trade terms of such Borrower or such Subsidiary; 

(l) new investments in Exopack Canada, Performance Films and/or TPG Canada as part of the Permitted Amalgamation;

 (m) other Investments in an amount not to exceed $10,000,000 in the aggregate; provided that, except
for Investments in Exopack UK Holdco made in connection with the Intelicoat Acquisition, such other Investments in Foreign Subsidiaries (other than Canadian Subsidiaries) and Excluded Subsidiaries shall not exceed $5,000,000 in the aggregate at any
time outstanding; 
 (n) Investments consisting of loans made by TPG Canada to Exopack Canada of up to Cdn
$10,000,000 as part of the Exopack Canada Consolidation; 
 (o) nominal Investments by 3181952 in Exopack L.P. as
part of the Exopack Canada Consolidation; 
 (p) TPG Enterprises may make capital contributions in TPG Canada,
including by subscribing for additional shares of TPG Canada, in an amount not to exceed the amount sufficient to permit TPG Canada to make interest payments on the intercompany loan permitted under Section 5.1(j); and 

(q) Investments consisting of loans made by TPG Enterprises to Performance Films permitted under
Section 5.1(m) as part of the Liqui-box Acquisition, to be used solely to consummate the Liqui-box Acquisition, which loans, for the avoidance of doubt may be interest-free and which loans may be replaced at the discretion of the Credit
Parties within seventy (70) days of the Liqui-box Acquisition Closing Date, with Indebtedness in the same aggregate principal amount that are interest-bearing. 
 5.4 Contingent Obligations. The Credit Parties shall not and shall not cause or permit their Subsidiaries to directly or indirectly create or become or be liable with respect to any Contingent
Obligation except: 
 (a) Guaranties of the Obligations pursuant to the Loan Documents; 

(b) Letter of Credit Obligations; 
 (c) those resulting from endorsement of negotiable instruments for collection in the ordinary course of business; 
 (d) those existing on the Closing Date and described in Schedule 5.4; 
 (e) those arising under indemnity agreements to title insurers to cause such title insurers to issue mortgagee title insurance policies; 

  
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 (f) those arising with respect to customary indemnification obligations
incurred in connection with Asset Dispositions and to the extent permitted by Section 5.6(iv), Permitted Acquisitions, in each case permitted hereunder; 

(g) Guaranties by Exopack Holdings, Holdings, any Borrower or any of its Subsidiaries of the Senior Notes and Indebtedness
permitted by Section 5.1(p), (q) and (r) so long as each such entity guarantees the Obligations hereunder; 
 (h) those incurred with respect to Indebtedness permitted by Section 5.1 provided that (i) any such Contingent Obligation is subordinated to the Obligations to the same extent as the
Indebtedness to which it relates is subordinated to the Obligations, (ii) no Credit Party may incur Contingent Obligations under this clause (h) in respect of Indebtedness incurred by any Person that is not a Credit Party, and
(iii) no Credit Party may guarantee Subordinated Debt of Holdings that is structurally subordinated to the Obligations; and 
 (i) any other Contingent Obligation not expressly permitted by clauses (a) through (h) above, so long as any such other Contingent Obligations, in the aggregate at any time outstanding, do not
exceed the Dollar Equivalent of $2,500,000 and no Credit Party may incur Contingent Obligations in respect of Indebtedness incurred by any Person that is not a Credit Party under this clause (i) and no Credit Party may guarantee Subordinated
Debt of Holdings that is structurally subordinated to the Obligations. 
 5.5 Restricted Payments. The Credit Parties
shall not and shall not cause or permit their Subsidiaries to directly or indirectly declare, order, pay, make or set apart any sum for any Restricted Payment, except that: 

(a) Each Credit Party may make payments and distributions to CPG (whether directly or through sequential upstream
Restricted Payments) that are used by CPG to pay federal and state income taxes then due and owing, estimated taxes then due, franchise taxes and other similar licensing expenses incurred in the ordinary course of business; provided that each
Credit Party’s aggregate contribution to taxes as a result of the filing of a consolidated or combined return of CPG or of having its income otherwise includable on a tax return of CPG shall not be greater, nor the aggregate receipt of tax
benefits less, than it would have been had such Credit Party filed a stand-alone return; 
 (b) Any Borrower may
make Tax Distributions (which may be paid annually based on such Borrower’s audited financial statements or, so long as no Event of Default is then outstanding, in multiple installments, based on such Borrower’s good-faith estimate of
income to be generated by such Borrower’s business in such year) to allow its shareholders, members or partners, as the case may be, to meet their tax obligations on such income in a timely manner less the amount of Net Tax Benefit realized by
such shareholders, members or partners for any previous tax year, commencing from the tax year immediately prior to the tax year containing the Closing Date, but only to the extent such Net Tax Benefit has not already reduced, in any tax year during
which this Agreement is in effect, the amount of any Tax Distribution otherwise permitted hereunder; 

  
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 (c) Direct or indirect wholly-owned Subsidiaries of Exopack Holdings may
make Restricted Payments to the entity which is the direct owner of the equity of such wholly-owned Subsidiary; provided that no such Restricted Payment may be made to any such direct owner which is not a Credit Party; 

(d) Credit Parties may make Restricted Payments (whether directly or through sequential upstream Restricted Payments) to
Holdings to enable Holdings to make payments on the Senior Notes and the 2011 High Yield Notes pursuant to the terms of the Indenture and the 2011 Indenture, respectively, as in effect on the date hereof subject to the terms of the Indenture and the
2011 Indenture, respectively; provided that no part of the proceeds of any Loan may be used to make such Restricted Payments after acceleration of the Senior Notes and the 2011 High Yield Notes; 

(e) the Credit Parties may make principal and interest payments on intercompany loans permitted under
Section 5.1(c), 5.1(j) and 5.1(m); 
 (f) any Credit Party may pay management fees and reasonable
out-of-pocket expenses payable quarterly pursuant to the Management Services Agreement and may pay reasonable and customary management consulting fees pursuant to the Management Services Agreement in an amount not to exceed 1% of the aggregate
consideration (including assumed debt and long-term liabilities) paid to or by Holdings or any of its Subsidiaries in connection with refinancings, restructurings, equity or debt offerings, acquisitions, mergers, consolidations, business
combinations, sales and divestitures involving Holding and its Subsidiaries (whether directly or through sequential upstream Restricted Payments); provided in each case that no Default or Event of Default has occurred and is continuing at the
time of any such Restricted Payment or would result after giving effect thereto; provided that it is expressly agreed that any such management fees or management consulting fees not permitted to be so paid shall be accrued and paid when such Event
of Default has been cured or waived; 
 (g) TPG Canada may effect a return of capital to TPG Enterprises as part
of the TPG Recapitalization; 
 (h) so long as no Event of Default has occurred or is continuing, the Credit
Parties may pay dividends to CPG (whether directly or through sequential upstream Restricted Payments) for the payment of ordinary course overhead payments actually incurred by Holdings; 

(i) Borrowers may pay dividends to Holdings to permit Holdings to repurchase Stock owned by employees of Borrowers whose
employment with Borrowers and their Subsidiaries has been terminated, provided that such Restricted Payments shall not exceed the Dollar Equivalent of $500,000 in any Fiscal Year or $1,000,000 during the term of this Agreement in the
aggregate and provided that no Event of Default exists at the time of such Restricted Payment or would occur as a result thereof; 
 (j) Exopack Canada may make interest payments on the intercompany loan permitted under Section 5.1(k); provided, that the amount of any such interest payments are in turn loaned to
Exopack Canada; 

  
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 (k) Exopack Canada may pay dividends to TPG Canada in an amount not to
exceed the amount sufficient to permit TPG Canada to make interest payments on intercompany loans permitted under Section 5.1(j); 
 (l) [reserved]; 
 (m) [reserved]; 

(n) [reserved]; 
 (o) Performance Films may make interest payments to TPG Enterprises on the intercompany loan permitted under Section 5.1(m); and 

(p) the Credit Parties may pay the 2011 Dividend provided no portion of the 2011 Dividend may be made using proceeds of
any Advance. 
 5.6 Restriction on Fundamental Changes. The Credit Parties shall not and shall not cause or permit their
Subsidiaries to directly or indirectly: (a) amend, modify or waive any term or provision of its organizational documents in a manner materially adverse to the Lenders, including its articles of incorporation, memorandum of association,
certificates of designations pertaining to preferred stock, by-laws, partnership agreement or operating agreement in any manner materially adverse to the Agents or Lenders unless required by law, it being understood and agreed that any such
amendment to the organizational documents of Exopack Canada, TPG Canada or Performance Films to effectuate the Permitted Amalgamation shall not be considered materially adverse to any Agent or any Lender and shall be permitted hereunder;
(b) enter into any transaction of merger or consolidation except for the Permitted Amalgamation and except, upon not less than five (5) Business Days prior written notice to Agents, (1) any wholly-owned Subsidiary of a Borrower may be
merged with or into such Borrower provided that such Borrower is the surviving entity) or any other wholly-owned Subsidiary of such Borrower (provided that, in the case of any such merger of any Domestic Subsidiary with or into a Foreign Subsidiary,
the Domestic Subsidiary is the surviving entity), (2) any of Exopack Canada, TPG Canada, 3181952 and Performance Films may do all things necessary to amalgamate with each other so long as such amalgamation is in form and substance reasonably
satisfactory to Agents and (3) TPG Canada, TPG Enterprises, Exopack Canada, 3181952 and Exopack L.P. may consummate the Exopack Canada Consolidation; (c) liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution);
provided, however; any of TPG Canada, Exopack Canada, Exopack L.P., 3181952 and Performance Films may liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) so long as such liquidation, wind-up or dissolution
is with and into any other of such entities; or (d) acquire by purchase or otherwise all or substantially all of the Stock, business or assets of any other Person except as part of the Permitted Amalgamation. Notwithstanding the foregoing,
(i) any Borrower (or Holdings, so long as contemporaneously therewith, all assets so acquired are transferred to one or more Borrowers contemporaneous with the closing of such acquisition), may acquire all or substantially all of the assets,
business or Stock of any Person (the “Target”) (in each case, a “Permitted Acquisition”) and (ii) Performance Films may consummate the Liqui-box Acquisition, which shall be deemed a Permitted Acquisition
hereunder, subject to the satisfaction of each of the following conditions: 
 (i) Agents shall receive at least
7 Business Days’ prior written notice of such proposed Permitted Acquisition, which notice shall include a reasonably detailed description of such proposed Permitted Acquisition; 

  
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 (ii) such Permitted Acquisition shall only involve assets located in the
United States or Canada (other than assets representing less than 10% of the total assets acquired with respect to any such Permitted Acquisition) and comprising a business, or those assets of a business, of the type engaged in by Borrowers as of
the Closing Date, and which business would not subject any Agent or any Lender to regulatory or third party approvals in connection with the exercise of its rights and remedies under this Agreement or any other Loan Documents other than approvals
applicable to the exercise of such rights and remedies with respect to Borrowers prior to such Permitted Acquisition. Notwithstanding the foregoing limitations, the Intelicoat Acquisition may involve assets located in the Unites States, Canada or
the United Kingdom; 
 (iii) such Permitted Acquisition shall be consensual and shall have been approved by the
Target’s board of directors; 
 (iv) no additional Indebtedness, Guaranteed Indebtedness, Contingent
Obligations or other liabilities shall be incurred, assumed or otherwise be reflected on a consolidated balance sheet of Borrowers and Target after giving effect to such Permitted Acquisition, except (A) Loans made hereunder and
(B) ordinary course trade payables, accrued expenses and unsecured Indebtedness of the Target to the extent no Default or Event of Default has occurred and is continuing or would result after giving effect to such Permitted Acquisition;

 (v) the sum of all amounts payable with the proceeds of Loans hereunder in connection with such Permitted
Acquisition (excluding all transaction costs and including all Indebtedness, liabilities and Contingent Obligations incurred or assumed in connection therewith or otherwise reflected on a consolidated balance sheet of Borrowers and Target) shall not
exceed $10,000,000 individually and together with the purchase price for all other Permitted Acquisitions shall not exceed $25,000,000 in the aggregate during the term hereof. Notwithstanding the foregoing limitations, the sum of all amounts payable
in connection with the Intelicoat Acquisition shall not exceed $32,500,000, the amounts payable in connection with the Liqui-box Acquisition shall not exceed $23,500,000 and the amounts payable in connection with the Bemis Acquisition shall not
exceed $91,000,000; provided that the amounts payable in connection with (a) the Intelicoat Acquisition, (b) the Liqui-box Acquisition and (c) the Bemis Acquisition shall not be deducted from the amounts described in the first
sentence of this sub-clause (v); 
 (vi) the Target shall have positive EBITDA for the twelve month period
preceding such acquisition taking into account verifiable cost addbacks approved by Agents or the aggregate amount of the borrowing base value of the Target’s assets (determined in accordance with the borrowing base formula set forth herein)
plus the amount of any additional equity invested in the Target shall be equal to an amount not less than the purchase price; the assumed and continuing liabilities of the Target are of a type and in an amount reasonably acceptable to Agents;

  
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 (vii) the business and assets acquired in such Permitted Acquisition shall
be free and clear of all Liens (other than Permitted Encumbrances); 
 (viii) at or prior to the closing of any
Permitted Acquisition, Applicable Agent will be granted a first priority perfected Lien (subject to Permitted Encumbrances) in all personal property acquired pursuant thereto or in the personal property and Stock of the Target, and Holdings and
Borrowers and the Target shall have executed such documents and taken such actions as may be reasonably required by Applicable Agent in connection therewith, in each case subject to the requirements of Section 4.8; 

(ix) Concurrently with delivery of the notice referred to in clause (i) above, Borrowers shall have delivered
to Agents, in form and substance reasonably satisfactory to Agents: 
 (A) a pro forma consolidated balance
sheet, income statement and cash flow statement of Holdings and its Subsidiaries (the “Acquisition Pro Forma”), based on recent financial statements, which shall be complete and shall fairly present in all material respects the
assets, liabilities, financial condition and results of operations of Holdings and its Subsidiaries in accordance with GAAP consistently applied, but taking into account such Permitted Acquisition and the funding of all Loans in connection
therewith, and such Acquisition Pro Forma shall reflect that average daily Aggregate Borrowing Availability for the 30-day period preceding the consummation of such Permitted Acquisition would have been equal to or exceeded $4,500,000 on a pro forma
basis (after giving effect to such Permitted Acquisition and all Loans funded in connection therewith as if made on the first day of such period) and the Acquisition Projections (as hereinafter defined) shall reflect that such Aggregate Borrowing
Availability of $4,500,000 shall continue for at least 30 days after the consummation of such Permitted Acquisition, and on a pro forma basis, no Event of Default has occurred and is continuing or would result after giving effect to such Permitted
Acquisition; 
 (B) updated versions of the most recently delivered Projections covering the 3 year period
commencing on the date of such Permitted Acquisition and otherwise prepared in accordance with the Projections (the “Acquisition Projections”) and based upon historical financial data of a recent date reasonably satisfactory to
Agent, taking into account such Permitted Acquisition; and 
 (C) a certificate of the chief financial officer of
Holdings to the effect that: (w) each Borrower (after taking into consideration all rights of contribution and indemnity such Borrower has against Holdings and each other Subsidiary of Holdings) will be Solvent upon the consummation of the
Permitted Acquisition; (x) the Acquisition Pro Forma fairly presents the financial condition of Holdings and its Subsidiaries (on a consolidated basis) as of the date thereof after giving effect to the Permitted Acquisition; (y) the
Acquisition Projections were prepared on the basis of the assumptions stated therein, and such assumptions were believed to be reasonable at the time prepared, it being understood and agreed that Projections are not to be viewed as facts and that
actual results during the period covered by the Projections may differ materially from projected results; and (z) Holdings and its Subsidiaries have completed their due diligence investigation with respect to the Target and such Permitted
Acquisition, which investigation was conducted in a manner similar to that which would have been conducted by a prudent purchaser of a comparable business and the results of which investigation were delivered to Agents and Lenders; 

  
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 (x) on or prior to the date of such Permitted Acquisition, Agents shall have
received, in form and substance reasonably satisfactory to Agents, copies of the acquisition agreement and related material agreements and instruments, and all opinions, certificates, lien search results and other documents reasonably requested by
Agents in connection with the Permitted Acquisition; and 
 (xi) at the time of such Permitted Acquisition and
after giving effect thereto, no Default or Event of Default has occurred and is continuing; 
 Notwithstanding the foregoing,
the Accounts and Inventory of the Target shall not be included in Eligible Accounts and Eligible Inventory unless Agents and Requisite Lenders shall have received appraisals of such Accounts and Inventory and shall have completed field examinations
with respect thereto, in each case in form and substance satisfactory to Agents. 
 5.7 Disposal of Assets or Subsidiary
Stock. The Credit Parties shall not and shall not cause or permit their Subsidiaries to directly or indirectly convey, sell, lease, sublease, transfer or otherwise dispose of, or grant any Person an option to acquire, in one transaction or a
series of related transactions, any of its property, business or assets, whether now owned or hereafter acquired, except for (a) sales of inventory to customers in the ordinary course of business and dispositions of obsolete, worn out or
damaged equipment not used in the business; (b) sales or other dispositions of real property and other assets not constituting Collateral; (c) any condemnation or taking of such assets by eminent domain proceedings; (d) transfers of
shares in Exopack Canada, TPG Canada and/or Performance Films from any Credit Party to another Credit Party in order to effectuate the Permitted Amalgamation; (e) Asset Dispositions by Borrowers and their Subsidiaries (excluding sales of
Accounts and Stock of any of Holdings’ Subsidiaries) if all of the following conditions are met: (i) the aggregate fair market value of assets sold or otherwise disposed of in any Fiscal Year does not exceed the Dollar Equivalent of
$20,000,000; (ii) the consideration received is at least equal to the fair market value of such assets (as determined by the board of directors of the applicable Credit Party in good faith); (iii) at least 50% of the consideration received
is cash; (iv) the Net Proceeds of such Asset Disposition are applied as, if and to the extent required by Section 1.6(c); (v) after giving effect to the Asset Disposition and the repayment of Indebtedness with the proceeds
thereof, if applicable, Borrowers are in compliance on a pro forma basis with the covenants set forth in Section 6 recomputed for the most recently ended quarter for which information is available; (vi) no Event of Default has
occurred and is continuing or would result from such Asset Disposition and (vii) (1) dispositions of assets as a result of the consolidation of businesses of Holdings or any of its subsidiaries located at Newmarket, Ontario and Concord,
Ontario; (2) dispositions of assets as a result of closing manufacturing facilities of Holdings or any of its Subsidiaries located in Hebron, Kentucky; (3) dispositions of assets as a result of the closing of the manufacturing facility of
Holdings or any of its Subsidiaries located in Hazelton, Pennsylvania; and (4) contemporaneous exchanges with third parties of assets in any fiscal year for assets of reasonably comparable fair market value (net of commissions, relocation costs
and other associated expenses); (f) transfers of shares of TPG Canada, TPG Enterprises and Exopack Canada from any Credit Party to another Credit Party in order to effectuate the Exopack Canada Consolidation; (g) transfers of the assets of
TPG Canada to Exopack Canada in order to effectuate the Exopack Canada Consolidation, and (h) transfers of nominal assets of 3181952 to Exopack L.P. in order to effectuate the Exopack Canada Consolidation. 

  
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 5.8 Transactions with Affiliates. The Credit Parties shall not and shall not cause or
permit their Subsidiaries to directly or indirectly enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any management, consulting, investment banking, advisory or other
similar services) with any Affiliate or with any director, officer or employee of any Credit Party, except (a) as set forth on Schedule 5.8, (b) transactions in the ordinary course of the business of any such Credit Party or any of
its Subsidiaries and upon fair and reasonable terms which, if any such transaction exceeds $2,500,000, are fully disclosed to Agents and in each case are no less favorable to any such Credit Party or any of its Subsidiaries than would be obtainable
in a comparable arm’s length transaction with a Person that is not an Affiliate, (c) payment of reasonable compensation to officers and employees for services actually rendered to any such Credit Party or any of its Subsidiaries;
(d) payment of director’s fees not to exceed the Dollar Equivalent of $250,000 in the aggregate for any Fiscal Year of Borrowers; (e) intercompany loans permitted in Sections 5.1(c), (i), (j), (k),
(l), (m); (f) guaranties of the Senior Notes, the 2011 High Yield Notes, the 2011 Term Loan B Credit Agreement, the Cash Management Agreements and the Hedging Agreements to the extent permitted by Section 5.4,
(g) Investments permitted by Sections 5.3 (b), (f), (j), (l), (n), (o), (p), and (q); (h) loans to employees permitted in Section 5.3, (i) Restricted Payments
permitted in Section 5.5 and the agreements pursuant to which such Restricted Payments are required to be made, (j) reimbursement of employee travel and lodging costs incurred in the ordinary course of business, (k) the
guaranty of the Obligations by Credit Parties, (l) employment agreements, equity incentive agreements and other employee and management arrangements in the ordinary course of business which are fully disclosed to the Agents, (m) TPG Canada
and TPG Enterprises may effect the TPG Recapitalization, (n) the Credit Parties may effect the Permitted Amalgamation, (o) Exopack Ontario, Exopack Canada, TPG Enterprises, TPG Canada, 3181952 and Exopack L.P. may consummate the Exopack
Canada Consolidation, and (p) the Credit Parties may consummate the Liqui-box Investment Transaction. 
 5.9 Conduct of
Business. Exopack Holdings shall not engage in any business activity other than its ownership of the Stock of its Subsidiaries and its performance of the Loan Documents and Related Transactions Documents. The Credit Parties shall not and shall
not cause or permit their Subsidiaries to directly or indirectly engage in any business other than businesses of the type described on Schedule 5.9. 
 (a) 3181952 shall not incur any liability or engage in any business activity or otherwise own any assets other than its ownership of the partnership interest in Exopack L.P and interest payments received
on the intercompany note outstanding under Section 5.1(k)(B). 
 (b) Exopack L.P. shall not incur any
liability or engage in any business activity or otherwise own any assets other than its ownership of the intercompany note evidencing the Indebtedness of Exopack Canada (or any successor thereto) to TPG Canada of up to Cdn $10,000,000 permitted
under Section 5.1(k) (as such amount may be increased in accordance with such Section) and interest payments received thereon. 

  
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 5.10 Changes Relating to Indebtedness. The Credit Parties shall not and shall not
cause or permit their Subsidiaries to directly or indirectly change or amend the terms of any of its Indebtedness permitted by Section 5.1(d) if such change or amendment would materially adversely affect the Agents or the Lenders.

 5.11 Fiscal Year. No Credit Party shall change its Fiscal Year or permit any of its Subsidiaries to change their
respective Fiscal Years. 
 5.12 Press Release; Public Offering Materials. Each Credit Party executing this Agreement
agrees that neither it nor its Affiliates will on or after the Closing Date issue any press releases or other public disclosure, including any prospectus, proxy statement or other materials filed with any Governmental Authority relating to a public
offering of the Stock of any Credit Party, using the name of GE Capital, GE Canada or their affiliates known to the Credit Parties or referring to this Agreement, the other Loan Documents or the Related Transactions Documents without at least two
(2) Business Days’ prior notice to GE Capital and GE Canada and without the prior written consent of GE Capital and GE Canada unless (and only to the extent that) such Credit Party or Affiliate is required to do so under law and then, in
any event, such Credit Party or Affiliate will consult with GE Capital and GE Canada before issuing such press release or other public disclosure. 
 5.13 Subsidiaries. The Credit Parties shall not and shall not cause or permit their Subsidiaries to directly or indirectly establish, create or acquire any new Subsidiary except (a) as part of
the Permitted Amalgamation, (b) the creation of 3181952 and Exopack L.P. as part of the Exopack Canada Consolidation, (c) the creation of Exopack UK Holdco and Exopack Coatings as part of the Intelicoat Acquisition, (d) the creation
of Performance Films as part of the Liqui-box Acquisition or (e) in connection with and to the extent necessary to consummate one or more Permitted Acquisitions. 
 5.14 Deposit Accounts. The Credit Parties shall not and shall not cause or permit their Subsidiaries to establish any new deposit accounts (other than payroll, employee benefits and other similar
trust accounts) without prior written notice to Applicable Agent and unless such Agent and the bank at which the account is to be opened enter into a Control Agreement in form and substance reasonably acceptable to such Agent. 

5.15 Hazardous Materials. The Credit Parties shall not and shall not cause or permit their Subsidiaries to cause or permit a
Release of any Hazardous Material on, at, in, under, above, to, from or about any of the real property where such Release would (a) violate in any respect, or form the basis for any Environmental Liabilities by the Credit Parties or any of
their Subsidiaries under, any Environmental Laws or Environmental Permits or (b) otherwise adversely impact the value or marketability of any of the real property or any of the Collateral, other than such violations or Environmental Liabilities
or adverse impacts on the value or marketability of the real property or any of the Collateral that could not reasonably be expected to have a Material Adverse Effect. 
 5.16 ERISA. The Credit Parties shall not and shall not cause or permit any ERISA Affiliate to, cause or permit to occur an ERISA Event or a Canadian Pension Event to the extent such ERISA Event or
such Canadian Pension Event could reasonably be expected to have a Material Adverse Effect. 

  
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 5.17 Prepayments of Other Indebtedness. The Credit Parties shall not, directly or
indirectly, voluntarily purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness other than the Obligations, except (a) any Subordinated Debt other than intercompany
Indebtedness expressly permitted under Section 5.1(c); (b) (i) the mandatory prepayment of Indebtedness outstanding under the 2011 Term Loan B Credit Agreement, (ii) the voluntary prepayment of Indebtedness outstanding
under the 2011 Term Loan B Credit Agreement, provided that, immediately before and after making such voluntary prepayment, no Default or Event of Default has occurred and is continuing, and either (1) there are no outstanding Advances,
or (2) (v) the aggregate balance of all outstanding Advances is equal to or less than $25,000,000, (w) the Aggregate Borrowing Availability is greater than or equal to the Voluntary Prepayment Threshold, (x) the average Aggregate
Borrowing Availability for the consecutive ninety (90) day-period ending on the date such voluntary prepayment is made is greater than or equal to the Voluntary Prepayment Threshold, (y) the projected average Aggregate Borrowing
Availability for the consecutive ninety (90) day-period commencing on the date such voluntary prepayment is made is greater than the Voluntary Prepayment Threshold, and (z) the US Borrowers have certified to the US Agent that the
conditions set forth in clauses (v) through (y) above are satisfied; and (iii) the prepayment of Indebtedness outstanding under the 2011 Term Loan B Credit Agreement with the proceeds of Permitted Refinancing thereof in compliance
with Section 5.1(p) and (q); (c) required mandatory repayments or redemptions of Indebtedness outstanding under the 2011 Indenture or Indebtedness under a Permitted Refinancing thereof; and (d) regularly scheduled or required
repayments or redemptions of Indebtedness set forth on Schedule 5.1. 
 5.18 Certain Amendments. (a) The
Credit Parties shall not and shall not cause or permit any of their Subsidiaries to change, modify or amend the terms of the Management Services Agreement; or (b) amend, modify or change in any manner any term or condition of the “Loan
Documents” (as defined in the 2011 Term Loan B Credit Agreement), the 2011 Indenture Documents, or any Indebtedness set forth on Schedule 5.1 (in each case, after the entering into thereof), except for, to the extent consistent with the
Intercreditor Agreement, (i) any Permitted Refinancing, refinancing, refunding, renewal or extension thereof permitted by Section 5.1 and (ii) any amendment or modification that is not adverse to the interests of the Lenders in
any material respect (for the avoidance of doubt, a Permitted Refinancing shall not be considered to be adverse to the interests of the Lenders for purposes of this Section 5.18) (and, in the case of the 2011 Term Loan B Loan Documents,
not prohibited by the Intercreditor Agreement). 
 5.19 Fixed Charge Coverage Ratio. If at any time that Aggregate
Borrowing Availability is less than $6,250,000, the Credit Parties shall not permit the Fixed Charge Coverage Ratio for the twelve month period ending on the last day of any such Fiscal Quarter to be less than 1.00:1.00. “Fixed Charge Coverage
Ratio” shall be calculated in the manner set forth in Exhibit 5.19. 
 5.20 Use of Proceeds. Use the proceeds
of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, (i) to pay the 2011 Dividend or (ii) to purchase or carry margin stock (within the meaning of Regulation U) or to extend credit to others
for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 

  
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 SECTION 6. 
 REPORTING 
 Borrowers covenant and agree that from and after the
Closing Date until the Termination Date, Borrowers shall perform and comply with, and shall cause each of the other Credit Parties to perform and comply with, all covenants in this Section 6 applicable to such Person. 

6.1 Financial Statements and Other Reports. Holdings and Borrowers will maintain, and cause each of their Subsidiaries to
maintain, a system of accounting established and administered in accordance with sound business practices to permit preparation of Financial Statements in conformity with GAAP (it being understood that monthly Financial Statements are not required
to have footnote disclosures). US Borrower Representative will deliver each of the Financial Statements and other reports described below to Agents (and each Lender in the case of the Financial Statements and other reports described in Sections
6.1(a), (b), (d), (f), (g), (h), and (k)). 
 (a) Monthly Financials. As soon as available and in any
event within thirty (30) days after the end of each Fiscal Month (including the last Fiscal Month of Holdings’ Fiscal Year), US Borrower Representative will deliver (1) the consolidated balance sheet of Holdings and its Subsidiaries
as to the end of such Fiscal Month, and with respect to each Borrower, consolidating, balance sheets of Holdings and its Subsidiaries, as at the end of such Fiscal Month, and the related consolidated and, on a Division-by-Division Basis,
consolidating statements of income, stockholders’ equity and cash flow for such Fiscal Month and for the period from the beginning of the then current Fiscal Year of Holdings to the end of such Fiscal Month and (2) a report setting forth
in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the most recent Projections for the current Fiscal Year delivered pursuant to Section 6.1(f).

 (b) Year-End Financials. As soon as available and in any event within (y) one hundred and twenty
(120) days after the end of the 2005 Fiscal Year of Holdings and (z) ninety (90) days after the end of each Fiscal Year of Holdings thereafter, US Borrower Representative will deliver (1) the consolidated balance sheets of
Holdings and its Subsidiaries, as at the end of such year, and the related consolidated statements of income, stockholders’ equity and cash flow for such Fiscal Year, (2) a schedule of the outstanding Indebtedness for borrowed money of
Holdings and its Subsidiaries describing in reasonable detail each such debt issue or loan outstanding and the principal amount and amount of accrued and unpaid interest with respect to each such debt issue or loan and (3) a report with respect
to the consolidated Financial Statements from PricewaterhouseCoopers LLP or another firm of Certified Public Accountants selected by Borrowers and reasonably acceptable to Agents, which report shall be prepared in accordance with Statement of
Auditing Standards No. 58 (the “Statement”) “Reports on Audited Financial Statements” and such report shall be “unqualified” (as such term is defined in such Statement). 

  
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 (c) Accountants’ Reports. Promptly upon receipt thereof, US
Borrower Representative will deliver copies of all significant reports submitted by Borrowers’ firm of certified public accountants in connection with each annual, interim or special audit or review of any type of the Financial Statements or
related internal control systems of Holdings made by such accountants, including any comment letter submitted by such accountants to management in connection with their services. 

(d) Additional Deliveries. 
 (i) To each Agent, upon any Agent’s request, and in any event no less frequently than by noon New York time, ten (10) Business Days after the end of each Fiscal Month, or more frequently as any
Agent may request after the existence and during the continuance of an Event of Default (together with a copy of any of the following reports requested by any Lender in writing after the Closing Date), each of the following reports, each of which
shall be prepared by Borrowers as of the last day of the immediately preceding Fiscal Month or the date 2 days prior to the date of any such request: 
 (A) a Borrowing Base Certificate with respect to each Borrower, accompanied by such supporting detail and documentation as shall be requested by any Agent in its reasonable discretion (in substantially
the same form as Exhibits 6.1(d)(i), 6.1(d)(ii), 6.1(d)(iii) and 6.1(d)(iv) (each, a “Borrowing Base Certificate”); 
 (B) with respect to each Borrower, a summary of Inventory by location and type with a supporting perpetual Inventory report, in each case accompanied by such supporting detail and documentation as shall
be requested by any Agent in its reasonable discretion; and 
 (C) with respect to each Borrower, a monthly
trial balance showing Accounts outstanding aged from invoice date as follows: 1 to 30 days, 31 to 60 days, 61 to 90 days and 91 days or more, accompanied by such supporting detail and documentation as shall be requested by any Agent in its
reasonable discretion. 
 (ii) To each Agent, on a monthly basis or at any time after an Event of Default shall
have occurred and is continuing, at such more frequent intervals as any Agent may request from time to time (together with a copy of all or any part of such delivery requested by any Lender in writing after the Closing Date), collateral reports with
respect to each Borrower, including all additions and reductions (cash and non-cash) with respect to Accounts of each Borrower, in each case accompanied by such supporting detail and documentation as shall be requested by any Agent in its reasonable
discretion each of which shall be prepared by the applicable Borrower as of the last day of the immediately preceding week or the date 2 days prior to the date of any request; 

(iii) To each Agent, at the time of delivery of each of the monthly Financial Statements delivered pursuant to this
Section 6.1: 
 (A) a reconciliation of the most recent US Tranche A Borrowing Base, US Tranche A1
Borrowing Base, Canadian Tranche A Borrowing Base, or Canadian Tranche A1 Borrowing Base, as applicable, general ledger and month-end Inventory 

  
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reports of each Borrower to each Borrower’s general ledger and monthly Financial Statements delivered pursuant to this Section 6.1, in each case accompanied by such supporting
detail and documentation as shall be requested by such Agent in its reasonable discretion; 
 (B) a
reconciliation of the perpetual inventory by location to each Borrower’s most recent Borrowing Base Certificate, general ledger and monthly Financial Statements delivered pursuant to this Section 6.1, in each case accompanied by
such supporting detail and documentation as shall be requested by such Agent in its reasonable discretion; 

(C) an aging of accounts payable and a reconciliation of that accounts payable aging to each Borrower’s general
ledger and monthly Financial Statements delivered pursuant to this Section 6.1, in each case accompanied by such supporting detail and documentation as shall be requested by such Agent in its reasonable discretion; 

(D) a reconciliation of the outstanding Loans as set forth in the monthly Loan Account statement provided by Applicable
Agent to each Borrower’s general ledger and monthly Financial Statements delivered pursuant to this Section 6.1, in each case accompanied by such supporting detail and documentation as shall be requested by any Agent in its
reasonable discretion; 
 (iv) To each Agent, at the time of delivery of each of the annual Financial Statements
delivered pursuant to Section 6.1, (i) a listing of government contracts of each Borrower subject to the Federal Assignment of Claims Act of 1940 or similar Applicable Law included in the Borrowing Base; and (ii) a list of any
applications for the registration of any Patent, Trademark or Copyright filed by any Credit Party with the United States Patent and Trademark Office, the United States Copyright Office, the Canadian Intellectual Property Office or any similar office
or agency in the prior Fiscal Quarter. 
 (e) Appraisals; Inspections. 

(i) At Borrowers’ expense, at any time while and so long as an Event of Default shall have occurred and be
continuing, and in the absence of a Default or Event of Default not more than once during each calendar year, any Agent may obtain appraisal reports in form and substance and from appraisers reasonably satisfactory to such Agent stating the then
current market values of all or any portion of the personal property owned by any of the Credit Parties. 
 (ii)
Borrowers, at their own expense, shall deliver to each Agent the results of each physical verification, if any, that Borrowers or any of their Subsidiaries may in their discretion have made, or caused any other Person to have made on their behalf,
of all or any portion of their Inventory (and, if a Default or an Event of Default has occurred and is continuing, Borrowers shall, upon the request of any Agent, conduct, and deliver the results of, such physical verifications as any Agent may
require). 
 (f) Projections. As soon as available and in any event no later than forty-five
(45) days after the end of each of Borrowers’ Fiscal Years, US Borrower Representative will deliver Projections of Holdings and its Subsidiaries for the forthcoming Fiscal Year, Fiscal Month by Fiscal Month. 

  
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 (g) SEC Notices, SEC Filings and Press Releases. Promptly upon their
becoming available, US Borrower Representative will deliver copies of (1) all Financial Statements, reports, notices and proxy statements, material reports and material notices sent or made available by Holdings, Borrowers or any of their
Subsidiaries to their Stockholders, (2) all regular and periodic reports and all registration statements and prospectuses, if any, filed by Holdings, Borrowers or any of their Subsidiaries with any securities exchange or with the Securities and
Exchange Commission, any Governmental Authority or any private regulatory authority, (3) all press releases and other statements made available by Holdings, Borrowers or any of their Subsidiaries to the public concerning developments in the
business of any such Person and (4) each notice or other correspondence received from the Securities and Exchange Commission concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other
operational results of any Credit Party. 
 (h) Events of Default, Etc. Promptly upon any officer of any
Credit Party obtaining knowledge of any of the following events or conditions, the Applicable Borrower Representative shall deliver copies of all notices given or received by such Credit Party or any of its Subsidiaries with respect to any such
event or condition and a certificate of such Borrower Representative’s chief executive officer specifying the nature and period of existence of such event or condition and what action Holdings, Borrowers or any of their Subsidiaries has taken,
is taking and proposes to take with respect thereto: (1) any condition or event that constitutes, or which could reasonably be expected to result in the occurrence of, an Event of Default or Default; (2) any notice that any Person has
given to any Borrower or any of their Subsidiaries or any other action taken with respect to a claimed default or event or condition of the type referred to in Section 7.1(b); or (3) any event or condition that could reasonably be
expected to result in any Material Adverse Effect. 
 (i) Litigation. Promptly upon any officer of any
Credit Party obtaining knowledge of (1) the institution of any action, charge, claim, demand, suit, proceeding, petition, governmental investigation, tax audit or arbitration now pending or, to the best knowledge of such Credit Party,
threatened against or affecting any Credit Party or any of its Subsidiaries or any property of any Credit Party or any of its Subsidiaries (“Litigation”) not previously disclosed by any Borrower Representative to Agents that, if
determined in a manner adverse to a Credit Party, could reasonably be expected to have a Material Adverse Effect or (2) any material and adverse development in any action, suit, proceeding, governmental investigation or arbitration at any time
pending against or affecting any Credit Party or any property of any Credit Party which, in each case, would reasonably be expected to have a Material Adverse Effect, the Applicable Borrower Representative will promptly give notice thereof to
Applicable Agent and provide such other information as may be reasonably available to them to enable Applicable Agent and its counsel to evaluate such matter. 
 (j) Notice of Corporate and other Changes. US Borrower Representative shall provide prompt written notice of (1) any change after the Closing Date in the authorized and issued Stock of any
Credit Party (other than the issuance of Stock by Holdings for up to 20% of the fully diluted ownership of Holdings issued to any officers, directors or employees of any Credit Party) or any amendment to their articles or certificate of
incorporation, by-laws, partnership agreement or other organizational documents, (2) any Subsidiary created or acquired by any Credit Party or any of its Subsidiaries after the Closing Date, such notice, in each case, to

  
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identify the applicable jurisdictions, capital structures or Subsidiaries, as applicable, and (3) any other event that occurs after the Closing Date which would cause any of the
representations and warranties in Section 3 of this Agreement or in any other Loan Document to be untrue or misleading in any material respect. The foregoing notice requirement shall not be construed to constitute consent by any of the
Lenders to any transaction referred to above which is not expressly permitted by the terms of this Agreement. 

(k) Compliance Certificate. Together with each delivery of Financial Statements pursuant to
Section 6.1(a) for the last month of each Fiscal Quarter (other than the fourth Fiscal Quarter of any year) and Section 6.1(b), Borrowers will deliver (i) a fully and properly completed Compliance Certificate (in
substantially the same form as Annex E) (the “Compliance Certificate”) signed by Holdings’ chief executive officer or chief financial officer; provided that Schedule 2 of the Compliance Certificate shall be
delivered only in connection with the Financial Statements of Holdings and its Subsidiaries delivered pursuant to Section 6.1(b) and (ii) a copy of management’s discussion and analysis with respect to such financial statements.

 (l) Other Information. With reasonable promptness, US Borrower Representative will deliver such other
information and data with respect to any Credit Party or any Subsidiary of any Credit Party as from time to time may be reasonably requested by any Agent. 
 (m) Taxes. US Borrower Representative shall provide prompt written notice of (i) the execution or filing with the IRS, CRA or any other Governmental Authority of any agreement or other
document extending, or having the effect of extending, the period for assessment or collection of any material Charges by any Credit Party or any of its Subsidiaries and (ii) any agreement by any Credit Party or any of its Subsidiaries or
request directed to any Credit Party or any of its Subsidiaries to make any adjustment under IRC Section 481(a) or the ITA, by reason of a change in accounting method or otherwise, which could reasonably be expected to have a Material Adverse
Effect. 
 (n) ERISA. With reasonable promptness, US Borrower Representative shall provide to US Agent
copies of the most recent actuarial reports with respect to any Title IV Plans as they become available. Promptly upon any Credit Party becoming aware of any fact or condition which could reasonably be expected to result in an ERISA Event with
liability in excess of $5,000,000, US Borrower Representative shall deliver to US Agent a summary of such facts and circumstances and any action the Credit Parties intend to take regarding such facts or conditions. 

(o) Environmental Reports. Borrowers shall provide to the US Agent copies of each environmental site assessment
report prepared by or for any Credit Party. 
 (p) Disposition of Assets. US Borrower Representative shall
provide prompt written notice of the occurrence of any disposition of property or assets for which the Borrowers are required to make a mandatory prepayment pursuant to Section 1.6(c). 

  
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 6.2 Accounting Terms; Utilization of GAAP for Purposes of Calculations Under
Agreement. For purposes of this Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP. Financial statements and other information furnished to Agents pursuant to
Section 6.1 or any other Section (unless specifically indicated otherwise) shall be prepared in accordance with GAAP as in effect at the time of such preparation; provided that no Accounting Change shall affect financial
covenants, standards or terms in this Agreement; provided further that Borrowers shall prepare footnotes to the Financial Statements required to be delivered hereunder that show the differences between the Financial Statements
delivered (which reflect such Accounting Changes) and the basis for calculating financial covenant compliance (without reflecting such Accounting Changes). All such adjustments described in clause (c) of the definition of the term Accounting
Changes resulting from expenditures made subsequent to the Closing Date (including capitalization of costs and expenses or payment of pre-Closing Date liabilities) shall be treated as expenses in the period the expenditures are made. Notwithstanding
the foregoing, in the event that any Accounting Change shall occur and such change results in a change in the method of calculation of the financial covenants, standards or terms in this Agreement, then Borrowers and Agents agree to negotiate in
good faith in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating the financial condition of the Credit Parties shall be the same after such
Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by Borrowers, Agents and the Requisite Lenders, all financial covenants, standards and terms in this
Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. 
 SECTION 7.

 DEFAULT, RIGHTS AND REMEDIES 
 7.1 Event of Default. “Event of Default” shall mean the occurrence or existence of any one or more of the following: 

(a) Payment. (1) Failure to make any payment of principal of any Loan when due, or to timely repay Revolving
Loans to reduce their balance to the maximum amount of Revolving Loans then permitted to be outstanding or to reimburse any L/C Issuer for any payment made by such L/C Issuer under or in respect of any Letter of Credit when due or (2) failure
to pay, within three (3) Business Days after the due date, any interest or Fees on any Loan or any other amount due under this Agreement or any of the other Loan Documents; or 

(b) Default in Other Agreements. (1) Any Credit Party or any of its Subsidiaries fails to pay when due or
within any applicable grace period any principal or interest on Indebtedness (other than the Loans) having an outstanding principal amount in excess of $15,000,000 or any Contingent Obligations or (2) breach or default of any Credit Party or
any of its Subsidiaries, or the occurrence of any condition or event, with respect to any Indebtedness (other than the Loans) or any Contingent Obligations, if the effect of such breach, default or occurrence is to cause or to permit the holder or
holders then to cause, Indebtedness and/or Contingent Obligations having an individual or aggregate principal amount in excess of $15,000,000 to become or be declared due prior to their stated maturity; or 

  
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 (c) Breach of Certain Provisions; Breach of Warranty. Failure of any
Credit Party to perform or comply with any term or condition contained in (1) the GE Capital Fee Letter which failure continues for more than three (3) Business Days after the relevant date specified thereunder, (2) Section 6.1
which failure continues for more than five (5) Business Days after the date specified for performance or compliance with such term or condition, (3) that portion of Section 4.2 relating to the Credit Parties’ obligation to
maintain insurance, or (4) Section 4.3, Section 4.4, Section 4.14, Section 5 or Section 6.1 or the Post-Closing Agreement; or 

(d) Borrowing Base Certificate; Breach of Warranty. Any information contained in any Borrowing Base Certificate is
untrue or incorrect in any respect, or any representation or warranty herein or in any Loan Document or in any written statement, report, financial statement or certificate (other than a Borrowing Base Certificate) made or delivered to any Agent or
any Lender by any Credit Party is untrue or incorrect in any material respect (without duplication of materiality qualifiers contained therein) as of the date when made or deemed made; or 

(e) Other Defaults Under Loan Documents. Any Credit Party defaults in the performance of or compliance with any
term contained in this Agreement or the other Loan Documents (other than occurrences described in other provisions of this Section 7.1 for which a different grace or cure period is specified, or for which no cure period is specified and
which constitute immediate Events of Default) and such default is not remedied or waived within thirty (30) days after the earlier of (1) receipt by any Borrower Representative of notice from any Agent or Requisite Lenders of such default
or (2) actual knowledge of any Borrower or any other Credit Party of such default; or 
 (f) Involuntary
Bankruptcy; Appointment of Receiver, Etc. (1) A court enters a decree or order for relief with respect to any Credit Party in an involuntary case under the Bankruptcy Code or any other Insolvency Law, which decree or order is not stayed or
other similar relief is not granted under any applicable federal, state or foreign law; or (2) the continuance of any of the following events for sixty (60) days unless dismissed, bonded or discharged: (a) an involuntary case is
commenced against any Credit Party, under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect; or (b) a decree or order of a court for the appointment of a receiver, receiver and manager, interim receiver,
liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Credit Party, or over all or a substantial part of its property, is entered; or (c) a receiver, receiver and manager, interim receiver, trustee or
other custodian is appointed without the consent of a Credit Party, for all or a substantial part of the property of the Credit Party; or 
 (g) Voluntary Bankruptcy; Appointment of Receiver, Etc. (1) any Credit Party commences a voluntary case under the Bankruptcy Code or any other Insolvency Law, or consents to the entry of an
order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee, interim receiver, receiver and manager or other
custodian for all or a substantial part of its property; or (2) any Credit Party makes any assignment for the benefit of creditors; (3) the Board of Directors of any Credit Party adopts any resolution or otherwise authorizes action to
approve any of the actions referred to in this Section 7.1(g); (4) any Credit Party becomes unable or admits in writing its inability or fails generally to 

  
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pay its debts as they become due, or (5) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any Credit
Party and is not released, vacated or fully bonded within 30 days after its issue or levy; or 
 (h) Judgment
and Attachments. (i) Any money judgment, writ or warrant of attachment, or similar process (other than those described elsewhere in this Section 7.1) involving (1) an amount in any individual case or an amount in the
aggregate at any time in excess of $15,000,000 (in either case to the extent not adequately covered by insurance in Applicable Agent’s sole discretion as to which the insurance company has acknowledged coverage) is entered or filed against one
or more of the Credit Parties or any of their respective assets and remains undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days or in any event later than five (5) Business Days prior to the date of any proposed
sale thereunder; or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i) Dissolution. Any order, judgment or decree is entered against any Credit Party decreeing the dissolution or
split up of such Credit Party and such order remains undischarged or unstayed for a period in excess of fifteen (15) days; or 
 (j) Solvency. Any Borrower or the Credit Parties taken as a whole ceases to be Solvent, fails to pay its debts as they become due or admits in writing its present or prospective inability to pay
its debts as they become due; or 
 (k) Invalidity of Loan Documents. Any of the Loan Documents for any
reason, other than a partial or full release in accordance with the terms thereof, ceases to be in full force and effect or is declared to be null and void, or any Credit Party denies that it has any further liability under any Loan Documents to
which it is party, or gives notice to such effect; or 
 (l) Damage; Casualty. Any event occurs, whether
or not insured or insurable, as a result of which revenue-producing activities cease or are substantially curtailed at any facility of any Credit Party generating more than 20% of the consolidated revenues of the Credit Parties for the Fiscal Year
preceding such event and such cessation or curtailment continues for more than sixty (60) days; or 
 (m)
Event of Default. An “event of default” occurs and is continuing under the Senior Notes, the Indenture, the 2011 High Yield Notes, the 2011 Indenture or the 2011 Term Loan B Credit Agreement; or 

(n) Change of Control. A Change of Control occurs. 

7.2 Suspension or Termination of Commitments. Upon the occurrence of any Default or Event of Default, US Agent may, and at the
request of Requisite Lenders, US Agent shall, without notice or demand, immediately suspend or terminate all or any portion of US Tranche A Lenders’ obligations to make additional Advances or issue or cause to be issued US Letters of Credit
under the US Tranche A Loan Commitment; provided that, in the case of a Default, if the 

  
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subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the US Tranche A Loan Commitment shall be reinstated. Upon the occurrence of any
Default or Event of Default, US Agent may, and at the request of Requisite Lenders, US Agent shall, without notice or demand, immediately suspend or terminate all or any portion of US Tranche A1 Lenders’ obligations to make additional Advances
under the US Tranche A1 Loan Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the US Tranche A1 Loan Commitment shall be
reinstated. Upon the occurrence of any Default or Event of Default, Canadian Agent may, and at the request of Requisite Lenders, Canadian Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Canadian Tranche
A Lenders’ obligations to make additional Advances or issue or cause to be issued Canadian Letters of Credit under the Canadian Tranche A Loan Commitment; provided that, in the case of a Default, if the subject condition or event is
waived by Requisite Lenders or cured within any applicable grace or cure period, the Canadian Tranche A Loan Commitment shall be reinstated. Upon the occurrence of any Default or Event of Default, Canadian Agent may, and at the request of Requisite
Lenders, Canadian Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Canadian Tranche A1 Lenders’ obligations to make additional Advances under the Canadian Tranche A1 Loan Commitment; provided
that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the Canadian Tranche A1 Loan Commitment shall be reinstated. 

7.3 Acceleration and other Remedies. 
 (a) Upon the occurrence of any Event of Default described in Sections 7.1(f) or 7.1(g), the Commitments shall be immediately terminated and all of the Obligations, including the Loans, shall
automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, all of which are hereby expressly waived (including for purposes of
Section 10 and Section 11) by Borrowers to the extent permitted by applicable law, and the Commitments shall thereupon terminate. 
 (b) Upon the occurrence and during the continuance of any Event of Default other than those described in Section 7.1(f) and 7.1(g), US Agent or Canadian Agent, as applicable, may and at the
request of the Requisite Lenders, US Agent or Canadian Agent, as the case may be, shall, by written notice to the Applicable Borrower Representative (i) reduce the aggregate amount of the US Tranche A Loan Commitment, US Tranche A1 Loan
Commitment, Canadian Tranche A Loan Commitment or Canadian Tranche A1 Loan Commitment, as applicable, from time to time, (ii) declare all or any portion of the US Tranche A Loan, US Tranche A1 Loan. Canadian Tranche A Loan or Canadian Tranche
A1 Loan, as the case may be, and all or any portion of the other Obligations to be, and the same shall forthwith become, immediately due and payable together with accrued interest thereon (“Acceleration of US Obligations” or
“Acceleration of Canadian Obligations”, as applicable), (iii) terminate all or any portion of the obligations of US Agent, L/C Issuers, US Tranche A Lenders and US Tranche A1 Lenders or Canadian Agent, Canadian Tranche A
Lenders and Canadian Tranche A1 Lenders, as the case may be, to make Advances, (iv) demand that US Borrowers immediately deliver cash to US Agent for the benefit of the US L/C Issuers (and US Borrowers shall then immediately so

  
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deliver) in an amount equal to 105% of the aggregate outstanding US Letter of Credit Obligations, (v) demand that Canadian Borrowers immediately deliver cash to Canadian Agent for the
benefit of the Canadian L/C Issuers (and Canadian Borrowers shall then immediately so deliver) in an amount equal to 105% of the aggregate outstanding Canadian Letter of Credit Obligations, (vi) appoint investigative accountants to
conduct an investigation of any Canadian Borrower’s business and assets, or for such other purposes as the Canadian Agent may specify, the fees and costs of such investigative accountants to be for such Borrower’s account (the Canadian
Agent shall not be obliged to disclose to any Borrower any reports or other findings of such investigative accountants) and (vii) exercise any other remedies which may be available under the Loan Documents or applicable law. 

(c) Each US Borrower hereby grants to US Agent, for the benefit of US L/C Issuers and each US Tranche A Lender with a
participation in any US Letters of Credit then outstanding, a security interest in such cash collateral described in clause (b) above to secure all of the US Letter of Credit Obligations. Any such cash collateral shall be made available by US
Agent to US L/C Issuers to reimburse US L/C Issuers for payments of drafts drawn under such US Letters of Credit and any Fees, Charges and expenses of US L/C Issuers with respect to such US Letters of Credit and the unused portion thereof, after all
such US Letters of Credit shall have expired or been fully drawn upon, shall be applied to repay any other US Obligations. After all such US Letters of Credit shall have expired or been fully drawn upon and all Obligations shall have been satisfied
and paid in full, the balance, if any, of such cash collateral shall be returned to US Borrowers. US Borrowers shall from time to time execute and deliver to US Agent such further documents and instruments as US Agent may request with respect to
such cash collateral. 
 (d) Each Canadian Borrower hereby grants to Canadian Agent, for the benefit of Canadian
L/C Issuers and each Canadian Tranche A Lender with a participation in any Canadian Letters of Credit then outstanding, a security interest in such cash collateral described in clause (b) above to secure all of the Canadian Letter of Credit
Obligations. Any such cash collateral shall be made available by Canadian Agent to Canadian L/C Issuers to reimburse Canadian L/C Issuers for payments of drafts drawn under such Canadian Letters of Credit and any Fees, Charges and expenses of
Canadian L/C Issuers with respect to such Canadian Letters of Credit and the unused portion thereof, after all such Canadian Letters of Credit shall have expired or been fully drawn upon, shall be applied to repay any other Canadian Obligations.
After all such Canadian Letters of Credit shall have expired or been fully drawn upon and all Canadian Obligations shall have been satisfied and paid in full, the balance, if any, of such cash collateral shall be returned to Canadian Borrowers.
Canadian Borrowers shall from time to time execute and deliver to Canadian Agent such further documents and instruments as Canadian Agent may request with respect to such cash collateral. 

7.4 Performance by Applicable Agent. So long as an Event of Default has occurred and is continuing, if any Credit Party shall fail
to perform any covenant, duty or agreement contained in any of the Loan Documents, Applicable Agent may perform or attempt to perform such covenant, duty or agreement on behalf of such Credit Party after the expiration of any cure or grace periods
set forth herein to the extent necessary to protect the Collateral, the value thereof or the priority of the Applicable Agent’s Liens therein. In such event, such Credit Party shall, at the request of Applicable Agent promptly pay any amount
reasonably expended by Applicable Agent in such performance or attempted performance to Applicable Agent, together 

  
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with interest thereon at the highest rate of interest in effect upon the occurrence of an Event of Default as specified in Section 1.3(d) from the date of such expenditure until paid.
Notwithstanding the foregoing, it is expressly agreed that no Agent shall have any liability or responsibility for the performance of any obligation of any Credit Party under this Agreement or any other Loan Document. 

7.5 Application of Proceeds. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during
the continuance of an Event of Default, 
 (a) Borrowers irrevocably waive the right to direct the application of
any and all payments at any time or times thereafter received by Applicable Agent from or on behalf of Borrowers, and Applicable Agent shall have the continuing and exclusive right to apply and to reapply any and all payments received at any time or
times after the occurrence and during the continuance of an Event of Default. 
 (b) Following Acceleration of US
Obligations, the proceeds of any sale of, or other realization upon, all or any part of the US Collateral to the extent allocated to the Obligations pursuant to the Intercreditor Agreement shall be applied: first, to all costs and expenses
incurred by or owing to US Agent, any US Tranche A Lender and any US Tranche A1 Lender with respect to this Agreement, the other Loan Documents or the US Collateral; second, to accrued and unpaid interest and Fees with respect to the US
Obligations (including any interest which but for the provisions of the Bankruptcy Code, would have accrued on such amounts); third, to the principal amount of the US Tranche A1Loans outstanding; fourth, to the principal amount of all
other US Obligations outstanding (other than US Obligations owed to any US Lender under a US Interest Rate Agreement) and to cash collateralize outstanding US Letters of Credit (pro rata among all such US Obligations (based upon the principal amount
thereof or the outstanding face amount of such US Letters of Credit, as applicable); fifth to any other US Obligations of US Borrowers owing to US Agent or any US Lender under the Loan Documents or any US Interest Rate Agreement and
sixth to any other Obligations of US Borrowers owing to Agents or any Lender under the Loan Documents. Any balance remaining shall be delivered to US Borrowers or to whomever may be lawfully entitled to receive such balance or as a court of
competent jurisdiction may direct. 
 (c) Following Acceleration of Canadian Obligations, the proceeds of any
sale of, or other realization upon, all or any part of the Canadian Collateral to the extent allocated to the Obligations pursuant to the Intercreditor Agreement shall be applied: first, to all costs and expenses incurred by or owing to
Canadian Agent, and any Canadian Tranche A Lender and any Canadian Tranche A1 Lender with respect to this Agreement, the other Loan Documents or the Canadian Collateral; second, to accrued and unpaid interest and Fees with respect to the
Canadian Obligations (including any interest which but for the provisions of any Insolvency Law, would have accrued on such amounts); third, to the principal amount of the Canadian Tranche A1 Loans outstanding; fourth, to the principal
amount of all other Canadian Obligations outstanding and to cash collateralize outstanding Canadian Letters of Credit (pro rata among all such Canadian Obligations (based upon the principal amount thereof or the outstanding face amount of such
Canadian Letters of Credit, as applicable); and fifth to any other Canadian Obligations of Canadian Borrowers owing to Canadian Agent or any Canadian Lender under the Loan Documents. Any balance remaining shall be delivered to Canadian
Borrowers or to 

  
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whomever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. The proceeds of any sale of or other realization upon assets of a Canadian Borrower
shall in all cases be applied first to repay obligations of such Canadian Borrower in the order specified and shall thereafter be made available to the other Canadian Borrowers to pay other Canadian obligations. 

SECTION 8. 

ASSIGNMENT AND PARTICIPATION 
 8.1 Assignment and Participations. 
 (a) Subject to the
terms of this Section 8.1, any Lender may make an assignment to a Qualified Assignee of, or sale of participations in, at any time or times, the Loan Documents, Loans, Letter of Credit Obligations and any Commitment or any portion
thereof or interest therein, including any Lender’s rights, title, interests, remedies, powers or duties thereunder. Any assignment by a Lender shall: (i) require the consent of Applicable Agent (which consent shall not be unreasonably
withheld or delayed with respect to a Qualified Assignee, and which consent is not required for an assignment between Lenders or from a Lender to an Affiliate of a Lender) and the execution of an assignment agreement (an “Assignment
Agreement” substantially in the form attached hereto as Exhibit 8.1 and otherwise in form and substance reasonably satisfactory to, and acknowledged by, Applicable Agent); (ii) be conditioned on such assignee Lender representing
to the assigning Lender and Applicable Agent and the Borrowers that it is purchasing the applicable Loans to be assigned to it for its own account, for investment purposes and not with a view to the distribution thereof; (iii) except with
respect to any assignment by a Lender to an Affiliate of such Lender, after giving effect to any such partial assignment, the assignee Lender shall have Commitments in an amount at least equal to $5,000,000 and the assigning Lender shall have
retained Commitments in an amount at least equal to $5,000,000; (iv) require a payment by the assigning Lender or assignee Lender, but not any Credit Party, to Applicable Agent of an assignment fee of $3,500 and (v) so long as no Event of
Default has occurred and is continuing, require the consent of Applicable Borrower Representative (which consent is not required for an assignment between Lenders or from a Lender to an Affiliate of a Lender that is controlled by or under common
control with such Lender), which shall not be unreasonably withheld or delayed. Notwithstanding the above, Applicable Agent may in its sole and absolute discretion permit any assignment by a Lender to a Person or Persons that are not Qualified
Assignees, subject to Applicable Borrower Representative’s consent rights as set forth above. In the case of an assignment by a Lender that has become effective under this Section 8.1, (i) the assignee shall have, to the extent
of such assignment, the same rights, benefits and obligations as all other Lenders hereunder and (ii) the assigning Lender shall be relieved of its obligations hereunder with respect to its Commitments or assigned portion thereof and the Loans,
Letter of Credit Obligations and other interests assigned by it from and after the effective date of such assignment. Borrowers hereby acknowledge and agree that any assignment shall give rise to a direct obligation of Borrowers to the assignee and
that the assignee shall be considered to be a “Lender”; provided that prior to the occurrence of an Event of Default which is continuing, no assignee shall be entitled to receive any greater amount pursuant to Section 1.12 than
the Lender from which such interest in this Agreement was assigned would have been entitled to receive. In all instances, each Lender’s liability to make Loans hereunder shall be several and not joint and shall be limited to such

  
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Lender’s Pro Rata Share of the applicable Commitment. In the event Applicable Agent or any Lender assigns or otherwise transfers all or any part of the Obligations, Applicable Agent or any
such Lender shall so notify Borrowers and Borrowers shall, upon the request of Applicable Agent or such Lender, execute new Notes in exchange for the Notes, if any, being assigned. Notwithstanding the foregoing provisions of this
Section 8.1(a), (a) any Lender may at any time pledge the Obligations held by it and such Lender’s rights under this Agreement and the other Loan Documents to a Federal Reserve Bank or Bank of Canada, (b) any Lender that
is an investment fund may assign the Obligations held by it and such Lender’s rights under this Agreement and the other Loan Documents to another investment fund managed by the same investment advisor or pledge such Obligations and rights to a
trustee for the benefit of its investors and (c) any Lender may assign the Obligations to an Affiliate of such Lender or to a Person that is a Lender prior to the date of such assignment. 

(b) Any participation by a Lender of all or any part of its Commitments shall be made with the understanding that all
amounts payable by Borrowers hereunder shall be determined as if that Lender had not sold such participation, and that the holder of any such participation shall not be entitled to require such Lender to take or omit to take any action hereunder
except actions directly affecting (i) any reduction in the principal amount of, or interest rate or Fees payable with respect to, any Loan in which such holder participates, (ii) any extension of the scheduled amortization of the principal
amount of any Loan in which such holder participates or the final maturity date thereof, and (iii) any release of all or substantially all of the Collateral (other than in accordance with the terms of this Agreement, the Collateral Documents or
the other Loan Documents). Solely for purposes of Sections 1.11, 1.12, 8.3 and 9.1, Borrowers acknowledge and agree that a participation shall give rise to a direct obligation of Borrowers to the participant and the
participant shall be considered to be a “Lender” (and as a US Lender, US Tranche A Lender, US Tranche A1 Lender, Canadian Lender, Canadian Tranche A Lender, Canadian Tranche A1 Lender, US Foreign Lender and Canadian Foreign Lender, as the
case may be); provided that prior to the occurrence of an Event of Default which is continuing, no participant shall be entitled to receive any greater amount pursuant to Section 1.12 than the Lender from which such participation was
acquired would have been entitled to receive. Except as set forth in the preceding sentence no Borrower or any other Credit Party shall have any obligation or duty to any participant. No Agent or Lender (other than the Lender selling a
participation) shall have any duty to any participant and may continue to deal solely with the Lender selling a participation as if no such sale had occurred. 
 (c) Except as expressly provided in this Section 8.1, no Lender shall, as between Borrowers and that Lender, or Applicable Agent and that Lender, be relieved of any of its obligations
hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of participation in, all or any part of the Loans, the Notes or other Obligations owed to such Lender. 

(d) Each Credit Party shall assist each Lender permitted to sell assignments or participations under this
Section 8.1 as required to enable the assigning or selling Lender to effect any such assignment or participation, including the execution and delivery of any and all agreements, notes and other documents and instruments as shall be
reasonably requested and the prompt preparation of informational materials for, and the participation of management in meetings with, potential assignees or participants, all on a timetable reasonably established by

  
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Applicable Agent in its sole discretion. Each Credit Party executing this Agreement shall certify the correctness, completeness and accuracy of all descriptions of the Credit Parties and their
respective affairs contained in any selling materials provided by it and all other information provided by it and included in such materials, except that any Projections delivered by Borrowers shall only be certified by Borrowers as having been
prepared by Borrowers in compliance with the representations contained in Section 3.5. US Agent shall maintain, on behalf of US Borrowers, in its offices located at GE Corporate Financial Services, 201 Merritt 7, P.O. Box 5201, Norwalk,
CT 06856 a “register” for recording the name, address, commitment and Loans owing to each US Lender. The entries in such register shall be conclusive evidence of the amounts due and owing to each US Lender in the absence of manifest error.
US Borrowers, US Agent and each US Lender may treat each Person whose name is recorded in such register pursuant to the terms hereof as a US Lender for all purposes of this Agreement. The register described herein shall be available for inspection
by US Borrowers and any US Lender at any reasonable time upon reasonable prior notice. Canadian Agent shall maintain, on behalf of Canadian Borrowers, in its offices located at GE Corporate Financial Services, 201 Merritt 7, P.O. Box 5201, Norwalk,
CT 06856 a “register” for recording the name, address, commitment and Loans owing to each Canadian Lender. The entries in such register shall be conclusive evidence of the amounts due and owing to each Canadian Lender in the absence of
manifest error. Canadian Borrowers, Canadian Agent and each Canadian Lender may treat each Person whose name is recorded in such register pursuant to the terms hereof as a Canadian Lender for all purposes of this Agreement. The register described
herein shall be available for inspection by Canadian Borrowers and any Canadian Lender, at any reasonable time upon reasonable prior notice. 
 (e) A Lender may furnish any information concerning Credit Parties in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants);
provided that such Lender shall obtain from assignees or participants confidentiality covenants substantially equivalent to those contained in Section 9.13. 

(f) Notwithstanding Section 8.1(b) above, each Canadian Lender or other Person holding an interest in a
Canadian Loan or a Canadian Letter of Credit shall give Canadian Borrower Representative prior written notice of: 
 (i) any assignment, conveyance, grant, sale or other transfer of any kind (including by way of grant of participation) of any interest in any Canadian Loan or any Canadian Letter of Credit to a Person
that is not a Canadian Person; 
 (ii) any change in the office or other place of business through which such
Person holds any interest in any Canadian Loan or Canadian Letter of Credit such that the Person is no longer considered a Canadian Person; and 
 (iii) any change in the status of such Person such that such Person ceases to be a Canadian Person. 
 In any such case, such notice shall also state, to the best of the knowledge of the transferor. whether the transferee (in the case of (i)) or the Person (in the case of (ii) or (iii)) is entitled to
a reduced rate of Canadian withholding tax under a double tax treaty between Canada and the jurisdiction of residence of such Person. 

  
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 8.2 Agents. 

(a) Appointment. Each Lender and GE Canada hereby designates and appoints GE Capital as its agent, and each
Canadian Lender hereby appoints GE Canada as its agent, in each case, under this Agreement and the other Loan Documents. Each Lender and GE Canada hereby irrevocably authorizes US Agent to execute and deliver the US Collateral Documents entered into
by any US Credit Party for the benefit of Agents and Lenders, and each Canadian Lender hereby irrevocably authorizes Canadian Agent to execute and deliver the Canadian Collateral Documents entered into by any Canadian Credit Party for the benefit of
Canadian Agent and Canadian Lenders, and to take such action or to refrain from taking such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers as are set forth herein or therein,
together with such other powers as are reasonably incidental thereto. US Agent and Canadian Agent are authorized and empowered to amend, modify, or waive any provisions of this Agreement or the other Loan Documents on behalf of Lenders or Canadian
Lenders, as the case requires, subject to the requirement that certain of such Lenders’ consent be obtained in certain instances as provided in this Section 8.2 and Section 9.2. The provisions of this
Section 8.2 are solely for the benefit of US Agent, Canadian Agent and Lenders and neither Borrowers nor any other Credit Party shall have any rights as a third party beneficiary of any of the provisions hereof. In performing their
functions and duties under this Agreement, US Agent and Canadian Agent shall act solely as agents of Lenders and do not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Borrower
or any other Credit Party. US Agent and Canadian Agent may perform any of their duties hereunder, or under the Loan Documents, by or through their agents or employees. 

(b) Nature of Duties. The duties of US Agent and Canadian Agent shall be mechanical and administrative in nature.
No Agent shall have by reason of this Agreement a fiduciary relationship in respect of any Lender. Nothing in this Agreement or any of the Loan Documents, express or implied, is intended to or shall be construed to impose upon US Agent or Canadian
Agent any obligations in respect of this Agreement or any of the Loan Documents except as expressly set forth herein or therein. Each Lender shall make its own independent investigation of the financial condition and affairs of each Credit Party in
connection with the extension of credit hereunder and shall make its own appraisal of the creditworthiness of each Credit Party, and no Agent shall have any duty or responsibility, either initially or on a continuing basis, to provide any Lender
with any credit or other information with respect thereto (other than as expressly required herein). If US Agent or Canadian Agent, as the case may be, seeks the consent or approval of any Lender, to the taking or refraining from taking any action
hereunder, then US Agent or Canadian Agent, as the case may be, shall send notice thereof to each Lender. US Agent shall promptly notify each US Lender any time that the Requisite Lenders or the Supermajority Lenders have instructed US Agent to act
or refrain from acting pursuant hereto. Canadian Agent shall promptly notify each Canadian Lender any time that the Requisite Lenders or Supermajority Lenders have instructed Canadian Agent to act or refrain from acting pursuant hereto. 

  
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 (c) Rights, Exculpation, Etc. of US Agent and Canadian Agent. Neither
US Agent nor Canadian Agent nor any of their respective officers, directors, employees or agents shall be liable to any Lender for any action taken or omitted by them hereunder or under any of the Loan Documents, or in connection herewith or
therewith, except that US Agent or Canadian Agent, as the case may be, shall be liable to the extent of its own gross negligence or willful misconduct as determined by a final non-appealable order by a court of competent jurisdiction. No Agent shall
be liable for any apportionment or distribution of payments made by it in good faith and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Lender to whom payment was due but not
made, shall be to recover from other Lenders any payment in excess of the amount to which they are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them). In no event
shall any Agent be liable for punitive, special, consequential, incidental, exemplary or other similar damages. In performing their respective functions and duties hereunder, US Agent and Canadian Agent shall exercise the same care which they would
in dealing with loans for their own account, but neither US Agent, Canadian Agent nor any of their respective agents or representatives shall be responsible to any Lender for any recitals, statements, representations or warranties herein or for the
execution, effectiveness, genuineness, validity, enforceability, collectibility, or sufficiency of this Agreement or any of the Loan Documents or the transactions contemplated thereby, or for the financial condition of any Credit Party. No Agent
shall be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or any of the Loan Documents or the financial condition of any Credit Party, or the existence or
possible existence of any Default or Event of Default. US Agent may at any time request instructions from Requisite Lenders, Supermajority Lenders or all affected Lenders with respect to any actions or approvals which by the terms of this Agreement
or of any of the Loan Documents US Agent is permitted or required to take or to grant. Canadian Agent may at any time request instructions from Requisite Lenders, Supermajority Lenders or all affected Lenders with respect to any actions or approvals
which by the terms of this Agreement or of any of the Loan Documents Canadian Agent is permitted or required to take or to grant. If such instructions are promptly requested, US Agent and Canadian Agent, as the case may be, shall be absolutely
entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever to any Person for refraining from any action or withholding any approval under any of the Loan Documents until it shall have
received such instructions from the Requisite Lenders or such other portion of the Lenders as shall be prescribed by this Agreement, as the case may be. Without limiting the foregoing, no Lender shall have any right of action whatsoever against any
Agent as a result of such Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of Requisite Lenders, Supermajority Lenders or all affected Lenders, as the case may be;
and, notwithstanding the instructions of Requisite Lenders, Supermajority Lenders or all affected Lenders, as the case may be, no Agent shall have any obligation to take any action if it believes, in good faith, that such action is deemed to be
illegal by such Agent, or exposes such Agent to any liability for which it has not received satisfactory indemnification in accordance with Section 8.2(e). 

(d) Reliance. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any written or
oral notices, statements, certificates, orders or other documents or any telephone message or other communication (including any writing, telex, fax or telegram) believed by it in good faith to be genuine and correct and to have been signed, sent or
made by 

  
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the proper Person, and with respect to all matters pertaining to this Agreement or any of the Loan Documents and its duties hereunder or thereunder. Each Agent shall be entitled to rely upon the
advice of legal counsel, independent accountants, and other experts selected by such Agent in its sole discretion. 
 (e) Indemnification. Lenders will reimburse and indemnify US Agent and Canadian Agent, as applicable, for and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, reasonable expenses (including, without limitation, reasonable attorneys’ fees and reasonable expenses), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted
against US Agent or Canadian Agent in any way relating to or arising out of this Agreement or any of the Loan Documents or any action taken or omitted by US Agent or Canadian Agent under this Agreement or any of the Loan Documents, in proportion to
each Lender’s Pro Rata Share, but only to the extent that any of the foregoing is not reimbursed by Borrowers; provided, however, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses, advances or disbursements to the extent resulting from US Agent’s or Canadian Agent’s, as the case may be, gross negligence or willful misconduct as determined by a final
non-appealable order by a court of competent jurisdiction. If any indemnity furnished to US Agent or Canadian Agent for any purpose shall, in the opinion of US Agent or Canadian Agent, respectively, be insufficient or become impaired, US Agent or
Canadian Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against even if so directed by the Requisite Lenders or such other portion of the Lenders as shall be prescribed by this Agreement, until such
additional indemnity is furnished. The obligations of Lenders under this Section 8.2(e) shall survive the payment in full of the Obligations and the termination of this Agreement. 

(f) GE Capital and GE Canada Individually. With respect to its Commitments hereunder, each of GE Capital and GE
Canada shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender. The terms “US Lenders, “US Tranche A Lenders”,
“US Tranche A1 Lenders”, “Lenders”, “Requisite Lenders”, “Supermajority Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include GE Capital in its individual capacity as a
US Tranche A Lender, US Tranche A1 Lender, Supermajority Lender or one of the Requisite Lenders, or Lenders. The terms “Canadian Lenders”, “Canadian Tranche A Lenders”, “Canadian Tranche A1 Lenders”,
“Lenders”, “Requisite Lenders”, “Supermajority Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include GE Canada in its individual capacity as a Canadian Lender, Canadian Tranche A
Lender, Canadian Tranche A1 Lenders, Requisite Lender, Supermajority Lenders or one of the Lenders. GE Capital and GE Canada, either directly or through strategic affiliations, may lend money to, acquire equity or other ownership interests in,
provide advisory services to and generally engage in any kind of banking, trust or other business with any Credit Party as if it were not acting as US Agent or Canadian Agent, respectively, pursuant hereto and without any duty to account therefor to
Applicable Lenders. GE Capital and GE Canada, either directly or through strategic affiliations, may accept fees and other consideration from any Credit Party for services in connection with this Agreement or otherwise without having to account for
the same to Applicable Lenders. 

  
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 (g) Successor US Agent or Canadian Agent. 

(i) Resignation. US Agent or Canadian Agent may resign from the performance of all its agency functions and duties
hereunder at any time by giving at least thirty (30) Business Days’ prior written notice to Applicable Borrower Representative, Lenders and US Agent or Canadian Agent, as the case may be. Such resignation shall take effect upon the
acceptance by a successor US Agent or Canadian Agent, as the case may be, of appointment pursuant to clause (ii) below or as otherwise provided in clause (ii) below. 

(ii) Appointment of Successor. Upon any such notice of resignation pursuant to clause (i) above, Requisite
Lenders shall appoint a successor US Agent or Canadian Agent (which shall be a Canadian Person), respectively, which, unless an Event of Default has occurred and is continuing, shall be reasonably acceptable to US Borrowers or Canadian Borrowers, as
the case may be. If a successor US Agent or Canadian Agent shall not have been so appointed within the thirty (30) Business Day period referred to in clause (i) above, the retiring US Agent or Canadian Agent, respectively, upon notice to
Applicable Borrower Representative, shall then appoint a successor US Agent or Canadian Agent (which shall be a Canadian Person), as the case may be, who shall serve as US Agent or Canadian Agent, respectively, until such time, if any, as Requisite
Lenders, appoint a successor US Agent or Canadian Agent, respectively, as provided above. 
 (iii) Successor
US Agent or Canadian Agent. Upon the acceptance of any appointment as US Agent or Canadian Agent under the Loan Documents by a successor US Agent or Canadian Agent, as the case may be, such successor US Agent or Canadian Agent as the case may
be, shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring US Agent or Canadian Agent, as the case may be, and the retiring US Agent or Canadian Agent as the case may be, shall be discharged
from its duties and obligations under the Loan Documents. After any retiring US Agent’s resignation as US Agent, any retiring Canadian Agent resignation as Canadian Agent, the provisions of this Section 8.2 shall continue to inure
to its benefit as to any actions taken or omitted to be taken by it in its capacity as US Agent or Canadian Agent, as the case may be. 
 (h) Collateral Matters. 
 (i) Release of Collateral.

 (A) Lenders and Canadian Agent hereby irrevocably authorize US Agent, at its option and in its discretion, to
release any Lien granted to or held by US Agent upon any Collateral (w) on the Termination Date, (x) constituting property being sold or disposed of if Borrowers (or any of them) certify to US Agent that the sale or disposition is made in
compliance with the provisions of this Agreement (and US Agent may rely in good faith conclusively on any such certificate, without further inquiry) (y) in accordance with the terms of the Intercreditor Agreement or (z) in accordance with
the provisions of the next sentence. In addition, with the consent of Requisite Lenders, during any Fiscal Year US Agent may release any Lien granted to or held by US Agent upon any Collateral having a book value not greater than ten percent
(10%) of the total book value of all Collateral as of the first day of such Fiscal Year. 

  
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 (B) Canadian Lenders hereby irrevocably authorize Canadian Agent, at its
option and in its discretion, to release any Lien granted to or held by Canadian Agent upon any Canadian Collateral (x) on the Termination Date or (y) constituting property being sold or disposed of if Canadian Borrowers (or any of them)
certify to Canadian Agent that the sale or disposition is made in compliance with the provisions of this Agreement (and Canadian Agent may rely in good faith conclusively on any such certificate, without further inquiry) or (z) in accordance
with the provisions of the next sentence. In addition, with the consent of Requisite Lenders, during any Fiscal Year Canadian Agent may release any Lien granted to or held by Canadian Agent upon any Collateral having a book value not greater than
ten percent (10%) of the total book value of all Canadian Collateral as of the first day of such Fiscal Year. 
 (ii) Confirmation of Authority; Execution of Releases. Without in any manner limiting any Applicable Agent’s authority to act without any specific or further authorization or consent by
Lenders (as set forth in this Section 8.2(h)), each Applicable Lender agrees to confirm in writing, upon request by Applicable Agent or Applicable Borrower Representative, the authority to release any Collateral conferred upon US Agent
or Canadian Agent under clause (i) of Section 8.2(h). Upon receipt by US Agent or Canadian Agent of any required confirmation from the Requisite Lenders of its authority to release any particular item or types of Collateral, and
upon at least ten (10) Business Days’ prior written request by Applicable Borrower Representative, such Agent shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of
the Liens granted to such Agent upon such Collateral; provided, however, that (x) no Agent shall be required to execute any such document on terms which, in its opinion, would expose it to liability or create any obligation or
entail any consequence other than the release of such Liens without recourse or warranty, and (y) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of any Credit Party in respect
of), all interests retained by any Credit Party, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. 
 (iii) Absence of Duty. No Agent shall have any obligation whatsoever to any Lender or any other Person to assure that the property covered by the Collateral Documents exists or is owned by any
Credit Party, or is cared for, protected or insured or has been encumbered or that the Liens granted to such Agent have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority,
or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to US Agent or Canadian Agent, as the case may be, in this
Section 8.2(h) or in any of the Loan Documents, it being understood and agreed that in respect of the property covered by the Collateral Documents or any act, omission or event related thereto, each Agent may act in any manner its may
deem appropriate, in its discretion, given its own interest in property covered by the Collateral Documents as one of the Lenders and that no Agent shall have any duty or liability whatsoever to any of the other Lenders, provided that Agents
shall exercise the same care which they would in dealing with loans for their own, respective, account. 

  
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 (i) Agency for Perfection. 

(i) US Agent and each US Lender hereby appoints each other US Lender and Canadian Agent and each Canadian Lender hereby
appoint each other Canadian Lender as agent for the purpose of perfecting Applicable Agent’s security interest in assets which, in accordance with the Code or PPSA in any applicable jurisdiction (or its equivalent under Canadian or other law)
can be perfected by possession or control. Should any US Lender (other than US Agent or Canadian Agent) or any Canadian Lender (other than Canadian Agent) obtain possession or control of any such assets, such Lender shall notify Applicable Agent
thereof, and, promptly upon Applicable Agent’s request therefor, shall deliver such assets to Applicable Agent or in accordance with Applicable Agent’s instructions or transfer control to Applicable Agent in accordance with Applicable
Agent’s instructions. Each Lender agrees that it will not have any right individually to enforce or seek to enforce any Collateral Document or to realize upon any collateral security for the US Loans or Canadian Loans, as the case may be,
unless instructed to do so by Applicable Agent in writing, it being understood and agreed that such rights and remedies may be exercised only by Applicable Agent. 

(ii) Canadian Agent and each Canadian Lender hereby appoints US Agent as agent for the purpose of perfecting its security
interest in assets which, in accordance with the Code or PPSA in any applicable jurisdiction (or its equivalent under Canadian or other law) can be perfected by possession or control. Should any Canadian Agent or any Canadian Lender obtain
possession or control of any such assets, Canadian Agent or such Lender, as applicable shall notify US Agent thereof, and, promptly upon US Agent’s request therefor, shall deliver such assets to US Agent or in accordance with US Agent’s
instructions or transfer control to US Agent in accordance with US Agent’s instructions. Canadian Agent and each Canadian Lender agrees that it will not have any right individually to enforce or seek to enforce any US Collateral Document or to
realize upon any collateral security for the Canadian Loans granted pursuant thereto unless instructed to do so by US Agent in writing, it being understood and agreed that such rights and remedies may be exercised only by US Agent. 

(j) Notice of Default. Neither US Agent nor Canadian Agent shall be deemed to have knowledge or notice or be
actually aware of the occurrence of any Default or Event of Default except (as to US Agent and Canadian Agent, respectively, only) with respect to defaults in the payment of principal, interest and Fees required to be paid to US Agent or Canadian
Agent for the account of US Lenders or Canadian Lenders, respectively, unless US Agent or Canadian Agent, as the case may be, shall have received written notice from a Lender or Borrower Representative referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default”. Applicable Agent will use reasonable efforts to notify each US Lender or Canadian Lender, as the case may be, of its receipt of any such notice, unless such
notice is with respect to defaults in the payment of principal, interest and fees, in which case Applicable Agent will notify each US Lender or Canadian Lender, as the case may be, of its receipt of such notice. Applicable Agent shall take such
action with respect to such Default or Event of Default as may be requested by Requisite Lenders in accordance with Section 7. Unless and until Applicable Agent has received any such request, Applicable Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interests of US Lenders or Canadian Lenders, as the case may be. 

  
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 (k) Lender Actions Against Collateral. Each Lender agrees that it
will not take any action, nor institute any actions or proceedings, with respect to the Loans, against any Borrower or any Credit Party hereunder or under the other Loan Documents without the consent of the Requisite Lenders. With respect to any
action by US Agent or Canadian Agent to enforce its and the Lenders’ rights and remedies, under this Agreement and the other Loan Documents, each Lender hereby consents to the jurisdiction of the court in which such action is maintained, and
agrees to deliver its Notes to US Agent or Canadian Agent, as the case may be, to the extent necessary to enforce the rights and remedies of US Agent or Canadian Agent, as the case may be, for the benefit of the Lenders under any Loan Document in
accordance with the provisions hereof. 
 (l) Agent Reports. Each Lender may from time to time receive one
or more reports or other information (each, a “Report”) prepared by or on behalf of any Agent (or one or more of such Agent’s Affiliates). With respect to each Report, each Lender hereby agrees that: 

(i) No Agent (nor any Agent’s Affiliate) shall have any duties or obligations in connection with or as a result of a
Lender receiving a copy of a Report, which will be provided solely as a courtesy, without consideration. Each Lender will perform its own diligence and will make its own independent investigation of the operations, financial conditions and affairs
of the Credit Parties and will not rely on any Report or make any claim that it has done so. In addition, each Lender releases, and agrees that it will not assert, any claim against any Agent (or one or more of any Agent’s Affiliates) that in
any way relates to any Report or arises out of a Lender having access to any Report or any discussion of its contents, and each Lender agrees to indemnify and hold harmless each Agent (and each Agent’s Affiliates) and their respective officers,
directors, employees, agents and attorneys from all claims, liabilities and expenses relating to a breach by a Lender or any of its personnel of this Section 8.2(l) or otherwise arising out of a Lender’s access to any Report or any
discussion of its contents; 
 (ii) Each Report may not be complete and certain information and findings obtained
by any Agent (or one or more of any Agent’s Affiliates) regarding the operations and condition of the Credit Parties may not be reflected in each Report. No Agent (nor any Agent’s Affiliates) makes any representations or warranties of any
kind with respect to (i) any existing or proposed financing; (ii) the accuracy or completeness of the information contained in any Report or in any other related documentation; (iii) the scope or adequacy of any Agent’s (and any
Agent’s Affiliates’) due diligence, or the presence or absence of any errors or omissions contained in any Report or in any other related documentation; and (iv) any work performed by any Agent (or one or more of any Agent’s
Affiliates) in connection with or using any Report or any related documentation; and 
 (iii) Each Lender agrees
to safeguard each Report and any related documentation with the same care which it uses with respect to information of its own which it does not desire to disseminate or publish, and agrees not to reproduce or distribute or provide copies of or
disclose any Report or any other related documentation or any related discussions to anyone. 

  
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 8.3 Set Off and Sharing of Payments. 

(a) Subject to Section 8.2(k), in addition to any rights now or hereafter granted under applicable law and not
by way of limitation of any such rights, during the continuance of any Event of Default, each US Lender is hereby authorized by US Borrowers at any time or from time to time, with reasonably prompt subsequent notice to US Borrower Representative
(any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any and all (A) balances held by such US Lender at any of its offices for the account of any US Borrower or any of its Domestic
Subsidiaries (regardless of whether such balances are then due to any US Borrower or its Domestic Subsidiaries), and (B) other property at any time held or owing by such US Lender to or for the credit or for the account of any US Borrower or
any of its Domestic Subsidiaries, against and on account of any of the Obligations; except that no US Lender shall exercise any such right without the prior written consent of US Agent. Notwithstanding anything herein to the contrary, the failure to
give notice of any set off and application made by such US Lender to US Borrower Representative shall not affect the validity of such set off and application. Any US Lender exercising a right to set off shall purchase for cash (and the other US
Lenders shall sell) interests in each of such other US Tranche A Lender’s and US Tranche A1 Lender’s Pro Rata Share of the US Obligations as would be necessary to cause all US Lenders to share the amount so set off with each other US
Lender entitled to share in the amount so set off in accordance with their respective Pro Rata Shares. US Borrowers agree, to the fullest extent permitted by law, that any US Lender may exercise its right to set off with respect to amounts in excess
of its Pro Rata Share of the US Obligations and upon doing so shall deliver such amount so set off to the US Agent for the benefit of all US Lenders entitled to share in the amount so set off in accordance with their Pro Rata Shares. 

(b) Subject to Section 8.2(k), in addition to any rights now or hereafter granted under applicable law and not
by way of limitation of any such rights, during the continuance of any Event of Default, each Canadian Lender is hereby authorized by Canadian Borrowers at any time or from time to time, with reasonably prompt subsequent notice to Canadian Borrower
Representative (any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any and all (A) balances held by such Canadian Lender at any of its offices for the account of any Canadian Borrower
or any of its Canadian Subsidiaries (regardless of whether such balances are then due to any Canadian Borrower or its Canadian Subsidiaries), and (B) other property at any time held or owing by such Canadian Lender to or for the credit or for
the account of any Canadian Borrower or any of its Canadian Subsidiaries, against and on account of any of the Canadian Obligations; except that no Canadian Lender shall exercise any such right without the prior written consent of Canadian Agent.
Notwithstanding anything herein to the contrary, the failure to give notice of any set off and application made by such Canadian Lender to Canadian Borrower Representative shall not affect the validity of such set off and application. Any Canadian
Lender exercising a right to set off shall purchase for cash (and the other Canadian Lenders shall sell) interests in each of such other Canadian Tranche A Lender’s and Canadian Tranche A1 Lender’s Pro Rata Share of the Canadian
Obligations as would be necessary to cause all Canadian Lenders to share the amount so set off with each other Canadian Lender entitled to share in the amount so set off in accordance with their respective Pro Rata Shares. Canadian Borrowers agree,
to the fullest extent permitted by law, that any Canadian Lender may exercise its right to set off with respect to amounts in excess of its Pro Rata Share of the Canadian Obligations and upon doing so shall deliver such amount so set off to the
Canadian Agent for the benefit of all Canadian Lenders entitled to share in the amount so set off in accordance with their Pro Rata Shares. 

  
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 8.4 Disbursement of Funds. 

(a) US Agent may, on behalf of US Lenders, disburse funds to US Borrowers for Loans requested. Each US Lender shall
reimburse US Agent on demand for all funds disbursed on its behalf by US Agent, or if US Agent so requests, each US Lender will remit to US Agent its Pro Rata Share of any Loan before US Agent disburses same to US Borrowers. If US Agent elects to
require that each US Lender make funds available to US Agent prior to a disbursement by US Agent to US Borrowers, US Agent shall advise each US Lender by telephone or fax of the amount of such US Lender’s Pro Rata Share of the Loan requested by
US Borrower Representative no later than 1:00 p.m. (New York time) on the Funding Date applicable thereto, and each such US Lender shall pay US Agent such US Lender’s Pro Rata Share of such requested Loan, in same day funds, by wire transfer to
US Agent’s account on such Funding Date. If any US Lender fails to pay the amount of its Pro Rata Share within one (1) Business Day after US Agent’s demand, US Agent shall promptly notify US Borrower Representative, and US Borrowers
shall immediately repay such amount to US Agent. Any repayment required pursuant to this Section 8.4 shall be without premium or penalty. Nothing in this Section 8.4 or elsewhere in this Agreement or the other Loan Documents,
including the provisions of Section 8.5, shall be deemed to require US Agent to advance funds on behalf of any US Lender or to relieve any US Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that
Agent or US Borrowers may have against any US Lender as a result of any default by such US Lender hereunder. 

(b) Canadian Agent may, on behalf of Canadian Lenders, disburse funds to Canadian Borrowers for Loans requested. Each
Canadian Lender shall reimburse Canadian Agent on demand for all funds disbursed on its behalf by Canadian Agent, or if Canadian Agent so requests, each Canadian Lender will remit to Canadian Agent its Pro Rata Share of any Loan before Canadian
Agent disburses same to Canadian Borrowers. If Canadian Agent elects to require that each Canadian Lender make funds available to Canadian Agent prior to a disbursement by Canadian Agent to Canadian Borrowers, Canadian Agent shall advise each
Canadian Lender by telephone or fax of the amount of such Canadian Lender’s Pro Rata Share of the Loan requested by Canadian Borrower Representative no later than 1:00 p.m. (Toronto time) on the Funding Date applicable thereto, and each such
Canadian Lender shall pay Canadian Agent such Canadian Lender’s Pro Rata Share of such requested Loan, in same day funds, by wire transfer to Canadian Agent’s account on such Funding Date. If any Canadian Lender fails to pay the amount of
its Pro Rata Share within one (1) Business Day after Canadian Agent’s demand, Canadian Agent shall promptly notify Canadian Borrower Representative, and Canadian Borrowers shall immediately repay such amount to Canadian Agent. Any
repayment required pursuant to this Section 8.4 shall be without premium or penalty. Nothing in this Section 8.4 or elsewhere in this Agreement or the other Loan Documents, including the provisions of Section 8.5,
shall be deemed to require Canadian Agent to advance funds on behalf of any Canadian Lender or to relieve any Canadian Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that Agent or Canadian Borrowers may
have against any Canadian Lender as a result of any default by such Canadian Lender hereunder. 

  
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 8.5 Disbursements of Advances; Payment. 

(a) Advances; Payments. 
 (i) US Agent shall notify US Tranche A Lenders, promptly after receipt of a Notice of US Tranche A Revolving Credit Advance and in any event prior to 1:00 p.m. (New York time) on the date such Notice of a
US Tranche A Revolving Credit Advance is received, by fax, telephone or other similar form of transmission. Each US Tranche A Lender shall make the amount of such US Tranche A Lender’s Pro Rata Share of such US Tranche A Revolving Credit
Advance available to US Agent in same day funds by wire transfer to US Agent’s account as set forth in Section 1.5 not later than 3:00 p.m. (New York time) on the requested Funding Date in the case of a US Index Rate Loan and not
later than 11:00 a.m. (New York time) on the requested Funding Date in the case of a LIBOR Loan. After receipt of such wire transfers (or, in the US Agent’s sole discretion, before receipt of such wire transfers), subject to the terms hereof,
US Agent shall make the requested US Tranche A Revolving Credit Advance to a US Borrower as designated by US Borrower Representative in the Notice of US Tranche A Revolving Credit Advance. All payments by each US Tranche A Lender shall be made
without setoff, counterclaim or deduction of any kind. US Agent shall notify US Tranche A1 Lenders, promptly after receipt of a Notice of US Tranche A1 Revolving Credit Advance and in any event prior to 1:00 p.m. (New York time) on the date such
Notice of a US Tranche A1 Revolving Credit Advance is received, by fax, telephone or other similar form of transmission. Each US Tranche A1 Lender shall make the amount of such US Tranche A1 Lender’s Pro Rata Share of such US Tranche A1
Revolving Credit Advance available to US Agent in same day funds by wire transfer to US Agent’s account as set forth in Section 1.5 not later than 3:00 p.m. (New York time) on the requested Funding Date in the case of a US Index
Rate Loan and not later than 11:00 a.m. (New York time) on the requested Funding Date in the case of a LIBOR Loan. After receipt of such wire transfers (or, in the US Agent’s sole discretion, before receipt of such wire transfers), subject to
the terms hereof, US Agent shall make the requested US Tranche A1 Revolving Credit Advance to a US Borrower as designated by US Borrower Representative in the Notice of US Tranche A1 Revolving Credit Advance. All payments by each US Tranche A1
Lender shall be made without setoff, counterclaim or deduction of any kind. 
 (ii) At least once each calendar
week or more frequently at US Agent’s election (each, a “US Settlement Date”), US Agent shall advise each US Lender by telephone or fax of the amount of such US Lender’s Pro Rata Share of principal, interest and Fees paid
for the benefit of US Lenders with respect to each applicable Loan. Provided that each US Tranche A Lender and US Tranche A1 Lender, as the case may be, has funded all payments, US Tranche A Revolving Credit Advances and US Tranche A1 Revolving
Credit Advances, as applicable, required to be made by it and funded all purchases of participations required to be funded by it under this Agreement and the other Loan Documents as of such US Settlement Date, US Agent shall pay to each US Tranche A
Lender and US Tranche A1 Lender such US Lender’s Pro Rata Share of principal, interest and Fees paid by US Borrowers since the previous US Settlement Date for the benefit of such US Lender on the Loans held by it. Such payments shall be made by
wire transfer to such Lender’s account (as specified by such US Lender in Annex D or the applicable Assignment Agreement) not later than 2:00 p.m. (New York time) on the next Business Day following each US Settlement Date. To the extent
that any US Tranche A Lender 

  
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or US Tranche A1 Lender (a “US Non-Funding Lender”) has failed to fund all such payments, US Tranche A Revolving Credit Advances or US Tranche A1 Revolving Credit Advances, as
the case may be, or failed to fund the purchase of all such participations required to be funded by such US Lender pursuant to this Agreement, US Agent shall be entitled to set off the funding shortfall against that US Non-Funding Lender’s
Pro Rata Share of all payments received from US Borrowers. 
 (iii) Canadian Agent shall notify Canadian
Tranche A Lenders, promptly after receipt of a Notice of Canadian Tranche A Revolving Credit Advance and in any event prior to 1:00 p.m. (Toronto time) on the date such Notice of a Canadian Tranche A Revolving Credit Advance is received, by fax,
telephone or other similar form of transmission. Each Canadian Tranche A Lender shall make the amount of such Canadian Tranche A Lender’s Pro Rata Share of such Canadian Tranche A Revolving Credit Advance available to Canadian Agent in same day
funds by wire transfer to Canadian Agent’s account as set forth in Section 1.5 not later than 3:00 p.m. (Toronto time) on the requested Funding Date in the case of a Canadian Index Rate Loan and not later than 11:00 a.m. (Toronto
time) on the requested Funding Date in the case of a BA Rate Loan. After receipt of such wire transfers (or, in the Canadian Agent’s sole discretion, before receipt of such wire transfers), subject to the terms hereof, Canadian Agent shall make
the requested Canadian Tranche A Revolving Credit Advance to a Canadian Borrower as designated by Canadian Borrower Representative in the Notice of Tranche A Canadian Revolving Credit Advance. All payments by each Canadian Tranche A Lender shall be
made without setoff, counterclaim or deduction of any kind. Canadian Agent shall notify Canadian Tranche A1 Lenders, promptly after receipt of a Notice of Canadian Tranche A1 Revolving Credit Advance and in any event prior to 1:00 p.m. (Toronto
time) on the date such Notice of a Canadian Tranche A1 Revolving Credit Advance is received, by fax, telephone or other similar form of transmission. Each Canadian Tranche A1 Lender shall make the amount of such Canadian Tranche A1 Lender’s Pro
Rata Share of such Canadian Tranche A1 Revolving Credit Advance available to Canadian Agent in same day funds by wire transfer to Canadian Agent’s account as set forth in Section 1.5 not later than 3:00 p.m. (Toronto time) on the
requested Funding Date in the case of a Canadian Index Rate Loan and not later than 11:00 a.m. (Toronto time) on the requested Funding Date in the case of a BA Rate Loan. After receipt of such wire transfers (or, in the Canadian Agent’s sole
discretion, before receipt of such wire transfers), subject to the terms hereof, Canadian Agent shall make the requested Canadian Tranche A1 Revolving Credit Advance to a Canadian Borrower as designated by Canadian Borrower Representative in the
Notice of Tranche A1 Canadian Revolving Credit Advance. All payments by each Canadian Tranche A1 Lender shall be made without setoff, counterclaim or deduction of any kind. 

(iv) At least once each calendar week or more frequently at Canadian Agent’s election (each, a “Canadian
Settlement Date”), Canadian Agent shall advise each Canadian Lender by telephone or fax of the amount of such Canadian Lender’s Pro Rata Share of principal, interest and Fees paid for the benefit of Canadian Lenders with respect to
each applicable Loan. Provided that each Canadian Tranche A Lender and Canadian Tranche A1 Lender, as the case may be, has funded all payments, Canadian Tranche A Revolving Credit Advances and Canadian Tranche A1 Revolving Credit Advances, as
applicable, required to be made by it and funded all purchases of participations required to be funded by it under this Agreement and the other Loan Documents as of such Canadian Settlement Date, Canadian Agent

  
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shall pay to each Canadian Tranche A Lender and Canadian Tranche A1 Lender such Canadian Lender’s Pro Rata Share of principal, interest and Fees paid by Canadian Borrowers since the previous
Canadian Settlement Date for the benefit of such Canadian Lender on the Loans held by it. Such payments shall be made by wire transfer to such Canadian Lender’s account (as specified by such Canadian Lender in Annex D or the applicable
Assignment Agreement) not later than 2:00 p.m. (Toronto time) on the next Business Day following each Canadian Settlement Date. To the extent that any Canadian Tranche A Lender or Canadian Tranche A1 Lender (a “Canadian Non-Funding
Lender”) has failed to fund all such payments, Canadian Tranche A Revolving Credit Advances and Canadian Tranche A1 Revolving Credit Advances or failed to fund the purchase of all such participations required to be funded by such Canadian
Lender pursuant to this Agreement, Canadian Agent shall be entitled to set off the funding shortfall against that Canadian Non-Funding Lender’s Pro Rata Share of all payments received from Canadian Borrowers. 

(b) Availability of Lender’s Pro Rata Share. US Agent may assume that each US Tranche A Lender and each US
Tranche A1 Lender will make its Pro Rata Share of each US Tranche A Revolving Credit Advance and each US Tranche A1 Revolving Credit Advance, as applicable, available to US Agent on each Funding Date and Canadian Agent may assume that each Canadian
Tranche A Lender and each Canadian Tranche A1 Lender will make its Pro Rata Share of each Canadian Tranche A Revolving Credit Advance and Canadian Tranche A1 Revolving Credit Advance, as applicable, available to Canadian Agent on each Funding Date.
If such Pro Rata Share is not, in fact, paid to Applicable Agent by such Lender when due, Applicable Agent will be entitled to recover such amount on demand from such Lender without setoff, counterclaim or deduction of any kind. If any Lender fails
to pay the amount of its Pro Rata Share forthwith upon Applicable Agent’s demand, Applicable Agent shall promptly notify Applicable Borrower Representative and US Borrowers or Canadian Borrowers, as the case may be, shall immediately repay such
amount to Applicable Agent. Nothing in this Section 8.5(b) or elsewhere in this Agreement or the other Loan Documents shall be deemed to require Applicable Agent to advance funds on behalf of any Lender or to relieve any Lender from its
obligation to fulfill its Commitments hereunder or to prejudice any rights that Borrowers may have against any Lender as a result of any default by such Lender hereunder. To the extent that Applicable Agent advances funds to the applicable Borrowers
on behalf of any Lender and is not reimbursed therefor on the same Business Day as such Advance is made, such Agent shall be entitled to retain for its account all interest accrued on such Advance until reimbursed by the applicable Lender.

 (c) Return of Payments. 

(i) Each US Lender will repay to US Agent on demand any portion of such amount that US Agent has distributed to such
Lender, together with interest at such rate, if any, as US Agent is required to pay to any US Borrower or such other Person, without setoff, counterclaim or deduction of any kind; and 

(ii) If any Agent determines at any time that any amount received by such Agent under this Agreement must be returned to
any Credit Party or paid to any other Person pursuant to any Insolvency Law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, such Agent will not be required to

  
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distribute any portion thereof to any Lender. In addition, (i) each US Lender will repay to US Agent on demand any portion of such amount that US Agent has distributed to such US Lender,
together with interest at such rate, if any, as US Agent is required to pay to any US Borrower or such other Person, without setoff, counterclaim or deduction of any kind and (ii) each Canadian Lender will repay to Canadian Agent on demand any
portion of such amount that Canadian Agent has distributed to such Canadian Lender, together with interest at such rate, if any, as Canadian Agent is required to pay to any Canadian Borrower or such other Person, without setoff, counterclaim or
deduction of any kind. 
 (d) Non-Funding Lenders. 

(i) The failure of any US Non-Funding Lender to make any US Tranche A Revolving Credit Advance, US Tranche A1 Revolving
Credit Advance or any payment required by it hereunder on the date specified therefor shall not relieve any other US Lender (each such other US Lender, an “Other US Lender”) of its obligations to make such Advance or fund the
purchase of any such participation on such date, but neither any Other US Lender nor US Agent shall be responsible for the failure of any US Non-Funding Lender to make an Advance, fund the purchase of a participation or make any other payment
required hereunder. Notwithstanding anything set forth herein to the contrary, a US Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender”, “US Lender”,
“US Tranche A Lender”, “US Tranche A1 Lender” or a “Revolving Lender” (or be included in the calculation of “Requisite Lenders” or “Supermajority Lenders” hereunder) for any voting or consent rights
under or with respect to any Loan Document. 
 (ii) The failure of any Canadian Non-Funding Lender to make any
Canadian Tranche A Revolving Credit Advance, Canadian Tranche A1 Revolving Credit Advance or any payment required by it hereunder on the date specified therefor shall not relieve any other Canadian Lender (each such other Canadian Lender, an
“Other Canadian Lender”) of its obligations to make such Advance or fund the purchase of any such participation on such date, but neither any Other Canadian Lender nor Canadian Agent shall be responsible for the failure of any
Canadian Non-Funding Lender to make an Advance, fund the purchase of a participation or make any other payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Canadian Non-Funding Lender shall not have any voting or
consent rights under or with respect to any Loan Document or constitute a “Lender”, “Canadian Lender”, “Canadian Tranche A Lender”, “Canadian Tranche A1 Lender” or “Revolving Lender” (or be included
in the calculation of “Requisite Lenders” or “Supermajority Lenders” hereunder) for any voting or consent rights under or with respect to any Loan Document. 

8.6 Collateral Allocation Mechanism. 
 (a) Implementation of CAM. (i) On the CAM Exchange Date, (A) the Lenders shall automatically and without further act (and without regard to the provisions of Section 8.1) be
deemed to have exchanged interests in the Credit Facilities such that in lieu of the interest of each Lender in each Credit Facility in which it shall participate as of such date (including such Lender’s interest in the Specified Obligations of
each Credit Party in respect of each such Credit Facility), such Lender shall hold an interest in every one of the Credit Facilities (including the Specified Obligations of each Credit Party in respect of each such Credit Facility

  
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and each L/C Reserve Account established pursuant to paragraph (b) below), whether or not such Lender shall previously have participated therein, equal to such Lender’s CAM Percentage
thereof, provided that such CAM Exchange will not affect the aggregate amount payable to the US Lenders or the aggregate amount payable to the Canadian Lenders under the Loan Documents. Each Lender and each Credit Party hereby consents and
agrees to the CAM Exchange, and each Lender agrees that the CAM Exchange shall be binding upon its successors and assigns and any Person that acquires a participation in its interest in any Credit Facility. Each Credit Party agrees from time to time
to execute and deliver to the Applicable Agent all promissory notes and other instruments and documents as the Applicable Agent shall reasonably request to evidence and confirm the respective interests of the Lenders after giving effect to the CAM
Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its Loans hereunder to the Applicable Agent against delivery of new promissory notes evidencing its interests in the Credit Facilities;
provided, however, that the failure of any Credit Party to execute or deliver or of any Lender to accept any such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange. As a result
of the CAM Exchange, upon and after the CAM Exchange Date, each payment received by either Agent pursuant to any Loan Document in respect of the Specified Obligations, and each distribution made by either Agent pursuant to any Loan Document in
respect of the Specified Obligations, shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages. Any direct payment received by a Lender upon or after the CAM Exchange Date, including by way of setoff, in
respect of a Specified Obligation shall be paid over to the Applicable Agent for distribution to the Lenders in accordance herewith. 
 (b) Letters of Credit. 
 (i) In the event that on the CAM
Exchange Date any Letter of Credit shall be outstanding and undrawn in whole or in part, or any amount drawn under a Letter of Credit shall be unpaid, each Lender shall, before giving effect to the CAM Exchange, promptly pay over to the Applicable
Agent, in immediately available funds and in the currency that such Letters of Credit are denominated, an amount equal to such Lender’s Pro Rata Share (as defined in clause (A) (a) of the definition of Pro Rata Share), of such Letter
of Credit’s undrawn face amount or (to the extent it has not already done so) such Letter of Credit’s unpaid drawing, as the case may be, together with interest thereon from the CAM Exchange Date to the date on which such amount shall be
paid to the Applicable Agent at the rate that would be applicable at the time to a US Index Rate Loans in a principal amount equal to such amount. The Applicable Agent shall establish a separate account or accounts for each Lender (each, an
“L/C Reserve Account”) for the amounts received with respect to each such Letter of Credit pursuant to the preceding sentence. The Applicable Agent shall deposit in each Lender’s L/C Reserve Account such Lender’s CAM
Percentage of the amounts received from the Lenders as provided above. The Applicable Agent shall have sole dominion and control over each L/C Reserve Account, and the amounts deposited in each L/C Reserve Account shall be held in such L/C Reserve
Account until withdrawn as provided in paragraphs (ii), (iii), (iv) or (v) below. The Applicable Agent shall maintain records enabling the Applicable Agent to determine the amounts paid over to it and deposited in the L/C Reserve Accounts
in respect of each Letter of Credit and the amounts on deposit in respect of each Letter of Credit attributable to each Lender’s CAM Percentage. The amounts held in each Lender’s L/C Reserve Account shall be held as a reserve against the
Letter of Credit Obligations, shall be the property of such Lender, shall not constitute Loans to or give 

  
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rise to any claim of or against any Credit Party and shall not give rise to any obligation on the part of any Borrower to pay interest to such Lender or any other obligation of any Credit Party,
it being agreed that the reimbursement obligations in respect of Letters of Credit shall arise only at such times as drawings are made thereunder, as provided in Sections 1.1(b). 

(ii) In the event that after the CAM Exchange Date any drawing shall be made in respect of a Letter of Credit, the Agents
shall, at the request of the L/C Issuer withdraw from the L/C Reserve Accounts of Lenders any amounts, up to the amount of each Lender’s CAM Percentage of such drawing, deposited in respect of such Letter of Credit and remaining on deposit and
deliver such amounts to the L/C Issuer in satisfaction of the reimbursement obligations of the Lenders under Section 1.1(b) (but not of the Borrowers under Section 1.1(b)). In the event any Lender shall default on its
obligation to pay over any amount to the Applicable Agent in respect of any Letter of Credit as provided in this Section 8.6, the L/C Issuer shall, in the event of a drawing thereunder, have a claim against such Lender to the same extent
as if such Lender had defaulted on its obligations under Section 1.1(b) but shall have no claim against any other Lender in respect of such defaulted amount, notwithstanding the exchange of interests in the reimbursement obligations
pursuant to this Section 8.6. Each other Lender shall have a claim against such defaulting Lender for any damages sustained by it as a result of such default, including, in the event such Letter of Credit shall expire undrawn, its CAM
Percentage of the defaulted amount. 
 (iii) In the event that after the CAM Exchange Date any Letter of Credit
shall expire undrawn, the Agents shall withdraw from the L/C Reserve Accounts of Lenders the amounts remaining on deposit therein in respect of such Letter of Credit and distribute such amount to Lenders. 

(iv) With the prior written approval of the Agents and the L/C Issuers, any Lender may withdraw the amount held in its L/C
Reserve Account in respect of the undrawn amount of any Letter of Credit. Any Lender making such a withdrawal shall be unconditionally obligated, in the event there shall subsequently be a drawing under such Letter of Credit, to pay over to the
Applicable Agent, for the account of the L/C Issuer on demand, its CAM Percentage of such drawing. 
 (v) Pending
the withdrawal by any Lender of any amounts from its L/C Reserve Account as contemplated by the above paragraphs, the Applicable Agent will, at the direction of such Lender and subject to such rules as the Applicable Agent may prescribe for the
avoidance of inconvenience, invest such amounts in Cash Equivalents. Each Lender that has not withdrawn the amounts in its L/C Reserve Account as provided in paragraph (iv) above shall have the right, at intervals reasonably specified by the
Applicable Agent, to withdraw the earnings on investments so made by the Applicable Agent with amounts in its L/C Reserve Account and to retain such earnings for its own account. 

(c) Net Payments Upon Implementation of CAM Exchange. Notwithstanding any other provision of this Agreement (except
the sentence directly following this sentence), if, as a result of Section 8.6, any US Borrower or Canadian Borrower is required to withhold Taxes (other than Excluded Taxes described in clause (i) of Section 1.12(a))
from amounts payable to the Applicable Agent or any Lender hereunder, then the aggregate amounts so payable to such 

  
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Applicable Agent or such Lender shall be increased so that such Applicable Agent or Lender receives an amount, on an after-Tax basis, equal to the sum it would have received had no such
withholdings been made; provided, however, that the US Borrowers and the Canadian Borrowers shall not be required to increase any such amounts payable to such Lender with respect to such Taxes as a direct result of the implementation
of the CAM Exchange (but, rather, shall be required to increase any such amounts payable to such Lender to the extent required by Section 1.12) if such Lender was prior to or on the CAM Exchange Date already a Lender with respect to such
US Borrower or Canadian Borrower, as applicable. If a Foreign Lender is eligible for an exemption from, or reduced rate of, withholding tax on payments by the US Borrower or Canadian Borrower, as applicable, under this Agreement, such Borrower shall
not be required to increase any such amounts payable to such Lender if such Lender fails to comply with the requirements of Section 1.12(d). 
 SECTION 9. 
 MISCELLANEOUS 

9.1 Indemnities. 
 (a) US Borrowers agree, jointly and severally, to indemnify, pay, and hold each Agent, each Lender, each L/C Issuer and their respective Affiliates, officers, directors, employees, agents, and attorneys
(the “US Indemnitees”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, and costs and expenses (including all reasonable fees and expenses of counsel to
such Indemnitees) of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any US Indemnitee as a result of such US Indemnitees being a party to this Agreement or the transactions consummated pursuant to this
Agreement or otherwise relating to any of the Loan Documents or Related Transactions; provided, that US Borrowers shall have no obligation to a US Indemnitee hereunder with respect to liabilities to the extent resulting from the gross
negligence or willful misconduct of that Indemnitee as determined by a court of competent jurisdiction; provided, further, that such amounts payable under this Section 9.1(a) shall be without duplication of amounts to which
such Indemnitee is entitled under Section 1.12 and shall exclude Excluded Taxes. 
 (b) Canadian
Borrowers agree, jointly and severally, to indemnify, pay, and hold Canadian Agent, each Canadian Lender, and their respective Affiliates, officers, directors, employees, agents, and attorneys (the “Canadian Indemnitees”) harmless
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, and costs and expenses (including all reasonable fees and expenses of counsel to such Indemnitees) of any kind or nature whatsoever
that may be imposed on, incurred by, or asserted against any Canadian Indemnitee as a result of such Canadian Indemnitees being a party to this Agreement or the transactions consummated pursuant to this Agreement or otherwise relating to any of the
Loan Documents or Related Transactions; provided, that Canadian Borrowers shall have no obligation to a Canadian Indemnitee hereunder with respect to liabilities to the extent resulting from the gross negligence or willful misconduct of that
Canadian Indemnitee as determined by a court of competent jurisdiction; provided, further, that such amounts payable under this Section 9.1(a) shall be without duplication of amounts to which such Indemnitee is entitled
under Section 1.12 and shall exclude Excluded Taxes. 

  
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 9.2 Amendments and Waivers. 

(a) Except for actions expressly permitted to be taken by US Agent or Canadian Agent, as the case may be, no amendment,
modification, termination or waiver of any provision of this Agreement or any other Loan Document, or any consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by
Borrowers, and by Requisite Lenders, Supermajority Lenders or all affected Lenders, as applicable. Except as set forth in clauses (b) and (c) below, all such amendments, modifications, terminations or waivers requiring the consent of any
Lenders shall require the written consent of Requisite Lenders. 
 (b) No amendment, modification, termination or
waiver of or consent with respect to any provision of this Agreement that increases the percentage advance rates set forth in the definition of US Tranche A Borrowing Base, US Tranche A1 Borrowing Base, Canadian Tranche A Borrowing Base, Canadian
Tranche A1 Borrowing Base, Aggregate US Borrowing Base, Aggregate US Tranche A Borrowing Base, Aggregate US Tranche A1 Borrowing Base, Aggregate Canadian Borrowing Base, Aggregate Canadian Tranche A Borrowing Base, or Aggregate Canadian Tranche A1
Borrowing Base or that makes less restrictive the nondiscretionary criteria for exclusion from Eligible Accounts and Eligible Inventory set forth in Section 1.8 or Section 1.9, as applicable, shall be effective unless the
same shall be in writing and signed by Agents, Supermajority Lenders and Borrowers. No amendment, modification, termination or waiver of or consent with respect to any provision of this Agreement that waives compliance with the conditions precedent
set forth in Section 2.2 to the making of any Loan or the incurrence of any Letter of Credit Obligations shall be effective unless the same shall be in writing and signed by Agents, Requisite Lenders and Borrowers. Notwithstanding
anything contained in this Agreement to the contrary, no waiver or consent with respect to any Default or any Event of Default shall be effective for purposes of the conditions precedent to the making of Loans or the incurrence of Letter of Credit
Obligations set forth in Section 2.2 unless the same shall be in writing and signed by Agents, Requisite Lenders and Borrowers. 
 (c) No amendment, modification, termination or waiver shall, unless in writing and signed by each Agent and each Lender directly affected thereby: (i) increase the principal amount, or postpone or
extend the scheduled date of expiration, of any Lender’s Commitment (which action shall be deemed to directly affect all Lenders); (ii) reduce the principal of, rate of interest on (other than any determination or waiver to charge or not
charge interest at the Default Rate) or Fees payable with respect to any Loan or Letter of Credit Obligations of any affected Lender; (iii) extend any scheduled payment date or final maturity date of the principal amount of any Loan of any
affected Lender or postpone or extend the scheduled date of expiration of any Letter of Credit beyond the date set forth in clause (b) of the initial sentence of Section 1.1(b)(iv) or Section 1.2(b)(iv), as applicable;
(iv) waive, forgive, defer, extend or postpone any payment of interest or Fees as to any affected Lender (which action shall be deemed only to affect those Lenders to whom such payments are made); (v) release any Guaranty or, except as
otherwise permitted in Section 5.7 or Section 8.2(h), release Collateral (which action shall be deemed to directly affect all Lenders); (vi) change the percentage of the Commitments or of the aggregate unpaid principal
amount of the Loans that shall be required for Lenders or any of them to take any action hereunder (which action shall be deemed to directly affect all Lenders); and (vii) amend or waive this Section 9.2 or the

  
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definitions of the terms “Requisite Lenders” or “Supermajority Lenders” insofar as such definitions affect the substance of this Section 9.2 or the term “Pro
Rata Share” (which action shall be deemed to directly affect all Lenders). Furthermore, no amendment, modification, termination or waiver affecting the rights or duties of any Agent or L/C Issuers under this Agreement or any other Loan Document
shall be effective unless in writing and signed by such Agent or L/C Issuers, as the case may be, in addition to Lenders required hereinabove to take such action. Each amendment, modification, termination or waiver shall be effective only in the
specific instance and for the specific purpose for which it was given. No amendment, modification, termination or waiver shall be required for Applicable Agent to take additional Collateral pursuant to any Loan Document. No amendment, modification,
termination or waiver of any provision of any Note shall be effective without the written concurrence of the holder of that Note. No notice to or demand on any Credit Party in any case shall entitle such Credit Party or any other Credit Party to any
other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 9.2 shall be binding upon each holder of the Notes at the time
outstanding and each future holder of the Notes. 
 9.3 Notices; Electronic Communication. 

(a) Addresses. All notices, demands, requests, directions and other communications required or
expressly authorized to be made by this Agreement shall, whether or not specified to be in writing but unless otherwise expressly specified to be given by any other means, be given in writing and (i) addressed to the respective party as set
forth below and otherwise to the party to be notified at its address specified opposite its name on the signature page hereof or of any applicable Assignment Agreement, (ii) posted to any E-SystemIntralinks® (to the extent such system is available and set up by or at the direction of the Applicable Agent or (prior to
posting) in an appropriate location by uploading such notice, demand, request, direction or other communication to www.intralinks.com, faxing it to 866-545-6600 with an appropriate bar-coded fax coversheet or using such other means of posting to
Intralinks® as may be available and reasonably acceptable to the Applicable Agent prior to such posting),
(iii) posted to any other E-System set up by or at the direction of the Applicable Agent in an appropriate location or (iv) addressed to such other address as shall be notified in writing (A) in the case of the Borrowers, the
Applicable Agent, to the other parties hereto and (B) in the case of all other parties, to the Applicable Borrower Representative and the Applicable Agent. Transmission by electronic mail (including E-Fax, even if transmitted to the fax numbers
set forth in clause (i) above) shall not be sufficient or effective to transmit any such notice under this Section 9.3(a) unless such transmission is an available means to post to any E-System. 

  
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 Notices shall be addressed as follows: 

If to Borrower Representatives: 
 Exopack Holding Corp. 
 2800 W. Higgins Road, Suite 435 

Hoffman Estates, IL 60169 
 ATTN: Eric Lynch 
 Fax: (864) 596-7474 

Electronic address: eric.lynch@exopack.com 

With a copy to: 
 Sun Capital Partners, Inc. 
 5200 Town Center Circle, Suite 600 

Boca Raton, FL 33486 
 ATTN: Jeremy Stone 
 Fax: (561) 394-0540 

Electronic address: jstone@suncappart.com 
 And to: 
 Morgan Lewis & Bockius LLP 

101 Park Avenue 

New York, New York 10178 
 Attn: Patricia F. Brennan 
 Electronic address: pbrennan@morganlewis.com

 If to US Agent or GE Capital: 
 GENERAL ELECTRIC CORPORATION 
 500 West Monroe Street 

Chicago, Illinois 
 ATTN: Exopack Account Officer 
 Fax: (312) 463-3840 

Electronic address: Jack.Morrone@ge.com 
 With a copy to: 
 GENERAL ELECTRIC CAPITAL 

CORPORATION 

401 Merritt 7 

Norwalk, CT 06851 
 Attn: Barbara Gould 
 Facsimile: (203) 956-4216 

  
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 and 

GENERAL ELECTRIC CAPITAL 
 CORPORATION 
 500 West Monroe Street 

Chicago, Illinois 60661 
 ATTN: Corporate Counsel 
 Fax: (312) 441-6876 

If to Canadian Agent or GE Canada: 
 GE Canada Finance Holding Company 
 123 Front Street East, Suite 1400 

Toronto, ON M5J 2M2 
 Attn: Exopack Account Officer 
 Facsimile: (416) 202-6215 

Electronic address: Italo.Fortino@ge.com 
 If to a Lender: 
 To the address set forth on the signature page hereto or in the
applicable Assignment Agreement 
 (b) Effectiveness. All communications described in
Section 9.3(a) above and all other notices, demands, requests and other communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery,
(ii) if delivered by overnight courier service, one Business Day after delivery to such courier service, (iii) if delivered by mail, when deposited in the mails and, (iv) if delivered by facsimile (other than to post to an E-System
pursuant to clause (ii) or (iii) of Section 9.3(a) above), upon sender’s receipt of confirmation of proper transmission, and (v) if delivered by posting to any E-System, on the later of the date of such posting in an
appropriate location and the date access to such posting is given to the recipient thereof in accordance with the standard procedures applicable to such E-System; provided, however, that no communications to any Agent pursuant to
Section 2 or Section 8 shall be effective until received by such Agent. 
 (c)
Electronic Transmissions. 
 (i) Authorization. Subject to the provisions of
Section 9.3(a), each of the Agents, the Borrowers, the Lenders, the L/C Issuers and each of their authorized representatives is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion,
Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein. Each of Holdings, the Borrowers and each Credit Party hereby acknowledges and agrees, and each of Holdings and the Borrowers shall cause each
other Credit Party to acknowledge and agree, that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes
and accepts such risks by hereby authorizing the transmission of Electronic Transmissions. 

  
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 (ii) Signatures. Subject to the provisions of
Section 9.3(a) above, (A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E Signature on any such posting shall be deemed sufficient to satisfy any requirement for a
“signature” and (C) each such posting shall be deemed sufficient to satisfy any requirement for a “writing”, in each case including pursuant to any Loan Document, any applicable provision of any UCC, the federal Uniform
Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural Requirement of Law governing such subject matter, (ii) each such posting that is not readily capable of bearing either
a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which each Credit Party may rely and assume the authenticity thereof,
(iii) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (iv) each party hereto or beneficiary
hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any applicable Requirement of Law requiring certain documents to be in writing or signed;
provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature has been altered after transmission. 

(iii) Separate Agreements. All uses of an E-System shall be governed by and subject to, in addition to this
Section 9.3, separate terms and conditions posted or referenced in such E-System and related Contractual Obligations executed by Credit Parties in connection with the use of such E-System. 

(iv) LIMITATION OF LIABILITY. ALL E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND
“AS AVAILABLE”. NO AGENT OR ANY OF ITS RELATED PERSONS WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION, AND EACH DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY KIND
IS MADE BY THE ANY AGENT OR ANY OF ITS RELATED PERSONS IN CONNECTION WITH ANY E SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM
VIRUSES OR OTHER CODE DEFECTS. Each of Holdings, the Borrowers and each Credit Party agrees (and each of Holdings and the Borrowers shall cause each other Credit Party to agree) that no Agent has responsibility for maintaining or providing any
equipment, software, services or any testing required in connection with any Electronic Transmission or otherwise required for any E-System. 
 9.4 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any Agent or any Lender to exercise, nor any partial exercise of, any power, right or privilege
hereunder or under any other Loan Documents shall impair such power, right, or privilege or be construed to be a waiver of any Default or Event of Default. All rights and remedies existing hereunder or under any other Loan Document are cumulative to
and not exclusive of any rights or remedies otherwise available. 

  
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 9.5 Marshaling; Payments Set Aside. No Agent nor any Lender shall be under any
obligation to marshal any assets in payment of any or all of the Obligations. To the extent that Borrowers make payment(s) or any Agent enforces its Liens or any Agent or any Lender exercises its right of set-off, and such payment(s) or the proceeds
of such enforcement or set-off is subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid by anyone (whether as a result of any demand, litigation, settlement or otherwise), then to the extent of such
recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off
had not occurred. 
 9.6 Severability. The invalidity, illegality, or unenforceability in any jurisdiction of any
provision under the Loan Documents shall not affect or impair the remaining provisions in the Loan Documents. 
 9.7
Lenders’ Obligations Several; Independent Nature of Lenders’ Rights. The obligation of each Lender hereunder is several and not joint and no Lender shall be responsible for the obligation or commitment of any other Lender hereunder.
In the event that any Lender at any time should fail to make a Loan as herein provided, the Lenders, or any of them, at their sole option, may make the Loan that was to have been made by the Lender so failing to make such Loan. Nothing contained in
any Loan Document and no action taken by any Agent or any Lender pursuant hereto or thereto shall be deemed to constitute Lenders to be a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time
hereunder to each Lender shall be a separate and independent debt. 
 9.8 Headings. Section and subsection headings are
included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purposes or be given substantive effect. 
 9.9 Applicable Law. THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS WHICH DOES NOT EXPRESSLY SET FORTH APPLICABLE LAW SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE INTERNAL LAWS OF THE STATE OF NEW YORK. 
 9.10 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns except that Borrowers may not assign, transfer, hypothecate or otherwise convey their rights or obligations hereunder without the written consent of all
Lenders and any such purported assignment without such written consent shall be void. 
 9.11 No Fiduciary Relationship;
Limited Liability. No provision in the Loan Documents and no course of dealing between the parties shall be deemed to create any fiduciary duty owing to any Credit Party by any Agent or any Lender. Borrowers and each other Credit Party agree
that no Agent nor any Lender shall have liability to Borrowers or any other Credit Party (whether sounding in tort, contract or otherwise) for losses suffered by Borrowers or any 

  
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other Credit Party in connection with, arising out of, or in any way related to the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event
occurring in connection therewith, unless and to the extent that it is determined that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought as determined by a final non-appealable order by a
court of competent jurisdiction. Neither Agent nor any Lender shall have any liability with respect to, and Borrowers and each other Credit Party hereby waive, release and agree not to sue for, any special, indirect or consequential damages suffered
by Borrowers and any other Credit Party in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. 
 9.12 Construction. Each Agent, each Lender, Borrowers and each other Credit Party acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an
opportunity to review the Loan Documents with its legal counsel and that the Loan Documents shall be construed as if jointly drafted by each Agent, each Lender, Borrowers and each other Credit Party. 

9.13 Confidentiality. Until the Termination Date, each Agent and each Lender agree to exercise their best efforts to keep
confidential any non-public information delivered pursuant to the Loan Documents and identified as such by Borrowers and not to disclose such information to Persons other than to potential assignees or participants or to any Affiliate of, or Persons
employed by or engaged, by a Agent, a Lender or any of their respective Affiliates, or a Lender’s assignees or participants including attorneys, auditors, professional consultants, rating agencies, insurance industry associations and portfolio
management services. The confidentiality provisions contained in this Section 9.13 shall not apply to disclosures (i) required to be made by any Agent or any Lender to any regulatory or governmental agency or pursuant to law, rule,
regulations or legal process or (ii) consisting of general portfolio information that does not specifically identify Borrowers. Each Credit Party consents to the publication by any Agent or any Lender after the Closing Date of a tombstone or
similar advertising material relating to the financing transactions contemplated by this Agreement. Such Agent or such Lender shall provide a draft of any such tombstone or similar advertising material to each Credit Party for review and comment
prior to the publication thereof. Any Agent may provide to industry trade organizations information with respect to the Credit Facility that is necessary and customary for inclusion in league table measurements. The obligations of Agents and Lenders
under this Section 9.13 shall supersede and replace the obligations of Agents and Lenders under any confidentiality agreement in respect of this financing executed and delivered by any Agent or any Lender prior to the date hereof.
Notwithstanding anything to the contrary set forth herein or in any other agreement to which the parties hereto are parties or by which they are bound, the obligations of confidentiality contained herein and therein, as they relate to the
transactions contemplated by this Agreement, shall not apply to the federal tax structure or federal tax treatment of the transactions contemplated by this Agreement, and each party hereto (and any employee, representative, or agent of any party
hereto) may disclose to any and all persons, without limitation of any kind, the federal tax structure and federal tax treatment of the transactions contemplated by this Agreement. The preceding sentence is intended to cause the transaction
contemplated by this Agreement to be treated as not having been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the Treasury Regulations promulgated under Section 6011 of
the IRC, and shall be construed 

  
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in a manner consistent with such purpose. In addition, each party hereto acknowledges that it has no proprietary or exclusive rights to the federal tax structure of the transaction contemplated
by this Agreement or any federal tax matter or federal tax idea related to the transaction contemplated by this Agreement. 

9.14 CONSENT TO JURISDICTION. BORROWERS AND CREDIT PARTIES HEREBY CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN NEW YORK COUNTY, STATE OF NEW YORK AND IRREVOCABLY AGREE THAT, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. BORROWERS AND CREDIT PARTIES
EXPRESSLY SUBMIT AND CONSENT TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY DEFENSE OF FORUM NON CONVENIENS. BORROWERS AND CREDIT PARTIES HEREBY WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREE THAT ALL SUCH SERVICE OF PROCESS MAY
BE MADE UPON BORROWERS AND CREDIT PARTIES BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO BORROWER REPRESENTATIVE, AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE
SAME HAS BEEN POSTED; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE US AGENT OR CANADIAN AGENT FROM BRINGING SUIT OR OTHER LEGAL ACTIONS IN ANY JURISDICTION OR TO REALIZE ON COLLATERAL OR ANY OTHER SECURITY FOR
THE OBLIGATIONS OR TO ENFORCE ANY JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE US AGENT, CANADIAN AGENT OR US AGENT. 
 9.15
WAIVER OF JURY TRIAL. BORROWERS, CREDIT PARTIES, AGENTS AND EACH LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. BORROWERS,
CREDIT PARTIES, AGENTS AND EACH LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THAT EACH WILL
CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. BORROWERS, CREDIT PARTIES, AGENTS AND EACH LENDER WARRANT AND REPRESENT THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 
 9.16 Survival of Warranties and Certain Agreements. All agreements,
representations and warranties made herein shall survive the execution and delivery of this Agreement, the making of the Loans, issuances of Letters of Credit and the execution and delivery of the Notes. Notwithstanding anything in this Agreement or
implied by law to the contrary, the agreements of Borrowers set forth in Sections 1.4(g), 1.11, 1.12 and 9.1 shall survive the repayment of the Obligations and the termination of this Agreement. 

  
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 9.17 Entire Agreement. This Agreement, the Notes and the other Loan Documents embody
the entire agreement among the parties hereto and supersede all prior commitments, agreements, representations, and understandings, whether oral or written, relating to the subject matter hereof (other than the GE Capital Fee Letter), and may not be
contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. All Exhibits, Schedules and Annexes referred to herein are incorporated in this Agreement by reference and constitute a
part of this Agreement. 
 9.18 Counterparts; Effectiveness. This Agreement and any amendments, waivers, consents or
supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but
one in the same instrument. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto. 
 9.19 Replacement of Lenders. 
 (a) Within fifteen
(15) days after receipt by Applicable Borrower Representative of written notice and demand from any Lender for payment pursuant to Section 1.11 or 1.12 or, as provided in Section 9.19(c), in the case of certain
refusals by any Lender to consent to certain proposed amendments, modifications, terminations or waivers with respect to this Agreement that have been approved by Requisite Lenders, Supermajority Lenders or all affected Lenders, as applicable (any
such Lender demanding such payment or refusing to so consent being referred to herein as an “Affected Lender”), Borrowers may, at their option, notify Applicable Agent and such Affected Lender of its intention to do one of the
following: 
 (i) Borrowers may obtain, at Borrowers’ expense, a replacement Lender (“Replacement
Lender”) for such Affected Lender, which Replacement Lender shall be reasonably satisfactory to Applicable Agent. In the event Borrowers obtain a Replacement Lender that will purchase all outstanding Obligations owed to such Affected Lender
and assume its Commitments hereunder within ninety (90) days following notice of Borrowers’ intention to do so, the Affected Lender shall sell and assign all of its rights and delegate all of its obligations under this Agreement to such
Replacement Lender in accordance with the provisions of Section 8.1, provided that Borrowers have reimbursed such Affected Lender for any administrative fee payable pursuant to Section 8.1 and, in any case where such
replacement occurs as the result of a demand for payment pursuant to Section 1.11 or 1.12, paid all amounts required to be paid to such Affected Lender pursuant to Section 1.11 or 1.12 through the date of such sale and
assignment; or 
 (ii) Borrowers may, with Applicable Agent’s consent, prepay in full all outstanding
Obligations owed to such Affected Lender and terminate such Affected Lender’s Pro Rata Share of the Commitments, in which case the Commitments will be reduced by the amount of such Pro Rata Share. Borrowers shall, within ninety (90) days
following notice of their intention to do so, prepay in full all outstanding Obligations owed to such Affected Lender (including, in any case where such prepayment occurs as the result of a demand for payment for increased costs, such Affected
Lender’s increased costs for which it is entitled to reimbursement under this Agreement through the date of such prepayment), and terminate such Affected Lender’s obligations under the Commitments. 

  
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 (b) In the case of a US Non-Funding Lender pursuant to
Section 8.5(a)(i) or a Canadian Non-Funding Lender pursuant to Section 8.5(a)(ii), at Applicable Borrower Representative’s request, Applicable Agent or a Person acceptable to Applicable Agent who, in the case of a
purchase from a Canadian Non-Funding Lender, shall be a Canadian Person, shall have the right with Applicable Agent’s consent and in Applicable Agent’s sole discretion (but shall have no obligation) to purchase from any US Non-Funding
Lender or any Canadian Non-Funding Lender, as the case may be, and each US Non-Funding Lender or Canadian Non-Funding Lender, as applicable, agrees that it shall, at Applicable Agent’s request, sell and assign to such Agent or such Person, all
of the Loans and Commitments of that US Non-Funding Lender or Canadian Non-Funding Lender, as applicable, for an amount equal to the principal balance of all Loans held by such US Non-Funding Lender or Canadian Non-Funding Lender, as applicable, and
all accrued interest and Fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment Agreement. 

(c) If, in connection with any proposed amendment, modification, waiver or termination pursuant to Section 9.2
(a “Proposed Change”): 
 (i) requiring the consent of all affected Lenders, the consent of
Requisite Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in this clause (i) and in clause (ii) below being referred to as a
“Non-Consenting Lender”), or 
 (ii) requiring the consent of Supermajority Lender, the consent
of Requisite Lenders, is obtained, but the consent of Supermajority Lenders, is not obtained, then, so long as the Applicable Agent is not a Non-Consenting Lender, at the Applicable Borrower Representative’s request the Applicable Agent, or a
Person reasonably acceptable to Applicable Agent who, if the Non-Consenting Lender is a Canadian Lender, shall be a Canadian Person, shall have the right with Applicable Agent’s consent and in Applicable Agent’s sole discretion (but shall
have no obligation) to purchase from such Non-Consenting Lenders, and such Non-Consenting Lenders agree that they shall, upon such Agent’s request, sell and assign to such Agent or such Person, all (except as provided in the immediately
succeeding sentence) of the Loans and Commitments of such Non-Consenting Lenders for an amount equal to the principal balance of all Loans held by the Non-Consenting Lenders and all accrued interest and Fees with respect thereto through the date of
sale, such purchase and sale to be consummated pursuant to an executed Assignment Agreement. If such Non-Consenting Lender holds (i) Canadian Tranche A Loans and/or Canadian Tranche A1 Loans and (ii) US Tranche A Loans and/or US Tranche A1
Loans (x) clause (b)(i) above applies, and the consent of all Lenders is required or clause (b)(ii) above applies and the consent of Supermajority Lenders is required, then all Loans and Commitments of such Non-Consenting Lender must be sold
and assigned, (y) clause (b)(i) above applies and the consent of all US Lenders is required, then only the US Tranche A Loans, US Tranche A1 Loans and US Commitments of such Non-Consenting Lender must be sold and assigned, and (z) clause
(b)(i) above applies and the consent of all Canadian Lenders is required, then only the Canadian Tranche A Loans, Canadian Tranche A1 Loans and Canadian Commitments of such Non-Consenting Lender must be sold and assigned. 

  
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 9.20 Delivery of Termination Statements and Releases. On the Termination Date
Applicable Agent shall deliver to Applicable Borrower Representative termination statements, releases and other documents necessary or appropriate to evidence the termination of the Liens securing payment of the Obligations. 

9.21 Subordination of Intercompany Debt. 
 (a) Each Credit Party hereby agrees that any intercompany Indebtedness or other intercompany payables or receivables, or intercompany advances directly or indirectly made by or owed to such Credit Party
by any other Credit Party (collectively, “Intercompany Debt”), of whatever nature at any time outstanding shall be subordinate and subject in right of payment to the prior payment in full in cash of the Obligations. Each Credit
Party hereby agrees that it will not, while any Event of Default is continuing, accept any payment, including by offset, on any Intercompany Debt until the Termination Date, in each case, except with the prior written consent of Applicable Agent.

 (b) In the event that any payment on any Intercompany Debt shall be received by a Credit Party other than as
permitted by this Section 9.21 before the Termination Date, such Credit Party shall receive such payments and hold the same in trust for, segregate the same from its own assets and shall immediately pay over to, the Applicable Agent for
the benefit of the Applicable Agent and US Lenders or the Canadian Lenders, as the case may be, all such sums to the extent necessary so that such Agent and such Lenders shall have been paid in full, in cash, all Obligations owed or which may become
owing. 
 (c) Upon any payment or distribution of any assets of any Credit Party of any kind or character,
whether in cash, property or securities by set-off, recoupment or otherwise, to creditors in any liquidation or other winding-up of such Credit Party or in the event of any Proceeding, Agents and Lenders shall first be entitled to receive payment in
full in cash, in accordance with the terms of the Obligations and of this Agreement, of all amounts payable under or in respect of such Obligations, before any payment or distribution is made on, or in respect of, any Intercompany Debt, in any such
Proceeding, any distribution or payment, to which any Agent or any Lender would be entitled except for the provisions hereof shall be paid by such Credit Party, or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person
making such payment or distribution directly to Applicable Agent (for the benefit of Applicable Agent and the Lenders, as applicable) to the extent necessary to pay all such Obligations in full in cash, after giving effect to any concurrent payment
or distribution to Agents and Lenders (or to Agents for the benefit of Agents and Lenders). 

  
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 9.22 Intercreditor Agreement. Reference is made to the Intercreditor Agreement. Each
Lender hereunder (a) consents to the subordination of Liens provided for in the Intercreditor Agreement, (b) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement,
(c) authorizes and instructs the US Agent to enter into the Intercreditor Agreement as ABL Agent and (d) acknowledges (or is deemed to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such
Lender. Each Lender hereby acknowledges that it has received and reviewed the Intercreditor Agreement. 
 9.23 Time of the
Essence. Time is of the essence of the Loan Documents. 
 SECTION 10. 

US CROSS-GUARANTY 
 10.1 US Cross-Guaranty. Each US Borrower hereby agrees that such US Borrower is jointly and severally liable for, and hereby absolutely and unconditionally guarantees to Agents and Lenders and
their respective successors and assigns, the full and prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of, all Obligations owed or hereafter owing to Agents and Lenders by each other Borrower. Each US
Borrower agrees that its guaranty obligation hereunder is a continuing guaranty of payment and performance and not of collection, that its obligations under this Section 10 shall not be discharged until payment and performance, in full,
of the Obligations has occurred, and that its obligations under this Section 10 shall be absolute and unconditional, irrespective of, and unaffected by, 

(a) the genuineness, validity, regularity, enforceability or any future amendment of, or change in, this Agreement, any
other Loan Document or any other agreement, document or instrument to which any Borrower is or may become a party; 
 (b) the absence of any action to enforce this Agreement (including this Section 10) or any other Loan Document or the waiver or consent by any Agent or Lender with respect to any of the
provisions thereof; 
 (c) the existence, value or condition of, or failure to perfect its Lien against, any
security for the Obligations or any action, or the absence of any action, by any Agent or US Lender or Canadian Lender in respect thereof (including the release of any such security); 

(d) the insolvency of any Credit Party; or 

(e) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a
surety or guarantor. 
 Each US Borrower shall be regarded, and shall be in the same position, as principal debtor with respect
to the Obligations guaranteed hereunder. 
 10.2 Waivers by US Borrowers. Each US Borrower expressly waives all rights it
may have now or in the future under any statute, or at common law, or at law or in equity, or otherwise, to compel Agents or US Lenders to marshal assets or to proceed in respect of the Obligations guaranteed hereunder against any other Credit
Party, any other party or against any 

  
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security for the payment and performance of the Obligations guaranteed hereunder before proceeding against, or as a condition to proceeding against, such Borrower. It is agreed among each
Borrower, Agent and Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Section 10 and such waivers, Agent and
Lenders would decline to enter into this Agreement. 
 10.3 Benefit of Guaranty. Each US Borrower agrees that the
provisions of this Section 10 are for the benefit of Agents and Lenders and their respective successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any other US Borrower and Agents or
Lenders, the obligations of such other US Borrower under the Loan Documents. 
 10.4 Postponement of Subrogation, Etc.
Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, and except as set forth in Section 10.7, each US Borrower hereby waives until the Termination Date all rights at law or in equity to subrogation,
reimbursement, exoneration, contribution, indemnification or set off and any and all defenses available to a surety, guarantor or accommodation co-obligor. Each US Borrower acknowledges and agrees that this waiver is intended to benefit Agents and
Lenders and shall not limit or otherwise affect such US Borrower’s liability hereunder or the enforceability of this Section 10, and that Agents, Lenders and their respective successors and assigns are intended third party
beneficiaries of the waivers and agreements set forth in this Section 10.4. 
 10.5 Election of Remedies. If
any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any US Borrower or by any other Person, either by
judicial foreclosure or by non-judicial sale or enforcement, any Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 10.
If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any US Borrower or any other Person, whether because of any
applicable laws pertaining to “election of remedies” or the like, each US Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender
shall result in a full or partial loss of any rights of subrogation that each US Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of
any Agent or any Lender to seek a deficiency judgment against any US Borrower shall not impair any other US Borrower’s obligation to pay the full amount of the Obligations. In the event any Agent or any Lender shall bid at any foreclosure or
trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations guaranteed hereunder and the amount of such bid need not be paid by such Agent or
such Lender but shall be credited against the Obligations guaranteed hereunder. The amount of the successful bid at any such sale, whether any Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair
market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 10, notwithstanding
that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale. 

  
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 10.6 Limitation. Notwithstanding any provision herein contained to the contrary, each
US Borrower’s liability under this Section 10 (which liability is in any event in addition to amounts for which such US Borrower is primarily liable under Section 1) shall be limited to an amount not to exceed as of any
date of determination the greater of: 
 (a) the net amount of all Loans advanced to any other Borrower under
this Agreement and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower; and 
 (b)
the amount that could be claimed by Agents and Lenders from such US Borrower under this Section 10 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law after taking into account, among other things, such US Borrower’s right of contribution and indemnification from each other US Borrower
under Section 10.7. 
 10.7 Contribution with Respect to US Guaranty Obligations. 

(a) To the extent that any US Borrower shall make a payment under this Section 10 of all or any of the US
Obligations (other than Loans made to that US Borrower for which it is primarily liable) (a “US Guarantor Payment”) that, taking into account all other US Guarantor Payments then previously or concurrently made by any other US
Borrower, exceeds the amount that such US Borrower would otherwise have paid if each US Borrower had paid the aggregate US Obligations satisfied by such US Guarantor Payment in the same proportion that such US Borrower’s “US Allocable
Amount” (as defined below) (as determined immediately prior to such US Guarantor Payment) bore to the aggregate US Allocable Amounts of each of the US Borrowers as determined immediately prior to the making of such US Guarantor Payment, then,
following payment in full in cash of the US Obligations and termination of the US Tranche A Loan Commitments, the US Tranche A1 Loan Commitments and US Letters of Credit, such US Borrower shall be entitled to receive contribution and indemnification
payments from, and be reimbursed by, each other US Borrower for the amount of such excess, pro rata based upon their respective US Allocable Amounts in effect immediately prior to such US Guarantor Payment. 

(b) As of any date of determination, the “US Allocable Amount” of any US Borrower shall be equal to the
maximum amount of the claim that could then be recovered from such US Borrower under this Section 10 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c)
This Section 10.7 is intended only to define the relative rights of US Borrowers and nothing set forth in this Section 10.7 is intended to or shall impair the obligations of US Borrowers, jointly and severally, to pay any
amounts as and when the same shall become due and payable in accordance with the terms of this Agreement, including Section 10.1. Nothing contained in this Section 10.7 shall limit the liability of any US Borrower to pay the
Loans made directly or indirectly to that US Borrower and accrued interest, Fees and expenses with respect thereto for which such US Borrower shall be primarily liable. 

  
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 (d) the parties hereto acknowledge that the rights of contribution and
indemnification hereunder shall constitute assets of the US Borrower to which such contribution and indemnification is owing. 
 (e) The rights of the indemnifying US Borrowers against other US Credit Parties under this Section 10.7 shall be exercisable upon the full payment in cash of the US Obligations and the
termination of the US Tranche A Loan Commitments, the US Tranche A1 Loan Commitments and US Letters of Credit. 
 10.8
Liability Cumulative. The liability of US Borrowers under this Section 10 is in addition to and shall be cumulative with all liabilities of each US Borrower to Agents and Lenders under this Agreement and the other Loan Documents
to which such US Borrower is a party or in respect of any Obligations or obligation of the other US Borrower, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides
to the contrary. 
 SECTION 11. 
 CANADIAN CROSS-GUARANTY 
 11.1 Canadian Cross-Guaranty. Each
of the Canadian Borrowers hereby agrees that such Canadian Borrower is liable for, and hereby absolutely and unconditionally guarantees to Canadian Agent and Canadian Lenders and their respective successors and assigns, the full and prompt payment
(whether at stated maturity, by acceleration or otherwise) and performance of, all Canadian Obligations owed or hereafter owing to Canadian Agent and Canadian Lenders by each other Canadian Borrower. Each Canadian Borrower agrees that its guaranty
obligation hereunder is a continuing guaranty of payment and performance and not of collection, that its obligations under this Section 11 shall not be discharged until payment and performance, in full, of the Canadian Obligations has
occurred, and that its obligations under this Section 11 shall be absolute and unconditional, irrespective of, and unaffected by, 
 (a) the genuineness, validity, regularity, enforceability or any future amendment of, or change in, this Agreement, any other Loan Document or any other agreement, document or instrument to which any
Canadian Borrower is or may become a party; 
 (b) the absence of any action to enforce this Agreement (including
this Section 11) or any other Loan Document or the waiver or consent by Canadian Agent or any Canadian Lender with respect to any of the provisions thereof; 

(c) the existence, value or condition of, or failure to perfect its Lien against, any security for the Canadian
Obligations or any action, or the absence of any action, by Canadian Agent or any Canadian Lender in respect thereof (including the release of any such security); 

(d) the insolvency of any Credit Party; or 

  
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 (e) any other action or circumstances that might otherwise constitute a
legal or equitable discharge or defense of a surety or guarantor. 
 Each Canadian Borrower shall be regarded, and shall be in the same
position, as principal debtor with respect to the Canadian Obligations guaranteed hereunder. 
 11.2 Waivers by Canadian
Borrowers. Each Canadian Borrower expressly waives all rights it may have now or in the future under any statute, or at common law, or at law or in equity, or otherwise, to compel Canadian Agent or Canadian Lenders to marshal assets or to
proceed in respect of the Canadian Obligations guaranteed hereunder against any other Canadian Credit Party, any other party or against any security for the payment and performance of the Canadian Obligations guaranteed hereunder before proceeding
against, or as a condition to proceeding against, such Canadian Borrower. It is agreed among each Canadian Borrower, Canadian Agent and Canadian Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement
and the other Loan Documents and that, but for the provisions of this Section 11 and such waivers, Canadian Agent and Canadian Lenders would decline to enter into this Agreement. 

11.3 Benefit of Guaranty. Each Canadian Borrower agrees that the provisions of this Section 11 are for the benefit of
Canadian Agent and Canadian Lenders and their respective successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any other Canadian Borrower and Canadian Agent or Canadian Lenders, the obligations of
such other Canadian Borrower under the Loan Documents. 
 11.4 Postponement of Subrogation, Etc. Notwithstanding anything
to the contrary in this Agreement or in any other Loan Document, and except as set forth in Section 11.7, each Canadian Borrower hereby waives until the Canadian Commitment Termination Date all rights at law or in equity to subrogation,
reimbursement, exoneration, contribution, indemnification or set off and any and all defenses available to a surety, guarantor or accommodation co-obligor. Each Canadian Borrower acknowledges and agrees that this waiver is intended to benefit
Canadian Agent and Canadian Lenders and shall not limit or otherwise affect such Canadian Borrower’s liability hereunder or the enforceability of this Section 11, and that Canadian Agent, Canadian Lenders and their respective
successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 11.4. 
 11.5 Election of Remedies. If Canadian Agent or any Canadian Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Canadian Agent or such Canadian
Lender a Lien upon any Canadian Collateral, whether owned by any Canadian Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Canadian Agent or any Canadian Lender may, at its sole option,
determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 11. If, in the exercise of any of its rights and remedies, Canadian Agent or any Canadian Lender shall forfeit
any of its rights or remedies, including its right to enter a deficiency judgment against any Canadian Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Canadian
Borrower hereby consents to such action by Canadian Agent or such Canadian Lender and waives any claim based upon such action, even if such action by Canadian Agent or such Canadian Lender 

  
 126

 
shall result in a full or partial loss of any rights of subrogation that each Canadian Borrower might otherwise have had but for such action by Canadian Agent or such Canadian Lender. Any
election of remedies that results in the denial or impairment of the right of Canadian Agent or any Canadian Lender to seek a deficiency judgment against any Canadian Borrower shall not impair any other Canadian Borrower’s obligation to pay the
full amount of the Canadian Obligations. In the event Canadian Agent or any Canadian Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Canadian Agent or such Canadian Lender may
bid all or less than the amount of the Canadian Obligations guaranteed hereunder and the amount of such bid need not be paid by Canadian Agent or such Canadian Lender but shall be credited against the Canadian Obligations guaranteed hereunder. The
amount of the successful bid at any such sale, whether Canadian Agent, any Canadian Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Canadian Collateral and the difference between
such bid amount and the remaining balance of the Canadian Obligations shall be conclusively deemed to be the amount of the Canadian Obligations guaranteed under this Section 11, notwithstanding that any present or future law or court
decision or ruling may have the effect of reducing the amount of any deficiency claim to which Canadian Agent or any Canadian Lender might otherwise be entitled but for such bidding at any such sale. 

11.6 Limitations. 
 (a) Notwithstanding any provision herein contained to the contrary, each Canadian Borrower’s liability under this Section 11 (which liability is in any event in addition to amounts for
which such Canadian Borrower is primarily liable under Section 1) shall be limited to an amount not to exceed as of any date of determination the greater of: 

(i) the net amount of all Canadian Loans advanced to any other Canadian Borrower under this Agreement and then re-loaned
or otherwise transferred to, or for the benefit of, such Canadian Borrower; and 
 (ii) the amount that could be
claimed by Canadian Agent and Canadian Lenders from such Canadian Borrower under this Section 11 without rendering such claim voidable or avoidable under any Insolvency Law or similar statute or common law after taking into account,
among other things, such Canadian Borrower’s right of contribution and indemnification from each other Canadian Borrower under Section 11.7. 
 (iii) Further, notwithstanding any provision herein contained to the contrary, but without duplication of Section 11.6(a), (i) each Canadian Borrower’s liability under this
Section 11 shall be further limited to the extent necessary after taking into account, among other things, the limitation on liability set forth in Section 11.6(a) and such Canadian Borrower’s right of contribution and
indemnification from each other Canadian Borrower under Section 11.7, so that the enforcement of such liability shall not cause such Canadian Borrower’s net assets to become lower than the minimum capital required under any
Insolvency Law. 

  
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 11.7 Contribution with Respect to Canadian Guaranty Obligations. 

(a) To the extent that any Canadian Borrower shall make a payment under this Section 11 of all or any of the Canadian
Obligations (other than Loans made to that Canadian Borrower for which it is primarily liable) (a “Canadian Guarantor Payment”) that, taking into account all other Canadian Guarantor Payments then previously or concurrently made by any
other Canadian Borrower, exceeds the amount that such Canadian Borrower would otherwise have paid if each Canadian Borrower had paid the aggregate Canadian Obligations satisfied by such Canadian Guarantor Payment in the same proportion that such
Canadian Borrower’s “Canadian Allocable Amount” (as defined below) (as determined immediately prior to such Canadian Guarantor Payment) bore to the aggregate Canadian Allocable Amounts of each of the Canadian Borrowers as determined
immediately prior to the making of such Canadian Guarantor Payment, then, following payment in full in cash of the Canadian Obligations and termination of the Canadian Tranche A Loan Commitments and Canadian Tranche A1 Loan Commitments, such
Canadian Borrower shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Canadian Borrower for the amount of such excess, pro rata based upon their respective Canadian Allocable Amounts in
effect immediately prior to such Canadian Guarantor Payment. 
 (b) As of any date of determination, the
“Canadian Allocable Amount” of any Canadian Borrower shall be equal to the maximum amount of the claim that could then be recovered from such Canadian Borrower under this Section 11 without rendering such claim voidable or
avoidable under any Insolvency Law or similar statue or common law after taking into account, among other things, such Canadian Borrower’s right of contribution and indemnification from each other Canadian Borrower under this
Section 11.7. 
 (c) This Section 11.7 is intended only to define the relative rights of
Canadian Borrowers and nothing set forth in this Section 11.7 is intended to or shall impair the obligations of Canadian Borrowers, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance
with the terms of this Agreement, including Section 11.1. Nothing contained in this Section 11.7 shall limit the liability of any Canadian Borrower to pay the Loans made directly or indirectly to that Canadian Borrower and
accrued interest, Fees and expenses with respect thereto for which such Canadian Borrower shall be primarily liable. 
 (d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Canadian Borrower to which such contribution and indemnification is owing.

 (e) The rights of the indemnifying Canadian Borrowers against other Canadian Credit Parties under this
Section 11.7 shall be exercisable upon the full payment in cash of the Canadian Obligations and the termination of the Canadian Tranche A Loan Commitments, the Canadian Tranche A1 Loan Commitments and Canadian Letters of Credit.

 11.8 Liability Cumulative. The liability of Canadian Borrowers under this Section 11 is in addition to and
shall be cumulative with all liabilities of each Canadian Borrower to Canadian Agent and Canadian Lenders under this Agreement and the other Loan Documents to which such Canadian Borrower is a party or in respect of any Canadian Obligations or
obligation of the other Canadian Borrower, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 

[Signature pages follow.] 

  
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 Witness the due execution hereof by the respective duly authorized officers of the undersigned as of the
date first written above. 
  

			
	BORROWERS:
	
	EXOPACK, LLC
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	CELLO-FOIL PRODUCTS, INC.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK-NEWMARKET, LTD.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK PERFORMANCE FILMS INC.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer

 [Signature
Page to Credit Agreement] 

 
			
	CREDIT PARTIES:
	
	EXOPACK HOLDING CORP.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK KEY HOLDINGS, LLC
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	TPG GROUP HOLDING CORP.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	TPG ENTERPRISES, INC.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	CELLO-FOIL HOLDING CORP.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer

 [Signature
Page to Credit Agreement] 

 
			
	TPG (US), INC.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK-THOMASVILLE, LLC
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK-HEBRON, L.L.C.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK-ONTARIO, INC.
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK-TECHNOLOGY, LLC
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer

 [Signature
Page to Credit Agreement] 

 
			
	THE PACKAGING GROUP (CANADA) CORPORATION
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	EXOPACK ADVANCED COATINGS, LLC
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer
	
	INTELICOAT TECHNOLOGIES IMAGE PRODUCTS MATTHEWS LLC
		
	By:	 	/s/ Jack E. Knott
	Name:	 	Jack E. Knott
	Title:	 	Chief Executive Officer

 [Signature
Page to Credit Agreement] 

 
			
	GENERAL ELECTRIC CAPITAL CORPORATION,
	 as US Agent, US L/C Issuer, a US Tranche A
 Lender and a US Tranche A1 Lender

		
	By:	 	/s/ Jack F. Morrone
	Name:	 	Jack F. Morrone
	Title:	 	Its Duly Authorized Signatory
	
	GE CANADA FINANCE HOLDING COMPANY, a Nova Scotia unlimited liability company, as Canadian Agent, Canadian L/C Issuer, a Canadian Tranche A Lender and a Canadian
Tranche A1 Lender
	
		
	By:	 	/s/ Italo Fortino
	Name:	 	Italo Fortino
	Title:	 	Its Duly Authorized Signatory

[Signature Page to Credit Agreement] 

 ANNEX A 
 to 
 CREDIT AGREEMENT 

DEFINITIONS 
 Capitalized terms used in the Loan Documents shall have (unless otherwise provided elsewhere in the Loan Documents) the following respective meanings and all references to Sections, Exhibits, Schedules,
Subschedules or Annexes in the following definitions shall refer to Sections, Exhibits, Schedules, Subschedules or Annexes of or to this Agreement: 
 “2011 Dividend” means the dividend, in an amount not to exceed $150,000,000, paid by Holdings to Exopack Holdings on the Closing Date and thereafter from Exopack Holdings to CPG or
Exopack Op Co (or any successor thereto) and Sponsor (or other co-investors), solely with the proceeds from borrowings under the 2011 Term Loan B Credit Agreement and issuance of the 2011 High Yield Notes. 

“2011 High Yield Notes” means the 10% unsecured notes of Holdings due May 31, 2018 in an aggregate principal amount
of $235,000,000 issued and sold on the Closing Date pursuant to the 2011 Indenture Documents. 
 “2011
Indenture” means the indenture entered into with respect to the 2011 High Yield Notes and pursuant to which the same shall be issued. 
 “2011 Indenture Documents” means the 2011 Indenture, the 2011 High Yield Notes and all other agreements, instruments and other documents pursuant to which the 2011 High Yield Notes have
been or will be issued or otherwise setting forth the terms of the 2011 High Yield Notes. 
 “2011 Term Loan B Credit
Agreement” means the Credit Agreement, dated as of May 31, 2011, among the US Borrowers as borrowers, Holdings, Exopack Holdings, certain subsidiaries of Exopack Holdings as guarantors, the lenders party thereto and Bank of America,
N.A. as administrative agent. 
 “2011 Term Loan B Incremental Loan” means any loan incurred pursuant to the
2011 Term Loan B Credit Agreement after the Closing Date, provided that each of the following conditions is satisfied or waived by the US Agent: (i) no Default or Event of Default (each as defined hereunder, under the 2011 Term Loan B Credit
Agreement and under the 2011 Indenture) shall occur or be continuing on the day such loan is made or as a result of the making of such loan; (ii) after giving pro forma effect to the incurrence of such loan and the use of proceeds
thereof, Holdings and its Subsidiaries shall have a Consolidated Senior Secured Leverage Ratio (as defined in the 2011 Term Loan B Credit Agreement) for the period ending on the last day of the Fiscal Quarter last ended of not greater than 3.00:1.00
(calculated as if the incurrence of such loan and the anticipated use of the proceeds thereof had occurred on the last day of such Fiscal Quarter) and the US Borrowers shall have provided the US Agent a certificate, certifying the same;
(iii) the aggregate amount of all such loans is equal to or less than $75,000,000; and (iv) such loan is otherwise on terms no less favorable to the Borrowers, than 

 
those applicable to the Term Loans made on the Closing Date (the “Outstanding Term Loans”), except with respect to the interest rates to be applied to such loans, provided that,
in any case, such loan may not: (y) have a weighted average maturity (measured as of the date of such refinancing or extension) or maturity shorter than that of the Outstanding Term Loans or (x) be secured by any property or any Lien other
than those securing the Outstanding Term Loans. 
 “2011 Term Loan B Loan Documents” means the “Loan
Documents” as defined in the 2011 Term Loan B Credit Agreement. 
 “3181952” means 3181952, an unlimited
liability company incorporated under the laws of Nova Scotia. 
 “Acceleration of US Obligations” has the
meaning ascribed to it in Section 7.3(b). 
 “Account Debtor” means any Person who may become
obligated to any Credit Party under, with respect to, or on account of, an Account, Chattel Paper or General Intangibles (including a payment intangible). 
 “Accounting Changes” means: (a) changes in accounting principles required by GAAP and implemented by Holdings or any of its Subsidiaries; (b) changes in accounting principles
recommended by Holdings’ certified public accountants and implemented by Holdings or any Borrower; and (c) changes in carrying value of Holdings’, any Borrower’s or any of their Subsidiaries’ assets, liabilities or equity
accounts resulting from the application of purchase accounting principles (A.P.B. 16 and/or 17, FASB 141 and EITF 88-16 and FASB 109) to the Related Transactions. 
 “Accounts” means all “accounts,” as such term is defined in the Code, the PPSA and all “claims” for the purpose of the Civil Code of Quebec (or similar Applicable
Law), now owned or hereafter acquired by any Credit Party, including (a) all accounts receivable, other receivables, book debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper or Instruments),
(including any such obligations that may be characterized as an account or contract right under the Code), (b) all of each Credit Party’s rights in, to and under all purchase orders or receipts for goods or services, (c) all of each
Credit Party’s rights to any goods represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods), (d) all
rights to payment due to any Credit Party for property sold, leased, licensed, assigned or otherwise disposed of, for a policy of insurance issued or to be issued, for a secondary obligation incurred or to be incurred, for energy provided or to be
provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit card or charge card, or for services rendered or to be rendered by such Credit Party or in connection with any other transaction (whether
or not yet earned by performance on the part of such Credit Party), (e) all healthcare insurance receivables, and (f) all collateral security of any kind, now or hereafter in existence, given by any Account Debtor or other Person with
respect to any of the foregoing. 
 “Acquisition Pro Forma” has the meaning ascribed to it in
Section 5.6(ix)(A). 
 “Acquisition Projections” has the meaning ascribed to it in
Section 5.6(ix)(B). 

  
 2 

 “Advances” means any US Tranche A Revolving Credit Advance, US Tranche A1
Revolving Credit Advance, Canadian Tranche A Revolving Credit Advance and/or Canadian Tranche A1Revolving Credit Advance, as the context may require. 
 “Affected Lender” has the meaning ascribed to it in Section 9.19(a). 
 “Affiliate” means, with respect to any Person, (a) each Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, 10%
or more of the Stock having ordinary voting power in the election of directors of such Person, (b) each Person that controls, is controlled by or is under common control with such Person, and (c) each of such Person’s officers,
directors, joint venturers and partners. For the purposes of this definition, “control” of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies,
whether through the ownership of voting securities, by contract or otherwise; provided, however, that the term “Affiliate” shall specifically exclude each Agent and each Lender, each unrelated portfolio company of
Sponsor, Sponsor’s affiliates and any purchaser of the Subordinated Debt, the Senior Notes, the 2011 Notes or Indebtedness pursuant to the 2011 Term Loan B Credit Agreement. 

“Agents” means, collectively, the US Agent and the Canadian Agent. 

“Aggregate Accordion Commitment means $25,000,000, as the same may be adjusted, if at all, from time to time in accordance
with this Agreement. 
 “Aggregate Borrowing Availability” means, at any given time, the sum of the US Tranche
A Borrowing Availability, US Tranche A1 Borrowing Availability, Canadian Tranche A Borrowing Availability and Canadian Tranche A1 Borrowing Availability. 
 “Aggregate Canadian Borrowing Base” means as of any date of determination, the sum of the Aggregate Canadian Tranche A Borrowing Base plus the Aggregate Canadian Tranche A1
Borrowing Base. 
 “Aggregate Canadian Tranche A Borrowing Base” means as of any date of determination, an
amount equal to (i) the sum of the Canadian Tranche A Borrowing Base of each Canadian Borrower less (ii) all Reserves applicable to the Canadian Borrowers. 
 “Aggregate Canadian Tranche A1 Borrowing Base” means as of any date of determination, an amount equal to (i) the sum of the Canadian Tranche A1 Borrowing Base of each Canadian
Borrower less (ii) all Reserves applicable to the Canadian Borrowers. 
 “Aggregate US Borrowing Base”
means as of any date of determination, the sum of the Aggregate US Tranche A Borrowing Base plus the Aggregate US Tranche A1 Borrowing Base. 
 “Aggregate US Tranche A Borrowing Base” means as of any date of determination, an amount equal to the sum of the US Tranche A Borrowing Base of each US Borrower; less all Reserves
applicable to the US Borrowers. 

  
 3 

 “Aggregate US Tranche A1 Borrowing Base” means as of any date of
determination, an amount equal to (i) the sum of the US Tranche A1 Borrowing Base of each US Borrower; less (ii) all Reserves applicable to the US Borrowers. 
 “Agreement” means this Amended and Restated Credit Agreement (including all Schedules, Subschedules, Annexes and Exhibits hereto), as the same may be amended, supplemented, restated or
otherwise modified from time to time. 
 “Applicable Agent” means (i) with respect to the Canadian
Borrowers, Canadian Credit Parties, Canadian Lenders or Canadian Loans, Canadian Agent and (ii) with respect to the US Borrowers, US Credit Parties, US Lenders, or US Loans, US Agent. 

“Applicable Borrower Representative” means (i) with respect to the Canadian Borrowers, Canadian Credit Parties,
Canadian Lenders, Canadian Tranche A Lenders, Canadian Tranche A1 Lenders, Canadian Tranche A Loans and Canadian Tranche A1 Loans, Canadian Borrower Representative and (ii) with respect to the US Borrowers, US Credit Parties, US Lenders, US
Tranche A Lender, US Tranche A1 Lender, US Tranche A Loans and US Tranche A1 Loans, US Borrower Representative. 

“Applicable Canadian Tranche A Index Margin” means the per annum interest rate margin from time to time in effect and
payable in addition to the Canadian Index Rate applicable to the Canadian Tranche A Loan, as determined by reference to Section 1.3(a). 
 “Applicable Canadian Tranche A1 Index Margin” means the per annum interest rate margin from time to time in effect and payable in addition to the Canadian Index Rate applicable to the
Canadian Tranche A1 Loan, as determined by reference to Section 1.3(a). 
 “Applicable Law” means,
in respect of any provision of law referred to herein, the law applicable in each relevant jurisdiction to the issue or topic addressed in such provision of law. 

“Applicable Margin” means, with respect to Advances, a percentage per annum equal to (a) during
the period commencing on the Closing Date and ending on the next date of determination, the percentage set forth in the applicable column opposite Level II in the tables set forth in clause (b) below (the “Pricing Grid”)
and (b) thereafter, as of each date of determination (and until the next such date of determination), a percentage per annum equal to the percentage set forth below in the applicable column opposite the level corresponding to the average
Utilization Level for the most recently ended Fiscal Quarter: 
  

																			
	 LEVEL
	  	 UTILIZATION LEVEL
	  	INDEX RATE	 	 	LIBOR	 
	  	  	US
Tranche 
A
Revolving
Credit
Advance	 	 	US Tranche
A1
Revolving
Credit
Advance	 	 	US
Tranche 
A
Revolving
Credit
Advance	 	 	US
Tranche A1
Revolving
Credit
Advance	 
	 I
	  	Greater than or equal to 50%	  	 	1.50	% 	 	 	2.00	% 	 	 	2.50	% 	 	 	3.00	% 
	 II
	  	Less than 50%	  	 	1.25	% 	 	 	1.75	% 	 	 	2.25	% 	 	 	2.75	% 

  
 4 

																			
	 LEVEL
	  	 UTILIZATION LEVEL
	  	INDEX RATE	 	 	BA RATE	 
	  	  	Canadian
Tranche A
Revolving
Credit
Advance	 	 	Canadian
Tranche A1
Revolving
Credit
Advance	 	 	Canadian
Tranche A
Revolving
Credit
Advance	 	 	Canadian
Tranche A1
Revolving
Credit
Advance	 
	 I
	  	Greater than or equal to 50%	  	 	1.50	% 	 	 	2.00	% 	 	 	2.50	% 	 	 	3.00	% 
	 II
	  	Less than 50%	  	 	1.25	% 	 	 	1.75	% 	 	 	2.25	% 	 	 	2.75	% 

 Each date of determination for the
“Applicable Margin” shall be the date that is 3 Business Days after delivery by the Borrowers to the Agents of a new Borrowing Base Certificate, pursuant to Section 6.1(d), for the last month of any Fiscal Quarter;
provided, however, that if at any time the Borrowers shall have failed to deliver any such Borrowing Base Certificate when so required, the Applicable Margin shall be at Level I as set forth in the Pricing Grid until such time as such
Borrowing Base Certificate is delivered, at which time the Applicable Margin shall be determined as provided above. Notwithstanding anything to the contrary set forth in this Agreement (including the Utilization Level at any time), the Applicable
Margin shall equal the percentage set forth in the appropriate column opposite Level I in the Pricing Grid, effective immediately upon (x) the occurrence of any Event of Default under Section 7.1(f) or Section 7.1(g) or
(y) the delivery of a notice by either Agent or the Required Lenders to either Borrower Representative during the continuance of any other Event of Default and, in each case, for as long as such Event of Default shall be continuing and
(b) in the event that any Borrowing Base Certificate is inaccurate (regardless of whether this Agreement or any Commitments are in effect when such in accuracy is discovered), and such inaccuracy, if corrected, would have led to the application
of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (x) the Borrowers shall immediately deliver to the Agents a corrected Borrowing Base
Certificate for such Applicable Period, (y) the Applicable Margin shall be determined based on the corrected Borrowing Base Certificate for such Applicable Period and (z) the Borrower shall immediately pay to the Applicable Agent (for the
account of the Lenders that hold the Commitments and Advances at the time such payment is received, regardless of whether those Lenders held the Commitments and Advances during the Applicable Period) the accrued additional interest owing as a result
of such increased Applicable Margin for such Applicable Period. This paragraph shall not limit the rights of the Agents or the Lenders with respect to Section 1.3 and Article 7 hereof, and shall survive the termination of this
Agreement. 
 “Applied Accordion Commitment” means, as of any date, the amount of the Aggregate Accordion
Commitment utilized by the Borrowers pursuant to Section 1.16. 
 “Arm’s Length” has the
meaning such term has for purposes of the ITA. 
 “Asset Disposition” means the disposition whether by sale,
lease, transfer, loss, damage, destruction, casualty, condemnation or otherwise of any of the following: (a) any of the Stock or other equity or ownership interest of any of Borrowers’ Subsidiaries or (b) any or all of the assets of
Borrowers or any of their Subsidiaries other than sales and dispositions described in Section 5.7(a). 

  
 5 

 “Assignment Agreement” has the meaning given to such term in
Section 8.1. 
 “Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11
U.S.C. §§ 101 et seq. or other applicable bankruptcy, insolvency or similar laws. 
 “BA Period”
means with respect to any BA Rate Loan bearing interest at a rate based on the BA Rate, a period of 30, 60 or 90 days commencing on a Business Day selected by Canadian Borrower Representative in its irrevocable Notice of Canadian Tranche A Revolving
Credit Advance, Notice of Canadian Tranche A1 Revolving Credit Advance or Notice of Conversion/Continuation with respect to such BA Rate Loan delivered to Canadian Agent in accordance with Section 1.2 or 1.3 (as applicable),
provided that the foregoing provision relating to BA Periods is subject to the following: 
  

	 	(a)	any BA Period that would otherwise extend beyond the Canadian Tranche A Commitment Termination Date or the Canadian Tranche A1 Commitment Termination Date shall end on
the Business Day immediately preceding such date; 

  

	 	(b)	Canadian Borrower Representative shall select BA Periods so as not to require a payment or prepayment of any BA Rate Loan during a BA Period for such Canadian Loan; and

  

	 	(c)	Canadian Borrower Representative shall select BA Periods so there shall be no more than five (5) separate BA Rate Loans in existence at any one time.

 “BA Rate” means, in respect of any BA Period applicable to a BA Rate Loan, the rate per annum
determined by Canadian Agent by reference to the average rate quoted on the Reuters Monitor Screen (Page CDOR, or such other Page as may replace such Page on such Screen for the purpose of displaying Canadian interbank bid rates for Canadian Dollar
bankers’ acceptances) applicable to Canadian Dollar bankers’ acceptances with a term comparable to such BA Period as of 11:00 a.m. (Toronto time) two (2) Business Days before the first day of such BA Period. If for any reason the
Reuters Monitor Screen rates are unavailable, BA Rate means the rate of interest determined by Canadian Agent that is equal to the arithmetic mean (rounded upwards to the nearest basis point) of the rates quoted by The Bank of Nova Scotia, Royal
Bank of Canada and Canadian Imperial Bank of Commerce in respect of Canadian Dollar bankers’ acceptances with a term comparable to such BA Period. No adjustment shall be made to account for the difference between the number of days in a year on
which the rates referred to in this definition are based and the number of days in a year on the basis of which interest is calculated in this Agreement. 
 “BA Rate Breakage Costs” means an amount equal to the amount of any losses, expenses, liabilities (including, without limitation, any loss (including interest paid) and lost opportunity
cost in connection with the re-employment of such funds) that any Canadian Lender may sustain as a result of (i) any default by any Canadian Borrower in making any borrowing of, 

  
 6 

 
conversion into or continuation of any BA Rate Loan following Canadian Borrower Representative’s delivery to Canadian Agent of any BA Rate Loan request in respect thereof or (ii) any
payment of a BA Rate Loan on any day that is not the last day of the BA Period applicable thereto (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise). For purposes of calculating amounts payable to a
Canadian Lender under Section 1.4(f), each Canadian Lender shall be deemed to have actually funded its relevant BA Rate Loan through the purchase of a deposit bearing interest at the BA Rate in an amount equal to the amount of that BA
Rate Loan and having a maturity and repricing characteristics comparable to the relevant BA Period; provided, however, that each Canadian Lender may fund each of its BA Rate Loans in any manner it sees fit, and the foregoing assumption
shall be utilized only for the calculation of amounts payable under Section 1.4(f). 
 “BA Rate Loan
means a Canadian Tranche A Revolving Credit Advance or a Canadian Tranche A1 Revolving Credit Advance denominated in Canadian Dollars which bears interest at a rate based on the BA Rate. 

“Bemis Acquisition” means the acquisition by Holdings, and/or certain of its Subsidiaries or Affiliates of the Business
(as defined in the Bemis Purchase Agreement) of Bemis Company, Inc., a Missouri corporation (“Bemis”), and certain of its subsidiaries and affiliates pursuant to and in accordance with the Bemis Purchase Agreement. 

“Bemis Purchase Agreement” means that certain Asset Purchase Agreement, dated as of June 11, 2010, by and between
and Holdings and Bemis, as amended by that certain Amendment, dated as of June 29, 2010, including any amendments, waivers, supplements and modifications on terms not materially adverse to the interests of the Lenders. 

“BIA” shall mean the Bankruptcy and Insolvency Act (Canada), and any successor act or statute. 

“Borrower” and “Borrowers” have the respective meanings ascribed to them in the preamble to this
Agreement. 
 “Borrower Representative” means, either US Borrower Representative or Canadian Borrower
representative as the context may require. 
 “Borrowing Base” shall mean the Canadian Tranche A Borrowing
Base, the Canadian Tranche A1 Borrowing Base, the US Tranche A Borrowing Base and the US Tranche A1 Borrowing Base, as the context may require. 
 “Borrowing Base Certificate” has the meaning ascribed to it in Section 6.1(d). 
 “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York and the Province of Ontario and in
reference to LIBOR Loans shall mean any such day that is also a LIBOR Business Day. 
 “CAM” shall mean the
mechanism for the allocation and exchange of interests in the Credit Facilities and collections thereunder established under Section 8.6. 

  
 7 

 “CAM Exchange” shall mean the exchange of the Lenders’ interests
provided for in Section 8.6. 
 “CAM Exchange Date” shall mean the date on which (a) any event
referred to in Section 7.1(f) or (g) shall occur or (b) an Acceleration of U.S. Obligations or an Acceleration of Canadian Obligations shall occur. 
 “CAM Percentage” shall mean, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent of the Specified Obligations
owed to such Lender and such Lender’s participation in the aggregate Letters of Credit immediately prior to the CAM Exchange Date and (b) the denominator shall be the aggregate Dollar Equivalent of the Specified Obligations owed to all the
Lenders and the aggregate Letters of Credit immediately prior to such CAM Exchange Date. 
 “Canadian Agent”
means GE Canada in its capacity as Canadian Agent for Canadian Lenders or its successor appointed pursuant to Section 8.2 which successor shall be a Canadian Person. 

“Canadian Allocable Amount” has the meaning ascribed to it in Section 11.1(a). 

“Canadian Benefit Plans” means any plan, fund, program, or policy, whether oral or written, formal or informal, funded
or unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which a Person has any liability with respect to
any employee or former employee, but excluding any Canadian Pension Plans and any plan fund, program or policy established pursuant to statute and administered by a Governmental Authority. 

“Canadian Borrowers” has the meaning ascribed thereto in the preamble to this Agreement. 

“Canadian Borrower Representative” means Exopack Canada in its capacity as Canadian Borrower Representative pursuant to
the provisions of Section 1.13(b). 
 “Canadian Collateral” means the property covered by the
Canadian Security Agreements and the other Canadian Collateral Documents and any other personal property (other than real property, plants, Equipment and immovable property), tangible or intangible, moveable, now existing or hereafter acquired, that
may at any time be or become subject to a security interest or Lien in favor of Canadian Agent, on behalf of itself and Canadian Lenders, to secure the Canadian Obligations or any portion thereof. 

“Canadian Collateral Documents” means the Canadian Security Agreements, the Canadian Patent Security Agreements,
the Canadian Trademark Security Agreements, the Canadian Copyright Security Agreements and all similar agreements entered into guaranteeing payment of, or granting a Lien upon property as security for payment of, the Canadian Obligations or any
portion thereof. 

  
 8 

 “Canadian Copyright Security Agreements” means the Canadian Copyright
Security Agreements, if any, made in favor of Canadian Agent, on behalf of itself and Canadian Lenders, by each applicable Canadian Credit Party. 
 “Canadian Credit Party” means the Canadian Borrowers and each of their Subsidiaries that is a Guarantor with respect to Canadian Obligations. 

“Canadian Disbursement Account” has the meaning ascribed to it in Section 1.2(c). 

“Canadian Dollars” or “Cdn$” means the lawful currency of Canada. 

“Canadian Foreign Lender” has the meaning ascribed to it in Section 1.12(d). 

“Canadian Guarantor Payment” has the meaning ascribed to it in Section 11.7(a). 

“Canadian Guarantors” means each Canadian Subsidiary of Holdings (other than Canadian Borrowers), if any, and each other
Person, if any, that executes a guaranty or other similar agreement in favor of Canadian Agent, for itself and the ratable benefit of Canadian Lenders guarantying the Canadian Obligations, in connection with the transactions contemplated by this
Agreement and the other Loan Documents. 
 “Canadian Guaranty” means the guaranty, dated as of the Original
Closing Date, executed by each Canadian Subsidiary of Holdings (other than Canadian Borrowers) in favor of Canadian Agent, on behalf of itself and Canadian Lenders. 
 “Canadian Indemnitees” has the meaning ascribed to it in Section 9.1(b). 
 “Canadian Index Rate” means a floating rate of interest per annum equal to the higher of (i) the rate established by the Canadian Agent as the reference rate then in effect for
determining interest rates on Canadian Dollar denominated commercial loans made by commercial banks in Canada and (ii) the BA Rate in respect of a BA period for 30 days, plus 1.00%. 

“Canadian Index Rate Loan” means a Canadian Loan denominated in Canadian Dollars that bears interest at a rate based on
the Canadian Index Rate. 
 “Canadian L/C Issuer” means GE Canada Finance Holding Company or a Subsidiary
thereof or a bank or other legally authorized Person selected by or acceptable to Canadian Agent in its sole discretion, in such Person’s capacity as an issuer of Canadian Letters of Credit hereunder provided that such Canadian Issuer shall at
all times be a Canadian Person. 
 “Canadian L/C Sublimit” has the meaning ascribed to it in
Section 1.2(b)(i). 
 “Canadian Lenders” means the Canadian Tranche A Lenders and the Canadian
Tranche A1 Lenders. 
 “Canadian Letters of Credit” means standby letters of credit issued for the account of
Canadian Borrowers by Canadian L/C Issuers pursuant to the terms of this Agreement Tranche A Lenders have incurred Canadian Letter of Credit Obligations. 

  
 9 

 “Canadian Letter of Credit Fee” has the meaning ascribed to it in
Section 1.4(d)(iii). 
 “Canadian Letter of Credit Obligations” means all outstanding obligations
incurred by Canadian Agent and Canadian Tranche A Lenders at the request of Canadian Borrower Representative, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Canadian Letters of Credit by
Canadian L/C Issuers or the purchase of a participation as set forth in Section 1.2(b) with respect to any Canadian Letter of Credit. The amount of such Canadian Letter of Credit Obligations shall equal the maximum amount that may be
payable by Canadian Agent and Canadian Tranche A Lenders thereupon or pursuant thereto. 
 “Canadian Loans”
means the Canadian Tranche A Loans and the Canadian Tranche A1 Loans. 
 “Canadian Loan Commitments” means the
Canadian Tranche A Loan Commitment and the Canadian Tranche A1 Loan Commitment. 
 “Canadian Non-Funding
Lender” has the meaning ascribed to it in Section 8.5(a)(iv). 
 “Canadian Notes” means
the Canadian Tranche A Notes and the Canadian Tranche A1 Notes. 
 “Canadian Obligations” means all loans,
advances, debts, liabilities and obligations, for the performance of covenants, tasks or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable),
including Canadian Letter of Credit Obligations, owing by any Credit Party to Canadian Agent or any Canadian Lender, and all covenants and duties regarding such amounts, of any kind or nature, present or future, whether or not evidenced by any note,
agreement or other instrument, arising under this Agreement or any of the other Loan Documents. This term includes all principal, interest (including all interest that accrues after the commencement of any case or proceeding by or against any
Canadian Credit Party in bankruptcy, whether or not allowed in such case or proceeding), Fees, Charges, expenses, attorneys’ fees and any other sum chargeable to any Canadian Credit Party under this Agreement or any of the other Loan Documents.

 “Canadian Overadvance” has the meaning ascribed to it in Section 1.2(a)(i). 

“Canadian Patent Security Agreements” means the Canadian Patent Security Agreements, if any, made in favor of Canadian
Agent, on behalf of itself and Canadian Lenders, by each applicable Canadian Credit Party. 
 “Canadian Pension
Event” means (i) the termination in whole or in part of any Canadian Pension Plan, (ii) the determination of a going concern unfunded liability or a solvency deficiency in respect of any Canadian Pension Plan in an actuarial
report on the Canadian Pension Plan filed with the applicable Governmental Authority, (iii) the failure of any Credit Party to make minimum required contributions to amortize any funding deficiencies under a Canadian Pension Plan within the
time period required by law or failure by any Credit Party to make a required contribution under any Canadian Pension Plan which could result in the imposition of a Lien upon the assets of a Credit Party, or (iv) any Credit Party makes any
improper withdrawals or application of assets of a Canadian Pension Plan. 

  
 10 

 “Canadian Pension Plan” means each pension plan required to be registered
under Canadian federal, provincial or territorial law (including, without limitation, under the Pension Benefits Act (Ontario) or the ITA) that is maintained or contributed to by a Canadian Credit Party for its employees or former employees, but
does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively. 
 “Canadian Person” means a resident of Canada for purposes of the ITA or an authorized foreign bank for purposes of the ITA that receives each amount paid or credited to it hereunder in
respect of its Canadian banking business for purposes of the ITA. 
 “Canadian Pledge Agreement” means the US
Pledge Agreement (Canadian Pledged Entities), dated as of January 31, 2006, executed by TPG Enterprises and Exopack-Ontario in favor of the Canadian Agent. 
 “Canadian Security Agreement” means the Security Agreement, dated as of the Original Closing Date, executed by each Canadian Credit Party in favor of Canadian Agent, on behalf of itself
and Canadian Lenders and each other agreement now or hereafter executed and delivered by any Canadian Subsidiary that creates a mortgage, charge, security interest or other Lien over any assets of such Canadian Subsidiary for the benefit of Canadian
Agent and Canadian Lenders to secure the Canadian Obligations. 
 “Canadian Settlement Date” has the meaning
ascribed to it in Section 8.5(a)(iv). 
 “Canadian Subsidiary” means each Subsidiary of Holdings
organized under the laws of Canada or any province or territory thereof. 
 “Canadian Trademark Security
Agreements” means the Canadian Trademark Security Agreements, if any, made in favor of Canadian Agent, on behalf of itself and Canadian Lenders, by each applicable Canadian Credit Party. 

“Canadian Tranche A Borrowing Availability” means, at any time the lesser of (i) the amount of the Canadian Tranche
A Loan Commitment of all Canadian Tranche A Lenders at such time and (ii) the Aggregate Canadian Tranche A Borrowing Base at such time, in each case less the sum of (x) the amount of the outstanding Canadian Tranche A Loan at such time,
plus (y) Reserves imposed by Canadian Agent at such time in accordance with the terms hereof. 
 “Canadian Tranche
A Borrowing Base” means, for any Canadian Borrower, as of any date of determination by Canadian Agent, from time to time, an amount equal to the sum at such time of: 

 

	 	(a)	up to 85% of the book value of the Eligible Accounts of such Canadian Borrower and its Canadian Subsidiaries (which for the avoidance of doubt, includes direct and
indirect Canadian Subsidiaries) and TPG Canada; 

  
 11 

	 	(b)	up to the lesser of (i) 62.5% of the book value of the Eligible Inventory of such Canadian Borrower and its Canadian Subsidiaries (which for the avoidance of
doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada consisting of raw materials (other than Eligible Inventory consisting of raw materials in-transit pursuant to Section 1.9(p)) and finished goods valued at the
lower of cost (determined on a first-in, first-out basis) or market and (ii) 85% of the NOLV of such Eligible Inventory (such amount, the “Canadian Tranche A Raw Materials Advance Rate”); 

 

	 	(c)	up to 45% of the book value of the Eligible Inventory of such Canadian Borrower and its Canadian Subsidiaries (which for the avoidance of doubt, includes direct and
indirect Canadian Subsidiaries) and TPG Canada consisting of work in process (eligible pursuant to Section 1.9(o); and; 

  

	 	(d)	up to the inverse of the then applicable Canadian Tranche A Raw Materials Advance Rate on the Eligible Inventory of such Canadian Borrower and its Canadian Subsidiaries
(which for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada consisting of raw materials in-transit (eligible pursuant to Section 1.9(p)), in an amount not to exceed $1,000,000 in the aggregate .

 “Canadian Tranche A Commitment Termination Date” means the earliest of (a) May 31, 2016,
(b) the date of termination (whichever is earliest) of Canadian Lenders’ obligations to make Canadian Tranche A Revolving Credit Advances or incur Canadian Letter of Credit Obligations or permit existing Canadian Tranche A Loans to remain
outstanding, in each case, pursuant to Section 7.2 or Section 7.3, and (c) the date of (i) payment in full by Canadian Borrowers of Canadian Tranche A Revolving Credit Advances, (ii) the cancellation and return
(or stand-by guarantee) of all Canadian Letters of Credit or the cash collateralization of all Canadian Letter of Credit Obligations pursuant to Section 1.6(g), and (iii) the permanent reduction of the Canadian Tranche A Commitments
to zero dollars ($0). 
 “Canadian Tranche A Lenders” means GE Canada, the other Lenders named on the signature
pages of this Agreement as Canadian Tranche A Lenders (in such capacity only), and, if any such Canadian Tranche A Lender shall assign all or any portion of the Canadian Obligations in accordance with the terms hereof, such term shall include any
such assignee of such Canadian Tranche A Lender provided that, unless an Event of Default has occurred and is continuing, each Canadian Tranche A Lender shall at all times be a Canadian Person. 

“Canadian Tranche A Loan” means, at any time, the sum of (i) the aggregate amount of Canadian Tranche A Revolving
Credit Advances outstanding to Canadian Borrowers plus (ii) the aggregate Canadian Letter of Credit Obligations incurred on behalf of Canadian Borrowers. Unless the context otherwise requires, references to the outstanding principal balance of
the Canadian Tranche A Loan shall include the outstanding balance of Canadian Letter of Credit Obligations. 

  
 12 

 “Canadian Tranche A Loan Commitment” means (a) as to any Canadian
Tranche A Lender, the commitment of such Canadian Tranche A Lender to make its Pro Rata Share of Canadian Tranche A Revolving Credit Advances or incur its Pro Rata Share of Canadian Letter of Credit Obligations as set forth on Annex B or in the most
recent Assignment Agreement, if any, executed by such Canadian Tranche A Lender and (b) as to all Canadian Tranche A Lenders, the aggregate commitment of all Canadian Tranche A Lenders to make the Canadian Tranche A Revolving Credit Advances or
incur Canadian Letter of Credit Obligations, which aggregate commitment shall be fifteen million Dollars ($15,000,000) or the Canadian Dollar equivalent thereof on the Closing Date, as such amount may be adjusted, if at all, from time to time in
accordance with this Agreement. 
 “Canadian Tranche A Note” has the meaning ascribed to it in
Section 1.2(a)(i). 
 “Canadian Tranche A Raw Materials Advance Rate” has the meaning ascribed to
it in the definition of “Canadian Tranche A Borrowing Base”. 
 “Canadian Tranche A Revolving Credit
Advance” has the meaning ascribed to it in Section 1.2(a)(i). 
 “Canadian Tranche A1 Borrowing
Availability” means, at any time the lesser of (i) the amount of the Canadian Tranche A1 Loan Commitment of all Canadian Tranche A1 Lenders at such time and (ii) the Aggregate Canadian Tranche A1 Borrowing Base at such time, in
each case less the sum of (x) the amount of the outstanding Canadian Tranche A1 Loan at such time, plus (y) Reserves imposed by Canadian Agent in its reasonable credit judgment at such time in accordance with the terms hereof. 

“Canadian Tranche A1 Borrowing Base” means, for any Canadian Borrower, as of any date of determination by Canadian
Agent, from time to time, an amount equal to the sum at such time of: 
  

	 	(a)	up to an additional 5% of the book value of the Eligible Accounts of such Canadian Borrower and its Canadian Subsidiaries (which for the avoidance of doubt, includes
direct and indirect Canadian Subsidiaries) and TPG Canada at such time; and 

  

	 	(b)	up to the lesser of (i) an additional 5% of the book value of the Eligible Inventory of such Canadian Borrower and its Canadian Subsidiaries (which for the
avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada consisting of raw materials and finished goods valued at the lower of cost (determined on a first-in, first-out basis) or market and (ii) an additional 5% of
the NOLV of such Eligible Inventory. 

 “Canadian Tranche A1 Commitment Termination Date” means
the earliest of (a) May 31, 2016, (b) the date of termination (whichever is earliest) of Canadian Tranche A1 Lenders’ obligations to make Canadian Tranche A1 Revolving Credit Advances or permit existing Canadian Tranche A1 Loans to
remain outstanding, in each case, pursuant to Section 7.2 or Section 7.3, and (c) the date of (i) payment in full by Canadian Borrowers of Canadian Tranche A1 Revolving Credit Advances, and (ii) the permanent
reduction of the Canadian Tranche A1 Commitments to zero dollars ($0). 

  
 13 

 “Canadian Tranche A1 Lenders” means GE Canada, the other Lenders named on
the signature pages of this Agreement as Canadian Tranche A1 Lenders (in such capacity only), and, if any such Canadian Tranche A1 Lender shall assign all or any portion of the Canadian Obligations in accordance with the terms hereof, such term
shall include any such assignee of such Canadian Tranche A1 Lender provided that, unless an Event of Default has occurred and is continuing, each Canadian Tranche A1 Lender shall at all times be a Canadian Person. 

“Canadian Tranche A1 Loan” means, at any time, the sum of the aggregate amount of Canadian Tranche A1 Revolving Credit
Advances outstanding to Canadian Borrowers. 
 “Canadian Tranche A1 Loan Commitment” means (a) as to any
Canadian Tranche A1 Lender, the commitment of such Canadian Tranche A1 Lender to make its Pro Rata Share of Canadian Tranche A1 Revolving Credit Advances as set forth on Annex B or in the most recent Assignment Agreement, if any, executed by such
Canadian Tranche A1 Lender and (b) as to all Canadian Tranche A1 Lenders, the aggregate commitment of all Canadian Tranche A1 Lenders to make the Canadian Tranche A1 Revolving Credit Advances, which aggregate commitment shall be Five Million
Dollars ($5,000,000) or the Canadian Dollar equivalent thereof on the Closing Date, as such amount may be adjusted, if at all, from time to time in accordance with this Agreement. 

“Canadian Tranche A1 Note” has the meaning ascribed to it in Section 1.2(e). 

“Canadian Tranche A1 Revolving Credit Advance” has the meaning ascribed to it in Section 1.2(e). 

“Capital Expenditures” means, without duplication, any expenditure or commitment to expend money for any purchase or
other acquisition of any asset which should be classified as a fixed or capital asset on a consolidated balance sheet of Holdings and its Subsidiaries prepared in accordance with GAAP plus deposits made during the applicable measuring period
in connection with fixed assets; less deposits of a prior period included above less Net Proceeds of Asset Dispositions which Borrowers are permitted to reinvest under Section 1.6(c) and are included in the expenditures above.

 “Capital Lease” means, with respect to any Person, any lease of any property (whether real, personal or
mixed) by such Person as lessee that, in accordance with GAAP, would be required to be classified and accounted for as a capital lease on a balance sheet of such Person. 
 Capital Lease Obligation” means, with respect to any Capital Lease of any Person, the amount of the obligation of the lessee thereunder that, in accordance with GAAP, would appear on a balance
sheet of such lessee in respect of such Capital Lease. 
 Cash Equivalents” means: (i) marketable securities
(A) issued or directly and unconditionally guaranteed as to interest and principal by the United States government or Canadian government or (B) issued by any agency of the United States government or Canadian government the obligations of
which are backed by the full faith and credit of the United States 

  
 14 

 
or Canada, in each case maturing within one (1) year after acquisition thereof; (ii) marketable direct obligations issued by any state of the United States of America, any province or
territory of Canada, or any political subdivision of any such state, province, territory or any public instrumentality thereof, in each case maturing within one year after acquisition thereof and having, at the time of acquisition, a rating of at
least A-1 from S&P or at least P-1 from Moody’s; (iii) commercial paper maturing no more than one year from the date of acquisition and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from
Moody’s; (iv) certificates of deposit or bankers’ acceptances issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia or
Canada that is at least (A) “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (B) has Tier 1 capital (as defined in such regulations) of not less than $250,000,000, in each case
maturing within one year after issuance or acceptance thereof; and (v) shares of any money market mutual or similar funds registered under the Investment Company Act of 1940 that (A) has substantially all of its assets invested
continuously in the types of investments referred to in clauses (i) through (iv) above, (B) has net assets of not less than $500,000,000 and (C) has the highest rating obtainable from either S&P or Moody’s. 

“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository,
overdraft, credit or debit card, electronic funds transfer and other cash management arrangements that constitute “Obligations” as defined in the 2011 Term Loan B Credit Agreement. 

“Cello-Foil” has the meaning given to such term in the recitals to this Agreement. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption
or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making
or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States 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 any event, transaction or occurrence as a result of which
(a) the Sponsor ceases to own and control directly or indirectly all of the economic and voting rights associated with ownership of at least fifty one percent (51%) of all classes of the outstanding Stock of Holdings on a fully diluted
basis, (b) Holdings ceases to own and control directly or indirectly all of the economic and voting rights associated with all of the outstanding Stock of any Borrower, (c) any Borrower ceases to own and control all of the economic and
voting rights associated with all of the outstanding Stock of any of its Subsidiaries, (d) any “Change of Control” shall occur (as such term is defined in 

  
 15 

 
the Indenture or any other agreement governing the Senior Notes), (e) any “Change of Control” shall occur (as such term is defined in the 2011 Indenture, any other 2011 Indenture
Document or any other agreement governing the 2011 High Yield Notes), and (f) any “Change of Control” shall occur (as such term is defined in the 2011 Term Loan B Credit Agreement or any agreement executed in connection therewith).

 “Charges” means all federal, state, provincial, territory, county, city, municipal, local, foreign or other
governmental taxes (including premiums and other amounts owed to the PBGC at the time due and payable), levies, assessments, charges, liens, claims or encumbrances upon or relating to (a) the Collateral, (b) the Obligations, (c) the
employees, payroll, income or gross receipts of any Credit Party, (d) any Credit Party’s ownership or use of any properties or other assets, or (e) any other aspect of any Credit Party’s business. 

“Chattel Paper” means any “chattel paper,” as such term is defined in the Code, the PPSA (or similar
Applicable Law), including electronic chattel paper, now owned or hereafter acquired by any Credit Party, wherever located. 

“Closing Checklist” means the schedule, including all appendices, exhibits or schedules thereto, listing certain
documents and information to be delivered in connection with this Agreement, the other Loan Documents and the transactions contemplated thereunder, substantially in the form attached hereto as Annex C. 

“Closing Date” means May 31, 2011. 
 “Code” means the Uniform Commercial Code as the same may, from time to time, be enacted and in effect in the State of New York; provided, that to the extent that the Code is used
to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that
in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, any Agent’s or any Lender’s Lien on any Collateral is governed by the Uniform Commercial
Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions
thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 
 “Collateral” means the Canadian Collateral and the US Collateral, as the context may require. 
 “Collection Account” means that certain account of US Agent, account number XXXXXXXXXXXXX in the name of US Agent at Deutsche Bank Trust Company Americas in New York, New York ABA No.
XXXXXXXXXXXXX, or such other account as may be specified in writing by US Agent as the “Collection Account”, which account shall not be maintained at an office of a Lender. 

“Collateral Documents” means the Canadian Collateral Documents and the US Collateral Documents, as the context may
require. 
 “Commitments” means, collectively, the Canadian Tranche A Loan Commitments, the Canadian Tranche A1
Loan Commitments, the US Tranche A Loan Commitments and the US Tranche A1 Loan Commitments which shall be equal to $75,000,000 on the Closing Date and may be increased by up to $25,000,000 pursuant to Section 1.6. 

  
 16 

 “Commitment Increase Request” has the meaning ascribed to it in
Section 1.16(a). 
 “Commitment Termination Dates” means, collectively, the US Tranche A Commitment
Termination Date, the US Tranche A1 Commitment Termination Date, the Canadian Tranche A Commitment Termination Date and the Canadian Tranche A1 Commitment Termination Date. 
 “Communication” means any notice, information or other communication required or permitted to be given or made under this Agreement, but excluding any Loan Document requested by Agent to
be delivered solely in a signed writing, including without limitation, any Note, power of attorney, or Patent Security Agreement, Trademark Security Agreement or Copyright Security Agreement. 

“Consent Solicitation” means the solicitation by Holdings from the holders of outstanding Senior Notes of consents to
certain amendments to the Indenture in accordance with the terms of the Tender Offer Materials. 
 “Compliance
Certificate” has the meaning ascribed to it in Section 6.1(k). 
 “Consolidated Net
Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided
that: 
  

	 	(1)	the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included only to the
extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

  

	 	(2)	the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted
Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental regulation applicable to that Restricted Subsidiary or its stockholders, except that such exclusion shall not apply to the extent such
dividends or distributions are actually received by such Person; 

  

	 	(3)	the cumulative effect of a change in accounting principles will be excluded; 

 

	 	(4)	the effect of purchase accounting adjustments required or permitted by GAAP in connection with (i) the Transactions (as such term is defined in the 2011 Indenture)
and (ii) the Bemis Acquisition, shall be excluded; 

  
 17 

	 	(5)	any goodwill impairment charges will be excluded; 

  

	 	(6)	non-cash compensation charges or other non-cash expenses or charges arising from the grant or issuance of stock, stock options or other equity-based awards to
directors, officers or employees of Holdings and its Restricted Subsidiaries will be excluded; and 

  

	 	(7)	payments of fees and expenses made by Holdings in connection with the consummation of the Transactions for such period will be excluded. 

“Consolidated Total Assets” means, as of any date of determination, the total amount of assets that would appear on a
consolidated balance sheet of Holdings and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability of that Person: (i) with
respect to Guaranteed Indebtedness and with respect to any Indebtedness, lease, dividend or other obligation of another Person if the purpose or intent of the Person incurring such liability, or the effect thereof, is to provide assurance to the
obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto;
(ii) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (iii) under any foreign exchange contract, currency swap agreement, interest rate
swap agreement (including US Interest Rate Agreements) or other similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, (iv) any agreement, contract or
transaction involving commodity options or future contracts, (v) to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, or (vi) pursuant to any agreement to purchase,
repurchase or otherwise acquire any obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of
income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed. 

“Contractual Obligations” means, as applied to any Person, any indenture, mortgage, deed of trust, contract,
undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject including the Related Transactions Documents. 

“Control Agreement” means a deposit account, securities account or commodities account control agreements by and among
the applicable Credit Party, Applicable Agent and the depository, securities intermediary or commodities intermediary, and each in form and substance satisfactory in all respects to Applicable Agent and in any event providing to Applicable Agent
“control” of such deposit account, securities or commodities account within the meaning of Articles 8 and 9 of the Code (or similar provisions of its equivalent under Applicable Law). 

  
 18 

 “Copyright License” means any and all rights now owned or hereafter
acquired by any Credit Party under any written agreement granting any right to such Credit Party to use any Copyright or Copyright registration owned by a third party. 
 “Copyright Security Agreements” means the US Copyright Security Agreements and the Canadian Copyright Security Agreements. 

“Copyrights” means all of the following now owned or hereafter adopted or acquired by any Credit Party: (a) all
copyrights and General Intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United
States Copyright Office or Canadian Intellectual Property Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof; and (b) all reissues,
extensions or renewals thereof. 
 “CPG” means CPG Finance, Inc., a Delaware corporation. 

“CRA” means the Canada Revenue Agency. 
 “Credit Facility” shall mean the US Commitments and extensions of credit thereunder and/or the Canadian Commitments and extensions of credit thereunder, as the context may require.

 “Credit Parties” means the US Credit Parties and Canadian Credit Parties. 

“Default” means any event that, with the passage of time or notice or both, would, unless cured or waived, become an
Event of Default. 
 “Default Rate” has the meaning ascribed to it in Section 1.3(d). 

“Disbursement Accounts” means the US Disbursement Account and the Canadian Disbursement Account, as the context may
require. 
 “Disclosure Schedules” means the Schedules prepared by Borrowers and denominated as Schedules
3.1(a) through 5.9 in the index to this Agreement. 
 “Division-by-Division Basis” means
(a) with respect to Projections prepared and delivered hereunder on or prior to the Closing Date, each of Holdings and its Subsidiaries and the Performance Films Group viewed as divisions of the Credit Parties and (b) with respect to
Projections prepared and delivered hereunder after the Closing Date, each of the Credit Parties’ “plastics division” and “paper division” viewed as divisions of the Credit Parties without regard to the legal entities
included therein. 
 “Documents” means any “document,” as such term is defined in the Code, the PPSA
(or similar Applicable Law), including electronic documents, now owned or hereafter acquired by any Credit Party, wherever located. 

  
 19 

 “Dollar Equivalent” means the amount in Dollars for any amount denominated
in Dollars and the Equivalent Amount in Dollars of any amount denominated in any other currency. 
 “Dollars”
or “$” means lawful currency of the United States of America. 
 “Domestic Subsidiaries” means
any Subsidiary organized under the laws of a jurisdiction in the United States of America. 
 “EBITDA” means,
with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 
  

	 	(1)	an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Disposition, to
the extent such losses were deducted in computing such Consolidated Net Income, plus 

  

	 	(2)	provision for taxes (including, without limitation, the Michigan Single Business Tax) based on income or profits of such Person and its Restricted Subsidiaries for such
period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

  

	 	(3)	the Fixed Charges (as such term is defined in the 2011 Indenture) of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges
were deducted in computing such Consolidated Net Income; plus 

  

	 	(4)	non-recurring expenses and charges resulting from equity offerings, investments, mergers, recapitalizations, option buyouts, dispositions, asset acquisitions and
similar transactions involving such Person or its Restricted Subsidiaries for such period, in each case to the extent deducted in computing Consolidated Net Income; plus 

 

	 	(5)	non-recurring restructuring charges or reserves, including severance, plant closings, restructurings and consolidations and other like items for such period in an
aggregate amount not to exceed $7,500,000 per annum, to the extent such restructuring charges or reserves, including, without limitation, severance, plant closings, restructurings and consolidations and other like items were deducted in computing
Consolidated Net Income; plus 

  

	 	(6)	payments pursuant to the Management Services Agreement for such period, subject to the limitations set forth in the definition of “Permitted Payments to
Parent” in the 2011 Term Loan B Credit Agreement, to the extent such payments were deducted in computing Consolidated Net Income; plus 

  
 20 

	 	(7)	depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other
non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its
Restricted Subsidiaries for such period, to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; plus 

 

	 	(8)	other nonrecurring expenses that in the opinion of management, subject to the approval of the Applicable Agent, are appropriate additions to Consolidated Net Income to
the extent that such nonrecurring expenses were deducted in computing such Consolidated Net Income; minus 

  

	 	(9)	non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business. 

“Electronic Transmission” means each document, instruction, authorization, file, information and any other communication
transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent service. 
 “Eligible Accounts” has the meaning ascribed to it in Section 1.8. 
 “Eligible Inventory” has the meaning ascribed to it in Section 1.9. 
 “Environmental Laws” means all Requirements of Law and permits imposing liability or standards of conduct for or relating to the regulation and protection of human health, safety, the
environment and natural resources, including CERCLA, the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. §§ 5101 et seq.), the Federal Insecticide, Fungicide, and
Rodenticide Act (7 U.S.C. §§ 136 et seq.), the Toxic Substances Control Act (15 U.S.C. §§ 2601 et seq.), the Clean Air Act (42 U.S.C. §§ 7401 et seq.), the Federal Water Pollution Control Act (33 U.S.C. §§
1251 et seq.), the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.), the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), all regulations promulgated under any of the foregoing, all analogous Requirements
of Law and permits and any environmental transfer of ownership notification or approval statutes, including the Industrial Site Recovery Act (N.J. Stat. Ann. §§ 13:1K-6 et seq.). 

“Environmental Liabilities” means, with respect to any Person, all liabilities, obligations, responsibilities, response,
remedial and removal costs, investigation and feasibility study costs, capital costs, operation and maintenance costs, losses, damages, punitive damages, property damages, natural resource damages, consequential damages, treble damages, costs and
expenses (including all reasonable fees, disbursements and expenses of legal counsel, experts and consultants), fines, penalties, sanctions and interest incurred as a result of or related to any claim,

  
 21 

 
suit, action, administrative order, investigation, proceeding or demand by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or
regulation or equity or common law, including any arising under or related to any Environmental Laws, Environmental Permits, or in connection with any Release or threatened Release or presence of a Hazardous Material whether on, at, in, under, from
or about or in the vicinity of any real or personal property. 
 “Environmental Permits” means all permits,
licenses, authorizations, certificates, approvals or registrations required by any Governmental Authority under any Environmental Laws. 
 “Equipment” means all “equipment,” as such term is defined in the Code, the PPSA (or similar Applicable Law), now owned or hereafter acquired by any Credit Party, wherever
located and, in any event, including all such Credit Party’s machinery and equipment, including processing equipment, conveyors, machine tools, data processing and computer equipment, including embedded software and peripheral equipment and all
engineering, processing and manufacturing equipment, office machinery, furniture, materials handling equipment, tools, attachments, accessories, automotive equipment, trailers, trucks, forklifts, molds, dies, stamps, motor vehicles, rolling stock
and other equipment of every kind and nature, trade fixtures and fixtures not forming a part of real property, together with all additions and accessions thereto, replacements therefor, all parts therefor, all substitutes for any of the foregoing,
fuel therefor, and all manuals, drawings, instructions, warranties and rights with respect thereto, and all products and proceeds thereof and condemnation awards and insurance proceeds with respect thereto. 

“Equivalent Amount” means, on any date of determination, with respect to obligations or valuations denominated in one
currency (the “first currency”), the amount of another currency (the “second currency”) which would result from the conversion of the relevant amount of the first currency into the second currency, at the rate used by Applicable
Agent’s treasury function on such date or, if such date is not a Business Day, on the Business Day immediately preceding such date of determination, or at such other rate as may have been agreed in writing between the Applicable Borrower(s) and
Applicable Agent. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and all regulations promulgated thereunder. 
 “ERISA Affiliate” means, with respect to any Credit Party,
any trade or business (whether or not incorporated) that, together with such Credit Party, are treated as a single employer under Section 4001(b)(1) of ERISA or Sections 414(b), (c), (m) or (o) of the IRC. 

“ERISA Event” means, with respect to any Credit Party or any ERISA Affiliate, (a) any event described in
Section 4043 of ERISA with respect to a Title IV Plan; (b) the withdrawal of any Credit Party or ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as
defined in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any Credit Party or any ERISA Affiliate from any Multiemployer Plan; (d) the filing of a notice of intent to terminate a Title IV Plan or the treatment
of a plan amendment as a termination under Section 4041 of ERISA; (e) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (f) the failure

  
 22 

 
by any Credit Party or ERISA Affiliate to make when due required contributions to a Multiemployer Plan or Title IV Plan unless such failure is cured within 30 days; (g) any other event or
condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of liability
under Section 4069 or 4212(c) of ERISA; (h) the termination of a Multiemployer Plan under Section 4041A of ERISA or the reorganization or insolvency of a Multiemployer Plan under Section 4241 or 4245 of ERISA; or (i) the
loss of a Qualified Plan’s qualification or tax exempt status; or (j) the termination of a Plan described in Section 4064 of ERISA. 
 “E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name
or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission. 

“E-System” means any electronic system, including Intralinks® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the
Agents or any other Person, providing for access to data protected by passcodes or other security system. 
 “Effective
Yield” means, as to any Indebtedness owing to any Person (an “Obligee”), the effective yield on such Indebtedness as determined by the Applicable Agent, taking into account the applicable interest rate margins, any interest
rate floors or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (x) the weighted average life to maturity of such Indebtedness and (y) the four years following the
date of incurrence thereof) payable generally to Obligees, but excluding any arrangement, structuring or other fees payable in connection therewith that are not generally shared with the relevant Obligees and customary consent fees paid generally to
consenting Obligees. 
 “Event of Default” has the meaning ascribed to it in Section 7.1.

 “Excluded Subsidiaries” means Exopack L.P., 3181952, Exopack UK Holdco, UK Holdco and UK Engineered Films.

 “Excluded Real Property” means Real Property with a Fair Market Value of less than $2,000,000. 

“Excluded Tax” has the meaning ascribed to it in Section 1.12(a). 

“Existing Subordinated Intercompany Note” means that certain Subordinated Demand Promissory Note, dated as of
October 31, 2007, by and among each of the “Obligors” and “Holders” (in each case as defined therein) thereunder as of the date thereof. 
 “Exopack Canada” has the meaning given to such term in the recitals to this Agreement. 
 “Exopack Canada Consolidation” means the consolidation of the businesses of TPG Canada and Exopack Canada. 

  
 23 

 “Exopack Coatings” means Exopack Advanced Coatings, LLC, a Delaware limited
liability company. 
 “Exopack Holdings” has the meaning given to such term in the recitals to this Agreement.

 “Exopack L.P.” means Exopack L.P., an Ontario limited partnership. 

“Exopack Op Co” has the meaning given to such term in the recitals to this Agreement. 

“Exopack Ontario” means Exopack-Ontario, Inc., a California corporation. 

“Exopack Thomasville” means Exopack-Thomasville, LLC, a Delaware limited liability company. 

“Exopack UK Holdco” means Exopack Advanced Coatings Ltd. (formerly known as Exopack Holdings UK, Ltd.), a company
organized under the laws of England and Wales. 
 “Fair Labor Standards Act” means the Fair Labor Standards
Act, 29 U.S.C. §201 et seq. 
 “Fair Market Value” means the value that would be paid by a
willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, as determined in good faith by the board of directors of Holdings. 

“Federal Funds Rate” means, for any day, a floating rate equal to the weighted average of the rates on overnight federal
funds transactions among members of the Federal Reserve System, as determined by Agent in its sole discretion, which determination shall be final, binding and conclusive (absent manifest error). 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

“Fees” means any and all fees payable to Agents or any Lender pursuant to this Agreement or any of the other Loan
Documents. 
 “Financial Statements” means the consolidated and consolidating income statements, statements of
cash flows and balance sheets of Holdings, Borrowers and their Subsidiaries delivered in accordance with Section 6.1. 
 “Fiscal Quarter” means any of the quarterly accounting periods of Holdings, ending on March 31, June 30, September 30 and December 31 of each year.

 “Fiscal Year” means any of the annual accounting periods of Holdings ending on December 31 of each
year. 
 “Fixtures” means all “fixtures” as such term is defined in the Code, the PPSA (or similar
Applicable Law), now owned or hereafter acquired by any Credit Party. 

  
 24 

 “Flood Certificate” means a “Standard Flood Hazard Determination
Form” of the Federal Emergency Management Agency and any successor Governmental Authority performing a similar function. 

“Flood Program” means the National Flood Insurance Program created by the U.S. Congress pursuant to the National Flood
Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in each case as amended from time to time, and any successor statutes. 

“Flood Zone” means areas having special flood hazards as described in the National Flood Insurance Act of 1968, as
amended from time to time, and any successor statute. 
 “Foreign Lender” has the meaning ascribed to it in
Section 1.12(d). 
 “Foreign Subsidiary” means any direct or indirect Subsidiary of Holdings
organized under the laws of a jurisdiction outside of the United States. 
 “Funded Debt” means, with respect
to any Person, without duplication, all Indebtedness for borrowed money evidenced by notes, bonds, debentures, or similar evidences of Indebtedness and that by its terms matures more than one year from, or is directly or indirectly renewable or
extendible at such Person’s option under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of more than one year from the date of creation thereof, and specifically including Capital Lease
Obligations, current maturities of long-term debt, revolving credit and short-term debt extendible beyond one year at the option of the debtor, and also including, in the case of Borrowers, the Obligations (including Letter of Credit Obligations).

 “Funding Date” has the meaning ascribed to it in Section 2.2. 

“GAAP” means generally accepted accounting principles in the case of Canadian Borrower, in Canada, and in the case of US
Borrowers, in the United States of America, as in effect from time to time, consistently applied. 
 “GE
Canada” has the meaning ascribed to it in the recitals to this Agreement. 
 “GE Capital” has the
meaning ascribed to it in the recitals to this Agreement. 
 “GE Capital Fee Letter” has the meaning ascribed
to it in Section 1.4(a). 
 “General Intangibles” means “general intangibles,” as such
term is defined in the Code, and “intangibles” as defined in the PPSA (or, in each case, similar Applicable Law), now owned or hereafter acquired by any Credit Party, including all right, title and interest that such Credit Party may now
or hereafter have in or under any Contractual Obligation, all payment intangibles, customer lists, Licenses, Copyrights, Trademarks, Patents, and all applications therefor and reissues, extensions or renewals thereof, rights in Intellectual
Property, interests in partnerships, joint ventures and other business associations, licenses, permits, copyrights, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information,
procedures, designs, knowledge, know-how, software, data bases, data, 

  
 25 

 
skill, expertise, experience, processes, models, drawings, materials and records, goodwill (including the goodwill associated with any Trademark or Trademark License), all rights and claims in or
under insurance policies (including insurance for fire, damage, loss and casualty, whether covering personal property, real property, tangible rights or intangible rights, all liability, life, key man and business interruption insurance, and all
unearned premiums), uncertificated securities, choses in action, deposit, checking and other bank accounts, rights to receive tax refunds and other payments, rights to receive dividends, distributions, cash, Instruments and other property in respect
of or in exchange for pledged Stock and Investment Property, rights of indemnification, all books and records, correspondence, credit files, invoices and other papers, including all tapes, cards, computer runs and other papers and documents in the
possession or under the control of such Credit Party or any computer bureau or service company from time to time acting for such Credit Party. 
 “Goods” means any “goods,” as such term is defined in the Code, the PPSA (or similar Applicable Law), now owned or hereafter acquired by any Credit Party, wherever located,
including embedded software to the extent included in “goods” as defined in the Code, the PPSA (or similar Applicable Law), manufactured homes, standing timber that is cut and removed for sale and unborn young of animals. 

“Governmental Authority” means any nation or government, any state, province or other political subdivision thereof, and
any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing, providing comfort or otherwise supporting any Indebtedness, lease, dividend, or other
obligation (“primary obligation”) of any other Person (the “primary obligor”) in any manner, including any obligation or arrangement of such Person to (a) purchase or repurchase any such primary obligation,
(b) advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance
sheet condition of the primary obligor, (c) purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation, (d) protect the beneficiary of such arrangement from loss (other than product warranties given in the ordinary course of business) or (e) indemnify the owner of such primary obligation against loss in respect thereof. The
amount of any Guaranteed Indebtedness at any time shall be deemed to be an amount equal to the lesser at such time of (x) the stated or determinable amount of the primary obligation in respect of which such Guaranteed Indebtedness is incurred
and (y) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such Guaranteed Indebtedness, or, if not stated or determinable, the maximum reasonably anticipated liability (assuming full
performance) in respect thereof. 
 “Guaranties” means, collectively, the Canadian Guaranty, the US Guaranty,
and any other guaranty executed by any Guarantor in favor of any Agent and any Lenders in respect of the Obligations. 

  
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 “Guarantors” means Holdings, each US Guarantor, each Canadian Guarantor,
and each other Person, if any, that executes a guaranty or other similar agreement in favor of any Agent, for itself and the ratable benefit of any Lenders, in connection with the transactions contemplated by this Agreement and the other Loan
Documents. 
 “Guaranty Obligation” means, as applied to any Person, any direct or indirect liability,
contingent or otherwise, of such Person for any Indebtedness, lease, dividend or other obligation (the “primary obligation”) of another Person (the “primary obligor”), if the purpose or intent of such Person in
incurring such liability, or the economic effect thereof, is to guarantee such primary obligation or provide support, assurance or comfort to the holder of such primary obligation or to protect or indemnify such holder against loss with respect to
such primary obligation, including (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of any
primary obligation, (b) the incurrence of reimbursement obligations with respect to any letter of credit or bank guarantee in support of any primary obligation, (c) the existence of any Lien, or any right, contingent or otherwise, to
receive a Lien, on the property of such Person securing any part of any primary obligation and (d) any liability of such Person for a primary obligation through any Contractual Obligation (contingent or otherwise) or other arrangement
(i) to purchase, repurchase or otherwise acquire such primary obligation or any security therefor or to provide funds for the payment or discharge of such primary obligation (whether in the form of a loan, advance, stock purchase, capital
contribution or otherwise), (ii) to maintain the solvency, working capital, equity capital or any balance sheet item, level of income or cash flow, liquidity or financial condition of any primary obligor, (iii) to make take-or-pay or
similar payments, if required, regardless of non-performance by any other party to any Contractual Obligation, (iv) to purchase, sell or lease (as lessor or lessee) any property, or to purchase or sell services, primarily for the purpose of
enabling the primary obligor to satisfy such primary obligation or to protect the holder of such primary obligation against loss or (v) to supply funds to or in any other manner invest in, such primary obligor (including to pay for property or
services irrespective of whether such property is received or such services are rendered); provided, however, that “Guaranty Obligations” shall not include (x) endorsements for collection or deposit in the
ordinary course of business and (y) product warranties given in the ordinary course of business. The outstanding amount of any Guaranty Obligation shall equal the outstanding amount of the primary obligation so guaranteed or otherwise supported
or, if lower, the stated maximum amount for which such Person may be liable under such Guaranty Obligation. 

“Hazardous Material” means any substance, material or waste that is regulated by, or forms the basis of liability now or
hereafter under, any Environmental Laws, including any material or substance that is (a) defined as a “solid waste,” “hazardous waste,” “hazardous material,” “hazardous substance,” “dangerous
goods,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,” “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar
term or phrase under any Environmental Laws, or (b) petroleum or any fraction or by-product thereof, asbestos, polychlorinated biphenyls (“PCB’s”), or any radioactive substance. 

“Hedging Agreement” means any Interest Rate Contract, foreign exchange, swap, option or forward contract, spot, cap,
floor or collar transaction, any other derivative instrument and any other similar speculative transaction and any other similar agreement or arrangement designed to alter the risks of any Person arising from fluctuations in any underlying variable.

  
 27 

 “Holdings” has the meaning ascribed thereto in the recitals to this
Agreement. 
 “Indebtedness” means, with respect to any Person, without duplication (a) all indebtedness
of such Person for borrowed money or for the deferred purchase price of property payment for which is deferred six (6) months or more, but excluding obligations to trade creditors incurred in the ordinary course of business that are unsecured
and not overdue by more than six (6) months unless being contested in good faith, (b) all reimbursement and other obligations with respect to letters of credit, bankers’ acceptances and surety bonds, whether or not matured,
(c) all obligations evidenced by notes, bonds, debentures or similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even
though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations and the present value (discounted at the US Index Rate
as in effect on the Closing Date) of future rental payments under all synthetic leases, (f) all obligations of such Person under commodity purchase or option agreements or other commodity price hedging arrangements, in each case whether
contingent or matured, (g) all net payment obligations of such Person under any foreign exchange contract, currency swap agreement, interest rate swap (including US Interest Rate Agreements), cap or collar agreement or other similar agreement
or arrangement designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, in each case whether contingent or matured, (h) all Indebtedness referred to above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property or other assets (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable
for the payment of such Indebtedness, (i) “earnouts” and similar payment obligations excluding bonus, phantom stock or other similar compensation payments owed to employees, or officers and incurred in the ordinary course of business,
and (j) the Obligations. 
 “Indemnitees” shall mean the US Indemnitees and Canadian Indemnitees.

 “Indenture” means that certain Indenture, dated as of the Original Closing Date, by and among Holdings, the
guarantors from time to time party thereto and The Bank Of New York Trust Company, N.A., as Trustee, pursuant to which the Senior Notes have been issued. 
 “Indenture Amendment” shall mean the amendment to the Indenture entered into in connection with the Consent Solicitation. 

“Insolvency Law” shall mean any applicable insolvency or other similar law of any jurisdiction, including any other law
of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it and, for greater certainty, shall include the Companies Creditors Assignment Act (Canada) and the BIA. 

  
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 “Instruments” means all “instruments,” as such term is defined in
the Code (or similar Applicable Law), now owned or hereafter acquired by any Credit Party, wherever located, and, in any event, including all certificated securities, all certificates of deposit, and all promissory notes and other evidences of
indebtedness, other than instruments that constitute, or are a part of a group of writings that constitute, Chattel Paper. 

“Intelicoat Acquisition” means the acquisition by Holdings, Exopack UK Holdco and Exopack Coatings of (i) 100% of
the Stock of each of Matthews, UK Holdco and U.K. Engineered Films and (ii) the other Acquired Assets (as defined in the Intelicoat Purchase Agreement) of the Sellers, in each case pursuant to and in accordance with the terms of the Intelicoat
Purchase Agreement. 
 “Intelicoat Purchase Agreement” means that certain Purchase Agreement, dated as of
August 6, 2007, by and among Holdings, Exopack UK Holdco, Exopack Coatings and Sellers. 
 “Intellectual
Property” means any and all Licenses, Patents, Copyrights, Trademarks, and the goodwill associated with such Trademarks. 
 “Intercompany Debt” has the meaning ascribed to it in Section 9.21. 
 “Intercompany Notes” has the meaning ascribed to it in Section 5.1(c). 
 “Intercreditor Agreement” means the Intercreditor Agreement, dated May 31, 2011, among Holdings, the affiliates of Holdings party thereto, the US Agent and Bank of America, N.A. as
administrative agent under the 2011 Term Loan B Credit Agreement. 
 “Interest Payment Date” means (a) as
to any US Index Rate Loan or Canadian Index Rate Loan, the first Business Day of each month to occur while such Loan is outstanding, and (b) as to any LIBOR Loan or BA Rate Loan, the last day of the applicable LIBOR Period or BA Period;
provided, that in the case of any LIBOR Period or BA Period greater than three months in duration, interest shall be payable at three month intervals and on the last day of such LIBOR Period or BA Period, as applicable; provided
further that, in addition to the foregoing, each of (x) the date upon which all of the Commitments have been terminated and the Loans have been paid in full and (y) each Commitment Termination Date shall be deemed to be an
“Interest Payment Date” with respect to any interest that has then accrued under this Agreement. 

“Interest Rate Contracts” means all interest rate swap agreements, interest rate cap agreements, interest rate collar
agreements and interest rate insurance. 
 “Inventory” means any “inventory,” as such term is defined
in the Code, the PPSA (or similar Applicable Law), now owned or hereafter acquired by any Credit Party, wherever located, including inventory, merchandise, goods and other personal property that are held by or on behalf of any Credit Party for sale
or lease or are furnished or are to be furnished under a contract of service, or that constitute raw materials, work in process, finished goods, returned goods, supplies or materials of any kind, nature or description used or consumed or to be used
or consumed in such Credit Party’s business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded software. 

  
 29 

 “Investment” means (i) any direct or indirect purchase or other
acquisition by Borrowers or any of their Subsidiaries of any Stock, or other ownership interest in, any other Person, and (ii) any direct or indirect loan, advance or capital contribution by Borrowers or any of their Subsidiaries to any other
Person, including all indebtedness and accounts receivable due from that other Person that are not current assets and did not arise from sales to that other Person in the ordinary course of business. 

“Investment Property” means all “investment property,” as such term is defined in the Code, the PPSA (or
similar Applicable Law), now owned or hereafter acquired by any Credit Party, wherever located, including: (i) all securities, whether certificated or uncertificated, including stocks, bonds, interests in limited liability companies,
partnership interests, treasuries, certificates of deposit, and mutual fund shares; (ii) all securities entitlements of any Credit Party, including the rights of such Credit Party to any securities account and the financial assets held by a
securities intermediary in such securities account and any free credit balance or other money owing by any securities intermediary with respect to that account; (iii) all securities accounts of any Credit Party; (iv) all commodity
contracts of any Credit Party; and (v) all commodity accounts held by any Credit Party. 
 “IRC” means the
Internal Revenue Code of 1986, as amended, and all regulations promulgated thereunder. 
 “IRS” means the
United States Internal Revenue Service. 
 “ITA” means the Income Tax Act (Canada), as amended from time
to time. 
 “Judgment Conversion Date” has the meaning ascribed to it in Section 1.15(a).

 “Judgment Currency” has the meaning ascribed to it in Section 1.15(a). 

“L/C Issuers” means, collectively, the US L/C Issuers and the Canadian L/C Issuers. 

“L/C Reserve Account has the meaning ascribed to it in Section 8.6(b). 

“Lenders means US Lenders and Canadian Lenders. 
 “Letters of Credit” means, collectively, the US Letters of Credit and the Canadian Letters of Credit. 
 “Letter of Credit Obligations” means, collectively, the US Letter of Credit Obligations and the Canadian Letter of Credit Obligations. 

“LIBOR Breakage Costs” means an amount equal to the amount of any losses, expenses, liabilities (including, without
limitation, any loss (including interest paid) and lost opportunity cost (consisting of the present value of the difference between the LIBOR Rate in effect for the LIBOR Period and any lower LIBOR Rate in effect at the time of prepayment for the
remainder of that LIBOR Period) in connection with the re-employment of such funds) that any Lender may sustain as a result of (a) any default by any Borrower in making any borrowing of, conversion into or continuation of any LIBOR Loan
following Borrower Representative’s delivery to Agent of any LIBOR Loan request in respect thereof or (b) any payment of a LIBOR Loan on any day that is not the last day of the LIBOR Period applicable thereto (regardless of the

  
 30 

 
source of such prepayment and whether voluntary, by acceleration or otherwise). For purposes of calculating amounts payable to a Lender under Section 1.4(e), each Lender shall be
deemed to have actually funded its relevant LIBOR Loan through the purchase of a deposit bearing interest at LIBOR in an amount equal to the amount of that LIBOR Loan and having a maturity and repricing characteristics comparable to the relevant
LIBOR Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit, and the foregoing assumption shall be utilized only for the calculation of amounts payable under Section 1.4(e).

 “LIBOR Business Day” means a Business Day on which banks in the City of London are generally open for
interbank or foreign exchange transactions. 
 “LIBOR Loans” means a Loan or any portion thereof bearing
interest by reference to the LIBOR Rate. 
 “LIBOR Period” means, with respect to any LIBOR Loan, each period
commencing on a LIBOR Business Day selected by US Borrower Representative pursuant to this Agreement and ending one, two, three or six months thereafter, as selected by US Borrower Representative’s irrevocable notice to US Agent as set forth in
Section 1.3(e); provided, that the foregoing provision relating to LIBOR Periods is subject to the following: 
  

	 	(a)	if any LIBOR Period would otherwise end on a day that is not a LIBOR Business Day, such LIBOR Period shall be extended to the next succeeding LIBOR Business Day unless
the result of such extension would be to carry such LIBOR Period into another calendar month in which event such LIBOR Period shall end on the immediately preceding LIBOR Business Day; 

 

	 	(b)	any LIBOR Period that would otherwise extend beyond the date set forth in clause (a) of the definition of “US Tranche A Commitment Termination Date” or
“US Tranche A1 Commitment Termination Date” shall end two (2) LIBOR Business Days prior to such date; 

  

	 	(c)	any LIBOR Period that begins on the last LIBOR 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 LIBOR Period) shall end on the last LIBOR Business Day of a calendar month; 

  

	 	(d)	US Borrower Representative shall select LIBOR Periods so as not to require a payment or prepayment of any LIBOR Loan during a LIBOR Period for such Loan; and

  

	 	(e)	US Borrower Representative shall select LIBOR Periods so that there shall be no more than 5 separate LIBOR Loans in existence at any one time. 

  
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 “LIBOR Rate” means for each LIBOR Period, a rate of interest determined by
Agent equal to: 
  

	 	(a)	the offered rate for deposits in United States Dollars for the applicable LIBOR Period that appears on Telerate Page 3750 as of 11:00 a.m. (London time), on the
second full LIBOR Business Day next preceding the first day of such LIBOR Period (unless such date is not a Business Day, in which event the next succeeding Business Day will be used); divided by 

 

	 	(b)	a number equal to 1.0 minus the aggregate (but without duplication) of the rates (expressed as a decimal fraction) of reserve requirements in effect on the day
that is two (2) LIBOR Business Days prior to the beginning of such LIBOR Period (including basic, supplemental, marginal and emergency reserves under any regulations of the Federal Reserve Board or other Governmental Authority having
jurisdiction with respect thereto, as now and from time to time in effect) for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Federal Reserve Board that are required to be maintained by a
member bank of the Federal Reserve System. 

 If such interest rates shall cease to be available from Telerate
News Service, the LIBOR Rate shall be determined from such financial reporting service or other information as shall be available to US Agent. 
 “License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now held or hereafter acquired by any Credit Party. 

“Lien” means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim,
security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially
the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the Code or comparable law of any jurisdiction). 

“Litigation” has the meaning ascribed to it in Section 6.1(i). 

“Liqui-box Acquisition” means the acquisition by Performance Films of the Business (as defined in the Liqui-box Purchase
Agreement) of the Liqui-box Sellers, in each case pursuant to and in accordance with the terms of the Liqui-box Purchase Agreement. 
 “Liqui-box Acquisition Closing Date” means the date upon which the Liqui-box Acquisition shall be consummated in accordance with and pursuant to the terms of the Liqui-box Purchase
Agreement. 
 “Liqui-box Acquisition Investment Transaction” means (i) the dividend by Exopack Op Co to
Holdings in an amount equal to or less than $16,000,000, (the “Exopack Dividend”), (ii) immediately thereafter the subsequent contribution by Holdings to Cello-Foil Holding Corp. of all of the proceeds of the Exopack Dividend
to TPG Group Holding Corp. (the “Holdings Contribution”), (iii) immediately thereafter the subsequent contribution by TPG Group Holding 

  
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Corp. of all of the proceeds of the Holdings Contribution to TPG Enterprises, (the “TPG Contribution”), and (iv) immediately thereafter the subscription by TPG Enterprises
for common shares of Performance Films for cash subscription proceeds not to exceed the greater of $5,000,000 Dollars and $5,000,000 Canadian Dollars, all of the proceeds of which shall be used solely to consummate the Liqui-box Acquisition.

 “Liqui-box Purchase Agreement” means that certain Asset Purchase Agreement, dated as of October 31,
2007, by and among Performance Films and Liqui-box Sellers. 
 “Liqui-box Sellers” means Liqui-Box Canada, Inc.

 “Loan Account” as the meaning ascribed to it in Section 1.10. 

“Loan Documents” means this Agreement, the Notes, the Collateral Documents, the GE Capital Fee Letter, the Intercreditor
Agreement, the Post-Closing Agreement, the subordination provisions applicable to any Subordinated Debt and intercreditor provisions applicable to any Indebtedness that is pari passu in right of payment to the Obligations and all other
agreements, instruments, documents and certificates identified in the Closing Checklist executed and delivered to, or in favor of, any Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts,
notices, and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Credit Party, or any employee of any Credit Party, and delivered to any Agent or any Lender in connection with this Agreement or the
transactions contemplated thereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications
thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 
 “Loans” means the US Tranche A Loan, the US Tranche A1 Loan, the Canadian Tranche A Loans and the Canadian Tranche A1 Loans. 

“Management Services Agreement” means the consulting agreement dated May 31, 2011 between Holdings and Sun Capital
Partners Management IV, LLC, as in effect on the Closing Date. 
 “Master Standby Agreement” means the Master
Agreement for Standby Letters of Credit dated as of the Closing Date between US Borrowers and/or Canadian Borrowers, as Joint Applicants, and GE Capital and/or GE Canada, as LC Issuer, as the same may be amended, restated, modified and/or
supplemented from time to time including, without limitation, by joinder thereto. 
 “Material Adverse Effect”
means a material adverse effect on (a) the business, assets, operations, or financial or other condition of any Borrower or of the Credit Parties taken as a whole, (b) Borrowers’ ability to pay any of the Loans or any of the other
Obligations in accordance with the terms of this Agreement, (c) the Collateral or any Agent’s Liens, on behalf of itself and Lenders, on the Collateral or the priority of such Liens, or (d) any Agent’s or any Lender’s rights
and remedies under this Agreement and the other Loan Documents. 

  
 33 

 “Matthews” means Intelicoat Technologies Image Products Matthews LLC, a
Delaware limited liability company. 
 “Maximum Lawful Rate” has the meaning ascribed to it in
Section 1.3(f). 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means an agreement, including a fee and/or leasehold mortgage, deed of trust, trust deed, deed to secure debt
or any other document, creating and evidencing a Lien on a Mortgaged Property, as applicable, which shall be in a form reasonably satisfactory to the US Agent. 
 “Mortgaged Property” means (a) each Real Property identified on Schedule 3.14 (other than Excluded Real Property) and (b) each Real Property, if any, which shall be
subject to a Mortgage delivered after the Closing Date pursuant to Section 4.8. 
 “Multiemployer
Plan” means a “multiemployer plan” as defined in Section (3)(7) of ERISA, and to which any Credit Party or ERISA Affiliate is making, is obligated to make or has made or been obligated to make in the past five years
contributions on behalf of participants who are or were employed by any of them or withdrawal liability payments. 

“Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance
with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
  

	 	(a)	any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with: (a) any Asset Disposition; or
(b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 

 

	 	(b)	any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss. 

“Net Proceeds” means (i) cash proceeds received by Borrowers or any of their Subsidiaries from any Asset
Disposition (including insurance proceeds, awards of condemnation, and payments under notes or other debt securities received in connection with any Asset Disposition), net of (a) the costs of such Asset Disposition (including taxes
attributable to such sale, lease or transfer) and any commissions and other customary transaction fees, costs and expenses, other than any costs payable to any Affiliate of a Credit Party, (b) amounts applied to repayment of Indebtedness (other
than the Obligations) secured by a Lien permitted under this Agreement on the asset or property disposed, (c) any amounts required to be held in escrow until such time as such amounts are released from escrow whereupon such amounts shall be
considered Net Proceeds and (d) any amounts otherwise constituting Net Proceeds from the Asset Disposition of Term Loan B Priority Collateral (as such term is defined in the Intercreditor Agreement) to the extent required to prepay obligations
under the 2011 Term Loan B Credit Agreement, and (ii) cash proceeds attributable to any working capital, earnings, balance sheet or similar adjustment under any acquisition agreement or similar purchase agreement. 

  
 34 

 “Net Tax Benefit” means (a) the total amount of reduction in
such shareholders’, members’, or partners’, as the case may be, income tax liability previously realized as a result of any loss generated by Borrowers’ business during any prior tax year, assuming in calculating such amount that
the full amount of such loss has been used to reduce such shareholders’, members’, or partners’, as the case may be, adjusted gross income in the same tax year that such loss was generated by Borrowers’ business, plus,
(b) the amount by which (i) the aggregate amount of Tax Distributions made, based on good faith estimates, to such shareholders’, members’, or partners’, as the case may be, in such tax year is in excess of (ii) the tax
obligations owing by such shareholders’, members’, or partners’, as the case may be, for income generated by Borrowers’ business during such year; provided, however, to the extent that any loss is generated by
Borrowers’ business during any tax year and such loss is included in clause (a) above in calculating Net Tax Benefit, then the amount to be used in clause (b)(ii) above in calculating the Net Tax Benefit shall be deemed to be zero dollars
($0). 
 “NOLV” means, at any time, with respect to any Inventory, the net orderly liquidation value of
such Inventory made most recently at or prior to such time in writing by an independent appraiser selected by Applicable Agent. 

“Non-Consenting Lender” has the meaning given to such term in Section 9.19(c). 

“Non-Excluded Taxes” has the meaning ascribed to it in Section 1.12(a). 

“Non-Tendered Senior Notes” shall mean any outstanding Senior Notes not validly tendered or validly tendered and
subsequently withdrawn pursuant to the Tender Offer. 
 “Non-Voting Stock” of any Person means Stock of such
Person other than the Voting Stock of such Person. 
 “Notes” means, collectively, the US Tranche A Notes, the
US Tranche A1 Notes, the Canadian Tranche A Notes and the Canadian Tranche A1 Notes. 
 “Notice of Canadian Tranche A
Revolving Credit Advance” has the meaning ascribed to it in Section 1.2(a)(i). 
 “Notice of
Canadian Tranche A1 Revolving Credit Advance” has the meaning ascribed to it in Section 1.2(e). 

“Notice of Conversion/Continuation” has the meaning ascribed to it in Section 1.3(e). 

“Notice of US Tranche A Revolving Credit Advance” has the meaning ascribed to it in Section 1.1(a).

 “Notice of US Tranche A1 Revolving Credit Advance” has the meaning ascribed to it in
Section 1.1(e) 
 “Obligation Currency” has the meaning ascribed to it in
Section 1.15(a). 
 “Obligations” means, collectively, the US Obligations and the Canadian
Obligations. 

  
 35 

 “Original Closing Date” means January 31, 2006. 

“Original Credit Agreement” has the meaning assigned to such term in the recitals of this Agreement. 

“Other Canadian Lender” has the meaning ascribed to it in Section 8.5(d). 

“Other US Lender” has the meaning ascribed to it in Section 8.5(d). 

“Other Taxes” has the meaning ascribed to it in Section 1.12(c). 

“Patent License” means rights under any written agreement now owned or hereafter acquired by any Credit Party granting
any right to such Credit Party with respect to any invention on which a Patent owned by a third party is in existence. 

“Patent Security Agreements” means the US Patent Security Agreements and the Canadian Patent Security Agreements.

 “Patents” means all of the following in which any Credit Party now holds or hereafter acquires any interest:
(a) all letters patent of the United States, Canada or any other country, all registrations and recordings thereof, and all applications for letters patent of the United States, Canada or of any other country, including registrations,
recordings and applications in the United States Patent and Trademark Office, the Canadian Intellectual Property Office or in any similar office or agency of the United States, Canada any State or any other country, and (b) all reissues,
continuations, continuations-in-part or extensions thereof. 
 “PBGC” means the Pension Benefit Guaranty
Corporation. 
 “Performance Films” has the meaning given to such term in the recitals to this Agreement.

 “Permitted Acquisition” has the meaning given to such term in Section 5.6. 

“Permitted Amalgamation” means (i) the continuance of any one or more of Exopack Canada, TPG Canada and Performance
Films from its respective jurisdiction or organization on the date hereof to another Canadian jurisdiction and the amalgamation of any of Exopack Canada, TPG Canada and Performance Films pursuant to the laws of the applicable Canadian jurisdiction
or (ii) the liquidation, wind-up or dissolution of any of Exopack Canada, TPG Canada and Performance Films with and into any other of such entities. 
 “Permitted Encumbrances” means the following encumbrances: (a) Liens for taxes, assessments or governmental charges or levies not yet due and payable or Liens for taxes, assessments
or governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, excluding federal income tax Liens and Liens in favor of the PBGC under ERISA;
(b) Liens in respect of property or assets of any Borrower or any of its Subsidiaries imposed by law which were incurred in the ordinary course of business and which have not arisen to secure Indebtedness for borrowed money, such as
carriers’, materialmen’s, warehousemen’s and 

  
 36 

 
mechanics’ Liens, statutory and common law landlord’s Liens, and other similar Liens arising in the ordinary course of business, and which either (1) do not in the aggregate
materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of any Borrower or any of its Subsidiaries or (2) are being contested in good faith by appropriate proceedings,
which proceedings have the effect of preventing the forfeiture or sale of the property or asset subject to such Lien; (c) Liens created by or pursuant to this Agreement, the Collateral Documents or the other Loan Documents; (d) Liens in
existence on the Closing Date which are listed, and the property subject thereto described, on Schedule 5.2, without giving effect to any extensions or renewals thereof except to the extent that extensions or renewals of the underlying
secured obligations are permitted hereunder; (e) Liens arising from judgments, decrees, awards or attachments in circumstances not constituting an Event of Default, provided that the amount of cash and property (determined on a fair
market value basis) deposited or delivered to secure the respective judgment or decree or subject to attachment shall not exceed $250,000 or the Dollar Equivalent thereof in the aggregate at any time; (f) Liens (other than any Lien imposed by
ERISA) (1) incurred or deposits made in the ordinary course of business in connection with general insurance maintained by any Borrower and its Subsidiaries, (2) incurred or deposits made in the ordinary course of business of any Borrower
and its Subsidiaries in connection with workers’ compensation, unemployment insurance and other types of social security, (3) to secure the performance by any Borrower and its Subsidiaries of tenders, statutory obligations (other than
excise taxes), surety, stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed
money) to the extent incurred in the ordinary course of business, (4) to secure the performance by any Borrower and its Subsidiaries of leases of real property, to the extent incurred or made in the ordinary course of business consistent with
past practices, and (5) other deposits not to exceed $250,000 in the aggregate; (g) licenses, sublicenses, leases or subleases granted to third Persons in the ordinary course of business not interfering in any material respect with the
business of any Borrower or any of its Subsidiaries; (h) easements, rights-of-way, restrictions, minor defects or irregularities in title, encroachments and other similar charges or encumbrances, in each case not securing Indebtedness and not
interfering in any material respect with the ordinary conduct of the business of any Borrower or any of its Subsidiaries; (i) Liens arising from precautionary UCC financing statements regarding operating leases; (j) Liens created pursuant
to or in connection with leases or Capital Leases or purchase money Indebtedness contemplated by Sections 5.1 (a), (e) and (f) or otherwise permitted pursuant to this Agreement, provided that (1) such Liens
only serve to secure the payment of rent or Indebtedness arising under such leases or Capital Leases and (2) the Liens encumbering the assets leased or purported to be leased under such leases or Capital Leases do not encumber any other assets
of any Borrower or any of its Subsidiaries (other than letters of credit, payment undertaking agreements, guaranteed investment contracts, deposits of cash or Cash Equivalents and other credit support arrangements, in each case having an aggregate
value not exceeding the fair market value of the assets leased or purported to be leased under such leases or Capital Leases (each of such values determined at the time when the lease agreement relating to the relevant lease or Capital Lease is
signed and delivered)); (k) (1) liens, encumbrances, hypothecs and other matters affecting title to any real property, (2) as to any particular real property at any time, such easements, encroachments, covenants, rights of way, minor
defects, irregularities or encumbrances on title which would not reasonably be expected to materially impair such real property for the purpose for which it is held by the 

  
 37 

 
mortgagor or grantor thereof, (3) zoning and other municipal ordinances which are not violated in any material respect by the existing improvements and the present use made by the mortgagor
or grantor thereof of the premises, (4) general real estate taxes and assessments not yet delinquent, and (5) any Lien that would be disclosed on a true, correct and complete survey of the real property that does not materially affect the
use or enjoyment of the real property as it is currently being used; (l) Liens arising pursuant to purchase money security interests securing Indebtedness representing the purchase price (or financing of the purchase price within 90 days after
the respective purchase) of assets acquired after the Closing Date, provided that (1) any such Liens attach only to the assets so purchased, upgrades thereon and, if the asset so purchased is an upgrade, the original asset itself (and
such other assets financed by the same financing source), (2) the Indebtedness (other than Indebtedness incurred from the same financing source to purchase other assets and excluding Indebtedness representing obligations to pay installation and
delivery charges for the property so purchased) secured by any such Lien does not exceed 100% of the lesser of the fair market value or the purchase price of the property being purchased at the time of the incurrence of such Indebtedness and
(3) the Indebtedness secured thereby is permitted to be incurred pursuant to this Agreement; (m) Liens arising out of consignment or similar arrangements for the sale of goods entered into by any Borrower or any of its Subsidiaries in the
ordinary course of business; and (n) rights of setoff upon deposits of cash in favor of banks or other depository institutions as permitted by any Control Agreement or, with respect to deposits of cash not subject to a Control Agreement,
customary rights of setoff in favor of such banks or depository institutions; (o) Liens securing Indebtedness incurred by the US Borrowers pursuant to the 2011 Term Loan B Credit Agreement, any Cash Management Agreement and any Hedging
Agreement, to the extent subject to the terms and conditions of the Intercreditor Agreement provided that such Liens do not encumber any asset that does not constitute Collateral; (p) Liens securing Indebtedness or leases that refinance,
refund, extend, renew and/or replace Indebtedness or leases secured by Liens described in clauses (a) through (n) above and (q) Liens created by or pursuant to that certain Cash Pledge and Security Agreement, dated as of
October 13, 2005, by and between Exopack Op Co and The CIT Group/Business Credit, Inc., provided that the amount of cash deposited or delivered pursuant thereto shall not exceed $2,250,000 or the Dollar Equivalent thereof in the
aggregate at any time. 
 “Permitted Indebtedness” means any Indebtedness of any Credit Party that is not
prohibited by Section 5.1 or any other provision of any Loan Document. 
 “Permitted Refinancing”
means Indebtedness constituting a refinancing or extension of Permitted Indebtedness that (a) has an aggregate outstanding principal amount not greater than the aggregate principal amount of such Permitted Indebtedness outstanding at the time
of such refinancing or extension, (b) has a weighted average maturity (measured as of the date of such refinancing or extension) and maturity no shorter than that of such Permitted Indebtedness, (c) is not entered into as part of a sale
and leaseback transaction, (d) is not secured by any property or any Lien other than those securing such Permitted Indebtedness, (e) is otherwise on terms no less favorable to the Credit Parties, taken as a whole, than those of such
Permitted Indebtedness and (f) has an Effective Yield not greater than the Effective Yield of such Permitted Indebtedness; provided, however, that, no Guaranty Obligation for such Indebtedness shall constitute part of such
Permitted Refinancing unless similar Guaranty Obligations with respect to such Permitted Indebtedness existed and constituted Permitted Indebtedness prior to such refinancing or extension. 

  
 38 

 “Person” means any individual, sole proprietorship, partnership, joint
venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise,
including any instrumentality, division, agency, body or department thereof). 
 “Plan” means, at any time, an
“employee benefit plan,” as defined in Section 3(3) of ERISA, that any Credit Party or ERISA Affiliate maintains, contributes to or has an obligation to contribute to on behalf of its employees. 

“Pledge Agreements” means the US Pledge Agreement, the Canadian Pledge Agreement, the UK Shareholder Pledge and any
other pledge agreement entered into after the Closing Date by any Credit Party in favor of an Agent or any Lender. 

“Post-Closing Agreement” means the (i) the agreement, dated the date hereof, by and among the Credit Parties and
the US Agent setting forth the obligations of the Credit Parties to be completed within the times set forth therein; and (ii) the agreement, dated the date hereof, by and among the Credit Parties and the Canadian Agent setting forth the
obligations of the Credit Parties to be completed within the times set forth therein. 
 “PPSA” means the
Personal Property Security Act as the same may, from time to time, be in effect in the Province of Ontario; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of
any Lender’s security interest in any Collateral is governed by the Personal Property Security Act as in effect in a jurisdiction other than the Province of Ontario, the term “PPSA” shall mean the Personal Property Security Act or a
similar act or statute as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such attachment, perfection or priority and for purposes of definition related to such provisions. 

“Prepayment Date” has the meaning ascribed to it in Section 1.6(e)(iii). 

“Prior Claims” means any claim secured by a Lien with superior priority to the Liens securing the Obligations.

 “Pro Rata Share” means (A) with respect to all matters relating to any Lender (a) with respect to
the Revolving Loan prior to the occurrence of the Commitment Termination Dates, the percentage obtained by dividing (i) the Revolving Loan Commitment of that Lender by (ii) the aggregate Revolving Loan Commitments of all Lenders, and
(b) with respect to the Revolving Loan on and after the occurrence of the Commitment Termination Dates, the percentage obtained by dividing (i) the aggregate outstanding principal balance of the Revolving Loan (including Letter of Credit
Obligations) held by that Lender by (ii) the outstanding principal balance of the Revolving Loan (including Letter of Credit Obligations) held by all Lenders, as such percentages may be adjusted by assignments pursuant to
Section 8.1; (B) with respect to all matters relating to any US Tranche A Lender only (a) with respect to the US Tranche A Loan prior to the occurrence of the US Tranche A Commitment Termination Date, the percentage obtained by
dividing (i) the US Tranche A Loan Commitment of that US Tranche A Lender by (ii) the aggregate US Tranche A Loan Commitments of all US Tranche A Lenders, (b) with respect to 

  
 39 

 
the US Tranche A Loan on and after the occurrence of the US Tranche A Commitment Termination Date, the percentage obtained by dividing (i) the aggregate outstanding principal balance of the
US Tranche A Loan held by that US Tranche A Lender, by (ii) the outstanding principal balance of the US Tranche A Loan held by all US Tranche A Lenders, as such percentages may be adjusted by assignments pursuant to Section 8.1,
(C) with respect to all matters relating to any US Tranche A1 Lender only (a) with respect to the US Tranche A1 Loan prior to the occurrence of the US Tranche A1 Commitment Termination Date, the percentage obtained by dividing (i) the
US Tranche A1 Loan Commitment of that US Tranche A1 Lender by (ii) the aggregate US Tranche A1 Loan Commitments of all US Tranche A1 Lenders, (b) with respect to the US Tranche A1 Loan on and after the occurrence of the US Tranche A1
Commitment Termination Date, the percentage obtained by dividing (i) the aggregate outstanding principal balance of the US Tranche A1 Loan held by that US Tranche A1 Lender, by (ii) the outstanding principal balance of the US Tranche A1
Loan held by all US Tranche A1 Lenders, as such percentages may be adjusted by assignments pursuant to Section 8.1, (D) with respect to all matters relating to any Canadian Tranche A Lender only (a) with respect to all Canadian
Tranche A Loans prior to the occurrence of the Canadian Tranche A Commitment Termination Date, the percentage obtained by dividing (i) the aggregate Canadian Tranche A Loan Commitments of that Canadian Tranche A Lender by (ii) the
aggregate Canadian Tranche A Loan Commitments of all Canadian Tranche A Lenders, and (b) with respect to all Canadian Tranche A Loans on and after the occurrence of the Canadian Tranche A Commitment Termination Date, the percentage obtained by
dividing (i) the aggregate outstanding principal balance of the Canadian Tranche A Loans held by that Canadian Tranche A Lender, by (ii) the outstanding principal balance of the Canadian Tranche A Loans held by all Canadian Tranche A
Lenders, as such percentages may be adjusted by assignments pursuant to Section 8.1. and (E) with respect to all matters relating to any Canadian Tranche A1 Lender only (a) with respect to all Canadian Tranche A1 Loans prior to
the occurrence of the Canadian Tranche A1 Commitment Termination Date, the percentage obtained by dividing (i) the aggregate Canadian Tranche A1 Loan Commitments of that Canadian Tranche A1 Lender by (ii) the aggregate Canadian Tranche A1
Loan Commitments of all Canadian Tranche A1 Lenders, and (b) with respect to all Canadian Tranche A1 Loans on and after the occurrence of the Canadian Tranche A1 Commitment Termination Date, the percentage obtained by dividing (i) the
aggregate outstanding principal balance of the Canadian Tranche A1 Loans held by that Canadian Tranche A1 Lender, by (ii) the outstanding principal balance of the Canadian Tranche A1 Loans held by all Canadian Tranche A1 Lenders, as such
percentages may be adjusted by assignments pursuant to Section 8.1. 
 “Proceeding” means a
proceeding under the United States Bankruptcy Code, Insolvency Laws or any similar law in any jurisdiction, in which any Credit Party or any Subsidiary thereof is a debtor. 
 “Projections” means Holdings’ forecasted consolidated and consolidating: (a) balance sheets; (b) profit and loss statements; (c) cash flow statements; and
(d) capitalization statements, all prepared on a Subsidiary by Subsidiary or Division-by-Division basis, if applicable, and otherwise consistent with the historical Financial Statements of Holdings, together with appropriate supporting details
and a statement of underlying assumptions. 
 “Proposed Change” has the meaning ascribed to it in
Section 9.19(c). 

  
 40 

 “Qualified Assignee” means (a) any Lender, any Affiliate of any Lender
and, with respect to any Lender that is an investment fund that invests in commercial loans, any other investment fund that invests in commercial loans and that is managed or advised by the same investment advisor as such Lender or by an Affiliate
of such investment advisor, and (b) any commercial bank, savings and loan association or savings bank or any other entity which is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933 or in respect of
Canadian Loans, the Ontario Securities Commission Rule 45-501) which extends credit or buys loans as one of its businesses, including insurance companies, mutual funds, lease financing companies and commercial finance companies, in each case, which
has a rating of BBB or higher from S&P and a rating of Baa2 or higher from Moody’s at the date that it becomes a Lender and which, in each case, through its applicable lending office, is capable of lending to Borrowers without the
imposition of any withholding or similar taxes; provided that such Person shall not be a Qualified Assignee if the assigning Lender is entitled to receive additional amounts from the Borrowers under Section 1.12 hereof immediately
prior to such assignment in an amount greater than the amount imposed by such assignee; and provided, further, that no Person that (directly or through an Affiliate) holds a cash Investment in the Subordinated Debt or equity of any
Credit Party in excess of 20% of its Commitments or cash Investment in the Loans shall be a Qualified Assignee. 

“Qualified Plan” means a Plan that is intended to be tax-qualified under Section 401(a) of the IRC. 

“Real Property” has the meaning ascribed to it in Section 3.14. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as now and from time to
time hereafter in effect. 
 “Related Transactions” means (i) the execution and delivery of all of the
Related Transactions Documents, the consummation of the transactions contemplated thereby and the payment of the 2011 Dividend and the payment of all Fees, costs and expenses associated with the foregoing on the Closing Date and (ii) the
execution and delivery of this Agreement and each Loan Document and the performance of each transaction contemplated thereby. 

“Related Transactions Documents” means the 2011 High Yield Notes, the 2011 Indenture, the 2011 Term Loan B Credit
Agreement and the agreements executed in connection therewith. 
 “Release” means any release, threatened
release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material in the indoor or outdoor environment, including the movement of
Hazardous Material through or in the air, soil, surface water, ground water or property. 
 “Replacement
Lender” has the meaning ascribed to it in Section 9.19(a). 
 “Report” has the meaning
ascribed to it in Section 8.2(1). 

  
 41 

 “Requirements of Law” means, with respect to any Person, collectively, the
common law and all federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or
judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are
applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Requisite Lenders” means Lenders having (a) more than 50% of the Commitments of all Lenders, or (b) if
the Commitments have been terminated, more than 50% of the aggregate outstanding amount of the Loans. 

“Reserves” means, with respect to any Borrowing Base (a) reserves established by Applicable Agent from time to time
against Eligible Accounts and Eligible Inventory pursuant to Exhibit 6.1(d) and (b) such other reserves against Eligible Accounts, Eligible Inventory, Aggregate Borrowing Availability, US Tranche A Borrowing Availability, US Tranche A1
Borrowing Availability, Canadian Tranche A Borrowing Availability, or Canadian Tranche A1 Borrowing Availability that Applicable Agent may, in its reasonable credit judgment acting in good faith, establish from time to time without double-counting.
Without limiting the generality of the foregoing, Reserves established to ensure the payment of accrued Interest Expenses or Indebtedness shall be deemed to be a reasonable exercise of Applicable Agent’s credit judgment. 

“Restricted Payment” means, with respect to any Credit Party (a) the declaration or payment of any dividend or the
incurrence of any liability to make any other payment or distribution of cash or other property or assets in respect of Stock; (b) the declaration or payment of the 2011 Dividend; (c) any payment on account of the purchase, redemption,
defeasance, sinking fund or other retirement of such Credit Party’s Stock or any other payment or distribution made in respect thereof, either directly or indirectly; (d) any payment or prepayment of principal of, premium, if any, or
interest, fees or other charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to, any Subordinated Debt; (e) any payment made to redeem,
purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire Stock of such Credit Party now or hereafter outstanding; (f) any payment of a claim for the rescission of the purchase
or sale of, or for material damages arising from the purchase or sale of, any shares of such Credit Party’s Stock or of a claim for reimbursement, indemnification or contribution arising out of or related to any such claim for damages or
rescission; (g) any payment, loan, contribution, or other transfer of funds or other property to any Stockholder of such Credit Party other than payment of compensation in the ordinary course of business to Stockholders who are employees of
such Credit Party; and (h) any payment of management fees (or other fees of a similar nature), out-of-pocket expenses in connection therewith and indemnities payable in connection with any management services, consulting or like agreement by
such Credit Party to any Stockholder of such Credit Party or its Affiliates. 
 “Restricted Subsidiaries” has
the meaning given to such term in the 2011 Indenture. 

  
 42 

 “Revolving Credit Advances” means the Canadian Tranche A Revolving Credit
Advances, the Canadian Tranche A1 Revolving Credit Advances, the US Tranche A Revolving Credit Advances and the US Tranche A1 Revolving Credit Advances. 
 “Revolving Lenders” means, collectively, the US Tranche A Lenders, the US Tranche A1 Lenders, the Canadian Tranche A Lenders and the Canadian Tranche A1 Lenders. 

“Revolving Loan” means, collectively, the US Tranche A Loan, the US Tranche A1 Loan, the Canadian Tranche A Loan and the
Canadian Tranche A1 Loan. 
 “Revolving Loan Commitment” means, collectively, the US Tranche A Loan Commitment,
US Tranche A1 Loan Commitment, the Canadian Tranche A Loan Commitment and Canadian Tranche A1 Loan Commitment. 

“S&P” means Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc.

 “Secured Parties” means US Agent and US Lenders and Canadian Agent and Canadian Lenders, as the context may
require. 
 “Security Agreements” means, collectively, the US Security Agreement and the Canadian Security
Agreement. 
 “Sellers” means, collectively, Intelicoat Technologies Image Products Holdco LLC, a Delaware
limited liability company, and Image Products Group LLC, a Delaware limited liability company. 

“Senior Notes” means those certain
111/4% Senior Unsecured Notes due 2014 issued by Holdings in an aggregate
original principal amount up to $245,000,000, as amended and as may be further amended or supplemented from time to time pursuant to the terms hereof and the terms of the Indenture.  

“Settlement Date” means the US Settlement Date or Canadian Settlement Date, as the context may require. 

“Software” means all “software” as such term is defined in the Code, the PPSA (or similar Applicable Law), now
owned or hereafter acquired by any Credit Party, other than software embedded in any category of Goods, including all computer programs and all supporting information provided in connection with a transaction related to any program. 

“Solvent” means, with respect to any Person on a particular date, that on such date (a) the present fair saleable
value of the property of such Person is greater than the total amount of liabilities, including subordinated and contingent liabilities, of such Person; (b) the present fair saleable 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 and liabilities, including subordinated and contingent liabilities 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 as such debts and liabilities mature; (d) such Person is not engaged in a business or transaction, and

  
 43 

 
is not about to engage in a business or transaction, for which such Person’s property would constitute an unreasonably small capital; and (e) such Person is able to pay its debts and
liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities (such as Litigation, guaranties and pension plan liabilities) at any time shall be computed as the
amount that, in light of all the facts and circumstances existing at the time, represents the amount that would be reasonably be expected to become an actual or matured liability. 

“Specified Obligations” means Obligations consisting of (a) the principal and interest on Loans and
(b) reimbursement obligations in respect of Letters of Credit. 
 “Sponsor” means, collectively, Sun
Capital Partners III, LP, Sun Capital Partners II QP, LP and Sun Capital Partners IV, LP. 
 “Statement” has
the meaning ascribed to it in Section 6.1(b). 
 “Stock” means all shares, options, warrants,
general or limited partnership interests, membership interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common
stock, preferred stock, convertible preferred equity certificates, preferred equity certificates (other than PEC’s) or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations
promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934). 

“Stockholder” means, with respect to any Person, each holder of Stock of such Person. 

“Subordinated Debt” means any Indebtedness of any Credit Party subordinated to the Obligations as to right and time of
payment and as to any other rights and remedies thereunder and having such other terms as are satisfactory to Agents and Requisite Lenders. 
 “Subsidiary” means, with respect to any Person, (a) any corporation of which an aggregate of more than 50% of the outstanding Stock having ordinary voting power to elect a majority
of the board of directors of such corporation (irrespective of whether, at the time, Stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time,
directly or indirectly, owned legally or beneficially by such Person or one or more Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of 50% or more of such Stock whether by proxy,
agreement, operation of law or otherwise, and (b) any partnership or limited liability company in which such Person and/or one or more Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits
or capital contribution) of more than 50% or of which any such Person is a general partner or may exercise the powers of a general partner. Unless the context otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of
Holdings. Notwithstanding the foregoing, the Excluded Subsidiaries shall not be considered “Subsidiaries” for purposes of this Agreement. 
 “Supermajority Lenders” means Lenders having (a) 65% or more of the Commitments of all Lenders, or (b) if the Commitments have been terminated, 65% or more of the aggregate
outstanding amount of the Loans. 

  
 44 

 “Target” has the meaning ascribed to it in Section 5.6.

 “Taxes” has the meaning ascribed to it in Section 1.12(a). 

“Tax Distributions” means, for so long as any Borrowers is a Subchapter S corporation, limited liability company
or partnership dividends and/or distributions paid by such Borrower to its shareholders, members or general partners, as the case may be, in an amount equal to the product of (a) taxable income related to such persons’ ownership
interest in such Borrower multiplied by (b) the sum of the highest effective individual federal and state income tax rates in a state in which any such shareholder, member or general partner, as the case may be, resides which were applicable in
such year. 
 “Tax Returns” means all reports, returns, information returns, claims for refund, elections,
estimated Tax filings or payments, requests for extension, documents, statements, declarations and certifications and other information required to be filed with respect to Taxes, including attachments thereto and amendments thereof. 

“Tender Offer” shall mean the offer by Holdings to repurchase up to any and all of the outstanding Senior Notes pursuant
to the Tender Offer Materials. 
 “Tender Offer Materials” means the Offer to Purchase and Consent Solicitation
Statement and Letter of Transmittal and Consent dated May 6, 2011. 
 “Tender Offer Notes Repurchase”
shall mean the repurchase by Holdings on the Closing Date of all of the Senior Notes validly tendered and not withdrawn pursuant to the Tender Offer and the payment of all related tender premiums and accrued and unpaid interest owing in connection
therewith. 
 “Termination Date” means the date on which (a) the Loans have been indefeasibly repaid in
full, (b) all other Obligations under this Agreement and the other Loan Documents have been completely discharged (other than contingent indemnification obligations as to which no unsatisfied claim has been asserted), (c) all Letter of
Credit Obligations have been cash collateralized in the amount set forth in Section 1.6(g), cancelled or, with the consent of US Agent in each instance, backed by standby letters of credit acceptable to US Agent, (d) all Commitments
have been terminated and (e) Agents and Lenders have been released by Credit Parties of all claims against Agents and Lenders. 
 “Title IV Plan” means a Plan (other than a Multiemployer Plan), that is covered by Title IV of ERISA or Section 412 of the IRC, and that any Credit Party or ERISA Affiliate
maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by any of them. 
 “TPG” has the meaning given to such term in the recitals to this Agreement. 
 “TPG Canada” means The Packaging Group (Canada) Corporation, a Nova Scotia unlimited liability company. 
 “TPG Enterprises” means TPG Enterprises, Inc., a Delaware corporation. 

  
 45 

 “TPG Recapitalization” means the recapitalization of TPG Canada with the
result being that the amount of paid up capital of TPG Canada for the purposes of the ITA is reduced by approximately two-thirds of the amount thereof on the Closing Date and an amount equal to such reduction is paid to TPG Enterprises as a return
of capital and an amount equal to such return of capital is lent by TPG Enterprises to TPG Canada on an interest bearing basis. 

“Trademark Security Agreements” means the US Trademark Security Agreements and Canadian Trademark Security Agreements.

 “Trademark License” means rights under any written agreement now owned or hereafter acquired by any Credit
Party granting any right to such Credit Party to use any Trademark owned by a third party. 
 “Trademarks”
means all of the following now owned or hereafter adopted or acquired by any Credit Party: (a) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos, internet domain names, other source or business
identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection
therewith, including registrations, recordings and applications in the United States Patent and Trademark Office, the Canadian Intellectual Property Office or in any similar office or agency of the United States, Canada any state or territory
thereof, or any other country or any political subdivision thereof; (b) all reissues, extensions or renewals thereof; and (c) all goodwill associated with or symbolized by any of the foregoing. 

“UK Group Member” means Exopack UK Holdco and each of its Subsidiaries. 

“UK Holdco” means Intelicoat Technologies EF Holdco Ltd., a company organized under the laws of England and Wales.

 “U.K. Engineered Films” means Intelicoat Technologies Engineered Films Ltd., a company organized under the
laws of England and Wales. 
 “UK Shareholder Pledge” means the UK Shareholder Pledge Agreement dated as of
October 3, 2007, executed by US Borrower, pledging 65% of the Stock of Exopack UK Holdco in favor of US Agent, on behalf of itself and US Lenders. 
 “Unfunded Pension Liability” means, at any time, the aggregate amount, if any, of the amount by which the present value of all accrued benefits under each Title IV Plan exceeds the fair
market value of all assets of such Title IV Plan allocable to such benefits in accordance with Title IV of ERISA, all determined as of the most recent valuation date for each such Title IV Plan using the actuarial assumptions for purposes of
determining the funded status of such Title IV Plan under Section 412 of the IRC. 
 “US” means the United
States of America. 
 “US Agent” means GE Capital in its capacity as US Agent for US Lenders or its successor
appointed pursuant to Section 8.2. 

  
 46 

 “US Allocable Amount” has the meaning ascribed to it in
Section 10.7(b). 
 “US Borrowers” has the meaning ascribed thereto in the recitals to this
Agreement. 
 “US Borrower Representative” means Exopack Op Co, in its capacity as US Borrower Representative
pursuant to the provisions of Section 1.13(a). 
 “US Collateral” means the property covered by the
US Security Agreement and the other US Collateral Documents and any other property, tangible or intangible, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of US Agent, on behalf
of itself and Lenders, to secure the Obligations or any portion thereof. 
 “US Collateral Documents” means the
US Security Agreement, the US Guaranty, the US Pledge Agreement, the Patent Security Agreements, the Trademark Security Agreements, the Copyright Security Agreements, the Mortgages, and all similar agreements entered into guaranteeing
payment of, or granting a Lien upon property as security for payment of, the Obligations or any portion thereof or reaffirming the grant of any such Liens. 
 “US Copyright Security Agreements” means the US Copyright Security Agreements, if any, made in favor of US Agent, on behalf of itself and Lenders, by each applicable US Credit Party.

 “US Credit Parties” means Exopack Holdings and its Domestic Subsidiaries. 

“US Disbursement Account” has the meaning ascribed to it in Section 1.1(c). 

“US Foreign Lender” has the meaning ascribed to it in Section 1.12(d). 

“US Guarantor Payment” has the meaning ascribed to it in Section 10.7(a). 

“US Guarantors” means each of Exopack Holdings, Holdings and each Domestic Subsidiary of Holdings and each other Person,
if any, that executes a guaranty or other similar agreement in favor of US Agent, for itself and the ratable benefit of Lenders guarantying the Obligations, in connection with the transactions contemplated by this Agreement and the other Loan
Documents. 
 “US Guaranty” means the Guaranty, dated as of the Original Closing Date, executed by each
Domestic Subsidiary of Holdings (other than US Borrowers) in favor of US Agent, on behalf of Agents and Lenders, as reaffirmed on the Closing Date. 
 “US Indemnitees” has the meaning ascribed to it in Section 9.1(a). 
 “US Index Rate” means, for any day, a floating rate equal to the higher of (i) the rate publicly quoted from time to time by The Wall Street Journal as the “base
rate on corporate loans posted by at least 75% of the nation’s 30 largest banks” (or, if The Wall Street Journal ceases quoting a base rate of the type described, the highest per annum rate of interest published by the Federal
Reserve Board in Federal Reserve statistical release H.15 (519) entitled “Selected Interest Rates” as the Bank prime loan rate or its equivalent), and (ii) the Federal Funds Rate plus 50 basis points per annum. Each change in any
interest rate provided for in this Agreement based upon the US Index Rate shall take effect at the time of such change in the US Index Rate. 

  
 47 

 “US Index Rate Loan” means a Loan or portion thereof bearing interest by
reference to the US Index Rate. 
 “US Interest Rate Agreement” means any interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement or similar agreement or arrangement designed to protect US Borrowers against fluctuations in interest rates entered into between one or more US Borrowers and one or more US Lenders to the
extent permitted hereunder. 
 “US L/C Issuer” means GE Capital or a Subsidiary thereof or a bank or other
legally authorized Person selected by or acceptable to US Agent in its sole discretion, in such Person’s capacity as an issuer of US Letters of Credit hereunder. 
 “US L/C Sublimit” has the meaning ascribed to it in Section 1.1(b)(i). 
 “US Lenders” means the US Tranche A Lenders and the US Tranche A1 Lenders. 
 “US Letters of Credit” means standby letters of credit issued for the account of US Borrowers by US L/C Issuers for which US Agent and US Tranche A Lenders have incurred US Letter of
Credit Obligations. 
 “US Letters of Credit Fee” has the meaning ascribed to it in Section 1.4(d).

 “US Letter of Credit Obligations” means all outstanding obligations incurred by US Agent and US Tranche A
Lenders at the request of US Borrower Representative, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of US Letters of Credit by US L/C Issuers or the purchase of a participation as set forth in
Section 1.1(b) with respect to any US Letter of Credit. The amount of such US Letter of Credit Obligations shall equal the maximum amount that may be payable by US Agent and US Tranche A Lenders thereupon or pursuant thereto. 

“US Loans” means the US Tranche A Loans and the US Tranche A1 Loans. 

“US Loan Commitments” means the US Tranche A Loan Commitment and the US Tranche A1 Loan Commitment. 

“US Non-Funding Lender” has the meaning ascribed to it in Section 8.5(a). 

“US Notes” means the US Tranche A Notes and the US Tranche A1 Notes. 

“US Obligations” means all loans, advances, debts, liabilities and obligations, for the performance of covenants, tasks
or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable), including US Letter of Credit Obligations, owing by any US Credit Party to US Agent or any
US Lender, and all covenants and duties regarding such amounts, of any kind or 

  
 48 

 
nature, present or future, whether or not evidenced by any note, agreement or other instrument, arising under this Agreement or any of the other Loan Documents and all liabilities and obligations
of the US Credit Parties under the US Interest Rate Agreements to the extent the counterparty is a US Lender. This term includes all principal, interest (including all interest that accrues after the commencement of any case or proceeding by or
against any US Credit Party in bankruptcy, whether or not allowed in such case or proceeding), Fees, Charges, expenses, attorneys’ fees and any other sum chargeable to any US Credit Party under this Agreement or any of the other Loan Documents.

 “US Overadvance” has the meaning ascribed to it in Section 1.1(a). 

“US Patent Security Agreement” means the US Patent Security Agreement, if any, made in favor of US Agent, on behalf of
itself and Lenders, by each applicable US Credit Party. 
 “US Pledge Agreement” means the Amended and Restated
Pledge Agreement dated as of the Closing Date, executed by each of Exopack Holdings, Holdings and each US Credit Party in favor of US Agent, on behalf of itself, US Lenders, the Canadian Agent and Canadian Lenders. 

“US Security Agreement” means the Amended and Restated Security Agreement dated as of the Closing Date, by and among US
Agent, on behalf of itself and Lenders, and each US Credit Party that is a signatory thereto. 
 “US Settlement
Date” has the meaning ascribed to it in Section 8.5(a)(ii). 
 “US Trademark Security
Agreements” means the US Trademark Security Agreements, if any, made in favor of US Agent, on behalf of itself and Lenders, by each applicable US Credit Party. 
 “US Tranche A Borrowing Availability” means, at any time the lesser of (i) the amount of the US Tranche A Loan Commitment of all US Tranche A Lenders at such time and (ii) the
Aggregate US Tranche A Borrowing Base at such time, in each case less the sum of (x) the amount of the outstanding US Tranche A Loan (including, without duplication, US Letter of Credit Obligations) plus the Dollar Equivalent of the outstanding
Canadian Tranche A Loans at such time, plus (y) Reserves imposed by Agents in their reasonable credit judgment at such time in accordance with the terms hereof. 
 “US Tranche A Borrowing Base” means, for any US Borrower, as of any date of determination by US Agent, from time to time, an amount equal to the sum at such time of: 

 

	 	(a)	up to 85% of the book value of the Eligible Accounts of such US Borrower and its Domestic Subsidiaries (which for the avoidance of doubt, includes direct and indirect
Domestic Subsidiaries) at such time; 

  

	 	(b)	up to the lesser of (i) 62.5% of the book value of the Eligible Inventory of such US Borrower and its Domestic Subsidiaries (which for the avoidance of doubt,
includes direct and indirect Domestic Subsidiaries but excluding any UK Group Member) consisting of raw materials (other than Eligible Inventory consisting of raw materials in-transit, eligible pursuant to Section 1.9(p)) and finished
goods valued at the lower of cost (determined on a first-in, first-out basis) or market and (ii) 85% of the NOLV of such Eligible Inventory (such amount the “US Tranche A Raw Materials Advance Rate”); 

  
 49 

	 	(c)	up to 45% of the book value of the Eligible Inventory of such US Borrower and its Domestic Subsidiaries (which for the avoidance of doubt, includes direct and indirect
Domestic Subsidiaries) consisting of work in process (eligible pursuant to Section 1.9(o)) in an amount not to exceed $6,500,000 in the aggregate; and 

 

	 	(d)	up to the inverse of the then applicable US Tranche A Raw Materials Advance Rate on the Eligible Inventory of such US Borrower and its Domestic Subsidiaries (which for
the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) consisting of raw materials in-transit (eligible pursuant to Section 1.9(p)), in an amount not to exceed $1,000,000 in the aggregate. 

Notwithstanding the foregoing, no assets or receivables of any UK Group Member generated pursuant to Section 5.1(c)(ii) or
(iii) shall be included in the US Tranche A Borrowing Base until the Agents shall have completed reasonably satisfactory audits and appraisals of such assets and receivables. 

“US Tranche A Commitment Termination Date” means the earliest of (a) May 31, 2016, (b) the date of
termination (whichever is earliest) of US Tranche A Lenders’ obligations to make US Tranche A Revolving Credit Advances or incur US Letter of Credit Obligations or permit existing US Tranche A Loans to remain outstanding, in each case, pursuant
to Section 7.2 or Section 7.3, and (c) the date of (i) payment in full by US Borrowers of the US Tranche A Loans, (ii) the cancellation and return (or stand-by guarantee) of all US Letters of Credit or the cash
collateralization of all US Letter of Credit Obligations pursuant to Section 1.6(g), and (iii) the permanent reduction of the US Tranche A Loan Commitments to zero dollars ($0).  

“US Tranche A Lenders” means GE Capital, the other Lenders named on the signature pages of this Agreement as US Tranche
A Lenders (in such capacity only), and, if any such US Tranche A Lender shall assign all or any portion of the US Obligations in accordance with the terms hereof, such term shall include any assignee of such US Tranche A Lender. 

“US Tranche A Loans” means, at any time, the sum of (i) the aggregate amount of US Tranche A Revolving Credit
Advances outstanding to US Borrowers plus (ii) the aggregate US Letter of Credit Obligations incurred on behalf of US Borrowers. Unless the context otherwise requires, references to the outstanding principal balance of the US Tranche A Loan
shall include the outstanding balance of US Letter of Credit Obligations. 
 “US Tranche A Loan Commitment”
means (a) as to any US Tranche A Lender, the commitment of such US Tranche A Lender to make its Pro Rata Share of US Tranche A Revolving Credit Advances or incur its Pro Rata Share of US Letter of Credit Obligations as set forth on Annex B or
in the most recent Assignment Agreement, if any, executed by such US 

  
 50 

 
Tranche A Lender and (b) as to all US Tranche A Lenders, the aggregate commitment of all US Tranche A Lenders to make the US Tranche A Revolving Credit Advances or incur US Letter of Credit
Obligations, which aggregate commitment shall be the Dollar Equivalent of Seventy Million Dollars ($70,000,000) on the Closing Date, as such amount may be adjusted, if at all, from time to time in accordance with this Agreement. 

“US Tranche A Notes” has the meaning ascribed to it in Section 1.1(a). 

“US Tranche A Raw Materials Advance Rate” has the meaning ascribed to it in the definition of “US Tranche A
Borrowing Base”. 
 “US Tranche A Revolving Credit Advances” has the meaning ascribed to it in
Section 1.1(a). 
 “US Tranche A1 Borrowing Availability” means, at any time the lesser of
(i) the amount of the US Tranche A1 Loan Commitment of all US Tranche A1 Lenders at such time and (ii) the Aggregate US Tranche A1 Borrowing Base at such time, in each case less the sum of (x) the amount of the outstanding US Tranche
A1 Loan plus the Dollar Equivalent of the outstanding Canadian Tranche A1 Loans at such time plus (y) Reserves imposed by Agents in their reasonable credit judgment at such time in accordance with the terms hereof. 

“US Tranche A1 Borrowing Base” means, for any US Borrower, as of any date of determination by US Agent, from time to
time, an amount equal to the sum at such time of: 
 (a) up to an additional 5% of the book value of the Eligible Accounts of
such US Borrower and its Domestic Subsidiaries (which for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) at such time; and 
 (b) up to the lesser of (i) an additional 5% of the book value of the Eligible Inventory of such US Borrower and its Domestic Subsidiaries (which for the avoidance of doubt, includes direct and
indirect Domestic Subsidiaries but excluding any UK Group Member) consisting of raw materials and finished goods valued at the lower of cost (determined on a first-in, first-out basis) or market and (ii) an additional 5% of the NOLV of such
Eligible Inventory. 
 Notwithstanding the foregoing, no assets or receivables of any UK Group Member generated pursuant to
Section 5.1(c)(ii) or (iii) shall be included in the US Tranche A1 Borrowing Base until the Agents shall have completed reasonably satisfactory audits and appraisals of such assets and receivables. 

“US Tranche A1 Commitment Termination Date” means the earliest of (a) May 31, 2016, (b) the date of
termination (whichever is earliest) of US Tranche A1 Lenders’ obligations to make US Tranche A1 Revolving Credit Advances or permit existing US Tranche A1 Loans to remain outstanding, in each case, pursuant to Section 7.2 or
Section 7.3, and (c) the date of (i) payment in full by US Borrowers of the US Tranche A1 Loans, and (ii) the permanent reduction of the US Tranche A1 Loan Commitments to zero dollars ($0). 

  
 51 

 “US Tranche A1 Lenders” means GE Capital, the other Lenders named on the
signature pages of this Agreement as US Tranche A1 Lenders (in such capacity only), and, if any such US Tranche A1 Lender shall assign all or any portion of the US Obligations in accordance with the terms hereof, such term shall include any assignee
of such US Tranche A1 Lender. 
 “US Tranche A1 Loan Commitment” means (a) as to any US Tranche A1 Lender,
the commitment of such US Tranche A1 Lender to make its Pro Rata Share of US Tranche A1 Revolving Credit Advances as set forth on Annex B or in the most recent Assignment Agreement, if any, executed by such US Tranche A1 Lender and (b) as to
all US Tranche A1 Lenders, the aggregate commitment of all US Tranche A1 Lenders to make the US Tranche A1 Revolving Credit Advances, which aggregate commitment shall be the Dollar Equivalent of Five Million Dollars ($5,000,000) on the Closing Date,
as such amount may be adjusted, if at all, from time to time in accordance with this Agreement. 
 “US Tranche A1
Loans” means, at any time, the aggregate amount of US Tranche A1 Revolving Credit Advances outstanding to US Borrowers. 
 “US Tranche A1 Notes” has the meaning ascribed to it in Section 1.1(e). 
 “US Tranche A1 Revolving Credit Advances” has the meaning ascribed to it in Section 1.1(e). 
 “Utilization Level” shall mean, as of any date of determination, a fraction, expressed as a percentage, of which (x) the numerator shall be (i) the aggregate amount of Advances
outstanding as of such date of determination plus (ii) the face amount of all undrawn Letters of Credit outstanding as of such date of determination and (b) the denominator shall be the Aggregate Borrowing Availability as of such
date of determination. 
 “Welfare Plan” means a Plan described in Section 3(1) of ERISA. 

“Voluntary Prepayment Threshold” means, as of any date of determination, the greater of (x) $37,500,000 and
(y) 50% of the Commitments. 
 “Voting Stock” of any Person means Stock having the right to vote for
election of directors of such Person under ordinary circumstances. 
 Rules of construction with respect to accounting terms
used in this Agreement or the other Loan Documents shall be as set forth or referred to in this Annex A. All other undefined terms contained in any of the Loan Documents shall, unless the context indicates otherwise, have the meanings
provided for by the Code to the extent the same are used or defined therein; in the event that any term is defined differently in different Articles or Divisions of the Code, the definition contained in Article or Division 9 shall control. Unless
otherwise specified, references in this Agreement or any of the Appendices to a section, subsection or clause refer to such section, subsection or clause as contained in this Agreement. The words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole, including all Annexes, Exhibits and Schedules, as the same may from time to time be amended, restated, modified or supplemented, and not to any particular
section, subsection or clause contained in this Agreement or any such Annex, Exhibit or Schedule. 

  
 52 

 Wherever from the context it appears appropriate, each term stated in either the singular or
plural shall include the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and neuter genders. The words “including”, “includes” and “include”
shall be deemed to be followed by the words “without limitation”; the word “or” is not exclusive; references to Persons include their respective successors and assigns (to the extent and only to the extent permitted by the Loan
Documents) or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons; and all references to statutes and related regulations shall include any amendments of the same and any successor statutes and
regulations. Whenever any provision in any Loan Document refers to the knowledge (or an analogous phrase) of any Credit Party, such words are intended to signify that such Credit Party has actual knowledge or awareness of a particular fact or
circumstance or that such Credit Party, if it had exercised reasonable diligence, would have known or been aware of such fact or circumstance. Definitions of agreements and instruments in Annex A shall mean and refer to such agreements and
instruments as amended, modified, supplemented, restated, substituted or replaced from time to time in accordance with their respective terms and the terms of this Agreement and the other Loan Documents. Notwithstanding any other provision contained
herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to in this Agreement shall be made, without giving effect to any election under Accounting Standards
Codification 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value.” 

  
 53 

 ANNEX B 
 to 
 CREDIT AGREEMENT 

COMMITMENT AMOUNTS 
  

			
	 	  	 Lender

		
	 US Tranche A Loan Commitment $70,000,000
	  	GENERAL ELECTRIC CAPITAL CORPORATION
		
	 US Tranche A1 Loan Commitment $5,000,000
	  	GENERAL ELECTRIC CAPITAL CORPORATION
		
	 Canadian Tranche A Loan Commitment $15,000,000
	  	GE CANADA FINANCE HOLDING COMPANY
		
	 Canadian Tranche A1 Loan Commitment $5,000,000
	  	GE CANADA FINANCE HOLDING COMPANY

 ANNEX C 
 to 
 CREDIT AGREEMENT 

CLOSING CHECKLIST 
  

	A.	DOCUMENTS 

 1. Credit
Agreement: This Agreement or counterparts hereof shall have been duly executed by, and delivered to, each Credit Party, Agents and Lenders. 
 2. Fee Letter: The fee letter, dated as of the date hereof, among GE Capital, GE Canada and the Borrowers shall have been duly executed and delivered by such parties. 

3. Revolving Notes: Duly executed originals of the US Notes and Canadian Notes for each applicable Lender, dated the date hereof,
if requested by the respective Lenders, shall have been delivered to the Applicable Agent. 
 4. Intercreditor Agreement:
Duly executed originals of the Intercreditor Agreement, dated as of the date hereof, by and among the Agents and the administrative agent under the 2011 Term Loan B Credit Agreement. 

5. US Reaffirmation: Duly executed originals of Reaffirmation of the US Collateral Documents, dated the date hereof, shall have
been delivered to the Applicable Agent. 
 6. Canadian Reaffirmation: Duly executed originals of Reaffirmation of the
Canadian Collateral Documents, dated the date hereof, shall have been delivered to the Applicable Agent. 
 7. Lien
Searches: Copies of UCC, Intellectual Property and other appropriate search reports and of all effective prior filings listed therein, together with evidence of the termination of such prior filings and other documents with respect to the
priority of the security interest of the Agents in the Collateral, in each case as may be reasonably requested by the Agents. 

8. US Security Agreement: 
 (a) Duly executed originals of the US Security Agreement, dated the date hereof, shall have been delivered to the Applicable Agent; and 

(b) Evidence satisfactory to the Applicable Agent shall have been delivered to the Applicable Agent that such Agent has a
valid and perfected (to the extent possible under applicable law following filing of UCC financing statements) first priority security interest in the Collateral (other than with respect to Term B Priority Collateral (as defined in the Intercreditor
Agreement), including such documents as Applicable Agent may request in order to perfect its security interests in the Collateral. 

 9. US Pledge Agreement: Duly executed originals of the US Pledge Agreement, dated the
date hereof, shall have been delivered to the Applicable Agent. 
 10. Post-Closing Agreements: Duly executed originals
of each Post-Closing Agreement, dated the date hereof, shall have been delivered to the Applicable Agent. 
 11. Certificate
of Formation and Good Standing: For each Credit Party, (a) its articles or certificate of incorporation or certificate of formation or equivalent organizational document, as applicable, and all amendments thereto, (b) good standing
certificates or similar certificates (including verification of tax status) in its state, province or jurisdiction of incorporation or formation, as applicable, but only if such concept has legal consequence in such state, province or jurisdiction
and (c) good standing certificates or similar certificates (including verification of tax status) and certificates of qualification to conduct business in each jurisdiction where its ownership or lease of property or the conduct of its business
requires such qualification, but only if such concept has legal consequence in such jurisdiction except, with respect to foreign qualifications, where the failure to be in good standing could not reasonably be expected to have a Material Adverse
Effect, each dated a recent date prior to the date hereof and certified by the applicable Secretary of State or other authorized Governmental Authority shall have been delivered to Agents. 

12. By-laws and Resolutions: For each Credit Party, (a) its by-laws or operating agreement, or equivalent organizational
documents, as applicable, together with all amendments thereto and (b) resolutions of such Person’s Board of Directors, Board of Members or equivalent body, as applicable, approving and authorizing the execution, delivery and performance
of the Loan Documents to which it is a party and the transactions to be consummated in connection therewith, each certified as of the date hereof by such Person’s secretary or an assistant secretary or other officer acceptable to the Applicable
Agent as being in full force and effect without any modification or amendment shall have been delivered to Agents. 
 13.
Incumbency Certificates: For each Credit Party, signature and incumbency certificates of the officers of such Person executing any of the Loan Documents, certified as of the date hereof by such Person’s secretary or an assistant
secretary or other officer acceptable to the Applicable Agent as being true, accurate, correct and complete shall have been delivered to Agents. 
 14. Opinions of Counsel: Duly executed originals of opinions of (i) Morgan, Lewis & Bockius LLP, including, without limitation, as to no conflict with applicable law or other material
agreements and no conflict with the Related Transactions Documents, (ii) Blake, Cassels & Graydon LLP, (iii) Cox and Palmer and (iv) Kreis, Enderle, Hudgins & Borsos, P.C., counsel for the Credit Parties, dated the
date hereof, shall have been delivered to Agents, together with such other opinions as the Agents may reasonably require and, which shall be in form and substance reasonably satisfactory to the Agents. 

15. Officer’s Certificate: Duly executed originals of a certificate of an authorized officer of Holdings, dated the Closing
Date, shall have been delivered to Agents, certifying on behalf of each Credit Party that, (a) since December 31, 2010, there have been no events or changes in facts or circumstances affecting any Credit Party or any of its Subsidiaries
which in 

  
 2 

 
the aggregate have had a Material Adverse Effect and that, as of the Closing Date; (b) both before and after giving effect to the Closing Date, there has been no Default or Event of Default
under the Loan Documents or under any material contract or agreement of Holdings, the Borrowers or their respective Subsidiaries; (c) all representations and warranties are true and correct in all material respects; and (d) as of the
Closing Date, there shall not exist any action, suit, investigation, litigation or proceeding pending or, to the knowledge of the Borrowers, threatened in any court or before any arbitrator or governmental authority that has or could reasonably be
expected to have a Material Adverse Effect on Borrowers and their Subsidiaries (taken as a whole) or that seeks to enjoin the entry into the Loan Documents. 
 16. Related Transactions Documents: Duly executed copies of each Related Transactions Document shall have been delivered to the US Agent. 

17. Approvals: Copies of all governmental approvals necessary to consummate the Related Transactions shall have been delivered to
Agents. 
 18. Insurance. Insurance certificates in form and substance satisfactory to the Agents demonstrating that the
insurance policies required by Section 4.2(d) are in full force and effect together with endorsements required by Section 4.2(d); and 
 19. Solvency Opinion: A copy of the Solvency Opinion, dated May 31, 2011, from Duff & Phelps, LLC , delivered in connection with the Related Transactions. 

 

	B.	NON-DOCUMENTARY CONDITIONS 

 20.
Payment of Fees: Borrowers shall have paid the Fees required to be paid on the Closing Date, including but not limited to such Fees specified in the GE Capital Fee Letter, and all expenses that shall then be payable hereunder. 

21. Related Transactions: All conditions precedent to the Related Transactions Documents shall have been satisfied, and
substantially concurrently with the effectiveness of this Agreement, Holdings shall have issued the 2011 High Yield Notes and shall have incurred the Indebtedness under the 2011 Term Loan B Credit Agreement, and certain Borrowers shall have received
gross proceeds therefrom in the aggregate amount of $585,000,000, the Borrowers shall have purchased at least $291,512,000 of the Senior Notes and the 2011 Dividend shall be paid. 

22. Tender Offer: Either (i)(x) at least a majority of the aggregate principal amount of the outstanding Senior Notes shall have
been validly tendered and not withdrawn pursuant to the Tender Offer and, on or prior to the Closing Date, shall be repurchased pursuant to the Tender Offer Notes Repurchase and (y) the Indenture Amendment shall have been entered into (and be
in full force and effect), all to the reasonable satisfaction of the US Agent or (ii) on or prior to the Closing Date, Holdings shall defease or satisfy and discharge all of the Non-Tendered Notes in accordance with the terms of the Indenture
such that, in the case of this subclause (ii), after giving effect thereto, all outstanding Senior Notes shall have been repurchased pursuant to the Tender Offer Notes Repurchase or defeased or satisfied and discharged in accordance with the terms
of the Indenture. 

  
 3 

 ANNEX D 
 to 
 CREDIT AGREEMENT 

WIRE TRANSFER INFORMATION 

US Agent: 
  

			
	 Name:
	  	General Electric Capital Corporation
	 Bank:
	  	Deutsche Bank Trust Company Americas
		  	Newark, New Jersey
	 ABA #:
	  	XXXXXXXXXXXXXX
	 Account #:
	  	XXXXXXXXXXXXXX
	 Account Name:
	  	XXXXXXXXXXXXXX
	 Reference:
	  	XXXXXXXXXXXXXX
		
	 Canadian Agent:
	  	
		
	 Name:
	  	GE Canada Finance Company
	 Bank:
	  	Royal Bank Of Canada – Main Branch
		  	Toronto, Ontario M5J 2J5
	 Bank Swift:
	  	XXXXXXXXXXXXXX
		  	XXXXXXXXXXXXXX
		  	XXXXXXXXXXXXXX
	 Account #:
	  	XXXXXXXXXXXXXX
	 Account Name:
	  	XXXXXXXXXXXXXX
	 Reference:
	  	XXXXXXXXXXXXXX

 ANNEX E 
 to 
 CREDIT AGREEMENT 

Form of Compliance Certificate 

  
 2 

 EXHIBIT 5.19 
 MINIMUM FIXED CHARGE COVERAGE RATIO 
  

					
		
	 EBITDA (calculated in the relevant Compliance Certificate)
	  	$	__________	  
		
	Less:  any provision for income taxes (whether paid or payable in cash)	  	 	__________	  
		
		  			
		
	 Capital Expenditures other than the portion thereof funded by third party financing
	  	 	__________	  
		
	 Operating Cash Flow
	  	$	__________	  
		
		  			
		
	 Fixed Charge Coverage Ratio is defined as follows:
	  			
		
	 Interest expense (whether cash or non-cash) deducted in the determination of Consolidated Net Income, including interest expense
with respect to any Funded Debt and interest expense that has been capitalized
	  	$	__________	  
		
	 Less:  Amortization of capitalized fees and expenses incurred with respect to the Related Transactions included
in interest expense above
	  	 	__________	  
		
	 Amortization of any original discount attributable to any Funded Debt or warrants included in interest expense above
	  	 	__________	  
		
		  			
		
	 Interest paid in kind and included in interest expense above
	  	 	__________	  
		
	 Interest Expense
	  	$	__________	  
		
		  			
		
	Plus:  Scheduled payments of principal with respect to all Indebtedness	  	 	__________	  
		
	 Fixed Charges
	  	$	__________	  
		
		  			
		
	 Fixed Charge Coverage Ratio (Operating Cash Flow from above, divided by Fixed Charges)
	  	 	__________	  
		
		  			

 EXHIBIT 1.1(a)(i) 

FORM OF US TRANCHE A NOTE 
 [New York, New York] 
  

			
	$                    	  	May             , 2011

FOR VALUE RECEIVED, each of the undersigned (each individually a “Borrower” and collectively, the
“Borrowers”), HEREBY PROMISES TO PAY              (“Lender”), at the offices of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as US
Agent for US Lenders (“US Agent”), at its address at [299 Park Avenue, New York, New York 10171], or at such other place as US Agent may designate from time to time in writing, in lawful money of the United States of America and in
immediately available funds, the amount of              ($            ) or, if less, the aggregate unpaid
amount of all US Tranche A Revolving Credit Advances made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings given to them in the
Credit Agreement or in Annex A thereto. 
 This US Tranche A Note is one of the US Notes issued pursuant to that certain
Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011,
by and among, among others, the Borrowers, the other Persons named therein as Credit Parties, US Agent, GE Canada Finance Holding Company, a Nova Scotia unlimited liability company, in its capacity as Canadian Agent for the Canadian Lenders, Lender,
the persons signatory thereto from time to time as US Lenders, and the other Persons signatory thereto from time to time as Canadian Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated,
supplemented or otherwise modified, the “Credit Agreement”), and is entitled to the benefit and security of the Credit Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit
Agreement for a statement of all of the terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each US Tranche A Revolving Credit Advance made by US Lenders to US Borrowers, the rates of
interest applicable thereto and each payment made on account of the principal thereof, shall be recorded by US Agent on its books; provided that the failure of US Agent to make any such recordation shall not affect the obligations of US Borrowers to
make a payment when due of any amount owing under the Credit Agreement or this US Tranche A Note in respect of the US Tranche A Revolving Credit Advances made by US Lender to US Borrowers. 

The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit
Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in
the Credit Agreement. The terms of the Credit Agreement are hereby incorporated herein by reference. 
 If any payment on this
US Tranche A Note becomes due and payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then
applicable rate during such extension. 
 US Tranche A Note 

 Upon and after the occurrence of any Event of Default, this US Tranche A Note may, as
provided in the Credit Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by US Borrowers), be declared, and
immediately shall become, due and payable. 
 Time is of the essence of this US Tranche A Note. 

Except as provided in the Credit Agreement, this US Tranche A Note may not be assigned by Lender to any Person. 

This US Tranche A Note and the other US Tranche A Notes issued pursuant to the Credit Agreement are amendments and replacements of
the “US Notes” issued pursuant to the Original Credit Agreement and are not intended by the parties to be, and shall not be construed to be, a novation of the Indebtedness outstanding under the Original Credit Agreement or the “US
Notes” issued thereunder or an accord and satisfaction in regard thereto. 
 THIS US TRANCHE A NOTE SHALL BE
GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

 

			
	EXOPACK, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	CELLO-FOIL PRODUCTS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 2 

 EXHIBIT 1.1(a)(ii) 

FORM OF NOTICE OF US TRANCHE A REVOLVING CREDIT ADVANCE 
                          ,
             
 General Electric Capital Corporation, 

for itself, as US Lender, and as US Agent 
 for US Lenders 
 299 Park Avenue 
 New York, New York 10171 

Attention:             Exopack Account Officer 

Ladies and Gentlemen: 
 The
undersigned, Exopack, LLC (“US Borrower Representative”) refers to the Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and
restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, (the “Credit Agreement,” the terms defined therein being used herein as therein defined), by and among the undersigned, the other persons
named therein as Borrowers, the other Credit Parties signatory thereto, General Electric Capital Corporation, for itself, as a US Lender, and as US Agent for the US Lenders, GE Canada Finance Holding Company, for itself, as Canadian Lender, and as
Canadian Agent for the Canadian Lenders, the US Lenders and the Canadian Lenders, and hereby gives you notice, irrevocably, pursuant to Section 1.1(a) of the Credit Agreement, that the undersigned hereby requests a US Tranche A Revolving
Credit Advance under the Credit Agreement, and in that connection sets forth below the information relating to such US Tranche A Revolving Credit Advance as required by Section 1.1(a) of the Credit Agreement: 

 

	 	(i)	The date of the requested US Tranche A Revolving Credit Advance is
                             ,
             

  

	 	(ii)	The aggregate amount of the requested US Tranche A Revolving Credit Advance is
$                    . 

  

	 	(iii)	The requested US Tranche A Revolving Credit Advance is a [US Index Rate Loan][LIBOR Loan]. 

 

	 	(iv)	The US Borrower for such requested US Tranche A Revolving Credit Advance is:
                    . 

  

	 	(v)	[The applicable LIBOR Period for such loan is [one][two][three][six] month[s].] 

 

	 	(vi)	The requested US Tranche A Revolving Credit Advance is to be sent to: 

 Bank of America 
 101 S. Tryon Street 

Charlotte, North Carolina 28255 
 ABA No.: XXXXXXXXXXXXX 
 Account No.: XXXXXXXXXXXXX 

Notice of US Tranche A Revolving Credit Advance 

 The undersigned hereby certifies that all of the conditions set forth in
Section 2.2 of the Credit Agreement are satisfied in all material respects on the date hereof, and will be satisfied in all material respects on the date of the requested US Tranche A Revolving Credit Advance, before and after giving
effect thereto and to the application of the proceeds therefrom. 
  

					
	US BORROWER REPRESENTATIVE:
	
	EXOPACK, LLC
			
	By:	 	 	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 4 

 EXHIBIT 1.1(b)(iii) 

FORM OF REQUEST FOR ISSUANCE OF LETTER OF CREDIT 
                     ,
             
 General Electric Capital Corporation, 

for itself, as US Lender, and as US Agent 
 for
US Lenders 
 500 West Monroe Street 

Chicago, Illinois 60661 

Attention:     [Name of US Borrower Representative]. 
                        Account Manager 

Ladies and Gentlemen: 
 The
undersigned, [                    ] (“US Borrower Representative”) refers to the Third Amended and Restated Credit Agreement
dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, (the “Credit Agreement,”
the terms defined therein being used herein as therein defined), by and among the undersigned, the other persons named therein as Borrowers, the other Credit Parties signatory thereto, General Electric Capital Corporation, for itself, as US Lender,
and as US Agent for US Lenders, GE Canada Finance Holding Company, for itself, as Canadian Lender and as Canadian Agent for Canadian Lenders, US Lenders and Canadian Lenders, and hereby requests, pursuant to Section 1.1(b) of the Credit
Agreement, the issuance of a Letter of Credit under the Credit Agreement, and in that connection sets forth below the information relating to such Letter of Credit as required by Section 1.1(b)(iii) of the Credit Agreement: 

 

	 	(i)	The date of issuance [or effective date of increase or extension] of the requested Letter of Credit is
                    ,             . 

 

	 	(ii)	The amount [or the amount of increase] of the Letter of Credit is
$                    . 

  

	 	(iii)	The name of the beneficiary of the Letter of Credit is:
                    . 

  

	 	(iv)	The transaction(s) for which such Letter of Credit is to be issued is described as follows:
[                    ]. 

  

	 	(v)	The Borrower for whose account such Letter of Credit is to be issued is:            .

  

	 	(vi)	The expiry [or extended expiry] date of such Letter of Credit is:            .

 The undersigned hereby certifies that all of the conditions set forth in Section 2.2 of
the Credit Agreement are satisfied on the date hereof, and will be satisfied on the date of the requested Letter of Credit, before and after giving effect thereto and to the issuance thereof. 

 

			
	EXOPACK, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Request for Issuance of
Letter of Credit 

 EXHIBIT 1.1(e)(i) 

FORM OF US TRANCHE A1 NOTE 
 [New York, New York] 
  

			
	
$                    
	  	May     , 2011

 FOR VALUE RECEIVED, each of the undersigned (each individually a “Borrower” and collectively, the “Borrowers”), HEREBY PROMISES TO PAY
                     (“Lender”), at the offices of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as US Agent
for US Lenders (“US Agent”), at its address at [299 Park Avenue, New York, New York 10171], or at such other place as US Agent may designate from time to time in writing, in lawful money of the United States of America and in
immediately available funds, the amount of                     
($                    ) or, if less, the aggregate unpaid amount of all US Tranche A1 Revolving Credit Advances made to the undersigned
under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings given to them in the Credit Agreement or in Annex A thereto. 

This US Tranche A1 Note is one of the US Notes issued pursuant to that certain Third Amended and Restated Credit Agreement dated as of
January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, by and among, among others, the Borrowers, the other
Persons named therein as Credit Parties, US Agent, GE Canada Finance Holding Company, a Nova Scotia unlimited liability company, in its capacity as Canadian Agent for the Canadian Lenders, Lender, the persons signatory thereto from time to time as
US Lenders, and the other Persons signatory thereto from time to time as Canadian Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit
Agreement”), and is entitled to the benefit and security of the Credit Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms and conditions
under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each US Tranche A1 Revolving Credit Advance made by US Lenders to US Borrowers, the rates of interest applicable thereto and each payment made on account of
the principal thereof, shall be recorded by US Agent on its books; provided that the failure of US Agent to make any such recordation shall not affect the obligations of US Borrowers to make a payment when due of any amount owing under the Credit
Agreement or this US Tranche A1 Note in respect of the US Tranche A1 Revolving Credit Advances made by US Lender to US Borrowers. 
 The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit Agreement, the terms of which are hereby incorporated herein by
reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement. The terms of the Credit Agreement are hereby
incorporated herein by reference. 
 If any payment on this US Tranche A1 Note becomes due and payable on a day other than a
Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. 

US Tranche A1 Note 

 Upon and after the occurrence of any Event of Default, this US Tranche A1 Note may, as
provided in the Credit Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by US Borrowers), be declared, and
immediately shall become, due and payable. 
 Time is of the essence of this US Tranche A1 Note. 

Except as provided in the Credit Agreement, this US Tranche A1 Note may not be assigned by Lender to any Person. 

This US Tranche A1 Note and the other US Tranche A1 Notes issued pursuant to the Credit Agreement are amendments and replacements of the
“US Notes” issued pursuant to the Original Credit Agreement and are not intended by the parties to be, and shall not be construed to be, a novation of the Indebtedness outstanding under the Original Credit Agreement or the “US
Notes” issued thereunder or an accord and satisfaction in regard thereto. 
 THIS US TRANCHE A1 NOTE SHALL BE GOVERNED
BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

			
	EXOPACK, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	CELLO-FOIL PRODUCTS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 8 

 EXHIBIT 1.1(e)(ii) 

FORM OF NOTICE OF US TRANCHE A1 REVOLVING CREDIT ADVANCE 
                          ,
             
 General Electric Capital Corporation, 

       for itself, as US Lender, and as US Agent 
        for US Lenders 
 299 Park Avenue 

New York, New York 10171 
  

	Attention:	Exopack Account Officer 

 Ladies and Gentlemen:

 The undersigned, Exopack, LLC (“US Borrower Representative”) refers to the Third Amended and Restated Credit
Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, (the “Credit
Agreement,” the terms defined therein being used herein as therein defined), by and among the undersigned, the other persons named therein as Borrowers, the other Credit Parties signatory thereto, General Electric Capital Corporation, for
itself, as a US Lender, and as US Agent for the US Lenders, GE Canada Finance Holding Company, for itself, as Canadian Lender, and as Canadian Agent for the Canadian Lenders, the US Lenders and the Canadian Lenders, and hereby gives you notice,
irrevocably, pursuant to Section 1.1(e) of the Credit Agreement, that the undersigned hereby requests a US Tranche A1 Revolving Credit Advance under the Credit Agreement, and in that connection sets forth below the information relating
to such US Tranche A1 Revolving Credit Advance as required by Section 1.1(e) of the Credit Agreement: 
  

	 	(i)	The date of the requested US Tranche A1 Revolving Credit Advance is
                         ,             

  

	 	(ii)	The aggregate amount of the requested US Tranche A1 Revolving Credit Advance is
$                    . 

  

	 	(iii)	The requested US Tranche A1 Revolving Credit Advance is a [US Index Rate Loan][LIBOR Loan]. 

 

	 	(iv)	The US Borrower for such requested US Tranche A1 Revolving Credit Advance is:
                    . 

  

	 	(v)	[The applicable LIBOR Period for such loan is [one][two][three][six] month[s].] 

 

	 	(vi)	The requested US Tranche A1 Revolving Credit Advance is to be sent to: 

 Bank of America 
 101 S. Tryon Street 

Charlotte, North Carolina 28255 
 Notice of US Tranche A1 Revolving Credit Advance 

					
		 	ABA No.: XXXXXXXXXXXXX	 	
		 	Account No.: XXXXXXXXXXXXX	 	

 The undersigned hereby certifies that all of the conditions set forth in Section 2.2 of
the Credit Agreement are satisfied in all material respects on the date hereof, and will be satisfied in all material respects on the date of the requested US Tranche A1 Revolving Credit Advance, before and after giving effect thereto and to the
application of the proceeds therefrom. 
  

			
	 US BORROWER REPRESENTATIVE:
  

EXOPACK, LLC

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 10 

 EXHIBIT 1.2(a)(i) 

FORM OF CANADIAN TRANCHE A NOTE 
 [New York, New York] 
  

			
	 $            
	  	May         , 2011

 FOR VALUE RECEIVED, each of the undersigned (each individually a “Canadian Borrower” and collectively, the “Canadian Borrowers”) HEREBY PROMISES TO PAY
                     (“Lender”), at the offices of GE CANADA FINANCE HOLDING COMPANY, a Nova Scotia unlimited liability
company, as Canadian Agent for Canadian Tranche A Lenders (“Canadian Agent”), at its address at 123 Front Street East, Suite 1400, Toronto, ON M5J 2M2, or at such other place as Canadian Agent may designate from time to time in
writing, in lawful money of the United States of America and in immediately available funds, the amount of
            ($            ) or, if less, the aggregate unpaid amount of all Canadian Tranche A Revolving
Credit Advances made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings given to them in the Credit Agreement or in Annex A
thereto. 
 This Canadian Tranche A Note is one of the Canadian Notes issued pursuant to that certain Third Amended and Restated
Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, by and among, among others,
Canadian Borrowers, the other Persons named therein as Credit Parties, Canadian Agent, General Electric Capital Corporation, a Delaware corporation, in its capacity as US Agent for the US Lenders, the persons signatory thereto from time to time as
Canadian Lenders, and the other Persons signatory thereto from time to time as US Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit
Agreement”), and is entitled to the benefit and security of the Credit Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms and conditions
under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Canadian Tranche A Revolving Credit Advance made by Canadian Lenders to Canadian Borrowers, the rates of interest applicable thereto and each payment
made on account of the principal thereof, shall be recorded by Canadian Agent on its books; provided that the failure of Canadian Agent to make any such recordation shall not affect the obligations of Canadian Borrowers to make a payment when due of
any amount owing under the Credit Agreement or this Canadian Tranche A Note in respect of the Canadian Tranche A Revolving Credit Advances made by Canadian Lender to Canadian Borrowers. 

The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit
Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in
the Credit Agreement. The terms of the Credit Agreement are hereby incorporated herein by reference. 
 If any payment on this
Canadian Tranche A Note becomes due and payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then
applicable rate during such extension. 
 Canadian Tranche A Note 

 Upon and after the occurrence of any Event of Default, this Canadian Tranche A Note may, as
provided in the Credit Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Canadian Borrowers), be declared,
and immediately shall become, due and payable. 
 Time is of the essence of this Canadian Tranche A Note. 

Except as provided in the Credit Agreement, this Canadian Tranche A Note may not be assigned by Lender to any Person. 

This Canadian Tranche A Note and the other Canadian Tranche A Notes issued pursuant to the Credit Agreement are amendments and
replacements of the “Canadian Notes” issued pursuant to the Original Credit Agreement and are not intended by the parties to be, and shall not be construed to be, a novation of the Indebtedness outstanding under the Original Credit
Agreement or the “Canadian Notes” issued thereunder or an accord and satisfaction in regard thereto. 
 THIS
CANADIAN TRANCHE A NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

 

			
	EXOPACK-NEWMARKET, LTD.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	EXOPACK PERFORMANCE FILMS INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 12 

 EXHIBIT 1.2(a)(ii) 

FORM OF NOTICE OF CANADIAN TRANCHE A REVOLVING CREDIT ADVANCE 
                  ,              

GE Canada Finance Holding Company, 

       for itself, as Canadian Lender, and as Canadian Agent 
        for Canadian Lenders 
 123 Front Street East, Suite 1400

 Toronto, ON M5J 2M2 
  

			
	 Attention:
	  	 Exopack-Newmarket, Ltd.

		  	Account Officer

 Ladies and Gentlemen: 

The undersigned, Exopack-Newmarket, Ltd. (“Canadian Borrower Representative”) refers to the Third Amended and Restated
Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, (the “Credit
Agreement,” the terms defined therein being used herein as therein defined), by and among the undersigned, the other persons named therein as Borrowers, the other Credit Parties signatory thereto, General Electric Capital Corporation, for
itself, as a US Lender, and as US Agent for the US Lenders, GE Canada Finance Holding Company, for itself, as Canadian Lender, and as Canadian Agent for the Canadian Lenders, the US Lenders and the Canadian Lenders, and hereby gives you notice,
irrevocably, pursuant to Section 1.2(a) of the Credit Agreement, that the undersigned hereby requests a Canadian Tranche A Revolving Credit Advance under the Credit Agreement, and in that connection sets forth below the information
relating to such Canadian Tranche A Revolving Credit Advance as required by Section 1.2(a) of the Credit Agreement: 
  

	 	(vii)	The date of the requested Canadian Tranche A Revolving Credit Advance is
                    ,              

 

	 	(viii)	The aggregate amount of the requested Canadian Tranche A Revolving Credit Advance is $            .

  

	 	(ix)	The requested Canadian Tranche A Revolving Credit Advance is a [Canadian Index Rate Loan][BA Rate Loan]. 

 

	 	(x)	The Canadian Borrower for such requested Canadian Tranche A Revolving Credit Advance is:
            . 

  

	 	(xi)	[The applicable BA Period is [30, 60 or 90 days]:             ] 

 

	 	(xii)	The requested Canadian Tranche A Revolving Credit Advance is to be sent to: 

 

					
		 	[Bank of America Canada Branch	 	
		 	200 Front Street West	 	

 Notice of Canadian Tranche A Revolving Credit Advance 

					
		 	Toronto, Ontario M5V 3L2	 	
		 	XXXXXXXXXXXXX	 	
		 	Account No.: XXXXXXXXXXXXX]	 	

 The undersigned hereby certifies that all of the conditions set forth in Section 2.2 of
the Credit Agreement are satisfied in all material respects on the date hereof, and will be satisfied in all material respects on the date of the requested Canadian Tranche A Revolving Credit Advance, before and after giving effect thereto and to
the application of the proceeds therefrom. 
  

			
	CANADIAN BORROWER REPRESENTATIVE:
	
	EXOPACK-NEWMARKET, LTD.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 14 

 EXHIBIT 1.2(e)(i) 

FORM OF CANADIAN TRANCHE A1 NOTE 
 [New York, New York] 
  

			
	$__________	  	May ___, 2011

FOR VALUE RECEIVED, each of the undersigned (each individually a “Canadian Borrower” and collectively, the
“Canadian Borrowers”) HEREBY PROMISES TO PAY              (“Lender”), at the offices of GE CANADA FINANCE HOLDING COMPANY, a Nova Scotia unlimited
liability company, as Canadian Agent for Canadian Tranche A1 Lenders (“Canadian Agent”), at its address at 123 Front Street East, Suite 1400, Toronto, ON M5J 2M2, or at such other place as Canadian Agent may designate from time to
time in writing, in lawful money of the United States of America and in immediately available funds, the amount of
            ($            ) or, if less, the aggregate unpaid amount of all Canadian Tranche A1 Revolving
Credit Advances made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings given to them in the Credit Agreement or in Annex A
thereto. 
 This Canadian Tranche A1 Note is one of the Canadian Notes issued pursuant to that certain Third Amended and
Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, by and among,
among others, Canadian Borrowers, the other Persons named therein as Credit Parties, Canadian Agent, General Electric Capital Corporation, a Delaware corporation, in its capacity as US Agent for the US Lenders, the persons signatory thereto from
time to time as Canadian Lenders, and the other Persons signatory thereto from time to time as US Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the
“Credit Agreement”), and is entitled to the benefit and security of the Credit Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms
and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Canadian Tranche A1 Revolving Credit Advance made by Canadian Lenders to Canadian Borrowers, the rates of interest applicable thereto
and each payment made on account of the principal thereof, shall be recorded by Canadian Agent on its books; provided that the failure of Canadian Agent to make any such recordation shall not affect the obligations of Canadian Borrowers to make a
payment when due of any amount owing under the Credit Agreement or this Canadian Tranche A1 Note in respect of the Canadian Tranche A1 Revolving Credit Advances made by Canadian Lender to Canadian Borrowers. 

The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit
Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in
the Credit Agreement. The terms of the Credit Agreement are hereby incorporated herein by reference. 
 Canadian Tranche A1 Note

  

 If any payment on this Canadian Tranche A1 Note becomes due and payable on a day other than
a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. 

Upon and after the occurrence of any Event of Default, this Canadian Tranche A1 Note may, as provided in the Credit Agreement, and
without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Canadian Borrowers), be declared, and immediately shall become, due and
payable. 
 Time is of the essence of this Canadian Tranche A1 Note. 

Except as provided in the Credit Agreement, this Canadian Tranche A1 Note may not be assigned by Lender to any Person. 

This Canadian Tranche A1 Note and the other Canadian Tranche A1 Notes issued pursuant to the Credit Agreement are amendments and
replacements of the “Canadian Notes” issued pursuant to the Original Credit Agreement and are not intended by the parties to be, and shall not be construed to be, a novation of the Indebtedness outstanding under the Original Credit
Agreement or the “Canadian Notes” issued thereunder or an accord and satisfaction in regard thereto. 
 THIS
CANADIAN TRANCHE A1 NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

 

			
	EXOPACK-NEWMARKET, LTD.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	EXOPACK PERFORMANCE FILMS INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 16 

 EXHIBIT 1.2(e)(ii) 

FORM OF NOTICE OF CANADIAN TRANCHE A1 REVOLVING CREDIT ADVANCE 
                          ,
         
 GE Canada Finance Holding Company, 

       for itself, as Canadian Lender, and as Canadian Agent 
        for Canadian Lenders 
 123 Front Street East, Suite 1400

 Toronto, ON M5J 2M2 
  

			
	 Attention:
	  	Exopack-Newmarket, Ltd.
		  	Account Officer

 Ladies and Gentlemen: 

The undersigned, Exopack-Newmarket, Ltd. (“Canadian Borrower Representative”) refers to the Third Amended and Restated
Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011 (the “Credit
Agreement,” the terms defined therein being used herein as therein defined), by and among the undersigned, the other persons named therein as Borrowers, the other Credit Parties signatory thereto, General Electric Capital Corporation, for
itself, as a US Lender, and as US Agent for the US Lenders, GE Canada Finance Holding Company, for itself, as Canadian Lender, and as Canadian Agent for the Canadian Lenders, the US Lenders and the Canadian Lenders, and hereby gives you notice,
irrevocably, pursuant to Section 1.2(f) of the Credit Agreement, that the undersigned hereby requests a Canadian Tranche A1 Revolving Credit Advance under the Credit Agreement, and in that connection sets forth below the information
relating to such Canadian Tranche A1 Revolving Credit Advance as required by Section 1.2(f) of the Credit Agreement: 
  

	 	(xiii)	The date of the requested Canadian Tranche A1 Revolving Credit Advance is
                         ,          

 

	 	(xiv)	The aggregate amount of the requested Canadian Tranche A1 Revolving Credit Advance is $            .

  

	 	(xv)	The requested Canadian Tranche A1 Revolving Credit Advance is a [Canadian Index Rate Loan][BA Rate Loan]. 

 

	 	(xvi)	The Canadian Borrower for such requested Canadian Tranche A1 Revolving Credit Advance is:
            . 

  

	 	(xvii)	[The applicable BA Period is [30, 60 or 90 days]:             ] 

 

	 	(xviii)	The requested Canadian Tranche A1 Revolving Credit Advance is to be sent to: 

 

					
		 	[Bank of America Canada Branch	 	
		 	200 Front Street West	 	
		 	Toronto, Ontario M5V 3L2	 	
		 	XXXXXXXXXXXXX	 	
		 	Account No.: XXXXXXXXXXXXX]	 	

 Notice of Canadian Tranche A1 Revolving Credit Advance 

 The undersigned hereby certifies that all of the conditions set forth in
Section 2.2 of the Credit Agreement are satisfied in all material respects on the date hereof, and will be satisfied in all material respects on the date of the requested Canadian Tranche A1 Revolving Credit Advance, before and after
giving effect thereto and to the application of the proceeds therefrom. 
  

			
	CANADIAN BORROWER REPRESENTATIVE:
	
	EXOPACK-NEWMARKET, LTD.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 18 

 EXHIBIT 1.3(e) 

FORM OF NOTICE OF CONVERSION/CONTINUATION 
 Reference is made to that certain Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of
July 2, 2010 and as further amended and restated as of May 31, 2011, by and among the undersigned (“[US] [Canadian] Borrower Representative”), the other Persons named therein as Borrowers, the other Persons named therein
as Credit Parties, General Electric Capital Corporation (“US Agent”), GE Canada Finance Holding Company (“Canadian Agent”), the US Lenders from time to time signatory thereto and the Canadian Lenders from time to
time signatory thereto (including all annexes, exhibits or schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”). Capitalized terms used herein without definition
are so used as defined in the Credit Agreement. 
 [US] [Canadian] Borrower Representative hereby gives irrevocable notice,
pursuant to Section 1.3(e) of the Credit Agreement, of its request to: 
 (a) on [
    date     ] convert $[            ] of the aggregate outstanding principal amount of the
[            ] Loan, bearing interest at the [            ] Rate, into a(n)
[            ] Loan [and, in the case of a LIBOR Loan, having a LIBOR Period of [            ] month(s)] [and, in
the case of a BA Rate Loan, having a BA Period of [            ] month(s)]; 
 [(b) on [     date     ] continue $[            ] of the aggregate outstanding principal
amount of the [            ] Loan, [bearing interest at the LIBOR Rate, as a LIBOR Loan having a LIBOR Period of
[            ] month(s)] [bearing interest at the BA Rate as a BA Rate Loan having a BA Period of [            ]
month(s)]. 
 [US] [Canadian] Borrower Representative certifies that the conversion and/or continuation of the Loans requested
above is for the separate account(s) of the following Borrowers[s] in the following [respective] amount[s]: [Name: $            ] and [Name:
$            ]. 
 [US] [Canadian] Borrower Representative
hereby (i) certifies that all of the conditions set forth in Section 2.2 of the Credit Agreement are satisfied in all material respects on the date hereof, and will be satisfied in all material respects on the date of the requested
conversion/continuation, before and after giving effect thereto and (ii) reaffirms the cross-guaranty provisions set forth in Section 10 or 11, as applicable, of the Credit Agreement and the guaranty and continuance of
Applicable Agents’ Liens, pursuant to the Collateral Documents. 
  

			
	[US] [CANADIAN] [BORROWER REPRESENTATIVE]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Notice of Canadian Tranche A1 Revolving Credit
Advance 

 EXHIBIT 1.16 
 FORM OF COMMITMENT INCREASE REQUEST 

                    ,
         
 General Electric Capital Corporation, 

       for itself, as US Lender, and as US Agent 
        for US Lenders 
 299 Park Avenue 

New York, New York 10171 

	Attention:	Exopack Account Officer 

 Ladies and Gentlemen:

 The undersigned, [            ] [(“US Borrower
Representative”)] [(“Canadian Borrower Representative”)] refers to the Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended
and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, (the “Credit Agreement,” the terms defined therein being used herein as therein defined), by and among the undersigned, the other
persons named therein as Borrowers, the other Credit Parties signatory thereto, General Electric Capital Corporation, for itself, as US Lender, and as US Agent for US Lenders, GE Canada Finance Holding Company, for itself, as Canadian Lender and as
Canadian Agent for Canadian Lenders, the US Lenders and the Canadian Lenders, and hereby requests, pursuant to Section 1.16(a) of the Credit Agreement, an increase to the [US Tranche A Loan Commitment][and the][US Tranche A1 Loan
Commitment][Canadian Tranche A Loan Commitment][and the][Canadian Tranche A1 Loan Commitment] under the Credit Agreement, and in that connection sets forth below the information relating to such Commitment Increase as required by
Section 1.16(a) of the Credit Agreement: 
 (i) The date of the requested Commitment
Increase is                     ,         1. 

(ii) The amount of the requested Commitment Increase is
$            2. 
 The undersigned hereby certifies that all of the conditions set forth in
Sections 1.16 and 2.2 of the Credit Agreement are satisfied on the date hereof, and will be satisfied on the date of the requested Commitment Increase, before and after giving effect thereto and to the issuance thereof. 

 

			
	[                           
             ]
		
	By:	 	 
		 	Name:
		 	Title:

  

	1 	 Request shall be delivered not later than 1:00 p.m. (New York time) 5 Business Days prior to the Business Day immediately prior to the Business Day on
which the Borrowers request such Commitment Increase to be effective. 

	2 	 Minimum amount of Commitment Increase Request shall be $5,000,000 and shall be in integral multiples thereof. The aggregate amount of all Commitment
Increases shall not exceed the Aggregate Accordion Commitment. 

 EXHIBIT 5.19 
 MINIMUM FIXED CHARGE COVERAGE RATIO 
  

							
	(a) EBITDA (calculated in the relevant Compliance Certificate)	  	$	            	  
			
	Less:	 	any provision for income taxes (whether paid or payable in cash)	  			
		 		  	 	 	 
			
		 	Capital Expenditures other than the portion thereof funded by third party financing	  			
			
		 		  	 	 	 
	Operating Cash Flow:	  	$	            	  
		 		  	 	 	 
		
	(b) Fixed Charge Coverage Ratio is defined as follows:	  			
		
	Interest expense (whether cash or non-cash) deducted in the determination of Consolidated Net Income, including interest expense with respect to any Funded Debt and
interest expense that has been capitalized	  	$	            	  
			
	Less:	 	Amortization of capitalized fees and expenses incurred with respect to the Related Transactions included in interest expense above	  			
		 		  	 	 	 
			
		 	Amortization of any original discount attributable to any Funded Debt or warrants included in interest expense above	  			
		 		  	 	 	 
			
		 	Interest paid in kind and included in interest expense above	  			
		 		  	 	 	 
		
	Interest Expense	  	$	            	  
			
	Plus:	 	Scheduled payments of principal with respect to all Indebtedness	  			
		 		  	 	 	 
		
	Fixed Charges:	  	$	            	  
		 		  	 	 	 
		
	Fixed Charge Coverage Ratio (Operating Cash Flow from (a) above, divided by Fixed Charges from (b) above):	  			
		 		  	 	 	 

 EXHIBIT 6.1(d)(i) 

FORM OF CANADIAN TRANCHE A BORROWING BASE CERTIFICATE 

Reference is made to that certain Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated
as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011, by and among the undersigned (“Canadian Borrower”), the other Persons named therein as
Borrowers, the other Persons named therein as Credit Parties, General Electric Capital Corporation (“US Agent”), GE Canada Finance Holding Company (“Canadian Agent”) and the Persons signatory thereto from time to
time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”). Capitalized terms used herein without definition are so
used as defined in the Credit Agreement. 
 The undersigned, being the chief financial officer or chief executive officer of
Canadian Borrower, hereby certifies that the Canadian Tranche A Borrowing Base calculated herein is true and correct in all respects and, without limiting the generality of the foregoing, with respect to the information supporting the determination
of Eligible Accounts and Eligible Inventory. 
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Borrowing
Base Certificate as of the date first set forth above. 
  

			
	[EXOPACK-NEWMARKET, LTD.]
	[EXOPACK PERFORMANCE FILMS INC.]
		
	By:	 	 
	Title:	 	 

 SCHEDULE 1 
 to Exhibit 6.1(d)(i) 
 FORM OF CANADIAN TRANCHE A BORROWING BASE CALCULATION

  

					
	Accounts of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada
reflected as accounts receivable on Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada’s consolidating balance sheet (as of the date above), but
solely to the extent of the unpaid portion of the obligations stated on the respective invoices issued to a customer of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian
Subsidiaries) and TPG Canada with respect to inventory sold and shipped or services performed in the ordinary course of business, net of any credits, rebates or offsets owed by Canadian Borrowers, their Canadian Subsidiaries (which, for the
avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada to the respective customer.	  	$                
			
	Less:	 	Ineligible Accounts:	  	
		
	             Accounts that do not arise from the sale of goods or the performance of services by such Credit
Party in the ordinary course of its business;	  	$                
			
		 	Accounts (i) upon which such Credit Party’s right to receive payment is not absolute or is contingent upon the fulfillment of any condition whatsoever or (ii) as to
which such Credit Party is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial process, or (iii) if the Account represents a progress billing consisting of an invoice for goods sold or used or
services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject to such Credit Party’s completion of further performance under such contract or is subject to the equitable lien of a
surety bond issuer;	  	$                
			
		 	Any Account to the extent that any defense, counterclaim, setoff or dispute is asserted as to such Account (it being understood and agreed that (i) only the portion of the
Account that is subject to such defense, counterclaim, setoff or dispute shall not be an Eligible Account and (ii) the remaining portion of such Account shall not be rendered ineligible under this clause);	  	$                
			
		 	Accounts that are not true and correct statements of bona fide indebtedness incurred in the amount of such Account for merchandise sold to or services rendered and accepted by the
applicable Account Debtor;	  	$                

  
 6.1(d)(i)-2

					
			
		 	Accounts with respect to which an invoice has not been sent to the applicable Account Debtor;	  	$                
			
		 	Accounts that (i) are not owned by such Credit Party or (ii) are subject to any right, claim, security interest or other interest of any other Person, other than Liens in
favor of Canadian Agent, on behalf of itself and applicable Lenders and Prior Claims that are unregistered and that secure amounts that are not yet due and payable;	  	$                
			
		 	Accounts that arise from a sale to any director, officer, other employee or Affiliate of such Credit Party, or to any entity that has any common officer or director with such Credit
Party other than any unrelated portfolio company of Sponsor, Sponsor’s affiliates and any purchaser of the Subordinated Debt or the Senior Notes;	  	$                
			
		 	Accounts that are the obligation of an Account Debtor that is the United States government or a political subdivision thereof, or any state, county or municipality or department,
agency or instrumentality thereof unless Canadian Agent, in its sole discretion, has agreed to the contrary in writing or such Credit Party, if necessary, has complied with respect to such obligation with the Federal Assignment of Claims Act of
1940, or any applicable state, county or municipal law restricting the assignment thereof with respect to such obligation;	  	$                
			
		 	Accounts that are the obligation of an Account Debtor that is the Canadian government (Her Majesty The Queen in Right of Canada) or a political subdivision thereof, or any province
or territory, or any municipality or department, agency or instrumentality thereof, unless (i) Lenders have agreed to the contrary in writing, (ii) such Account is assignable by way of security or (iii) such Credit Party, if
necessary, has complied with the Financial Administration Act (Canada) and any amendments thereto, or any applicable territorial, provincial, county or municipal law of similar purpose and effect restricting the assignment thereof with respect to
such obligation;	  	$                
			
		 	Accounts that are the obligation of an Account Debtor located in a country other than the United States or Canada unless payment thereof is assured by a letter of credit assigned
and delivered to Canadian Agent or is covered by adequate credit insurance for such Account Debtor, each satisfactory to Canadian Agent as to form, amount and issuer; provided that, obligations of EI Dupont de Nemours, a Mexican company and,
so long as that certain guaranty from Mars, Inc. in favor of Effem Mexico Inc., a Mexican corporation remains in full force and effect, Effem Mexico, Inc. shall not be excluded;	  	$                
			
		 	Accounts to the extent such Credit Party is liable for goods sold or services rendered by the applicable Account Debtor to such Credit Party but only to the extent of the potential
offset;	  	$                

  
 6.1(d)(i)-3

					
			
		 	Accounts that arise with respect to goods that are delivered on a bill and hold, cash on delivery basis, guaranteed sale or other terms by reason of which the payment by the Account
Debtor is or may be conditional;	  	$                
			
		 	 Accounts that are in default; provided, that, without limiting the generality of the foregoing, an Account shall be deemed
in default upon the occurrence of any of the following:
  
 (i) the Account is
not paid within the earlier of: 60 days following its due date or 90 days following its original invoice date; provided that, such Accounts shall not be excluded so long as they are not past due in accordance with their terms and are not in
an aggregate amount in excess of $1,000,000;
  
 (ii) the Account Debtor
obligated upon such Account suspends business, makes a general assignment for the benefit of creditors or fails to pay its debts generally as they come due; or
  

(iii) a petition is filed by or against any Account Debtor obligated upon such Account under any bankruptcy law or any other federal, state or foreign
(including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors until such time, if ever, as such petition is dismissed;
	  	$                
			
		 	Accounts that are the obligations of an Account Debtor if 50% or more of the Dollar amount of all Accounts owing by that Account Debtor are ineligible under the other criteria set
forth in Section 1.8 of the Credit Agreement (other than clauses (a), (b), (d), (e), (f) or (l) thereof);	  	$                
			
		 	Accounts as to which Canadian Agent’s Lien thereon, on behalf of itself and Lenders, is not a first priority perfected Lien;	  	$                
			
		 	Accounts as to which any of the representations or warranties in the Loan Documents are untrue;	  	$                
			
		 	Accounts to the extent such Accounts are evidenced by a judgment, Instrument or Chattel Paper;	  	$                
			
		 	Accounts to the extent such Account exceeds any credit limit established by Canadian Agent, in its reasonable credit judgment acting in good faith, following prior written or
electronic notice of such limit by Canadian Agent to Canadian Borrower Representative;	  	$                
			
		 	Accounts to the extent that such Account, together with all other Accounts owing to such Account Debtor and its Affiliates as of any date of determination exceed 20% of all Eligible
Accounts of all Credit Parties	  	$                

  
 6.1(d)(i)-4

					
		 	Accounts that are payable in any currency other than Dollars or Canadian Dollars; or	  	$                
			
		 	Accounts that are otherwise unacceptable to Canadian Agent in its reasonable credit judgment acting in good faith.	  	$                
		
	Total Ineligible Accounts	  	$                
		
	Total Eligible Accounts (Accounts less Total Ineligible Accounts)	  	$                
		
	 Advance Rate
 up to
85% of the book value of the Eligible Accounts of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada
	  	
		
	Accounts Availability	  	$                
		
	Inventory owned by, and in the possession of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian
Subsidiaries) and TPG Canada, reflected as inventory on the Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada’s consolidating balance sheet (as
of the date above), valued at the lower of cost or market (including adequate reserves for obsolete, slow moving or excess quantities), on a first-in, first-out basis	  	$                
			
		 	 Less:     Ineligible Inventory:
  

Inventory that is not owned by such Credit Party free and clear of all Liens and rights of any other Person (including the rights of a purchaser that has
made progress payments and the rights of a surety that has issued a bond to assure such Credit Party’s performance with respect to that Inventory and the rights of suppliers under Section 81.1 of the Bankruptcy and Insolvency Act
(Canada)), except the Liens in favor of Canadian Agent, on behalf of the Lenders and Prior Claims that are unregistered and that secure amounts that are not yet due and payable (other than the claims of suppliers under Section 81.1 of the
Bankruptcy and Insolvency Act (Canada)), except the Liens in favor of Canadian Agent, on behalf of itself and the Lenders and other Permitted Encumbrances described in clauses (a), (b), (c), (e) and (f)(3) in such
definition;
	  	
		 		  	$                

  
 6.1(d)(i)-5

					
		 	Inventory that (i) is not located on premises owned, leased or rented by such Credit Party and set forth in Disclosure Schedule (3.14) of the Credit Agreement or (ii) is
stored at a leased location, unless (x) the Canadian Agent has given its prior consent thereto, (y) a reasonably satisfactory landlord waiver has been delivered to Canadian Agent, or (z) Reserves satisfactory to Canadian Agent have been established
with respect thereto in an amount not to exceed three (3) months rent, (iii) is stored with a bailee or warehouseman unless a reasonably satisfactory, acknowledged bailee letter has been received by the Canadian Agent or Reserves reasonably
satisfactory to Canadian Agent have been established with respect thereto, or (iv) is located at an owned location subject to a mortgage in favor of a lender other than the Canadian Agent, unless a reasonably satisfactory mortgagee waiver has been
delivered to the Canadian Agent, or (v) is located at any site if the aggregate book value of Inventory at any such location is less than $100,000;	  	$                

  
 6.1(d)(i)-6

					
		 	Inventory that is placed on consignment or is in transit, except for Inventory in transit between United States and Canadian locations of Credit Parties as to which the Canadian
Agent’s Liens have been perfected at origin and destination; and except for (i) Inventory in transit between domestic locations of Credit Parties and (ii) consigned Inventory that arises with respect to goods that are delivered on a bill and
hold, cash on delivery basis or placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is or may be conditional, provided that in the case of such consigned Inventory, (A) as to each consignee
(it being understood that for the purposes of this paragraph, the term consignee shall include any Person to whom such Credit Party has provided possession of Inventory prior to the consummation of an irrevocable sale of such Inventory to such
Person), the applicable Credit Party has, at such Credit Party’s cost and expense (i) conducted Code, PPSA, tax lien and judgment searches against such consignee, (ii) filed UCC-1 financing statements against such consignee naming
such Credit Party as secured party and Canadian Agent as assignee of secured party, and (iii) provided to each secured party of record that has filed a financing statement against such consignee (whether or not such Inventory is Inventory in
the hands of such consignee) a notice, in form and substance reasonably satisfactory to Canadian Agent, pursuant to Section 9-324 of the Code or similar provision of the PPSA of such Credit Party’s intent to provide purchase money financing to
such consignee and (iv) obtained from such consignee a letter agreement, in form and substance reasonably satisfactory to Canadian Agent, in which such consignee acknowledges the Lien of Canadian Agent and agrees that to the extent that such
consignee has not paid the purchase price of any item of Inventory, Canadian Agent can take possession of and remove such item of Inventory upon an Event of Default and (B) such Credit Party holds a perfected first priority security interest
against such consignee, such security interest having been assigned of record to Canadian Agent;	  	$                
			
		 	Inventory that is covered by a negotiable document of title, unless such document has been delivered to Canadian Agent with all necessary endorsements, free and clear of all Liens
except those in favor of Canadian Agent and Lenders;	  	$                
			
		 	Inventory that is excess, obsolete, unsaleable, shopworn, seconds, damaged or unfit for sale;	  	$                
			
		 	Inventory that consists of display items or packing or shipping materials, manufacturing supplies or replacement parts;	  	$                
			
		 	Inventory that consists of goods which have been returned by the buyer and are not capable of readily being resold to another buyer;	  	$                

  
 6.1(d)(i)-7

					
		 	Inventory that is not of a type held for sale in the ordinary course of such Credit Party’s business;	  	$                
			
		 	Inventory that is not subject to a first priority lien in favor of Canadian Agent on behalf of itself and Lenders subject to Permitted Encumbrances;	  	$                
			
		 	Inventory that breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;	  	$                
			
		 	Inventory that consists of any costs associated with “freight-in” charges;	  	$                
			
		 	Inventory that consists of Hazardous Materials or goods that can be transported or sold only with licenses that are not readily available;	  	$                
			
		 	Inventory that is not covered by casualty insurance reasonably acceptable to Canadian Agent;	  	$                
			
		 	Inventory that is otherwise unacceptable to Canadian Agent in its reasonable credit judgment acting in good faith;	  	$                
			
		 	Inventory that consists of work in process in an amount not to exceed $6,500,000 in the aggregate; or	  	$                
			
		 	Inventory that consists of raw materials in-transit, except raw materials in-transit that are adequately insured and in which such Credit Party has perfected title under Applicable
Law in such raw materials in an amount not to exceed $1,000,000 in the aggregate.	  	$                
		
	Total Ineligible Inventory	  	$                
		
	Total Eligible Inventory (Inventory less Total Ineligible Inventory)	  	$                

  
 6.1(d)(i)-8

					
			
		 	 Advance Rate
  

(a)     up to the lesser of (i) 62.5% of the book value of the Eligible Inventory of
such Canadian Borrower, its Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada consisting of raw materials (other than Eligible Inventory consisting of raw materials
in-transit pursuant to Section 1.9(p) of the Credit Agreement) and finished goods valued at the lower of cost (determined on a first-in, first-out basis) or market and (ii) 85% of the NOLV of such Eligible Inventory (such amount the “Canadian
Tranche A Raw Materials Advance Rate”);
  
 (b)     up to 45% of the book value of the Eligible Inventory of such Canadian Borrower and its Canadian Subsidiaries (which for the avoidance of doubt, includes direct and
indirect Canadian Subsidiaries) and TPG Canada consisting of work in process (eligible pursuant to Section 1.9(o) of the Credit Agreement);
  

(c)     up to the inverse of the then applicable Canadian Tranche A Raw Materials
Advance Rate on the Eligible Inventory of such Canadian Borrower and its Canadian Subsidiaries (which for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada consisting of raw materials in-transit (eligible
pursuant to Section 1.9(p) of the Credit Agreement), in an amount not to exceed $1,000,000 in the aggregate.
	  	
		
	Inventory Availability (sum of (a) and (b) and (c) above)	  	$                
		
	Borrowing Base (Accounts Availability plus Inventory Availability)	  	$                

  
 6.1(d)(i)-9

 EXHIBIT 6.1(d)(ii) 

FORM OF US TRANCHE A BORROWING BASE CERTIFICATE 
 Reference is made to that certain Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of
July 2, 2010 and as further amended and restated as of May 31, 2011, by and among the undersigned (“US Borrower”), the other Persons named therein as Borrowers, the other Persons named therein as Credit Parties, General
Electric Capital Corporation (“US Agent”), GE Canada Finance Holding Company (“Canadian Agent”) and the Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto,
and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”). Capitalized terms used herein without definition are so used as defined in the Credit Agreement. 

The undersigned, being the chief financial officer or chief executive officer of US Borrower, hereby certifies that the US Tranche A
Borrowing Base calculated herein is true and correct in all respects and, without limiting the generality of the foregoing, with respect to the information supporting the determination of Eligible Accounts and Eligible Inventory. 

IN WITNESS WHEREOF, the undersigned has executed and delivered this Borrowing Base Certificate as of the date first set forth above.

  

			
	[EXOPACK, LLC]
	[CELLO-FOIL PRODUCTS, INC.]
		
	By:	 	 
	Title:	 	 

 SCHEDULE 1 
 to Exhibit 6.1(d)(ii) 
 FORM OF US TRANCHE A BORROWING BASE CALCULATION

  

					
		 	Accounts of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) reflected as accounts receivable on
US Borrowers and their Domestic Subsidiaries’ (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) consolidating balance sheet (as of the date above), but solely to the extent of the unpaid portion of the
obligations stated on the respective invoices issued to a customer of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) with respect to inventory sold and shipped or
services performed in the ordinary course of business, net of any credits, rebates or offsets owed by US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) to the
respective customer.	  	$                
			
		 	Less:     Ineligible Accounts:	  	
		
	            Accounts that do not arise from the sale of goods or the performance of services by such Credit
Party in the ordinary course of its business;	  	$                
			
		 	Accounts (i) upon which such Credit Party’s right to receive payment is not absolute or is contingent upon the fulfillment of any condition whatsoever or (ii) as to
which such Credit Party is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial process, or (iii) if the Account represents a progress billing consisting of an invoice for goods sold or used or
services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject to such Credit Party’s completion of further performance under such contract or is subject to the equitable lien of a
surety bond issuer;	  	$                
			
		 	Any Account to the extent that any defense, counterclaim, setoff or dispute is asserted as to such Account (it being understood and agreed that (i) only the portion of the
Account that is subject to such defense, counterclaim, setoff or dispute shall not be an Eligible Account and (ii) the remaining portion of such Account shall not be rendered ineligible under this clause);	  	$                
			
		 	Accounts that are not true and correct statements of bona fide indebtedness incurred in the amount of such Account for merchandise sold to or services rendered and accepted by the
applicable Account Debtor;	  	$                

  
 6.1(d)(ii)-2

					
			
		 	Accounts with respect to which an invoice has not been sent to the applicable Account Debtor;	  	$                
			
		 	Accounts that (i) are not owned by such Credit Party or (ii) are subject to any right, claim, security interest or other interest of any other Person, other than Liens in
favor of US Agent, on behalf of itself and applicable Lenders and Prior Claims that are unregistered and that secure amounts that are not yet due and payable;	  	$                
			
		 	Accounts that arise from a sale to any director, officer, other employee or Affiliate of such Credit Party, or to any entity that has any common officer or director with such Credit
Party other than any unrelated portfolio company of Sponsor, Sponsor’s affiliates and any purchaser of the Subordinated Debt or the Senior Notes;	  	$                
			
		 	Accounts that are the obligation of an Account Debtor that is the United States government or a political subdivision thereof, or any state, county or municipality or department,
agency or instrumentality thereof unless US Agent, in its sole discretion, has agreed to the contrary in writing or such Credit Party, if necessary, has complied with respect to such obligation with the Federal Assignment of Claims Act of 1940, or
any applicable state, county or municipal law restricting the assignment thereof with respect to such obligation;	  	$                
			
		 	Accounts that are the obligation of an Account Debtor that is the Canadian government (Her Majesty The Queen in Right of Canada) or a political subdivision thereof, or any province
or territory, or any municipality or department, agency or instrumentality thereof, unless (i) Lenders have agreed to the contrary in writing, (ii) such Account is assignable by way of security or (iii) such Credit Party, if
necessary, has complied with the Financial Administration Act (Canada) and any amendments thereto, or any applicable territorial, provincial, county or municipal law of similar purpose and effect restricting the assignment thereof with respect to
such obligation;	  	$                
			
		 	Accounts that are the obligation of an Account Debtor located in a country other than the United States or Canada unless payment thereof is assured by a letter of credit assigned
and delivered to US Agent or is covered by adequate credit insurance for such Account Debtor, each satisfactory to US Agent as to form, amount and issuer; provided that, obligations of EI Dupont de Nemours, a Mexican company and, so long as
that certain guaranty from Mars, Inc. in favor of Effem Mexico Inc., a Mexican corporation remains in full force and effect, Effem Mexico, Inc. shall not be excluded;	  	$                
			
		 	Accounts to the extent such Credit Party is liable for goods sold or services rendered by the applicable Account Debtor to such Credit Party but only to the extent of the potential
offset;	  	$                

  
 6.1(d)(ii)-3

					
			
		 	Accounts that arise with respect to goods that are delivered on a bill and hold, cash on delivery basis, guaranteed sale or other terms by reason of which the payment by the Account
Debtor is or may be conditional;	  	$                
			
		 	 Accounts that are in default; provided, that, without limiting the generality of the foregoing, an Account shall be deemed
in default upon the occurrence of any of the following:
  
 (i) the Account is
not paid within the earlier of: 60 days following its due date or 90 days following its original invoice date; provided that, such Accounts shall not be excluded so long as they are not past due in accordance with their terms and are not in
an aggregate amount in excess of $1,000,000;
  
 (ii) the Account Debtor
obligated upon such Account suspends business, makes a general assignment for the benefit of creditors or fails to pay its debts generally as they come due; or
  

(iii) a petition is filed by or against any Account Debtor obligated upon such Account under any bankruptcy law or any other federal, state or foreign
(including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors until such time, if ever, as such petition is dismissed;
	  	$                
			
		 	Accounts that are the obligations of an Account Debtor if 50% or more of the Dollar amount of all Accounts owing by that Account Debtor are ineligible under the other criteria set
forth in Section 1.8 of the Credit Agreement (other than clauses (a), (b), (d), (e), (f) or (l) thereof);	  	$                
			
		 	Accounts as to which US Agent’s Lien thereon, on behalf of itself and Lenders, is not a first priority perfected Lien;	  	$                
			
		 	Accounts as to which any of the representations or warranties in the Loan Documents are untrue;	  	$                
			
		 	Accounts to the extent such Accounts are evidenced by a judgment, Instrument or Chattel Paper;	  	$                
			
		 	Accounts to the extent such Account exceeds any credit limit established by US Agent, in its reasonable credit judgment acting in good faith, following prior written or electronic
notice of such limit by US Agent to US Borrower Representative;	  	$                
			
		 	Accounts to the extent that such Account, together with all other Accounts owing to such Account Debtor and its Affiliates as of any date of determination exceed 20% of all Eligible
Accounts of all Credit Parties	  	$                

  
 6.1(d)(ii)-4

					
		 	Accounts that are payable in any currency other than Dollars or Canadian Dollars; or	  	$                
			
		 	Accounts that are otherwise unacceptable to US Agent in its reasonable credit judgment acting in good faith.	  	$                
		
	 Total Ineligible Accounts
	  	$                
		
	 Total Eligible Accounts (Accounts less Total Ineligible Accounts)
	  	$                
		
	 Advance Rate
  

up to 85% of the book value of the Eligible Accounts of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct
and indirect Domestic Subsidiaries) at such time
	  	
		
	Accounts Availability	  	$                
		
	Inventory owned by, and in the possession of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic
Subsidiaries), reflected as inventory on the US Borrowers and their Domestic Subsidiaries’ (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) consolidating balance sheet (as of the date above), valued at the
lower of cost or market (including adequate reserves for obsolete, slow moving or excess quantities), on a first-in, first-out basis	  	$                
			
		 	 Less:     Ineligible Inventory:
  

Inventory that is not owned by such Credit Party free and clear of all Liens and rights of any other Person (including the rights of a purchaser that has
made progress payments and the rights of a surety that has issued a bond to assure such Credit Party’s performance with respect to that Inventory and the rights of suppliers under Section 81.1 of the Bankruptcy and Insolvency Act
(Canada)), except the Liens in favor of US Agent, on behalf of the Lenders and Prior Claims that are unregistered and that secure amounts that are not yet due and payable (other than the claims of suppliers under Section 81.1 of the
Bankruptcy and Insolvency Act (Canada)), except the Liens in favor of US Agent, on behalf of itself and the Lenders and other Permitted Encumbrances described in clauses (a), (b), (c), (e) and (f)(3) in such definition;
	  	$                

  
 6.1(d)(ii)-5

					
			
		 	Inventory that (i) is not located on premises owned, leased or rented by such Credit Party and set forth in Disclosure Schedule (3.14) of the Credit Agreement or (ii) is
stored at a leased location, unless (x) the US Agent has given its prior consent thereto, (y) a reasonably satisfactory landlord waiver has been delivered to US Agent, or (z) Reserves satisfactory to US Agent have been established with respect
thereto in an amount not to exceed three (3) months rent, (iii) is stored with a bailee or warehouseman unless a reasonably satisfactory, acknowledged bailee letter has been received by the US Agent or Reserves reasonably satisfactory to US
Agent have been established with respect thereto, or (iv) is located at an owned location subject to a mortgage in favor of a lender other than the US Agent, unless a reasonably satisfactory mortgagee waiver has been delivered to the US Agent, or
(v) is located at any site if the aggregate book value of Inventory at any such location is less than $100,000;	  	$                
			
		 	Inventory that is placed on consignment or is in transit, except for Inventory in transit between United States and Canadian locations of Credit Parties as to which the US
Agent’s Liens have been perfected at origin and destination; and except for (i) Inventory in transit between domestic locations of Credit Parties and (ii) consigned Inventory that arises with respect to goods that are delivered on a bill and
hold, cash on delivery basis or placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is or may be conditional, provided that in the case of such consigned Inventory, (A) as to each consignee
(it being understood that for the purposes of this paragraph, the term consignee shall include any Person to whom such Credit Party has provided possession of Inventory prior to the consummation of an irrevocable sale of such Inventory to such
Person), the applicable Credit Party has, at such Credit Party’s cost and expense (i) conducted Code, PPSA, tax lien and judgment searches against such consignee, (ii) filed UCC-1 financing statements against such consignee naming
such Credit Party as secured party and US Agent as assignee of secured party, and (iii) provided to each secured party of record that has filed a financing statement against such consignee (whether or not such Inventory is Inventory in the
hands of such consignee) a notice, in form and substance reasonably satisfactory to US Agent, pursuant to Section 9-324 of the Code or similar provision of the PPSA of such Credit Party’s intent to provide purchase money financing to such
consignee and (iv) obtained from such consignee a letter agreement, in form and substance reasonably satisfactory to US Agent, in which such consignee acknowledges the Lien of US Agent and agrees that to the extent that such consignee has not
paid the purchase price of any item of Inventory, US Agent can take possession of and remove such item of Inventory upon an Event of Default and (B) such Credit Party holds a perfected first priority security interest against such consignee,
such security interest having been assigned of record to US Agent;	  	$                

  
 6.1(d)(ii)-6

					
		
	 Inventory that is covered by a negotiable document of title, unless such document has been delivered to US Agent with all necessary endorsements, free
and clear of all Liens except those in favor of US Agent and Lenders;
	  	$	___________	  
		
	 Inventory that is excess, obsolete, unsaleable, shopworn, seconds, damaged or unfit for sale;
	  	$	___________	  
		
	 Inventory that consists of display items or packing or shipping materials, manufacturing supplies or replacement parts;
	  	$	___________	  
		
	 Inventory that consists of goods which have been returned by the buyer and are not capable of readily being resold to another buyer;
	  	$	___________	  
		
	 Inventory that is not of a type held for sale in the ordinary course of such Credit Party’s business;
	  	$	___________	  
		
	 Inventory that is not subject to a first priority lien in favor of US Agent on behalf of itself and Lenders subject to Permitted
Encumbrances;
	  	$	___________	  
		
	 Inventory that breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;
	  	$	___________	  
		
	 Inventory that consists of any costs associated with “freight-in” charges;
	  	$	___________	  
		
	 Inventory that consists of Hazardous Materials or goods that can be transported or sold only with licenses that are not readily
available;
	  	$	___________	  
		
	 Inventory that is not covered by casualty insurance reasonably acceptable to US Agent;
	  	$	___________	  
		
	 Inventory that is otherwise unacceptable to US Agent in its reasonable credit judgment acting in good faith;
	  	$	___________	  
		
	 Inventory that consists of work in process in an amount not to exceed $6,500,000 in the aggregate; or
	  	$	___________	  
		
	 Inventory that consists of raw materials in-transit, except raw materials in-transit that are adequately insured and in which such Credit Party has
perfected title under Applicable Law in such raw materials in an amount not to exceed $1,000,000 in the aggregate.
	  	$	___________	  
		
	Total Ineligible Inventory	  	$	___________	  
		
	Total Eligible Inventory (Inventory less Total Ineligible Inventory)	  	$	___________	  

  
 6.1(d)(ii)-7

					
		
	 Advance Rate
  

(a)     up to the lesser of (i) 62.5% of the book value of the Eligible Inventory of US
Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries but excluding any UK Group Member) consisting of raw materials (other than Eligible Inventory consisting of raw
materials in-transit pursuant to Section 1.9(p) of the Credit Agreement) and finished goods valued at the lower of cost (determined on a first-in, first-out basis) or market and (ii) 85% of the NOLV of such Eligible Inventory (such amount the
“US Tranche A Raw Materials Advance Rate”);
  
 (b)     up to 45% of the book value of the Eligible Inventory of such US Borrower and its Domestic Subsidiaries (which for the avoidance of doubt, includes direct and indirect
Domestic Subsidiaries) consisting of work in process (eligible pursuant to Section 1.9(o) of the Credit Agreement) in an amount not to exceed $6,500,000 in the aggregate;

 
 (c)     up to the
inverse of the then applicable US Tranche A Raw Materials Advance Rate on the Eligible Inventory of such US Borrower and its Domestic Subsidiaries (which for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) consisting of
raw materials in-transit (eligible pursuant to Section 1.9(p) of the Credit Agreement), in an amount not to exceed $1,000,000 in the aggregate.
	  			
		
	Inventory Availability (sum of (a) and (b) and (c) above)	  	$	____________	  
		
	 Notwithstanding the foregoing, (i) no assets or receivables of any UK Group Member generated pursuant to Section 5.1(c)(ii) or
(iii) of the Credit Agreement shall be included in the US Tranche A Borrowing Base and (ii) no assets or receivables acquired in the Bemis Acquisition shall be included in the US Tranche A Borrowing Base until the Agents shall have
completed reasonably satisfactory audits and appraisals of such assets and receivables.
  
 Borrowing Base (Accounts Availability plus Inventory Availability)
	  	$	____________	  

  
 6.1(d)(ii)-8

 EXHIBIT 6.1(d)(iii) 

FORM OF CANADIAN TRANCHE A1 BORROWING BASE CERTIFICATE 

Reference is made to that certain Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated
as of October 31, 2007, as further amended and restated as of July 2, 2010 and as further amended and restated as of May 31, 2011 by and among the undersigned (“Canadian Borrower”), the other Persons named therein as
Borrowers, the other Persons named therein as Credit Parties, General Electric Capital Corporation (“US Agent”), GE Canada Finance Holding Company (“Canadian Agent”) and the Persons signatory thereto from time to
time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”). Capitalized terms used herein without definition are so
used as defined in the Credit Agreement. 
 The undersigned, being the chief financial officer or chief executive officer of
Canadian Borrower, hereby certifies that the Canadian Tranche A1 Borrowing Base calculated herein is true and correct in all respects and, without limiting the generality of the foregoing, with respect to the information supporting the determination
of Eligible Accounts and Eligible Inventory. 
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Borrowing
Base Certificate as of the date first set forth above. 
  

			
	 [EXOPACK-NEWMARKET, LTD.]
 [EXOPACK PERFORMANCE FILMS INC.]

		
	By:	 	 
	Title:	 	 

 SCHEDULE 1 
 to Exhibit 6.1(d)(iii) 
 FORM OF CANADIAN TRANCHE A1 BORROWING BASE CALCULATION

  

					
	Accounts of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada reflected as
accounts receivable on Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada’s consolidating balance sheet (as of the date above), but solely to
the extent of the unpaid portion of the obligations stated on the respective invoices issued to a customer of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and
TPG Canada with respect to inventory sold and shipped or services performed in the ordinary course of business, net of any credits, rebates or offsets owed by Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt,
includes direct and indirect Canadian Subsidiaries) and TPG Canada to the respective customer.	  	$	___________	  
		
	 Less:     Ineligible Accounts:
  

Accounts that do not arise from the sale of goods or the performance of services by such Credit Party in the ordinary course of its
business;
	  	$	___________	  
		
	 Accounts (i) upon which such Credit Party’s right to receive payment is not absolute or is contingent upon the fulfillment of any condition
whatsoever or (ii) as to which such Credit Party is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial process, or (iii) if the Account represents a progress billing consisting of an
invoice for goods sold or used or services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject to such Credit Party’s completion of further performance under such contract or is
subject to the equitable lien of a surety bond issuer;
	  	$	___________	  
		
	 Any Account to the extent that any defense, counterclaim, setoff or dispute is asserted as to such Account (it being understood and agreed that
(i) only the portion of the Account that is subject to such defense, counterclaim, setoff or dispute shall not be an Eligible Account and (ii) the remaining portion of such Account shall not be rendered ineligible under this
clause);
	  	$	___________	  
		
	 Accounts that are not true and correct statements of bona fide indebtedness incurred in the amount of such Account for merchandise sold to or services
rendered and accepted by the applicable Account Debtor;
	  	$	___________	  

  
 6.1(d)(iii)-2

					
		
	 Accounts with respect to which an invoice has not been sent to the applicable Account Debtor;
	  	$	____________	  
		
	 Accounts that (i) are not owned by such Credit Party or (ii) are subject to any right, claim, security interest or other interest of any
other Person, other than Liens in favor of Canadian Agent, on behalf of itself and applicable Lenders and Prior Claims that are unregistered and that secure amounts that are not yet due and payable;
	  	$	____________	  
		
	 Accounts that arise from a sale to any director, officer, other employee or Affiliate of such Credit Party, or to any entity that has any common
officer or director with such Credit Party other than any unrelated portfolio company of Sponsor, Sponsor’s affiliates and any purchaser of the Subordinated Debt or the Senior Notes;
	  	$	____________	  
		
	 Accounts that are the obligation of an Account Debtor that is the United States government or a political subdivision thereof, or any state, county or
municipality or department, agency or instrumentality thereof unless Canadian Agent, in its sole discretion, has agreed to the contrary in writing or such Credit Party, if necessary, has complied with respect to such obligation with the Federal
Assignment of Claims Act of 1940, or any applicable state, county or municipal law restricting the assignment thereof with respect to such obligation;
	  	$	____________	  
		
	 Accounts that are the obligation of an Account Debtor that is the Canadian government (Her Majesty The Queen in Right of Canada) or a political
subdivision thereof, or any province or territory, or any municipality or department, agency or instrumentality thereof, unless (i) Lenders have agreed to the contrary in writing, (ii) such Account is assignable by way of security or
(iii) such Credit Party, if necessary, has complied with the Financial Administration Act (Canada) and any amendments thereto, or any applicable territorial, provincial, county or municipal law of similar purpose and effect restricting the
assignment thereof with respect to such obligation;
	  	$	____________	  
		
	 Accounts that are the obligation of an Account Debtor located in a country other than the United States or Canada unless payment thereof is assured by
a letter of credit assigned and delivered to Canadian Agent or is covered by adequate credit insurance for such Account Debtor, each satisfactory to Canadian Agent as to form, amount and issuer; provided that, obligations of EI Dupont de
Nemours, a Mexican company and, so long as that certain guaranty from Mars, Inc. in favor of Effem Mexico Inc., a Mexican corporation remains in full force and effect, Effem Mexico, Inc. shall not be excluded;
	  	$	____________	  
		
	 Accounts to the extent such Credit Party is liable for goods sold or services rendered by the applicable Account Debtor to such Credit Party but only
to the extent of the potential offset;
	  	$	____________	  

  
 6.1(d)(iii)-3

					
		
	 Accounts that arise with respect to goods that are delivered on a bill and hold, cash on delivery basis, guaranteed sale or other terms by reason of
which the payment by the Account Debtor is or may be conditional;
	  	$	____________	  
		
	 Accounts that are in default; provided, that, without limiting the generality of the foregoing, an
Account shall be deemed in default upon the occurrence of any of the following:
  
 (i) the Account is not paid within the earlier of: 60 days following its due date or 90 days following its original invoice date; provided that, such Accounts shall not be excluded so long as they
are not past due in accordance with their terms and are not in an aggregate amount in excess of $1,000,000;
  

(ii) the Account Debtor obligated upon such Account suspends business, makes a general assignment for the benefit of creditors or
fails to pay its debts generally as they come due; or
  

(iii) a petition is filed by or against any Account Debtor obligated upon such Account under any bankruptcy law or any other federal,
state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors until such time, if ever, as such petition is dismissed;
	  	$	____________	  
		
	 Accounts that are the obligations of an Account Debtor if 50% or more of the Dollar amount of all Accounts owing by that Account Debtor are ineligible
under the other criteria set forth in Section 1.8 of the Credit Agreement (other than clauses (a), (b), (d), (e), (f) or (l) thereof);
	  	$	____________	  
		
	 Accounts as to which Canadian Agent’s Lien thereon, on behalf of itself and Lenders, is not a first priority perfected Lien;
	  	$	____________	  
		
	 Accounts as to which any of the representations or warranties in the Loan Documents are untrue;
	  	$	____________	  
		
	 Accounts to the extent such Accounts are evidenced by a judgment, Instrument or Chattel Paper;
	  	$	____________	  
		
	 Accounts to the extent such Account exceeds any credit limit established by Canadian Agent, in its reasonable credit judgment acting in good faith,
following prior written or electronic notice of such limit by Canadian Agent to Canadian Borrower Representative;
	  	$	____________	  
		
	 Accounts to the extent that such Account, together with all other Accounts owing to such Account Debtor and its Affiliates as of any date of
determination exceed 20% of all Eligible Accounts of all Credit Parties
	  	$	____________	  

  
 6.1(d)(iii)-4

					
		
	 Accounts that are payable in any currency other than Dollars or Canadian Dollars; or
	  	$	___________	  
		
	 Accounts that are otherwise unacceptable to Canadian Agent in its reasonable credit judgment acting in good faith.
	  	$	___________	  
		
	Total Ineligible Accounts	  	$	___________	  
		
	Total Eligible Accounts (Accounts less Total Ineligible Accounts)	  	$	___________	  
		
	 Advance Rate
 up to an
additional 5% of the book value of the Eligible Accounts of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada at such time
	  			
		
	Accounts Availability	  	$	___________	  
		
	Inventory owned by, and in the possession of Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries)
and TPG Canada, reflected as inventory on the Canadian Borrowers, their Canadian Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada’s consolidating balance sheet (as of the date
above), valued at the lower of cost or market (including adequate reserves for obsolete, slow moving or excess quantities), on a first-in, first-out basis	  	$	___________	  
		
	 Less:     Ineligible Inventory:

 
 Inventory that is not owned by such Credit Party free and clear
of all Liens and rights of any other Person (including the rights of a purchaser that has made progress payments and the rights of a surety that has issued a bond to assure such Credit Party’s performance with respect to that Inventory and the
rights of suppliers under Section 81.1 of the Bankruptcy and Insolvency Act (Canada)), except the Liens in favor of Canadian Agent, on behalf of the Lenders and Prior Claims that are unregistered and that secure amounts that are not yet
due and payable (other than the claims of suppliers under Section 81.1 of the Bankruptcy and Insolvency Act (Canada)), except the Liens in favor of Canadian Agent, on behalf of itself and the Lenders and other Permitted Encumbrances
described in clauses (a), (b), (c), (e) and (f)(3) in such definition;
	  	$	___________	  

  
 6.1(d)(iii)-5

					
		
	 Inventory that (i) is not located on premises owned, leased or rented by such Credit Party and set forth in Disclosure Schedule (3.14) of the
Credit Agreement or (ii) is stored at a leased location, unless (x) the Canadian Agent has given its prior consent thereto, (y) a reasonably satisfactory landlord waiver has been delivered to Canadian Agent, or (z) Reserves satisfactory to
Canadian Agent have been established with respect thereto in an amount not to exceed three (3) months rent, (iii) is stored with a bailee or warehouseman unless a reasonably satisfactory, acknowledged bailee letter has been received by the
Canadian Agent or Reserves reasonably satisfactory to Canadian Agent have been established with respect thereto, or (iv) is located at an owned location subject to a mortgage in favor of a lender other than the Canadian Agent, unless a reasonably
satisfactory mortgagee waiver has been delivered to the Canadian Agent, or (v) is located at any site if the aggregate book value of Inventory at any such location is less than $100,000;
	  	$	___________	  

  
 6.1(d)(iii)-6

					
		
	 Inventory that is placed on consignment or is in transit, except for Inventory in transit between United States and Canadian locations of Credit
Parties as to which the Canadian Agent’s Liens have been perfected at origin and destination; and except for (i) Inventory in transit between domestic locations of Credit Parties and (ii) consigned Inventory that arises with respect to goods
that are delivered on a bill and hold, cash on delivery basis or placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is or may be conditional, provided that in the case of such consigned
Inventory, (A) as to each consignee (it being understood that for the purposes of this paragraph, the term consignee shall include any Person to whom such Credit Party has provided possession of Inventory prior to the consummation of an
irrevocable sale of such Inventory to such Person), the applicable Credit Party has, at such Credit Party’s cost and expense (i) conducted Code, PPSA, tax lien and judgment searches against such consignee, (ii) filed UCC-1 financing
statements against such consignee naming such Credit Party as secured party and Canadian Agent as assignee of secured party, and (iii) provided to each secured party of record that has filed a financing statement against such consignee (whether
or not such Inventory is Inventory in the hands of such consignee) a notice, in form and substance reasonably satisfactory to Canadian Agent, pursuant to Section 9-324 of the Code or similar provision of the PPSA of such Credit Party’s intent
to provide purchase money financing to such consignee and (iv) obtained from such consignee a letter agreement, in form and substance reasonably satisfactory to Canadian Agent, in which such consignee acknowledges the Lien of Canadian Agent and
agrees that to the extent that such consignee has not paid the purchase price of any item of Inventory, Canadian Agent can take possession of and remove such item of Inventory upon an Event of Default and (B) such Credit Party holds a perfected
first priority security interest against such consignee, such security interest having been assigned of record to Canadian Agent;
	  	$	___________	  
		
	 Inventory that is covered by a negotiable document of title, unless such document has been delivered to Canadian Agent with all necessary
endorsements, free and clear of all Liens except those in favor of Canadian Agent and Lenders;
	  	$	___________	  
		
	 Inventory that is excess, obsolete, unsaleable, shopworn, seconds, damaged or unfit for sale;
	  	$	___________	  
		
	 Inventory that consists of display items or packing or shipping materials, manufacturing supplies or replacement parts;
	  	$	___________	  
		
	 Inventory that consists of goods which have been returned by the buyer and are not capable of readily being resold to another buyer;
	  	$	___________	  

  
 6.1(d)(iii)-7

					
		
	 Inventory that is not of a type held for sale in the ordinary course of such Credit Party’s business;
	  	$	___________	  
		
	 Inventory that is not subject to a first priority lien in favor of Canadian Agent on behalf of itself and Lenders subject to Permitted
Encumbrances;
	  	$	___________	  
		
	 Inventory that breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;
	  	$	___________	  
		
	 Inventory that consists of any costs associated with “freight-in” charges;
	  	$	___________	  
		
	 Inventory that consists of Hazardous Materials or goods that can be transported or sold only with licenses that are not readily
available;
	  	$	___________	  
		
	 Inventory that is not covered by casualty insurance reasonably acceptable to Canadian Agent;
	  	$	___________	  
		
	 Inventory that is otherwise unacceptable to Canadian Agent in its reasonable credit judgment acting in good faith;
	  	$	___________	  
		
	 Inventory that consists of work-in-progress inventory in an amount not to exceed $6,500,000; or
	  	$	___________	  
		
	 Inventory that consists of raw materials in transit, except raw materials in transit that are adequately insured and in which such Credit Party has
perfected title under Applicable Law in such raw materials in an amount not to exceed $1,000,000 in the aggregate.
	  	$	___________	  
		
	Total Ineligible Inventory	  	$	___________	  
		
	Total Eligible Inventory (Inventory less Total Ineligible Inventory)	  	$	___________	  
		
	 Advance Rate
  

up to the lesser of (i) an additional 5% of the book value of the Eligible Inventory of Canadian Borrowers, their Canadian Subsidiaries (which, for
the avoidance of doubt, includes direct and indirect Canadian Subsidiaries) and TPG Canada consisting of raw materials and finished goods valued at the lower of cost (determined on a first-in, first-out basis) or market and (ii) an additional
5% of the NOLV of such Eligible Inventory.
	  			
		
	Inventory Availability (sum of (a) and (b) above)	  	$	___________	  
		
	Borrowing Base (Accounts Availability plus Inventory Availability)	  	$	___________	  

  
 6.1(d)(iii)-8

 EXHIBIT 6.1(d)(iv) 

FORM OF US TRANCHE A1 BORROWING BASE CERTIFICATE 
 Reference is made to that certain Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of
July 2, 2010 and as further amended and restated as of May 31, 2011, by and among the undersigned (“US Borrower”), the other Persons named therein as Borrowers, the other Persons named therein as Credit Parties, General
Electric Capital Corporation (“US Agent”), GE Canada Finance Holding Company (“Canadian Agent”) and the Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto,
and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”). Capitalized terms used herein without definition are so used as defined in the Credit Agreement. 

The undersigned, being the chief financial officer or chief executive officer of US Borrower, hereby certifies that the US Tranche A1
Borrowing Base calculated herein is true and correct in all respects and, without limiting the generality of the foregoing, with respect to the information supporting the determination of Eligible Accounts and Eligible Inventory. 

IN WITNESS WHEREOF, the undersigned has executed and delivered this Borrowing Base Certificate as of the date first set forth above.

  

			
	 [EXOPACK, LLC]

[CELLO-FOIL PRODUCTS, INC.]

		
	By:	 	 

			
	Title:	 	 

 SCHEDULE 1 
 to Exhibit 6.1(d)(iv) 
 FORM OF US TRANCHE A1 BORROWING BASE CALCULATION

  

					
	Accounts of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) reflected as accounts receivable on
US Borrowers and their Domestic Subsidiaries’ (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) consolidating balance sheet (as of the date above), but solely to the extent of the unpaid portion of the
obligations stated on the respective invoices issued to a customer of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) with respect to inventory sold and shipped or
services performed in the ordinary course of business, net of any credits, rebates or offsets owed by US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) to the
respective customer.	  	$
	____________
	  

		
	Less:     Ineligible Accounts:	  			
		
	 Accounts that do not arise from the sale of goods or the performance of services by such Credit Party in the ordinary course of its
business;
	  	$	____________	  
		
	 Accounts (i) upon which such Credit Party’s right to receive payment is not absolute or is contingent upon the fulfillment of any condition
whatsoever or (ii) as to which such Credit Party is not able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial process, or (iii) if the Account represents a progress billing consisting of an
invoice for goods sold or used or services rendered pursuant to a contract under which the Account Debtor’s obligation to pay that invoice is subject to such Credit Party’s completion of further performance under such contract or is
subject to the equitable lien of a surety bond issuer;
	  	$	____________	  
		
	 Any Account to the extent that any defense, counterclaim, setoff or dispute is asserted as to such Account (it being understood and agreed that
(i) only the portion of the Account that is subject to such defense, counterclaim, setoff or dispute shall not be an Eligible Account and (ii) the remaining portion of such Account shall not be rendered ineligible under this
clause);
	  	$	____________	  
		
	 Accounts that are not true and correct statements of bona fide indebtedness incurred in the amount of such Account for merchandise sold to or services
rendered and accepted by the applicable Account Debtor;
	  	$	____________	  

  
 6.1(d)(iv)-2

					
		
	 Accounts with respect to which an invoice has not been sent to the applicable Account Debtor;
	  	$	_____________	  
		
	 Accounts that (i) are not owned by such Credit Party or (ii) are subject to any right, claim, security interest or other interest of any
other Person, other than Liens in favor of US Agent, on behalf of itself and applicable Lenders and Prior Claims that are unregistered and that secure amounts that are not yet due and payable;
	  	$	_____________	  
		
	 Accounts that arise from a sale to any director, officer, other employee or Affiliate of such Credit Party, or to any entity that has any common
officer or director with such Credit Party other than any unrelated portfolio company of Sponsor, Sponsor’s affiliates and any purchaser of the Subordinated Debt or the Senior Notes;
	  	$	_____________	  
		
	 Accounts that are the obligation of an Account Debtor that is the United States government or a political subdivision thereof, or any state, county or
municipality or department, agency or instrumentality thereof unless US Agent, in its sole discretion, has agreed to the contrary in writing or such Credit Party, if necessary, has complied with respect to such obligation with the Federal Assignment
of Claims Act of 1940, or any applicable state, county or municipal law restricting the assignment thereof with respect to such obligation;
	  	$	_____________	  
		
	 Accounts that are the obligation of an Account Debtor that is the Canadian government (Her Majesty The Queen in Right of Canada) or a political
subdivision thereof, or any province or territory, or any municipality or department, agency or instrumentality thereof, unless (i) Lenders have agreed to the contrary in writing, (ii) such Account is assignable by way of security or
(iii) such Credit Party, if necessary, has complied with the Financial Administration Act (Canada) and any amendments thereto, or any applicable territorial, provincial, county or municipal law of similar purpose and effect restricting the
assignment thereof with respect to such obligation;
	  	$	_____________	  
		
	 Accounts that are the obligation of an Account Debtor located in a country other than the United States or Canada unless payment thereof is assured by
a letter of credit assigned and delivered to US Agent or is covered by adequate credit insurance for such Account Debtor, each satisfactory to US Agent as to form, amount and issuer; provided that, obligations of EI Dupont de Nemours, a
Mexican company and, so long as that certain guaranty from Mars, Inc. in favor of Effem Mexico Inc., a Mexican corporation remains in full force and effect, Effem Mexico, Inc. shall not be excluded;
	  	$	_____________	  
		
	 Accounts to the extent such Credit Party is liable for goods sold or services rendered by the applicable Account Debtor to such Credit Party but only
to the extent of the potential offset;
	  	$	_____________	  

  
 6.1(d)(iv)-3

					
		
	 Accounts that arise with respect to goods that are delivered on a bill and hold, cash on delivery basis, guaranteed sale or other terms by reason of
which the payment by the Account Debtor is or may be conditional;
	  	$	____________	  
		
	 Accounts that are in default; provided, that, without limiting the generality of the foregoing, an
Account shall be deemed in default upon the occurrence of any of the following:
  
 (i) the Account is not paid within the earlier of: 60 days following its due date or 90 days following its original invoice date; provided that, such Accounts shall not be excluded so long as they
are not past due in accordance with their terms and are not in an aggregate amount in excess of $1,000,000;
  

(ii) the Account Debtor obligated upon such Account suspends business, makes a general assignment for the benefit of creditors or
fails to pay its debts generally as they come due; or
  

(iii) a petition is filed by or against any Account Debtor obligated upon such Account under any bankruptcy law or any other federal,
state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors until such time, if ever, as such petition is dismissed;
	  	$	____________	  
		
	 Accounts that are the obligations of an Account Debtor if 50% or more of the Dollar amount of all Accounts owing by that Account Debtor are ineligible
under the other criteria set forth in Section 1.8 of the Credit Agreement (other than clauses (a), (b), (d), (e), (f) or (l) thereof);
	  	$	____________	  
		
	 Accounts as to which US Agent’s Lien thereon, on behalf of itself and Lenders, is not a first priority perfected Lien;
	  	$	____________	  
		
	 Accounts as to which any of the representations or warranties in the Loan Documents are untrue;
	  	$	____________	  
		
	 Accounts to the extent such Accounts are evidenced by a judgment, Instrument or Chattel Paper;
	  	$	____________	  
		
	 Accounts to the extent such Account exceeds any credit limit established by US Agent, in its reasonable credit judgment acting in good faith,
following prior written or electronic notice of such limit by US Agent to US Borrower Representative;
	  	$	____________	  
		
	 Accounts to the extent that such Account, together with all other Accounts owing to such Account Debtor and its Affiliates as of any date of
determination exceed 20% of all Eligible Accounts of all Credit Parties
	  	$	____________	  

  
 6.1(d)(iv)-4

					
	 Accounts that are payable in any currency other than Dollars or Canadian Dollars; or
	  	$	____________	  
		
	 Accounts that are otherwise unacceptable to US Agent in its reasonable credit judgment acting in good faith.
	  	$	____________	  
		
	Total Ineligible Accounts	  	$	____________	  
		
	Total Eligible Accounts (Accounts less Total Ineligible Accounts)	  	$	____________	  
		
	 Advance Rate
  

up to an additional 5% of the book value of the Eligible Accounts of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt,
includes direct and indirect Domestic Subsidiaries) at such time
	  			
		
	Accounts Availability	  	$	____________	  
		
	Inventory owned by, and in the possession of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries),
reflected as inventory on the US Borrowers and their Domestic Subsidiaries’ (which, for the avoidance of doubt, includes direct and indirect Domestic Subsidiaries) consolidating balance sheet (as of the date above), valued at the lower of cost
or market (including adequate reserves for obsolete, slow moving or excess quantities), on a first-in, first-out basis	  	$	____________	  
		
	 Less:     Ineligible Inventory:
	  			
		
	 Inventory that is not owned by such Credit Party free and clear of all Liens and rights of any other Person (including the rights of a purchaser that
has made progress payments and the rights of a surety that has issued a bond to assure such Credit Party’s performance with respect to that Inventory and the rights of suppliers under Section 81.1 of the Bankruptcy and Insolvency
Act (Canada)), except the Liens in favor of US Agent, on behalf of the Lenders and Prior Claims that are unregistered and that secure amounts that are not yet due and payable (other than the claims of suppliers under Section 81.1 of the
Bankruptcy and Insolvency Act (Canada)), except the Liens in favor of US Agent, on behalf of itself and the Lenders and other Permitted Encumbrances described in clauses (a), (b), (c), (e) and (f)(3) in such definition;
	  	$	____________	  

  
 6.1(d)(iv)-5

					
		
	 Inventory that (i) is not located on premises owned, leased or rented by such Credit Party and set forth in Disclosure Schedule (3.14) of the
Credit Agreement or (ii) is stored at a leased location, unless (x) the US Agent has given its prior consent thereto, (y) a reasonably satisfactory landlord waiver has been delivered to US Agent, or (z) Reserves satisfactory to US Agent have
been established with respect thereto in an amount not to exceed three (3) months rent, (iii) is stored with a bailee or warehouseman unless a reasonably satisfactory, acknowledged bailee letter has been received by the US Agent or Reserves
reasonably satisfactory to US Agent have been established with respect thereto, or (iv) is located at an owned location subject to a mortgage in favor of a lender other than the US Agent, unless a reasonably satisfactory mortgagee waiver has been
delivered to the US Agent, or (v) is located at any site if the aggregate book value of Inventory at any such location is less than $100,000;
	  	$	___________	  
		
	 Inventory that is placed on consignment or is in transit, except for Inventory in transit between United States and Canadian locations of Credit
Parties as to which the US Agent’s Liens have been perfected at origin and destination; and except for (i) Inventory in transit between domestic locations of Credit Parties and (ii) consigned Inventory that arises with respect to goods that are
delivered on a bill and hold, cash on delivery basis or placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is or may be conditional, provided that in the case of such consigned Inventory,
(A) as to each consignee (it being understood that for the purposes of this paragraph, the term consignee shall include any Person to whom such Credit Party has provided possession of Inventory prior to the consummation of an irrevocable sale
of such Inventory to such Person), the applicable Credit Party has, at such Credit Party’s cost and expense (i) conducted Code, PPSA, tax lien and judgment searches against such consignee, (ii) filed UCC-1 financing statements against
such consignee naming such Credit Party as secured party and US Agent as assignee of secured party, and (iii) provided to each secured party of record that has filed a financing statement against such consignee (whether or not such Inventory is
Inventory in the hands of such consignee) a notice, in form and substance reasonably satisfactory to US Agent, pursuant to Section 9-324 of the Code or similar provision of the PPSA of such Credit Party’s intent to provide purchase money
financing to such consignee and (iv) obtained from such consignee a letter agreement, in form and substance reasonably satisfactory to US Agent, in which such consignee acknowledges the Lien of US Agent and agrees that to the extent that such
consignee has not paid the purchase price of any item of Inventory, US Agent can take possession of and remove such item of Inventory upon an Event of Default and (B) such Credit Party holds a perfected first priority security interest against
such consignee, such security interest having been assigned of record to US Agent;
	  	$	___________	  

  
 6.1(d)(iv)-6

					
		
	 Inventory that is covered by a negotiable document of title, unless such document has been delivered to US Agent with all necessary endorsements, free
and clear of all Liens except those in favor of US Agent and Lenders;
	  	$	____________	  
		
	 Inventory that is excess, obsolete, unsaleable, shopworn, seconds, damaged or unfit for sale;
	  	$	____________	  
		
	 Inventory that consists of display items or packing or shipping materials, manufacturing supplies or replacement parts;
	  	$	____________	  
		
	 Inventory that consists of goods which have been returned by the buyer and are not capable of readily being resold to another buyer;
	  	$	____________	  
		
	 Inventory that is not of a type held for sale in the ordinary course of such Credit Party’s business;
	  	$	____________	  
		
	 Inventory that is not subject to a first priority lien in favor of US Agent on behalf of itself and Lenders subject to Permitted
Encumbrances;
	  	$	____________	  
		
	 Inventory that breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents;
	  	$	____________	  
		
	 Inventory that consists of any costs associated with “freight-in” charges;
	  	$	____________	  
		
	 Inventory that consists of Hazardous Materials or goods that can be transported or sold only with licenses that are not readily
available;
	  	$	____________	  
		
	 Inventory that is not covered by casualty insurance reasonably acceptable to US Agent;
	  	$	____________	  
		
	 Inventory that is otherwise unacceptable to US Agent in its reasonable credit judgment acting in good faith;
	  	$	____________	  
		
	 Inventory that consists of work-in-progress in an amount not to exceed $6,500,000; or
	  	$	____________	  
		
	 Inventory that consists of raw materials in transit, except raw materials in transit that are adequately insured and in which such Credit Party has
perfected title under Applicable Law in such raw materials in an amount not to exceed $1,000,000 in the aggregate.
	  	$	____________	  
		
	 Total Ineligible Inventory
	  	$	____________	  
		
	Total Eligible Inventory (Inventory less Total Ineligible Inventory)	  	$	____________	  

  
 6.1(d)(iv)-7

					
		
	 Advance Rate
	  			
		
	up to the lesser of (i) an additional 5% of the book value of the Eligible Inventory of US Borrowers and their Domestic Subsidiaries (which, for the avoidance of doubt, includes
direct and indirect Domestic Subsidiaries but excluding any UK Group Member) consisting of raw materials (other than Eligible Inventory consisting of raw materials in-transit pursuant to Section 1.9(p) of the Credit Agreement) and finished goods
valued at the lower of cost (determined on a first-in, first-out basis) or market and (ii) an additional 5% of the NOLV of such Eligible Inventory.	  			
		
	 Inventory Availability (sum of (a) and (b) above)
	  	$	____________	  
		
	Notwithstanding the foregoing, (i) no assets or receivables of any UK Group Member generated pursuant to Section 5.1(c)(ii) or (iii) of the Credit Agreement shall be
included in the US Tranche A Borrowing Base and (ii) no assets or receivables acquired in the Bemis Acquisition shall be included in the US Tranche A Borrowing Base until the Agents shall have completed reasonably satisfactory audits and
appraisals of such assets and receivables.	  			
		
	 Borrowing Base (Accounts Availability plus Inventory Availability)
	  	$	____________	  

  
 6.1(d)(iv)-8

 EXHIBIT 8.1 

FORM OF ASSIGNMENT AGREEMENT 
 This ASSIGNMENT, dated as of the Effective Date, is entered into between the Assignor and the Assignee (each as defined below). 
 The parties hereto hereby agree as follows: 
  

			
	 Borrowers:
	 	EXOPACK, LLC, a Delaware limited liability company; CELLO-FOIL PRODUCTS, INC., a Michigan corporation; EXOPACK-NEWMARKET, LTD., an Ontario company; and EXOPACK PERFORMANCE
FILMS INC., an Ontario corporation (the “Borrowers”)
		
	 Applicable Agent:
	 	[General Electric Capital Corporation, as US agent for the US Lenders and L/C Issuer (in such capacity and together with its successors and permitted assigns, the “US
Agent”)] / [GE Canada Finance Holding Company, as Canadian Agent for the Canadian Lenders (in such capacity and together with its successors and permitted assigns, the “Canadian Agent”)]
		
	 Credit Agreement:
	 	Third Amended and Restated Credit Agreement dated as of January 31, 2006, as amended and restated as of October 31, 2007, as further amended and restated as of July 2, 2010
and as further amended and restated as of May 31, 2011, among the Borrowers, the other credit parties signatory thereto, the US Agent, Canadian Agent, US lenders and Canadian Lenders (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition are used as defined in the Credit Agreement)
		
	 [Trade Date:
	 	_________, ____]1
		
	 Effective Date:
	 	_________, ____2

  

	1 	 Insert for informational purposes only if needed to determine other arrangements between the assignor and the assignee. 

	2 	 To be filled out by Applicable Agent upon entry in the Loan Account. 

																			
	 Assignor

(collectively, the
 “Assignors”)3
	  	 Assignee

(collectively, the

“Assignees”)4
	  	Loan
Assigned5	 	  	Aggregate
amount of
Commitments
or principal
amount of
Loans for all
Lenders	 	  	Aggregate
amount of
Commitments6
or principal
amount of
Loans
Assigned7	 	  	Percentage
Assigned8	 
	 [Name of Assignor]
	  	 [Name of Assignee]

[Affiliate] of
 [Name of
Lender]
	  				  	$	____________	  	  	$	____________	  	  	 	__._________	% 
	 [Name of Assignor]
	  	 [Name of Assignee]

[Affiliate] of
 [Name of
Lender]
	  				  	$	____________	  	  	$	____________	  	  	 	__._________	% 
	 [Name of Assignor]
	  	 [Name of Assignee]

[Affiliate] of
 [Name of
Lender]
	  				  	$	____________	  	  	$	____________	  	  	 	__._________	% 

 [THE
REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK] 

 

	3 	 List each Assignor, as appropriate. 

	4 	 List each Assignee, as appropriate. 

	5 	 Fill in the appropriate defined term for the type of facilities under the Credit Agreement that are being assigned under this Assignment. (e.g.,
“US Loan”, “Canadian Loan”, etc.) 

	6 	 Includes Loans and interests, participations and obligations to participate in Letter of Credit Obligations, if applicable.

	7 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. The
aggregate amounts are inserted for informational purposes only to help in calculating the percentages assigned which, themselves, are for informational purposes only. 

	8 	 Set forth, to at least 9 decimals, the Assigned Interest as a percentage of the aggregate Commitment or Loans in the Credit Facility. This percentage
is set forth for informational purposes only and is not intended to be binding. The assignments are based on the amounts assigned not on the percentages listed in this column. 

  
 6.1(d)(iv)-3

 Section 1. Assignment. Each Assignor hereby sells and assigns to the
Assignee set forth above opposite such Assignor, and such Assignee hereby purchases and assumes from such Assignor, such Assignor’s rights and obligations in its capacity as Lender under the Credit Agreement (including Liabilities owing to or
by such Assignor thereunder) and the other Loan Documents, in each case to the extent related to the amounts identified above opposite such Assignor (such Assignor’s “Assigned Interest”). 

Section 2. Representations, Warranties and Covenants of Assignors. Each Assignor severally but not jointly
(a) represents and warrants to its corresponding Assignee and the [US] [Canadian] Agent that (i) it has full power and authority, and has taken all actions necessary for it, to execute and deliver this Assignment and to consummate the
transactions contemplated hereby and (ii) it is the legal and beneficial owner of its Assigned Interest and that such Assigned Interest is free and clear of any Lien and other adverse claims, (b) makes no other representation or warranty
and assumes no responsibility, including with respect to the aggregate amount of the Loans, the percentage of the Loans represented by the amounts assigned, any statements, representations and warranties made in or in connection with any Loan
Document or any other document or information furnished pursuant thereto, the execution, legality, validity, enforceability or genuineness of any Loan Document or any document or information provided in connection therewith and the existence, nature
or value of any Collateral, (c) assumes no responsibility (and makes no representation or warranty) with respect to the financial condition of any Credit Party or the performance or nonperformance by any Credit Party of any obligation under any
Loan Document or any document provided in connection therewith and (d) attaches any Notes held by it evidencing at least in part the Assigned Interest of such Assignor (or, if applicable, an affidavit of loss or similar affidavit therefor) and
requests that the [US] [Canadian] Agent exchange such Notes for new Notes in accordance with Sections 1.1 or 1.2 of the Credit Agreement, as applicable. 
 Section 3. Representations, Warranties and Covenants of Assignees. Each Assignee severally but not jointly (a) represents and warrants to its corresponding Assignor and the
[US/Canadian] Agent that (i) it has full power and authority, and has taken all actions necessary for such Assignee, to execute and deliver this Assignment and to consummate the transactions contemplated hereby, (ii) to the extent
indicated above, is an Affiliate or an Approved Fund of the Lender set forth above and (iii) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest assigned to it hereunder and either
such Assignee or the Person exercising discretion in making the decision for such assignment is experienced in acquiring assets of such type, (b) appoints and authorizes the [US] [Canadian] Agent to take such action as administrative agent and
collateral agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the [US] [Canadian] Agent by the terms thereof, together with such powers as are reasonably incidental thereto, (c) shall perform in
accordance with their terms all obligations that, by the terms of the Loan Documents, are required to be performed by it as a Lender, (d) confirms it has received such documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Assignment and shall continue to make its own credit decisions in taking or not taking any action under any Loan Document independently and without reliance upon any Secured Party and based on such
documents and information as it shall deem appropriate at the time, (e) acknowledges and agrees that, as a Lender, it may receive material non-public information and confidential information concerning the Loan Parties and their Affiliates and
Securities and agrees to use such information in accordance with Section 9.13 of the Credit Agreement, (f) specifies as its applicable lending offices (and addresses for notices) the offices at the addresses set forth beneath its
name on the signature pages hereof, (g) shall pay to the [US] [Canadian] Agent an assignment fee in the amount of $3,500 to the extent such fee is required to be paid under Section 8.1(a) of the Credit Agreement and (h) to the
extent required pursuant to Section 1.12(d) of the Credit Agreement, attaches two completed originals of Forms W-8ECI, W-8BEN or W-9. 

 Section 4. Determination of Effective Date; Loan Account. Following the
due execution and delivery of this Assignment by each Assignor, each Assignee and, to the extent required by Section 8.1(a) of the Credit Agreement, the Borrowers, this Assignment (including its attachments) will be delivered to the [US]
[Canadian] Agent for its acceptance and recording in the Loan Account. The effective date of this Assignment (the “Effective Date”) shall be the later of (i) the acceptance of this Assignment by the [US] [Canadian] Agent and
(ii) the recording of this Assignment in the Loan Account. The [US] [Canadian] Agent shall insert the Effective Date when known in the space provided therefor at the beginning of this Assignment. 

Section 5. Effect. As of the Effective Date, (a) each Assignee shall be a party to the Credit Agreement and, to
the extent provided in this Assignment, have the rights and obligations of a Lender under the Credit Agreement and (b) each Assignor shall, to the extent provided in this Assignment, relinquish its rights (except those surviving the termination
of the Commitments and payment in full of the Obligations) and be released from its obligations under the Loan Documents other than those obligations relating to events and circumstances occurring prior to the Effective Date. 

Section 6. Distribution of Payments. On and after the Effective Date, the [US] [Canadian] Agent shall make all
payments under the Loan Documents in respect of each Assigned Interest of any Assignor (a) in the case of amounts accrued to but excluding the Effective Date, to such Assignor and (b) otherwise, to the corresponding Assignee. 

Section 7. Miscellaneous. This Assignment is a Loan Document and, as such, is subject to certain provisions of the
Credit Agreement, including Sections 9.14 (Consent to Jurisdiction) and 9.15 (Waiver of Jury Trial) thereof. On and after the Effective Date, this Assignment shall be binding upon, and inure to the benefit of, the
Assignors, Assignees, the [US] [Canadian] Agent and their Related Persons and their successors and assigns. This Assignment shall be governed by, and be construed and interpreted in accordance with, the law of the State of New York. This Assignment
may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature
pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Assignment by facsimile transmission or Electronic Transmission shall be as effective as delivery of a
manually executed counterpart of this Assignment. 
 [SIGNATURE PAGES FOLLOW]

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	 [NAME OF ASSIGNOR]

as Assignor

		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  

			
	 [NAME OF ASSIGNEE]

as Assignee

		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  

			
	 Lending Office for LIBOR Loans or BA Rate Loans:9
 [Insert
Address (including contact name, fax number and e-mail address)]
  

Lending Office (and address for notices) for any other purpose:
 [Insert Address (including contact name, fax number and e-mail address)]

  

 

	9 	 Insert for each Assignee. 

 ACCEPTED and AGREED this      day of
                         : 
 [GENERAL ELECTRIC CAPITAL CORPORATION, 
 as US Agent] 

[GE CANADA FINANCE HOLDING COMPANY, 

as Canadian Agent] 
  

					
	BY:	 	 
		 	NAME:	 	 
		 	TITLE:	 	 

  

					
	[EXOPACK, LLC
		
	By:	 	 
		 	Name:	 	]
		 	Title:	 	 

  

							
	[EXOPACK-NEWMARKET, LTD.	 	
			
	By:	 	 	 	
		 	Name:	 	 	 	
		 	Title:	 	]10	 	

  

	10 	 Consent of Applicable Borrower Representative Required so long as no Default or Event of Default has occurred and is continuing. Such consent is not
required for an assignment between Lenders or from a Lender to an Affiliate of a Lender that is controlled by or under common control with such Lender, which consent shall not be unreasonably withheld or delayed. 

 SCHEDULES TO EXOPACK CREDIT FACILITY 

 

					
	Schedules	 		    	
			
	 Schedule 3.1(a)
	 	-	    	 Jurisdictions of Organization and Qualifications

	 Schedule 3.1(c)
	 	-	    	 Capitalization

	 Schedule 3.5
	 	-	    	 GAAP Exceptions

	 Schedule 3.7
	 	-	    	 Use of Proceeds

	 Schedule 3.10
	 	-	    	 Intellectual Property

	 Schedule 3.11
	 	-	    	 Investigations and Audits

	 Schedule 3.12
	 	-	    	 Employee Matters

	 Schedule 3.13
	 	-	    	 Litigation

	 Schedule 3.14
	 	-	    	 Real Property

	 Schedule 3.15
	 	-	    	 Environmental Matters

	 Schedule 3.16
	 	-	    	 ERISA/Canadian Pension Plans

	 Schedule 3.17
	 	-	    	 Deposit and Disbursement Accounts

	 Schedule 3.18
	 	-	    	 Agreements and Other Documents

	 Schedule 3.19
	 	-	    	 Insurance

	 Schedule 4.7
	 	-	    	 Corporate and Trade Names

	 Schedule 4.10
	 	-	    	 Cash Management Systems

	 Schedule 5.1
	 	-	    	 Indebtedness

	 Schedule 5.2
	 	-	    	 Liens

	 Schedule 5.3
	 	-	    	 Investments

	 Schedule 5.4
	 	-	    	 Contingent Obligations

	 Schedule 5.8
	 	-	    	 Affiliate Transactions

	 Schedule 5.9
	 	-	    	 Business Description

  
 8 

 Schedule 3.1(a) 

 

	1.	The jurisdiction of organization and all jurisdictions in which each Credit Party is qualified to do business as of the Closing Date, current location of each
Credit Party’s chief executive office, principal place of business, domicile (within the meaning of the Civil Code of Québec) 

 

													
	 Item
	  	 Entity
	  	 Jurisdiction

of

Organization
	  	 Foreign Qualification
	  	 Chief

Executive

Office
	  	 Principal

Place of Business
	  	 Domicile1

	1.	  	Exopack Key Holdings, LLC	  	Delaware	  	Florida	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	2.	  	Exopack Holding Corp.	  	Delaware	  	South Carolina, Florida, Oklahoma	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	3.	  	Exopack, LLC	  	Delaware	  	Arkansas, California, Georgia, Indiana, Iowa, New Jersey, Oklahoma, Pennsylvania, South Carolina, Texas, Wisconsin	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	4.	  	Exopack-Hebron, L.L.C.	  	Delaware	  	Ohio, South Carolina	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	5.	  	Exopack-Thomasville, LLC	  	Delaware	  	Texas, North Carolina	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
	6.	  	Exopack-Ontario, Inc.	  	California	  	None	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A

  

	1 	 Within the meaning of the Civil Code of Quèbec. 

  
 9 

 Schedule 3.1(a) 

 

													
	 Item
	  	 Entity
	  	 Jurisdiction

of

Organization
	  	 Foreign Qualification
	  	 Chief

Executive

Office
	  	 Principal

Place of Business
	  	 Domicile1

							
	7.	  	Exopack-Newmarket, Ltd.	  	Ontario, Canada	  	None	  	300 Spinnaker Way, Concord, Ontario L4K 4W1	  	300 Spinnaker Way, Concord, Ontario L4K 4W1	  	300 Spinnaker Way, Concord, Ontario L4K 4W1

  
 10 

 Schedule 3.1(a) 

 

													
	8.	  	Exopack-Technology, LLC	  	California	  	None	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	9.	  	Cello-Foil Holding Corp.	  	Delaware	  	Michigan, Florida	  	155 Brook Street, Battle Creek, MI 49017	  	155 Brook Street, Battle Creek, MI 49017	  	N/A
							
	10.	  	Cello-Foil Products, Inc.	  	Michigan	  	Georgia	  	155 Brook Street, Battle Creek, MI 49017	  	155 Brook Street, Battle Creek, MI 49017	  	N/A
							
	11.	  	TPG Group Holding Corp.	  	Delaware	  	Florida	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	12.	  	TPG (US), Inc.	  	Delaware	  	None	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	13.	  	TPG Enterprises, Inc.	  	Delaware	  	None	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	14.	  	The Packaging Group (Canada) Corporation	  	Nova Scotia, Canada	  	Ontario, Canada	  	300 Spinnaker Way Concord, Ontario, L4K 4W12	  	300 Spinnaker Way Concord, Ontario, L4K 4W12	  	Suite 1100, 1959 Upper Water Street, Halifax, Nova Scotia, B3J 3E5
	15.	  	Exopack Advanced Coatings, LLC	  	Delaware	  	North Carolina	  	3070 Southport Road, Spartanburg, SC 29302	  	3070 Southport Road, Spartanburg, SC 29302	  	N/A
							
	16.	  	Intelicoat Technologies Image Products Matthews LLC	  	Delaware	  	North Carolina	  	3070 Southport Road, Spartanburg, SC 29302	  	700 Crestdale Road, Matthews, NC 28105	  	N/A
							
	17.	  	Exopack Performance Films Inc.	  	Ontario, Canada	  	None	  	201 South Blair St., Whitby, Ontario L1N 5S6	  	201 South Blair St., Whitby, Ontario L1N 5S6	  	201 South Blair St., Whitby, Ontario L1N 5S6

 

	2 	 Minute books are located at the registered office/domicile. The head office and main business are located and accounts are issued out of 300 Spinnaker
Way, Concord, Ontario, L4K 4W1. 

  
 11 

 Schedule 3.1(a) 

 

	2.	Warehouses and premises at which any Collateral is located as of the Closing Date 

 

	 	a.	Locations of Collateral in Possession of Exopack Key Holdings, LLC or any Subsidiary 

 

			
	 State/Province; City
	  	 Address

	 California; Hanford
	  	10801 Iona Avenue 93230
	 California; Ontario
	  	5601 Santa Ana Street 91761
	 Georgia; Albany
	  	1801 Oak Haven Drive 31701
	 Georgia; Albany
	  	1747 Oak Haven Drive 31701
	 Georgia; Griffin
	  	1304 Arthur K. Bolton Parkway 30224
	 Georgia; Savannah (Garden City)
	  	108 Airport Industrial Drive 31408
	 Georgia; Tifton
	  	390 Southwell Boulevard 31794
	 Georgia; Tifton
	  	375 Southwell Boulevard 31794
	 Iowa; Sibley
	  	1400 Chase Boulevard 51249
	 Indiana; Seymour
	  	2200 D Avenue E 47274
	 Indiana; Seymour
	  	2212 4th Avenue 47274
	 Michigan; Battle Creek
	  	155 Brook Street 49017
	 Michigan; Battle Creek
	  	Rail Pit, 4950 W. Dickman Road 49015
	 Michigan; Battle Creek
	  	North Warehouse, 4950 W. Dickman Road 49015
	 Michigan; Battle Creek
	  	South Warehouse, 4950 W. Dickman Road 49015
	 North Carolina; Thomasville
	  	1308 Blair Street 27360
	 North Carolina; Matthews
	  	700 Crestdale St. 28106
	 Ontario; Concord
	  	300 Spinnaker Way L4K 4W1
	 Ontario; Whitby
	  	201 South Blair Street L1N 5S6
	 Pennsylvania; Hazelton
	  	3 Maplewood Drive 18202
	 South Carolina; Spartanburg
	  	3070 Southport Road 29302
	 South Carolina; Spartanburg
	  	345 Cedar Springs Avenue 29302
	 South Carolina; Spartanburg
	  	1078 Union St. 29302-3318
	 Texas; Longview
	  	900 Jordan Valley Road 75604
	 Wisconsin; Tomah
	  	501 Williams Street 54660

  
 12 

 Schedule 3.1(a) 

 

	 	b.	Locations of Collateral in Possession of Persons other than Exopack Key Holdings, LLC or any Subsidiary: 

 

							
	 Loan Party
	  	 Name
	  	 Address
	  	 Purpose

	Exopack, LLC	  	CertainTeed	  	Athena Industrial Park, Athens, GA	  	Consignment
				
		  	Karchner Warehouse	  	11 Maplewood Dr., Hazleton, PA	  	Inventory Storage
				
		  	CertainTeed	  	1220 Oak Hill Rd., Mountaintop, PA	  	Consignment
				
		  	CertainTeed	  	103 Funston Road, Kansas City, KS	  	Consignment
				
		  	Columbus Container (1)	  	2212 Fourth Ave., Seymour, IN	  	Inventory/Consignment
				
		  	Holman Warehouse	  	222430 76th Ave, Kent, WA	  	Inventory Storage
				
		  	Warehouse Specialties, Inc.	  	5915 N. Marine Drive, Portland, OR	  	Consignment
				
		  	Twin Brick Warehouse (3)	  	101 South Tift Ave, Tifton, GA	  	Inventory Storage
				
		  	CertainTeed	  	17775 Ave 23 1/2, Chowchilla, CA	  	Consignment
				
		  	LeMars Public Storage	  	1889 24th ST SW, LeMars, IA	  	Inventory Storage
				
		  	Hill’s Pet	  	151 Turner Court, Bowling Green, KY 42101	  	Consignment
				
		  	Hill’s Pet	  	2325 Union Pike, Richmond, IN 47374	  	Consignment
				
		  	Hill’s Pet	  	6041 South Malt Ave., Los Angeles, CA 90040	  	Consignment
				
		  	Tift Warehouse	  	PO Box 7328 Tifton, GA 31793	  	Inventory Storage
				
		  	Penn Warehousing & Distribution	  	2147 S. Columbus Blvd., Philadelphia, PA 19148	  	Inventory Storage
				
		  	Absopure	  	8835 General Dr., Plymouth, MI 48170	  	Consignment
				
		  	Waters of America	  	7359 Hazelwood Ave., Hazelwood, MO 63042	  	Consignment
				
		  	Hydration Source	  	10409 Sanden Dr., Dallas, TX 75238	  	Consignment
				
		  	Hydration Source	  	4324 Leckron Rd., Modesto, CA 95357	  	Consignment
				
		  	Classic Packaging	  	4058 Highway 79, Homer, LA 71040	  	Toll Laminator
				
		  	Hill’s CJ Foods	  	121 Main Street, Bern, KS 66408	  	Consignment
				
		  	Riverside logistics	  	310 Second St Bldg 3, Boscobel WI 53805	  	Toller
				
		  	Astro Storage and Warehousing	  	115 Balmorak Ave, Cornwall, Ontario K6H 3G6	  	Consignment
				
		  	Ozburn-Hessey Logistics	  	4060 East Jurupa St, Ontario, CA 91761	  	Consignment

  
 13 

 Schedule 3.1(c) 

 

							
	 Loan Party
	  	 Name
	  	 Address
	  	 Purpose

		  	LaserSharp FlexPack Services	  	3500 Willow Lake Blvd, Suite 700, Vadnais Heights, MN	  	Processor
				
		  	Vacumet Corp	  	7929 Troon Circle SW Austell, GA 30168	  	Processor
				
		  	Celplast Metalized Prod	  	67 Commander Blvd Unit 4, Toronto Ontario M1A 3M7	  	Processor
				
		  	Diamond Packaging	  	2855 Shemmer Road, Northbrook, IL 60062	  	Processor
				
		  	Pacon	  	79 Main St. Suite 202, Farmingham, MA 01702	  	Processor
				
		  	Checker Logistics	  	1725 Dixie Road, Neenah, WI 54957	  	Storage
				
		  	Southernwise Warehouse	  	504 Carver Road, Griffin, GA	  	Inventory Storage
				
		  	Hills Pet	  	1730 E Logan Ave, Emporia KS 66801	  	Consignment
				
		  	Jacobson Warehouse	  	3811 Dixon St., Des Moines, IA 50313	  	Inventory Storage
				
		  	Farmer John Warehouse	  	3049 E. Vernon Ave. Los Angeles, CA 90058	  	Consignment
				
	Exopack Performance Films Inc.	  	Celplast	  	67 Commander Blvd, Toronto, Ontario M1S 3M7	  	Toller
				
	The Packaging Group (Canada) Corporation	  	n/a	  	140-9969 River Road, Delta, BC L4K 4W1, Canada	  	Inventory Storage
				
	Exopack Advanced Coatings, LLC	  	Interfilm	  	127 Turningstone Ct., Greenville, SC 29611	  	Film Slitter
	  	Penn Color	  	2801 Richmond Rd., Hatfield, PA 19440	  	Mixer
	  	Stahl	  	Industrias Quimicas No. 105, 50200 Toluca, Edo de Mexico, Mexico	  	Mixer
	  	MacDermid Printing Solutions	  	5700 Commerce Blvd, Morristown, TN 37814	  	 Consignment
 Inventory
Storage

				
		  	Techni-Met	  	300 Lamberton Road, Windsor, CT 06095	  	Toller
				
	Cello-Foil Products, Inc.	  	Behnke Warehouse	  	186 Nevada St., Battlecreek, MI	  	Obsolete cylinder storage
	  	Behnke Warehouse	  	433 E. Michigan Ave., Battle Creek, MI	  	Inventory Storage

  
 14 

 Schedule 3.1(c) 

Capitalization 
  

	1.	The authorized Stock of each of the Credit Parties and each of their Subsidiaries: 

 

			
	 Entity
	  	 Authorized Stock

	Exopack Advanced Coatings, LLC	  	Uncertificated
		
	Exopack Key Holdings, LLC	  	Uncertificated
		
	Cello-Foil Holding Corp.	  	3,000,000
		
	Cello-Foil Products, Inc.	  	3,000,000
		
	Exopack Holding Corp.	  	3,000,000
		
	Exopack-Technology, LLC	  	Uncertificated
		
	Exopack, LLC	  	Uncertificated
		
	Exopack-Hebron, L.L.C.	  	Uncertificated
		
	Exopack-Newmarket, Ltd.	  	Unlimited
		
	Exopack-Ontario, Inc.	  	1,000
		
	Exopack-Thomasville, LLC	  	Uncertificated
		
	Intelicoat Technologies Image Products Matthews LLC	  	Uncertificated
		
	TPG Group Holding Corp.	  	1,000
		
	TPG (US), Inc.	  	1,000
		
	TPG Enterprises, Inc.	  	1,000
		
	The Packaging Group (Canada) Corporation	  	100,000,000
		
	Exopack Performance Films Inc.	  	Unlimited
		
	Exopack Advanced Coatings Ltd.	  	3,000,000

  
 15 

 Schedule 3.1(c) 

 

			
	Intelicoat Technologies EF Holdco Ltd.	  	1,000
		
	 Exopack Advanced Coatings
 (North Wales) Ltd.
 (f/k/a/ Intelicoat Technologies Engineered Films
Limited)
	  	1,000
		
	3189152	  	100,000,000
		
	Exopack L.P.	  	Unlimited

  
 16 

 Schedule 3.1(c) 

 

	2.	Identity of the holders of the Stock of each of the Credit Parties and each of their Subsidiaries and the percentage of their fully-diluted ownership of the Stock or
uncertificated LLC interest of each of the Credit Parties and each of their Subsidiaries: 

  

	 	a.	Exopack Advanced Coatings, LLC 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack, LLC
	  	100%	  	Intelicoat Technologies Image Products Matthews LLC	  	100%

  

	 	b.	Exopack Key Holdings, LLC 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 CPG Finance, Inc.
	  	100%	  	Exopack Holding Corp.	  	100%

  

	 	c.	Exopack Holding Corp. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack Key Holdings, LLC
	  	100%	  	Cello-Foil Holding Corp.	  	100%
				
		  		  	Exopack, LLC	  	100%

  

	 	d.	Exopack, LLC 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack Holding Corp.
	  	100%	  	Exopack-Thomasville, LLC	  	100%
				
		  		  	Exopack-Hebron, L.L.C.	  	100%
				
		  		  	Exopack-Ontario, Inc.	  	100%
				
		  		  	Exopack Advanced Coatings, LLC	  	100%
				
		  		  	Exopack Advanced Coatings Ltd.	  	100%

  

	 	e.	Exopack-Ontario, Inc. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack, LLC
	  	100%	  	Exopack-Technology, LLC	  	100%

  
 17 

 Schedule 3.1(c) 

 

	 	f.	Exopack-Thomasville, LLC 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack, LLC
	  	100%	  	None	  	N/A

  

	 	g.	Exopack-Hebron, L.L.C. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack, LLC
	  	100%	  	None	  	N/A

  

	 	h.	Exopack-Newmarket, Ltd. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 The Packaging Group (Canada) Corporation
	  	100%	  	None	  	N/A

  

	 	i.	Exopack-Technology, LLC 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack-Ontario, Inc.
	  	100%	  	None	  	N/A

  

	 	j.	Cello-Foil Holding Corp. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack Holding Corp.
	  	100%	  	Cello-Foil Products, Inc.	  	100%
				
		  		  	TPG Group Holding Corp.	  	100%

  

	 	k.	Intelicoat Technologies Image Products Matthews LLC 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Exopack Advanced Coatings, LLC
	  	100%	  	None	  	N/A

  

	 	l.	Cello-Foil Products, Inc. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Cello-Foil Holding Corp.
	  	100%	  	None	  	N/A

  
 18 

 Schedule 3.1(c) 

 

	 	m.	TPG Group Holding Corp. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 Cello-Foil Holding Corp.
	  	100%	  	TPG Enterprises, Inc.	  	100%
				
		  		  	TPG (US), Inc.	  	100%

  

	 	n.	TPG (US), Inc. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 TPG Group Holding Corp.
	  	100%	  	None	  	N/A

  

	 	o.	TPG Enterprises, Inc. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 TPG Group Holding Corp.
	  	100%	  	The Packaging Group (Canada) Corporation	  	100%
				
		  		  	Exopack Performance Films Inc.	  	100%

  

	 	p.	The Packaging Group (Canada) Corporation 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 TPG Enterprises, Inc.
	  	100%	  	3181952 Nova Scotia Company	  	100%
				
		  		  	Exopack-Newmarket Ltd.	  	100%
				
		  		  	Exopack, L.P.	  	99.99%

  

	 	q.	Exopack Performance Films Inc. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	 TPG Enterprises, Inc.
	  	100%	  	None	  	N/A

  

	 	r.	3181952 Nova Scotia Company 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	The Packaging Group (Canada) Corporation	  	100%	  	None	  	N/A
				
		  		  	Exopack L.P.	  	.01%

  
 19 

	 	s.	Exopack L.P. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	The Packaging Group (Canada) Corporation	  	99.99%	  	None	  	N/A
	318952 Nova Scotia Company	  	.01%	  	None	  	N/A

  

	 	t.	Exopack Advanced Coatings Ltd. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	Exopack, LLC	  	100%	  	Intelicoat Technologies EF Holdco. Ltd	  	100%

  

	 	u.	Intelicoat Technologies EF Holdco Ltd. 

  

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	Exopack Advanced Coatings Ltd.	  	100%	  	 Exopack Advanced Coatings (North Wales) Ltd.

(f/k/a/ Intelicoat Technologies Engineered Films Limited)
	  	100%

  

	 	v.	Exopack Advanced Coatings (North Wales) Ltd. (f/k/a Intelicoat Technologies Engineered Films Limited) 

 

							
	 Record Owner
	  	 Ownership
	  	 Subsidiaries
	  	 Ownership

	Intelicoat Technologies EF Holdco Ltd.	  	100%	  	None	  	N/A

  

	3.	Preemptive or other outstanding rights, options, warrants, conversion rights or similar agreements or understandings for the purchase or acquisition from any Credit
Party or any of their Subsidiaries of any Stock of any such entity as of the Closing Date: 

 None.

  
 20 

 Schedule 3.5 
 SECTION 12. GAAP EXCEPTIONS 
 None. 

  
 21 

 Schedule 3.7 
 Use of Proceeds 
 (See attached) 

  
 22 

 Schedule 3.10 
 Intellectual Property 
  

	1)	Copyrights: 

  

					
	 Owner
	  	 Title
	  	Reg. No.
	Cello-Foil Products, Inc.	  	Quality assurance lab database: instruction manual	  	TXu001108708

  

	2)	Trademarks: 

 Owner: Exopack, LLC

  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	1.	 	CLEARSHIELD	  	76552803
 10/20/2003
	  	3042255
 1/10/2006
	  	REGISTERED
					
	2.	 	HALO	  	77264525
 8/26/2007
	  	3914651
 2/1/2011
	  	REGISTERED
					
	3.	 	I-VAC	  	76623326
 12/6/2004
	  	3200077
 1/23/2007
	  	REGISTERED
					
	4.	 	LASERTEAR	  	76454119
 10/1/2002
	  	2907014
 11/30/2004
	  	REGISTERED
					
	5.	 	MARAFLEX	  	72057657
 8/22/1958
	  	679632
 6/2/1959
	  	REGISTERED
 RENEWED

					
	6.	 	 MATTEFX

 

	  	77624246
 12/1/2008
	  	—  	  	PENDING
 ITU

  
 23 

 Schedule 3.10 
 Owner: Exopack-Technology, LLC 
  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	1.
	 	 CEDEX

 

	  	77811502
 8/24/2009
	  	—  	  	PENDING
 ITU

					
	2.	 	 DESIGN ONLY

 

	  	78079895
 8/17/2001
	  	2765640
 9/16/2003
	  	REGISTERED
					
	3.	 	EXOPACK	  	78079904
 8/17/2001
	  	2765641
 9/16/2003
	  	REGISTERED
					
	4.	 	INSTA-BOWL	  	85056597
 6/7/2010
	  	—  	  	PENDING
 ITU

					
	5.	 	POLARFLEX	  	77748938
 6/1/2009
	  	—  	  	PENDING

  
 24 

 Schedule 3.10 

 

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	6.	 	SEAL ‘N VENT	  	78619093
 4/28/2005
	  	3319958
 10/23/2007
	  	REGISTERED
					
	7.	 	SEAL ‘N VENT	  	78619213
 4/28/2005
	  	3319960
 10/23/2007
	  	REGISTERED
					
	8.	 	SHUR-SEAL	  	78303799
 9/22/2003
	  	3220481
 3/20/2007
	  	REGISTERED

 Owner: Exopack Advanced
Coatings, LLC 
  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	1.	 	 DURATOOL
	  	74116644
 11/19/1990
	  	1749153
 1/26/1993
	  	REGISTERED
					
	2.	 	 DURATOOL ECLIPSE
	  	76490607
 2/19/2003
	  	2996339
 9/20/2005
	  	REGISTERED
					
	3.	 	 INSPIRE
	  	76543292
 9/8/2003
	  	3151256
 10/3/2006
	  	REGISTERED
					
	4.	 	 REFLEX
	  	75176177
 10/3/1996
	  	2067371
 6/3/1997
	  	REGISTERED

  
 25 

 Schedule 3.10 

 

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	5.	 	 STRAT FX
	  	77077033
 1/5/2007
	  	3293301
 9/18/2007
	  	REGISTERED
					
	6.	 	 TECNILITH
	  	73289213
 12/10/1980
	  	1246122
 7/26/1983
	  	REGISTERED
					
	7.	 	 Z-FLO CONDUCTIVE FILMS AND FOILS
	  	77808358
 8/19/2009
	  	3901524
 1/4/2011
	  	REGISTERED

 Owner: Cello-Foil Products,
Inc. 
  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	1.	 	 CF
	  	71683354
 3/14/1955
	  	635356
 10/9/1956
	  	REGISTERED

RENEWED

Owner: Exopack Performance Films, Inc.  
  

									
	 Trademark/

Image if any
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	1.	  	 DARTEK
	  	72421305
 04/13/1972
	  	963,900
 07/17/1973
	  	REGISTERED

  
 26 

 Schedule 3.10 

 

	3)	Patents: 

 Owner: Exopack, LLC

  

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.	  	BAGS HAVING COMPOSITE STRUCTURES AND RELATED METHODS	  	12556151
 9/9/2009
	  	—  	  	PENDING
					
	2.	  	DIENOPHILE ADDITIVES TO POLYVINYLIDENE CHLORIDE COPOLYMERS	  	09649895
 8/28/2000
	  	6514626
 2/4/2003
	  	REGISTERED
					
	3.	  	DIENOPHILE ADDITIVES TO POLYVINYLIDENE CHLORIDE COPOLYMERS	  	10341702
 1/14/2003
	  	6911242
 6/28/2005
	  	REGISTERED
					
	4.	  	DUAL SCORED EASY OPEN FILM	  	11286958
 11/23/2005
	  	7531228
 5/12/2009
	  	REGISTERED
					
	5.	  	EASY-OPENING RECLOSABLE PACKAGE	  	08947679
 7/2/1997
	  	5882749
 3/16/1999
	  	REGISTERED
					
	6.	  	ENCAPSULATED BARRIER FOR FLEXIBLE FILMS AND A METHOD OF MAKING AND USING THE SAME	  	10918958
 8/16/2004
	  	7384679
 6/10/2008
	  	REGISTERED
					
	7.	  	ENCAPSULATED BARRIER FOR FLEXIBLE FILMS AND A METHOD OF MAKING THE SAME	  	09650385
 8/29/2000
	  	6500514
 12/31/2002
	  	REGISTERED

  
 27 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	8.	  	ENCAPSULATED BARRIER FOR FLEXIBLE FILMS AND A METHOD OF MAKING THE SAME	  	10325002
 12/20/2002
	  	6911244
 6/28/2005
	  	REGISTERED
					
	9.	  	FILM STRUCTURES AND PACKAGES THEREFROM USEFUL FOR PACKAGING RESPIRING FOOD PRODUCTS	  	10668427
 9/23/2003
	  	7008677
 3/7/2006
	  	REGISTERED
					
	10.	  	FILM STRUCTURES AND PACKAGES THEREFROM USEFUL FOR RESPIRING FOOD PRODUCTS THAT RELEASE CO2 AMOUNTS	  	12259512
 10/28/2008
	  	—  	  	PENDING
					
	11.	  	HEAT SHRINKABLE BARRIER BAGS	  	09105623
 6/26/1998
	  	6074715
 6/13/2000
	  	REGISTERED
					
	12.	  	HEAT SHRINKABLE BARRIER BAGS	  	09573596
 5/18/2000
	  	6544660
 4/8/2003
	  	REGISTERED
					
	13.	  	HEAT SHRINKABLE BARRIER BAGS WITH ANTI BLOCK ADDITIVES	  	09758843
 1/11/2001
	  	6531198
 3/11/2003
	  	REGISTERED
					
	14.	  	HEAT SHRINKABLE FILM STRUCTURES WITH IMPROVED SEALABILITY AND TOUGHNESS	  	08884121
 6/27/1997
	  	6051292
 4/18/2000
	  	REGISTERED
					
	15.	  	HEAT SHRINKABLE FILM STRUCTURES WITH IMPROVED SEALABILITY AND TOUGHNESS	  	09443904
 11/19/1999
	  	6753054
 6/22/2004
	  	REGISTERED

  
 28 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	16.	  	LAMINATE ANTIOXIDANT FILM	  	09887836
 6/22/2001
	  	7101624
 9/5/2006
	  	REGISTERED
					
	17.	  	LASER SCORED PACKAGE	  	07771977
 10/2/1991
	  	5229180
 7/20/1993
	  	REGISTERED
					
	18.	  	LASER SCORING OF PACKAGING SUBSTRATES	  	07720121
 7/1/1991
	  	5158499
 10/27/1992
	  	REGISTERED
					
	19.	  	LASER SCORING OF PACKAGING SUBSTRATES	  	08270782
 7/5/1994
	  	5630308
 5/20/1997
	  	REGISTERED
					
	20.	  	METHODS FOR MAKING MULTIPLE LAYER SHEET MATERIALS	  	083776057
 1/20/1995
	  	5705111
 1/6/1998
	  	REGISTERED
					
	21.	  	MICROWAVABLE BAGS FOR USE WITH LIQUID OIL AND RELATED METHODS	  	12581279
 10/19/2009
	  	—  	  	PENDING
					
	22.	  	MULTILAYER BARRIER STRUCTURES, METHODS OF MAKING THE SAME AND PACKAGES MADE THEREFROM	  	11029200
 1/4/2005
	  	—  	  	PENDING
					
	23.	  	MULTILAYER STRUCTURES, PACKAGES, AND METHODS OF MAKING MULTILAYER STRUCTURES	  	11029195
 1/4/2005
	  	—  	  	PENDING

  
 29 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	Status
	24.	  	MULTI-LAYER THERMOPLASTIC FILMS AND PACKAGES MADE THEREFROM	  	09369980
 7/30/1999
	  	7316833
 1/8/2008
	  	REGISTERED
					
	25.	  	MULTI-LAYERED BAGS AND METHODS OF MANUFACTURING THE SAME	  	12341080
 12/22/2008
	  	—  	  	PENDING
					
	26.	  	MULTI-LAYERED BAGS AND METHODS OF MANUFACTURING THE SAME	  	12335414
 12/15/2008
	  	—  	  	PENDING
					
	27.	  	PACKAGING MATERIAL FOR FORMING AN EASY-OPENING RECLOSABLE PACKAGING MATERIAL AND PACKAGE	  	08999707
 11/3/1997
	  	5882789
 3/16/1999
	  	REGISTERED
					
	28.	  	POLYAMIDE STRUCTURES FOR THE PACKAGING OF MOISTURE CONTAINING PRODUCTS	  	12349357
 1/6/2009
	  	—  	  	PENDING
					
	29.	  	POLYMERIC FILM STRUCTURES USEFUL AS SHRINK BAGS	  	09329415
 6/10/1999
	  	6706343
 3/16/2004
	  	REGISTERED
					
	30.	  	POLYMERIC FILM STRUCTURES USEFUL AS SHRINK BAGS	  	09591244
 6/9/2000
	  	6770338
 8/3/2004
	  	REGISTERED

  
 30 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	31.	  	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	09144713
 9/1/1998
	  	6270867
 8/7/2001
	  	 REGISTERED
 Post-Closing Date issues to be resolved: File assignment or name change documentation with the USPTO to correct break in chain of title from American National Can Company to Alcan Packaging Flexible
France.

					
	32.	  	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	09006700
 1/14/1998
	  	6437064
 8/20/2002
	  	REGISTERED
					
	33.	  	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	09684567
 10/6/2000
	  	6511568
 1/28/2003
	  	 REGISTERED
 Post-Closing Date issues to be resolved: File assignment or name change documentation with the USPTO to correct break in chain of title from Pechiney Plastic Packaging, Inc. to Alcan Packaging Flexible
France.

					
	34.	  	STRUCTURES OF POLYMERS MADE FROM SINGLE SITE CATALYSTS	  	10136962
 5/2/2002
	  	6645641
 11/11/2003
	  	 REGISTERED
 Post-Closing Date issues to be resolved: File assignment or name change documentation with the USPTO to correct break in chain of title from Pechiney Plastic Packaging, Inc. to Alcan Packaging Flexible
France.

					
	35.	  	TEAR TAPE FOR PLASTIC PACKAGING	  	09400806
 9/22/1999
	  	6316036
 11/13/2001
	  	REGISTERED

  
 31 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	36.	  	TEAR TAPE FOR PLASTIC PACKAGING	  	09352897
 7/13/1999
	  	6416841
 7/9/2002
	  	REGISTERED
					
	37.	  	TEAR TAPE FOR PLASTIC PACKAGING	  	09925560
 8/9/2001
	  	6749877
 6/15/2004
	  	REGISTERED
					
	38.	  	THERMOFORMABLE MULTILAYER POLYMERIC FILM	  	08602256
 2/15/1996
	  	6068933
 5/30/2000
	  	REGISTERED
					
	39.	  	THERMOFORMABLE MULTILAYER POLYMERIC FILM	  	09411671
 10/4/1999
	  	6562476
 5/13/2003
	  	REGISTERED
					
	40.	  	THERMOFORMABLE MULTILAYER POLYMERIC FILM	  	10131954
 4/25/2002
	  	6942927
 9/13/2005
	  	REGISTERED
					
	41.	  	MULTI-LAYER LOW TEMPERATURE SHRINK FILM	  	13036974
 02/28/2011
	  		  	PENDING
					
	42.	  	OZONE APPLICATOR AND METHOD FOR POLYMER OXIDATION	  	12922202
 09/13/2010
	  		  	PENDING
					
	43.	  	BAGS HAVING ADHESIVE DRYING STRUCTURES AND RELATED METHODS	  	12625960
 11/25/2009
	  		  	PENDING

  
 32 

 Schedule 3.10 
 Owner: Exopack-Technology, LLC 
  

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	1.	  	 BAG FOR MICROWAVE COOKING
	  	08282647
 7/29/1994
	  	5488220
 1/30/1996
	  	REGISTERED
					
	2.	  	 BAG HAVING AN IMPROVED HEAT SEAL CLOSURE AND ASSOCIATED METHODS
	  	11265946
 11/3/2005
	  	7544403
 6/9/2009
	  	REGISTERED
					
	3.	  	 BAG HAVING RECLOSABLE SEAL AND ASSOCIATED METHODS
	  	10383929
 3/7/2003
	  	6969196
 11/29/2005
	  	REGISTERED
					
	4.	  	 BAG WITH ARCUATE-TRANSITION TEAR LINE
	  	09858984
 5/16/2001
	  	6402379
 6/11/2002
	  	REGISTERED
					
	5.	  	 BAG WITH REENFORCED HANDLE AND RESEALABLE POUR SPOUT OPENING
	  	08509831
 8/1/1995
	  	5558438
 9/24/1996
	  	REGISTERED
					
	6.	  	 BAG WITH REENFORCED HANDLE AND RESEALABLE POUR SPOUT OPENING
	  	08621575
 3/26/1996
	  	5611626
 3/18/1997
	  	REGISTERED
					
	7.	  	 BAG WITH TEAR-RESISTANT HANDLE
	  	09261986
  3/4/1999
	  	6065871
 5/23/2000
	  	REGISTERED

  
 33 

 Schedule 3.10 

 

													
	 Patent Title
	  	Application
Number
Application
Date
	 	  	Registration
Number
Registration
Date
	 	  	 Status

	8.	  	 BAG WITH TEAR-RESISTANT HANDLE
	  	 
  
	09512712
 2/24/2000
	  
   
	  	 
  
	6231232
 5/15/2001
	  
   
	  	REGISTERED
					
	9.	  	 ELASTOMER AND POLYOLEFIN RESIN BASED FILMS AND ASSOCIATED METHODS
	  	 
  
	11352066
 2/10/2006
	  
   
	  	 
  
	7582341
 9/1/2009
	  
   
	  	REGISTERED
					
	10.	  	 ELASTOMER AND POLYOLEFIN RESIN BASED FILMS AND ASSOCIATED METHODS
	  	 
  
	10760337
 8/1/2006
	  
   
	  	 
  
	7083838
 8/1/2006
	  
   
	  	REGISTERED
					
	11.	  	 ENHANCED SLIDER ZIPPER MULTIWALL BAG AND ASSOCIATED METHODS
	  	 
  
	10860366
 6/3/2004
	  
   
	  	 
  
	7090904
 8/15/2006
	  
   
	  	REGISTERED
					
	12.	  	 ENVIRONMENTALLY FRIENDLY PINCH BOTTOM BAG ASSEMBLY AND METHOD OF MAKING
	  	 
  
	08146961
 11/10/1993
	  
   
	  	 
  
	5529396
 6/25/1996
	  
   
	  	REGISTERED
					
	13.	  	 ENVIRONMENTALLY FRIENDLY PINCH BOTTOM BAG ASSEMBLY AND METHOD OF MAKING
	  	 
  
	08468444
 6/6/1995
	  
   
	  	 
  
	5728037
 3/17/1998
	  
   
	  	REGISTERED
					
	14.	  	 FLEXIBLE HINGED HANDLE AND CARRYING BAG EMPLOYING THE SAME
	  	 
  
	09522698
 3/10/2000
	  
   
	  	 
  
	6374461
 4/23/2002
	  
   
	  	REGISTERED
					
	15.	  	 GUSSETED BAG WITH ANTI-LEAK FEATURE
	  	 
  
	09304178
 5/3/1999
	  
   
	  	 
  
	6046443
 4/4/2000
	  
   
	  	REGISTERED

  
 34 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	16.	  	 HEAVY DUTY BAG WITH EASILY- REMOVABLE CORNER FOR POURING
	  	08500173
 7/10/1995
	  	5593229
 1/14/1997
	  	 REGISTERED
 Post-Closing Date issues to be resolved:
  
 Brief: Security Interest
 Assignor: Rex International, Inc., f/k/a Rex-Rosenlew International,
Inc.
 Assignee: Fleet Capital Corporation
 Signed: 8/15/2000
 Recorded: 11/14/2000
 Reel/Frame: 011306/0928
  

Brief: Security Interest
 Assignor: Plassein
International of Thomasville, Inc. f/k/a Rex International, Inc.
 Assignee: Fleet Capital Corporation

Signed: 5/14/2003
 Recorded: 5/20/2003

Reel/Frame: 014066/0876

					
	17.	  	 LAMINATED BAG WALL CONSTRUCTION
	  	08810043
  3/4/1997
	  	5871790
 2/16/1999
	  	REGISTERED
					
	18.	  	 LOAD CARRYING BAG WITH PERFORATED TEAR LINE OPENING
	  	08167757
 12/15/1993
	  	5482376
 1/9/1996
	  	REGISTERED
					
	19.	  	 LOAD CARRYING BAG WITH PERFORATED TEAR LINE OPENING
	  	08417407
 4/5/1995
	  	5601369
 2/11/1997
	  	REGISTERED
					
	20.	  	LOW-GLOSS DRY-ERASE COATING FORMULATION	  	11767139
 6/22/2007
	  	—  	  	PENDING

  
 35 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	21.	  	 METHOD OF FORMING A BAG
	  	11201871
 8/11/2005
	  	7322921
 1/29/2008
	  	REGISTERED
					
	22.	  	 METHOD OF FORMING A BAG HAVING A RECLOSABLE SEAL
	  	11265620
 11/2/2005
	  	7549269
 6/23/2009
	  	REGISTERED
					
	23.	  	 METHOD OF FORMING A BURST-RESISTANT EASY-OPEN CORNER IN A HEAVY DUTY BAG
	  	10649715
 8/26/2003
	  	7037250
 5/2/2006
	  	REGISTERED
					
	24.	  	 MICROWAVABLE BAG FOR COOKING AND SERVING FOOD
	  	08666895
 6/20/1996
	  	5770839
 6/23/1998
	  	REGISTERED
					
	25.	  	 MULTIPLY BAG WITH TEAR STRIP OPENING MECHANISM
	  	09373256
 3/12/1999
	  	6213644
 4/10/2001
	  	REGISTERED
					
	26.	  	 MULTIWALL BAG WITH ZIPPER AND FIN
	  	10290681
 11/8/2002
	  	6979482
 12/27/2005
	  	REGISTERED
					
	27.	  	 MULTIWALL VENTED BAG, VENTED BAG FORMING APPARATUS, AND ASSOCIATED METHODS
	  	10421607
 4/23/2003
	  	6986605
 1/17/2006
	  	REGISTERED
					
	28.	  	 NON-FLUOROCARBON OIL AND GREASE BARRIER METHODS OF APPLICATION AND PACKAGING
	  	10200209
 7/22/2002
	  	6893686
 5/17/2005
	  	REGISTERED
					
	29.	  	 PERFORATION BLADE FOR FORMING A BURST-RESISTANT EASY-OPEN CORNER IN A HEAVY DUTY BAG
	  	09934417
 8/21/2001
	  	6609999
 8/26/2003
	  	REGISTERED

  
 36 

 Schedule 3.10 

 

									
	 Patent Title
	  	Application
Number
Application
Date	  	Registration
Number
Registration
Date
	  	 Status

	30.	  	 SIDE GUSSET BAG WITH CONVENIENT CARRY HANDLE
	  	09650478
 8/29/2000
	  	6299351
 10/9/2001
	  	REGISTERED
					
	31.	  	 TAMPER EVIDENT MULTI-WALL PACKAGING AND ASSOCIATED METHODS
	  	12021296
 1/28/2008
	  	7563027
 7/21/2009
	  	REGISTERED
					
	32.	  	 TAMPER EVIDENT MULTI-WALL PACKAGING AND ASSOCIATED METHODS
	  	10366490
 2/13/2003
	  	6994471
 2/7/2006
	  	REGISTERED

 Owner: Exopack Advanced
Coatings, LLC 
  

													
	 Patent Title
	  	Application
Number
Application
Date
	 	  	Registration
Number
Registration
Date
	 	  	 Status

	1.	  	CURRENT COLLECTOR HAVING A CONDUCTIVE PRIMER LAYER	  	 
  
	08284300
 8/2/1994
	  
   
	  	 
  
	5478676
 12/26/1995
	  
   
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

Brief: Security Interest
 Assignor: Image
Products Group LLC
 Assignee: Congress Financial Corporation
 Signed: 6/19/2002
 Recorded: 7/15/2002
 Reel/Frame: 013036/0434

	2.	  	OVERCOATS FOR DIAZO-CONTAINING LAYERS WITH CHEMICALS AND ABRASION RESISTANCE	  	 
  
	07694064
 5/1/1991
	  
   
	  	 
  
	5382495
 1/17/1995
	  
   
	  	 REGISTERED
  

Post-Closing Date issues to be resolved:
  

Brief: Security Interest
 Assignor: Image
Products Group LLC
 Assignee: Congress Financial Corporation
 Signed: 6/19/2002
 Recorded: 7/15/2002
 Reel/Frame: 013036/0434

  
 37 

 Schedule 3.10 
 Owner: Exopack Performance Films, Inc. 
  

									
	 Patent Title
	  	Application
Number
Application 
Date	  	Registration
Number
Registration
Date
	  	 Status

	 1.
	  	POLYAMIDE RELEASE FILM FOR USE IN THE PRODUCTION OF MOLDED COMPOSITE PRODUCTS	  	08828919
 03/28/1997
	  	5959031
 09/28/1999
	  	REGISTERED
					
	 2.
	  	POLYAMIDE RELEASE FILM FOR USE IN THE PRODUCTION OF MOLDED COMPOSITE PRODUCTS	  	09349168
 07/09/1999
	  	6251974
 06/26/2001
	  	REGISTERED
					
	 3.
	  	HIGH TEMPERATURE AND HIGH HUMIDITY RELEASE COATING FOR POLYMER FILM	  	10543165
 05/26/2006
	  	7662322
 02/16/2010
	  	REGISTERED

  

	4)	Licenses 

  

			
	 Item
	  	 Description

		
	1.	  	Product Development and Sales Agreement dated October 29, 1993 between Morton International, Inc. and Union Camp Corporation (assigned to Exopack).
		
	2.	  	Joint Development Agreement dated November 20, 2000 between International Paper Company and Actinic, Inc.
		
	3.	  	License and Development Agreement dated June 1, 2003 between Pactiv Corporation, on the one hand, and Exopack and Hebron (f/k/a Specialty Films & Associates, LLC), on the other
hand.

  
 38 

 Schedule 3.10 

 

			
		
	  4.	 	License Agreement dated April 4, 2002 between UV Color, Inc. and Exopack.
		
	  5.	 	Joint Development Agreement – Flexible Packaging dated June 24, 2005 between Exopack and Shandong Shouguang JianYuanChun Co.Ltd.
		
	  6.	 	International Program License Agreement dated May 21, 2003 between Exopack and Navision a/s.
		
	  7.	 	Master Customer Agreement for Axapta for Converting System dated May 21, 2003 between Concord Business Systems, Inc. and Exopack.
		
	  8.	 	Software License, Services and Maintenance Agreement dated August 9, 2001 between Exopack (f/k/a Exo-Tech Packaging) and J.D. Edwards.
		
	  9.	 	Microsoft Business Agreement dated February 26, 2002 between MSLI, GP and Exopack.
		
	10.	 	Confidentiality Agreement dated October 25, 2002 between Plassein International (assigned to Thomasville) and Cargill.
		
	11.	 	Unexecuted License Agreement for use of Repasack recycling trademarks in Europe.
		
	12.	 	Non-Exclusive License Agreement, between Cargill, Inc. and Rex International (predecessor to Plassein International, assigned to Thomasville) [no date, unexecuted
copy].
		
	13.	 	Non-Exclusive License Agreement, between Salerno Plastics, Ltd. and Rex International (predecessor to Plassein International, assigned to Thomasville) [no date, unexecuted
copy].
		
	14.	 	Assignment, Transfer and License Agreement dated as of September 1, 2004 between Actinic, Inc. and Exopack LLC.
		
	15.	 	Trademark Usage Agreement dated September 1, 2005, between Shurfine Foods, Inc. and Exopack-Technology LLC.
		
	16.	 	License Agreement dated May 13, 1989, between KCL Corporation and Union Camp Corporation.
		
	17.	 	Joint Development Agreement Addendum No. 1 dated February 24, 2003, between Color Converting Industries, L.L.C. and Exopack.
		
	18.	 	Confidentiality, Nondisclosure and Limited Use Agreement dated August 8, 2003, between Exopack and FlexSol Packaging Corp.
		
	19.	 	License Authorization Grant dated November 8, 2005 between McAfee, Inc. and Cello-Foil Products, Inc.
		
	20.	 	Software License Agreement dated January 21, 2000, between JB Systems, Inc., DHA Mainsaver and Cello-Foil Products, Inc.
		
	21.	 	Dedicated Access Agreement dated April 2, 2003, between Corecomm – Voyager. and Cello-Foil Products, Inc.
		
	22.	 	Master Software License Agreement dated August 31, 2000 between Peregrine Connectivity, Inc. and Cello-Foil Products, Inc.

  
 39 

 Schedule 3.10 

 

			
		
	23.	  	Software Schedule to the Master Software License Agreement dated August 31, 2000 between Peregrine Connectivity, Inc. and Cello-Foil Products, Inc.
		
	24.	  	Purchase Order dated November 20, 2000, between Harbinger Corporation and Cello-Foil Products, Inc.
		
	25.	  	License Agreement and Order Form between Computer Associated Internal, Inc. and EDS for the exclusive use and benefit of Cello-Foil Products, Inc.
		
	26.	  	Addendum to License Agreement and Order Form between Computer Associated Internal, Inc. and EDS for the exclusive use and benefit of Cello-Foil Products, Inc.
		
	27.	  	Master License Agreement dated July 27, 2005 between Option Software, Inc. and Cello-Foil Products, Inc.
		
	28.	  	Vsupport Certificate (expiration date March 25, 2004) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP EXEC,WIN,MICROSOFT
EXCHANGE SVR AGENT W/ CLIENT ACCESS LIC,V9.0 -VS2 1 Y
		
	29.	  	Vsupport Certificate (expiration date March 25, 2004) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP EXEC,WIN,SVRS,V9.0
-VS2 1 Y
		
	30.	  	Software License Certificate (order date March 25, 2003) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP
EXEC,WIN,SVRS,V9.0,LICENSE COMPETITIVE UPG
		
	31.	  	VERISTAS VIP Program License between VERITAS Software Global Corporation and Cello-Foil Products, Inc.
		
	32.	  	Software License Certificate (order date March 25, 2003) between VERITAS Software Global Corporation and Cello-Foil Products, Inc. for the product of BACKUP EXEC,WIN,MICROSOFT
EXCHANGE SVR AGENT W/ CLIENT ACCESS LIC,V9.0,LIC
		
	33.	  	License Agreement between Microsoft Corporation and Cello-Foil Products, Inc. for the following intellectual properties: Office 97 standard, Office 2000 standard, Office 2000
professional, Office XP standard, Office 2003 standard, Office 2003 professional, BackOffice 2.5, Exchange Server 5.5, SQL Server 7.0, Visio 2000, Visio 2003, Windows 2003 (CAL). Windows Server 2003, Windows Terminal Server 2003 (CAL), Project 2000,
Publisher 98, Visual Studio Net Pro 2003, Windows-98 and Windows XP Professional.
		
	34.	  	License Agreements entered into by Exopack-Newmarket, LLC for the following intellectual properties: Acrobat, ACT!, ADP PC/Payroll for Windows – Client, APICS Supply Chain
Creates Net Value CD, Backup Exec Win NT/2000, Backup Exec Win NT/2000 exchange agent, Backup Exec Win NT/2000 open file agent, Backup Exec Win NT/2000 remote agent, Bar-One Print only, Bar-One ProPlus, CADWizz, DesignCAD Express, MS Project
Standard 2003, MS Visual Basic, MS Win 2000 Pro, MS Win 2000 Server, MS-Office 95, MS-Office 97, MS-Office2000Premium, MS-Office2000Pro, MS-Office2000Std, MS-Windows 95, MS-Windows 98, NT 4.0 Server, NT 4.0 Workstation, SmartDraw Standard (2
concurrent users), SmartDraw Standard (Jim McMullan’s copy), Sterling Commerce - Gentran/EDI, and Visio.
		
	35.	  	License Agreements entered into by The Packaging Group (Canada) for the following intellectual properties: pcAnywhere 10.5 Host Only, Antivirus Enterprise Edition 9.0 Gold, Maint
1YR RNW, and pcAnywhere 10.5 Host & Remote.

  
 40 

 Schedule 3.10 

 

	5)	As of the Closing Date, except as disclosed below, (i) each of the Credit Parties and its Subsidiaries owns, is licensed to use or otherwise has the right to use,
all material Intellectual Property used in or necessary for the conduct of its business as currently conducted that is material to the financial condition, business or operations of such Credit Party and its Subsidiaries and (ii) to their
knowledge, the use of the Intellectual Property by the Credit parties and their Subsidiaries and the conduct of their business does not and has not been alleged by any Person to infringe on the rights of any Person. 

a) Exopack-Technology, LLC et al. (plaintiffs) v. Packaging Concepts, Inc. (defendant) v. General Mills (third party
defendant), filed August 12, 2005, U.S. District Court, Southern District of Texas, alleging infringement of U.S. Patent Nos. 5,488,220 and 6,046,443. General Mills and PCI allege that at least certain claims of the patents-in-suit are
invalid based on prior art, obvious extension of prior art, or sale of product with such claims more than a year prior to the patent application filing date. 
 b) Letter dated August 2, 2005, and December 5, 2005, to Masterfoods USA, Inc. and Exopack, LLC, respectively, from Frost Brown Todd, LLC (on behalf of MDH Packaging Corporation
(“MDH”)) regarding U.S. Patent No. 4,971,454 (the “454 patent”). MDH claims that a bag with a recloseable opening (manufactured by Exopack and sold by Exopack to Masterfoods USA for use in distribution of its
dog food products) falls within the scope of the claims of the ‘454 patent. Exopack believes that the bag does not fall within the scope of the claims of the ‘454 patent and has informed Masterfoods and counsel to MDH of the same. At the
present time, it appears that MDH is choosing to pursue Masterfoods directly as a user of the bags, rather than Exopack as a manufacturer/seller of the bags. Exopack is contractually obligated to indemnify Masterfoods for such claims of intellectual
property infringement. 
 c) In mid-2001 and early 2002, Exopack received notices from MDH alleging that Exopack
was in violation of or was planning to violate the terms of an exclusive license to certain closure technology allegedly licensed to MDH by KCL, and that Exopack was infringing or was planning to infringe the underlying patent covering such closure
technology. Exopack responded that it was the owner of a license from KCL through its predecessors in interest, Union Camp Corporation and International Paper. The parties then commenced negotiations of a materials supply and replacement licensing
arrangement, which, due to lack of Exopack customer demand for such materials, never was completed. 
 d) In
connection with a dispute between Exopack and Actinic Inc. regarding ownership of a bag coating invention, Exopack and Actinic reached a settlement of Exopack’s misappropriation claims against Actinic. In connection with the settlement, the
parties executed an agreement perpetually and exclusively licensing to Exopack all intellectual property rights in Actinic’s patent, plus improvements, including an option for Exopack to require assignment of patent in question. Exopack was
also granted an exclusive license to Actinic’s proprietary ink blend. 

  
 41 

 Schedule 3.10 

e) In mid to late 2003, FlexSol Corporation alleged orally that it had developed a high clarity shrink film product
similar to a product developed by Exopack (i.e., the subject of a published Exopack patent application). Exopack understands that FlexSol Corporation may have filed a patent application for the product FlexSol allegedly invented. Exopack was the
first to file for patent protection and believes it reduced its product to practice before FlexSol reduced the product it allegedly invented to practice. FlexSol maintains that it invented this product prior to Exopack. 

  
 42 

 Schedule 3.11 
 Investigations and Audits 
 None. 

  
 43 

 Schedule 3.12 
 Employee Matters 
  

	(a)	Credit Party, Subsidiary and/or employee collective bargaining agreements as of the Closing Date: 

Agreement dated March 1, 2007 expiring February 28, 2012, between Local 2-0150 United Steel, Paper and Forestry, Rubber,
Manufacturing, Energy, Allied Industrial and Service Workers International Union (USW), AFL-CIO, CLC & Cello Foil Products. 
 Collective Bargaining Agreement between Cello-Foil Products, Inc. and Graphics Communications Union, AFL-CIO, Local Union No. 135-C, effective February 5, 2011 – February 4, 2016.

 Collective Bargaining Agreement between Intelicoat Technologies Image Products Matthews LLC and the Communication Workers of
America and its Matthews, North Carolina Local Union No. 3603 for the period of June 27, 2009 through June 26, 2012. 
 Collective Bargaining Agreement between Exopack and Graphics Communications Union, AFL-CIO, Local 77-8, effective July 1, 2010 through June 30, 2013 

Collective Bargaining Agreement between Exopack and Local 2-0148 United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied
Industrial and Service Workers International Union (USW), AFL-CIO, CLC, effective March 1, 2010 through February 28, 2012. 
  

	(b)	Petitions for certification of a union or union election made to any Credit Party or Subsidiary: 

None. 
  

	(c)	Pending or threatened strikes, slowdowns or work stoppages between any Credit Party or Subsidiary and any of its employees, other than employee grievances arising in
the ordinary course of business which could have a Materially Adverse Effect: 

 None. 

  
 44 

 Schedule 3.12 

 

	(d)	Non-compliance with Fair Labor Standards Act and each other federal, state, provincial, local or foreign law by any Credit Party or Subsidiary:

 None. 
  

	(e)	Material employment contracts Borrower and/or any Subsidiaries is party to as of the Closing Date: 

Separation Benefit Agreement dated December 12, 2005 between Exopack and Jack Knott. 

Separation Benefit Agreement dated December 12, 2005 between Exopack and Bob Arvanites. 

Separation Benefit Agreement dated November 11, 2008 between Exopack and Tom Vale. 

Separation Benefit Agreement dated March 29, 2010 between Exopack and Scott Ross. 

Separation Benefit Agreement dated April 15, 2011 between Exopack and Eric Lynch. 

Confidential Termination Agreement dated May 26, 2010 between Exopack and Allen Ling. 

Confidential Termination Agreement dated May 26, 2010 between Exopack and Leroy Stevenson. 

  
 45 

 Schedule 3.12 
 Termination Letter dated May 17, 2010 between Exopack Canada and Eldon Smith. 

Termination Letter dated June 14, 2010 between Exopack Canada and Steve Vemb. 

Confidential Termination Agreement dated November 4, 2010 between Exopack and Alfred McLellan. 

Confidential Termination Agreement dated January 18, 2011 between Exopack Canada and George Choo Chong. 

Confidential Termination Agreement dated May 2, 2011 between Exopack and Randy Clift. 

Confidential Termination Agreement dated May 4, 2011 between Exopack and Donny Prevo. 

  
 46 

 Schedule 3.13 
 Litigation 
 None. 

  
 47 

 Schedule 3.14 
 Real Estate 
  

	1.	Real property owned, leased, subleased, or used by any Credit Party or any of its Subsidiaries: 

(a) Owned Real Property 
  

					
	 Item
	  	 Credit Party
	  	 Property Location (Address including zip
code)

	1.	  	Cello-Foil Products, Inc.	  	155 Brook Street
Battle Creek, MI 49017
			
	2.	  	Cello-Foil Products, Inc.	  	1801 Oak Haven Drive
Albany, GA 31701
			
	3.	  	Exopack, LLC	  	 3070 Southport Road

Spartanburg, SC 29302

			
	4.	  	Exopack, LLC	  	 345 Cedar Springs Avenue

Spartanburg, SC 29302

			
	5.	  	Exopack, LLC	  	 1400 Chase Boulevard

Sibley, IA 51249

			
	6.	  	Exopack, LLC	  	 3 Maplewood Drive

Hazleton, PA 18202

			
	7.	  	Exopack, LLC	  	 10801 Iona Avenue

 Hanford,
CA 93230

			
	8.	  	Exopack, LLC	  	 501 Williams Street

 Tomah,
WI 54660

			
	9.	  	Exopack, LLC	  	 1304 Arthur K. Bolton Parkway

 Griffin, GA 30224

			
	10.	  	Exopack, LLC	  	 390 Southwell Boulevard

Tifton, GA 31794

			
	11.	  	Exopack, LLC	  	 2200 D Avenue E

 Seymour,
Indiana 47274

  
 48 

 Schedule 3.14 

 

					
	 Item
	  	 Credit Party
	  	 Property Location (Address including zip
code)

	12.	  	Exopack, LLC	  	 271 River Street

 Menasha,
WI 54952

			
	13.	  	Exopack-Thomasville, LLC	  	 900 Jordan Valley Road

Longview, TX 75604-5225

			
	14.	  	Exopack Performance Films Inc.	  	 201 South Blair Street

Whitby, Ontario L1N 5S6

 (b) Leased Real Property 
  

									
	 Item
	  	 Credit Party
	  	 Property

Location

(Address

including zip

code)
	  	 County
	  	 Name and Address of Lessor

	1.	  	Cello-Foil Products, Inc.	  	 Rail Pit
 4950 W. Dickman Road
Battle Creek, MI 49015
	  	Calhoun	  	 City of Battle Creek, N/K/A Battle Creek Unlimited, Inc.
 4950 West Dickman Road
 Battle Creek, MI 49015

Attention: Industrial Park Marketing Director

					
	2.	  	Cello-Foil Products, Inc.	  	North Warehouse 4950 W. Dickman Road Battle Creek, MI 49015	  	Calhoun	  	 City of Battle Creek, N/K/A Battle Creek Unlimited, Inc.
 4950 West Dickman Road
 Battle Creek, MI 49015

Attention: Industrial Park Marketing Director

					
	3.	  	Cello-Foil Products, Inc.	  	South Warehouse 4950 W. Dickman Road Battle Creek, MI 49015	  	Calhoun	  	 City of Battle Creek, N/K/A Battle Creek Unlimited, Inc.
 4950 West Dickman Road
 Battle Creek, MI 49015

Attention: Industrial Park Marketing Director

  
 49 

 Schedule 3.14 

 

									
	 Item
	  	 Credit Party
	  	 Property

Location

(Address

including zip

code)
	  	 County
	  	 Name and Address of Lessor

	4.	  	Cello-Foil Products, Inc.	  	 1747 Oak Haven Drive
 Albany,
GA 31707
	  	Dougherty	  	 Albany Dougherty Payroll Development Authority
 222 Pine Avenue
 Albany, GA 31701

	5.	  	Exopack, LLC	  	 2212 4th Avenue
 Seymour,
Indiana 47274
	  	Jackson	  	 Columbus Container, Inc.
 3460
Commerce Drive
 Columbus, Indiana 47201

	6.	  	Exopack, LLC	  	108 Airport Park Drive, Garden City, GA 31408	  	Chatham	  	 Albert R. Howard
 P.O. Box
606
 Portal, GA 30450

	7.	  	Exopack, LLC	  	101 South Tift Avenue, Tifton, GA 31794	  	Tift	  	 Frances R. Bowen
 c/o Harry B.
Bowen
 1918 Shoreham
 Drive Charlotte,
NC 28211

	8.	  	Exopack, LLC	  	 375 Southwell Blvd.
 Tifton, GA
31794
	  	Tift	  	 Tift County Development Authority
 P.O. Box 7238
 Tifton, GA 31793
 Attention: Fern Bowen

	9.	  	Exopack, LLC	  	 1078 Union St.
 Spartanburg,
SC
 29302-3318
	  	Spartanburg	  	 Cleveland S. Harley
 1078 Union
Street
 Spartanburg, SC 29302

  
 50 

 Schedule 3.14 

 

									
	 Item
	  	 Credit Party
	  	 Property

Location

(Address

including zip

code)
	  	 County
	  	 Name and Address of Lessor

	10.	  	Exopack, LLC	  	 905 West Verdigris Parkway

Catoosa, OK 74015
	  	Rogers	  	 The City of Tulsa-Rogers County Port Authority and Tulsa’s Port of Catoosa Facilities Authority

5350 Cimarron Road
 Catoosa, OK
74015

					
	11.	  	Exopack, LLC	  	 1725 Dixie Road
 Neenah, WI
54956
	  	Winnebago	  	 Checker Logistics
 1725 Dixie
Road
 Neenah, WI 54956

					
	12.	  	Exopack, LLC	  	 3811 Dixon Street
 Des Moines,
IA 50313
	  	Polk	  	 Jacobson Warehouse
 3811 Dixon
Street
 Des Moines, IA 50313

Attention: Mark Larson

					
	13.	  	Exopack, LLC	  	 222430 76th Ave.
 Kent, WA
98032
	  	King	  	 Holman Warehouse
 222430 76th
Ave.
 Kent, WA 98032

					
	14.	  	Exopack, LLC	  	 1889 24th St. SW
 LeMars, IA
51031
	  	Plymouth	  	 LeMars Public Storage
 1889
24th St. SW
 LeMars IA 51031

					
	15.	  	Exopack, LLC	  	 504 Carver Road
 Griffin, GA
30224
	  	Spalding	  	 Southerwise
 504 Carver
Road
 Griffin, GA 30224

					
	16.	  	Exopack, LLC	  	 730 A Avenue
 Seymour, IN
47274
	  	Jackson	  	 Ranger Warehouse
 730 A
Avenue
 Seymour, IN 47274

  
 51 

 Schedule 3.14 

 

									
	 Item
	  	 Credit Party
	  	 Property

Location

(Address

including zip

code)
	  	 County
	  	 Name and Address of Lessor

	17.	  	Exopack, LLC	  	 11 Maplewood Drive
 Hazleton,
PA 18202
	  	Luzerne	  	 Karchner Warehouse
 11
Maplewood Drive
 Hazleton, PA 18202

					
	18.	  	Exopack, LLC	  	 310 Second Street, Bldg 3

Boscobel, WI 53805
	  	Grant	  	 Riverside Logistics
 310 Second
Street, Bldg 3
 Boscobel, WI 53805

					
	19.	  	Exopack, LLC	  	 Offsite Warehouse
 115 Balmoral
Ave.
 Cornwall, Ontario K6H 3G6
	  	Ontario, Canada	  	 Astro Storage and Warehousing

115 Balmoral Ave.
 Cornwall, Ontario K6H
3G6

					
	20.	  	Exopack Holding Corp.	  	 8600 West Bryn Mawr Ave.,

8th Floor
 Chicago, IL 60631
	  	Cook	  	 PR II Presidents Plaza JV, LLC

35361 Eagle Way
 Chicago, IL
60678

					
	21.	  	Exopack Holding Corp.	  	 2800 West Higgins Road,
 Suite
435
 Hoffman Estates, IL 60169
	  	Cook	  	 Newtower Trust Company Multi-Employer Property Trust
 c/o Hamilton Partners, Inc.
 300 Park Blvd.
 Itasca, IL 60143
 Attention: Senior Asset
Manager

  
 52 

 Schedule 3.14 

 

									
	 Item
	  	 Credit Party
	  	 Property

Location

(Address

including zip

code)
	  	 County
	  	 Name and Address of Lessor

	22.	  	Exopack-Ontario, Inc.	  	 5601 Santa Ana Street,

Ontario, CA 91761
	  	San Bernardino	  	 Westates Holdings, LLC
 988
Villa Montes Circle Corona, California 92879

					
	23.	  	Exopack-Thomasville, LLC	  	 1308 Blair Street
 Thomasville,
NC 27360
	  	Davidson	  	F. Stuart Kennedy and Helen J. Kennedy P.O. Box 1050 1100 Dover Drive Thomasville, NC 27360
					
	24.	  	The Packaging Group (Canada) Corporation	  	300 Spinnaker Way Concord, Ontario L4K 4W1	  	City of Vaughan, Ontario, Canada	  	 Spinnaker Langstaff Investments Limited
 3625 Dufferin Street, Suite 503
 Downsview, Ontario M3K 1N4

					
	25.	  	The Packaging Group (Canada) Corporation	  	 360 Spinnaker Way
 Vaughan,
Ontario L4K 4W1
	  	City of Vaughan, Ontario, Canada	  	 Spinnaker Langstaff Investments Limited and 360 Spinnaker Portfolio, Inc.
 3625 Dufferin Street, Suite 500
 Downsview, Ontario M3K 1N4

					
	26.	  	Intelicoat Technologies Image Products Matthews LLC	  	 Facility
 700 Crestdale Road,
Matthews, NC 80105
	  	Mecklenburg	  	 Lakestar Properties, LLC
 4583
Highway 9 North
 Howell, New Jersey 07731

  
 53 

 Schedule 3.14 
 (c) Real Property in which Credit Party or Subsidiary is a lessor, sublessor or assignor 
 The property described in #26 above in the list of Leased Real Property is subleased to Kamazu Fashion Inc. 
 Portions of the property described in #12 above in the list of Owned Real Property is leased to Bemis Company, Inc. 

  
 54 

 Schedule 3.15 
 Environmental Matters 
 (a) None. 

  
 55 

 Schedule 3.16 
 ERISA / Canadian Pension Plans 
  

	a)	Title IV Plans and Multiemployer Plans to which any Credit Party is subject as of the Closing Date: 

 

			
	 Entity
	  	 Plan

	 Exopack, LLC
	  	Savings Plans for the Companies of Exopack
		
	 Exopack, LLC
	  	Retirement Plan of Exopack, LLC

Exceptions: 
 (i) Exopack, LLC 
 (a) The new Savings Plan for the Companies
of Exopack does not have an IRS determination letter. Exopack, LLC filed a request for a determination letter with respect to the plan’s qualified status in 2010, as per IRS guidelines. 

(ii) TPG Enterprises, Inc. 
 TPG does not maintain any retirement benefit plans. 
  

	b)	Unfunded Pension Liabilities, ERISA Events and Claims, etc. 

 None. 
  

	c)	Canadian Pension Plans to which any Credit Party is subject as of the Closing Date: 

 

			
	 Entity
	  	 Plan

	 Exopack, LLC
	  	Registered Retirement Savings Plan
(no employer match)
		
	 Exopack Performance Films Inc.
	  	Defined Contribution Pension Plan

  
 56 

 Schedule 3.17 
 Deposit Accounts, Securities Accounts and Commodity Accounts 

Deposit Accounts – Attached. 
 Securities Accounts – None. 
 Commodity Accounts – None. 

  
 57 

 Schedule 3.17 

 

					
	 Account Owner
	  	 Description
	  	 Depositary Bank

	 Exopack, LLC
	  	Hanford Payroll	  	Union Bank of California
	 Exopack, LLC
	  	Hazleton Payroll	  	Susquehanna Bank PA
	 Exopack, LLC
	  	Sibley Payroll	  	Sibley State Bank
	 Exopack, LLC
	  	Spartanburg Payroll	  	Bank of America
	 Exopack, LLC
	  	Tifton Payroll	  	Bank of America
	 Exopack, LLC
	  	CRC Disbursement	  	Bank of America
	 Exopack-Thomasville, LLC
	  	Thomasville Salaried Payroll	  	Bank of America
	 Exopack-Thomasville, LLC
	  	Thomasville Hourly Payroll	  	Bank of America
	 Exopack-Ontario, Inc.
	  	Ontario Salaried Payroll	  	Bank of America
	 Exopack-Ontario, Inc.
	  	Ontario Hourly Payroll	  	Bank of America
	 Exopack, LLC
	  	Albany Disbursement	  	Bank of America
	 Cello Foil Products, Inc.
	  	Battle Creek Disbursement	  	Bank of America
	 Exopack, LLC
	  	Master/Operating Account	  	Bank of America
	 Exopack, LLC
	  	Blocked Account/Lockbox	  	Bank of America
	 Exopack, LLC
	  	Salaried Payroll Account	  	Bank of America
	 Exopack, LLC
	  	Accounts Payable Account	  	Bank of America
	 Exopack, LLC
	  	GE Sweep/Blocked Account	  	Bank of America
	 Exopack, LLC
	  	Lockbox Account (to be closed)	  	Bank of America
	 Exopack-Hebron, LLC
	  	Lockbox Account	  	Bank of America
	 Exopack Advanced Coatings, LLC
	  	Lockbox Acct	  	Bank of America
	 Exopack Advanced Coatings, LLC
	  	Disbursement Acct	  	Bank of America
	 Exopack Performance Films Inc.
	  	Lockbox Account / CAD	  	Bank of America Canada
	 Exopack Performance Films Inc.
	  	Lockbox Account / USD	  	Bank of America Canada
	 Exopack Performance Films Inc.
	  	Disbursement Account / CAD	  	Bank of America Canada
	 Exopack Performance Films Inc.
	  	Disbursement Account / USD	  	Bank of America Canada
	 Exopack Newmarket, Ltd.
	  	Lockbox Account / CAD	  	Bank of America Canada
	 Exopack Newmarket, Ltd.
	  	Lockbox Account / USD	  	Bank of America Canada
	 Exopack Newmarket, Ltd.
	  	Disbursement Account / CAD	  	Bank of America Canada
	 Exopack Newmarket, Ltd.
	  	Disbursement Account USD	  	Bank of America Canada
	 The Packaging Group (Canada)
Corporation
	  	Concord Lockbox Account / CAD	  	Bank of Montreal
	 The Packaging Group (Canada) Corporation
	  	Concord Lockbox Account / USD	  	Bank of Montreal
	 The Packaging Group (Canada) Corporation
	  	Concord Disbursement Account / CAD	  	Bank of Montreal
	 The Packaging Group (Canada) Corporation
	  	Concord Disbursement Account / USD	  	Bank of Montreal
	 Exopack Performance Films Inc.
	  	EPF Lockbox Account / CAD	  	Bank of Montreal
	 Exopack Performance Films Inc.
	  	EPF Lockbox Account / USD	  	Bank of Montreal
	 Exopack Performance Films Inc.
	  	EPF Disbursement Account / CAD	  	Bank of Montreal
	 Exopack Performance Films Inc.
	  	EPF Disbursement Account / USD	  	Bank of Montreal

  
 58 

 Schedule 3.17 
 Union Bank of California 
 225 W. 7th St. 
 Hanford, CA 93230 
 559-582-1085 
 Chris Sulfita 
 Susquehanna Bank PA 
 9 East Main St. 
 Lititz, PA 17543 
 570-450-2180 
 Susan Nataro 
 Sibley State Bank 
 803 4th Ave. 
 Sibley, IA 51249 
 712-754-2677 
 Doris Hoffman 
 Bank of America 
 101 S. Tryon St. 
 Charlotte, NC 28255 
 864-370-6738 
 Stacy Brandon 
 Bank of America Canada 
 200 Front St, West 26th Fl 

Toroto, ON 
 M5V 3L2 

Canada 
 312-992-6262 

Eric Marmol 
 Bank of Montreal 

First Canadian Place 
 100 King Street West

 Toronto, ON 
 M5X 1A3 

Canada 
 416-867-4776 

Sherri Munroe 
 Agreements and
Other Documents 
  

	1.	Supply agreements and purchase agreements not terminable by such Credit Party within sixty (60) days following written notice issued by such Credit Party and
involving transactions in excess of $2,500,000 per annum (other than purchase orders entered into in the ordinary course of business): 

  
 59 

 Schedule 3.18 

 

			
	 Item
	  	 Description

		
	1	  	Supply Agreement Schedule by and between Exopack, LLC and Coca-Cola Bottlers’ Sales & Services Company LLC, dated October 15, 2007.
		
	2	  	Supply Agreement by and between Exopack, LLC and Henkel Consumer Goods, Inc, dated May 1, 2009.
		
	3	  	Purchase Agreement by and between Exopack, LLC and Risenta AB, dated February 1, 2009.
		
	4	  	Supply Agreement by and between Exopack, LLC and Archer-Daniels-Midland Company, dated January 1, 2008.
		
	5	  	Purchase Agreement by and between Exopack, LLC and U.S. Smokeless Tobacco Manufacturing Company, dated January 1, 2008.
		
	6	  	Letter of Agreement by and between Exopack, LLC and Diamond V, Inc. , dated February 1, 2010.
		
	7	  	Packaging Agreement by and between Exopack, LLC and E.E. Du Pont de Nemours and Company, dated July 1, 2005.
		
	8	  	Supply Agreement by and between Exopack, LLC and Hubbard Feeds, Inc., dated July 1, 2009.
		
	9	  	Supply Agreement by and between Exopack, LLC and Mccormick & Co., Inc., dated October 1, 2008.
		
	10	  	Purchase Contract by and between Exopack and Monsanto Company, dated June 1, 2008.
		
	11	  	Corporate Purchasing Agreement by and between Exopack, LLC and Baker Hughes Oilfield Operations, Inc., dated February 1, 2009.
		
	12	  	Alliance Agreement by and between Exopack Thomasville, LLC and Exopack Ontario, LLC and Cargill Incorporated, dated July 11, 2005.
		
	13	  	Supply Agreement by and between Exopack, LLC and Certainteed Corporation Insulation Group, dated January 1, 2010.
		
	14	  	Supply and Services Agreement by and between Exopack, LLC and Holcim Group Support, Inc., dated December 1, 2009.
		
	15	  	Purchase and Supply Agreement by and between Exopack, LLC and Lafarge North America, dated January 1, 2009.
		
	16	  	Supply Agreement by and between Exopack, LLC and Ravago Shared Services LLC, dated May 1, 2009.
		
	17	  	Supply Agreement by and between Exopack-Thomasville, LLC and Luzenac America, Inc., dated November 1, 2009.
		
	18	  	Products and Services Supply Agreement by and between Exopack-Thomasville, LLC and U.S. Borax Inc., dated November 1, 2006.
		
	19	  	Purchase Agreement by and between Exopack, LLC and US Silica Company, dated January 1, 2010.
		
	20	  	Supply Agreement by and between Exopack, LLC and Hexion Specialty Chemicals, Inc, dated March 1, 2009.
		
	21	  	Supply Agreement by and between Exopack Advanced Coatings, LLC & Exopack Advanced Coatings, LTDand Insight Equity A.P. X, LP (DBA) Vision-Ease Lens, dated January 1,
2008.
		
	22	  	Supply Agreement by and between Exopack Holding Corp. and Josgood Electronic Co.,LTD, dated March 2011.
		
	23	  	Supply Agreement by and between Exopack Performance Films and Liqui-Box Canada Inc., dated November 28, 2007.
		
	24	  	Supplier Agreement by and between Exopack Performance Films and Sabic Innovative Plastics US LLC (DBA Sabic Polymershapes), dated January 12, 2009.
		
	25	  	Supply Agreement between Exopack Canfor, Tolko, Premium One, dated January 1, 2008
		
	26	  	Consignment Agreement between Exopack and Chevron, dated April 1, 2009. (Partially Executed)

  
 60 

 Schedule 3.18 

 

			
		
	27	  	Purchase Agreement between Exopack and DuPont Canada, dated November 28, 2007.
		
	28	  	Purchase Agreement between Exopack and Fraser Paper, dated January 1, 2007.
		
	29	  	Supply Agreement between Exopack and INX International Ink Co, dated July 1, 2010.
		
	30	  	Supply and Purchase Agreement between Exopack and Kapstone, dated January 1, 2009.
		
	31	  	Consignment Agreement between Exopack and Longview Fibre Paper & Packaging, Inc. dated January 1, 2006.
		
	32	  	Letter of Intent between Exopack and M33, dated January 1, 2010.
		
	33	  	Supply Agreement between Exopack and Spartan Industrial Supply Co. Inc., dated October 6, 2003.
		
	34	  	Letter of Understanding between Exopack and Sun Chemical Corporation, dated April 29, 2010.
		
	35	  	Strategic Alliance Agreement between Exopack and Wongi thru June 30, 2011.
		
	36	  	Strategic Alliance Agreement between Exopack and Indevco thru June 30, 2011.
		
	37	  	Strategic Alliance Agreement between Exopack and Supernova/Indopoly thru June 30, 2011.
		
	38	  	Strategic Alliance Agreement between Exopack and Veriplast thru June 30, 2011.
		
	39	  	Strategic Alliance Agreement between Exopack and Positive Packaging June 30, 2011.
		
	40	  	Supply Agreement between Exopack and Norstar dated January 1, 2009.
		
	41	  	Supply Agreement between Exopack and Gortons dated January 1, 2009.
		
	42	  	Supply Agreement between Exopack and Kraft dated December 31, 2010.
		
	43	  	Supply Agreement between Exopack and Masters Gallery dated October 1, 2005.
		
	44	  	Supply Agreement between Exopack and Sargento dated September 1, 2006.

  

	2.	Leases of Equipment having a remaining term of one year or longer and requiring aggregate rental and other payments in excess of $1,000,000 per annum (other than
purchase orders entered into in the ordinary course of business): 

  

	 	a.	Lease between GE Capital and Exopack, LLC for in-line pasted valve bag making equipment in Exopack’s Tifton, GA facility. 

 

	 	b.	Lease between Deutsche Leasing USA, Inc. and Exopack for in-line pasted value bag making equipment in Exopack’s Hanford, CA facility. 

 

	 	c.	Lease between ICON Capital Corp. and Exopack for a 3-layer blown film extension line in Exopack’s Griffin, GA facility and an 8-color printing press in
Exopack’s Spartanburg, SC facility. 

  

	 	d.	Lease between Peoples Capital and Leasing and Exopack for one new ten color flexo press in Exopack’s Battle Creek, MI facility and one ten color press in
Exopack’s Albany, GA facility. 

  

	 	e.	Lease between GE Credit Corp. and Exopack for two film extrusion lines and one 1200KVA UPS in Exopack’s Tulsa, OK facility. 

  
 61 

 Schedule 3.18 

 

	3.	Licenses and permits held by the Credit Parties, the absence of which would reasonably be expected to have a Material Adverse Effect: 

 

	 	a.	Air operating permits held by Exopack, LLC, Cello-Foil Products, Inc and their respective subsidiaries. 

 

	4.	Instruments and documents evidencing any Indebtedness or Guaranteed Indebtedness of such Credit Party and any Lien granted by such Credit Party with respect thereto:

  

	 	a)	$300,000 CAD Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Bank Spinnaker Langstaff Investments, Letter of Credit Number SM218117, issued by
Wachovia Bank. 

  

	 	b)	$35,000 Standby Letter of Credit by Exopack, LLC for the benefit of Royal Indemnity Co., Letter of Credit Number S817488, issued by ABN Amro Bank.

  

	 	c)	$375,000 Standby Letter of Credit by Exopack, LLC for the benefit of Federal Insurance Co., Letter of Credit Number S871442, issued by ABN Amro Bank.

  

	 	d)	$1,950,000 Standby Letter of Credit by Exopack, LLC for the benefit of United States Fire Insurance, Letter of Credit Number SE446661W, issued by Wachovia Bank.

  

	 	e)	$100,000 Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Michigan Dept. of Labor and Economic Growth, Letter of Credit Number SM218121, issued
by Wachovia Bank. 

  

	 	f)	$65,000 Standby Letter of Credit by Exopack, LLC for the benefit of Southern California Edison, Letter of Credit Number SM236908, issued by ABN Amro Bank.

  

	 	g)	$205,000 CAD Standby Letter of Credit by Exopack Performance Films Inc. for the benefit of Whitby Hydro Electric Corporation, Letter of Credit Number SM229006W, issued
by Wachovia Bank. 

  

	 	h)	$350,000 Standby Letter of Credit by Exopack, LLC for the benefit of Polyplex Americas, Letter of Credit Number SE450717 issued by Wells Fargo Bank.

  

	 	i)	$755,950 Standby Letter of Credit by Exopack, LLC for the benefit of General Electric Credit Corp of TN, Letter of Credit Number SE450900W, issued by Wells Fargo Bank.

  

	5.	Instruments and agreements evidencing the issuance of any equity securities, warrants, rights or options to purchase equity securities of such Credit Party:

 None. 

  
 62 

 Schedule 3.19 
 Insurance 
 (See attached) 

  
 63 

 Schedule 4.7 
 Corporate and Trade Names 
  

	
	
	 Exopack Key Holdings, LLC

	
	 Exopack Holding Corp.

	
	 Exopack, LLC

	
	 Exopack-Hebron, L.L.C.

	
	 Exopack-Thomasville, LLC

	
	 Exopack-Ontario, Inc.

	
	 Exopack-Newmarket, Ltd.

	
	 Exopack-Technology, LLC

	
	 Cello-Foil Holding Corp.

	
	 Cello-Foil Products, Inc.

	
	 TPG Group Holding Corp.

	
	 TPG (US), Inc.

	
	 TPG Enterprises, Inc.

	
	 The Packaging Group (Canada) Corporation

	
	 Intelicoat Technologies Image Products Matthews LLC

	
	 Exopack Advanced Coatings, LLC

	
	 Exopack Performance Films Inc.

  
 64 

 Schedule 4.10 
 Cash Management Systems 
  

							
	 Bank
	  	 Type of Account
	  	Account Number	 
	 Bank of America
	  	GE Sweep/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
	 Bank of America – Canada
	  	Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
	 Bank of Montreal
	  	CAD Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	USD Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	CAD Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  
		  	USD Lockbox/Blocked Account	  	 	XXXXXXXXXXXXX	  

  
 65 

 Schedule 5.1 
 Existing Indebtedness Pursuant to Section 5.1(a) 
  

	a)	$300,000 CAD Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Bank Spinnaker Langstaff Investments, Letter of Credit Number SM218117, issued by
Wachovia Bank. 

  

	b)	$35,000 Standby Letter of Credit by Exopack, LLC for the benefit of Royal Indemnity Co., Letter of Credit Number S817488, issued by ABN Amro Bank.

  

	c)	$375,000 Standby Letter of Credit by Exopack, LLC for the benefit of Federal Insurance Co., Letter of Credit Number S871442, issued by ABN Amro Bank.

  

	d)	$1,950,000 Standby Letter of Credit by Exopack, LLC for the benefit of United States Fire Insurance, Letter of Credit Number SE446661W, issued by Wachovia Bank.

  

	e)	$100,000 Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Michigan Dept. of Labor and Economic Growth, Letter of Credit Number SM218121, issued
by Wachovia Bank. 

  

	f)	$65,000 Standby Letter of Credit by Exopack, LLC for the benefit of Southern California Edison, Letter of Credit Number SM236908, issued by ABN Amro Bank.

  

	g)	$205,000 CAD Standby Letter of Credit by Exopack Performance Films Inc. for the benefit of Whitby Hydro Electric Corporation, Letter of Credit Number SM229006W, issued
by Wachovia Bank. 

  

	h)	$350,000 Standby Letter of Credit by Exopack, LLC for the benefit of Polyplex Americas, Letter of Credit Number SE450717 issued by Wells Fargo Bank.

  

									
	 Lessee
	  	 Lessor
	  	 Collateral
	  	 Maturity Date
	  	Outstanding
Amount (as of
March 
31, 2011
unless otherwise
indicated)
	 Exopack, LLC
	  	 GE Capital Public Finance
	  	Manufacturing facility located at 905 W. Verdigis Road, Catoosa, Oklahoma	  	October 31, 2023 with two additional options to renew for a period of 5 years each	  	$4,383,770

(as of
May 31, 2011)

  
 66 

 Schedule 3.19 

 

									
	 Lessee
	  	 Lessor
	  	 Collateral
	  	 Maturity Date
	  	Outstanding
Amount (as of
March 
31, 2011
unless otherwise
indicated)
	 Exopack, LLC
	  	 GE Credit Corp.
	  	One 2008 7-layer film line manufactured by Kuhne, one 2003 7-layer film line manufactured by Kuhne, and one 1200KVA Clean Source UPS	  	November 30, 2014	  	$3,038,193
(as of
May 27,
2011)
	 Exopack Holding Corp.
	  	 People’s Capital

and Leasing Corp.

255 Bank St.
 Waterbury, CT 06702
	  	One new Windmoeller and Hoelsher 41 inch Miraflex CM10 ten color flexo press. Serial No. 54.697 and one new Windmoeller and Hoelsher 67 inch Novoflex CL10	  	July 5, 2015	  	$4,119,677
(as of
May 31,
2011)

  
 67 

 Schedule 5.2 
 Liens 
  

											
	 DEBTOR
	  	 JURISDICTION
	  	SECURED PARTY	  	LIEN TYPE	  	FILING INFO	  	COLLATERAL
DESCRIPTION
	 Exopack, LLC
	  	Spartanburg County, SC	  	Plaintiff:
 Irotas
Manufacturing
Co.
	  	Suits	  	2010CP4204159
 Filed: 8-6-10
	  	Common pleas;
debt collection
						
	 Exopack, LLC
	  	Delaware Secretary of State	  	Starlinger & Co.
 Gesellschaft
M.B.H.
	  	UCC / Federal
Tax Liens	  	20112014226
 Filed: 5-26-2011
	  	TubeTec 150
Tubing Machine
						
	 Exopack-

Thomasville, LLC
	  	Spartanburg County, SC	  	Plaintiff:
 Irotas
Manufacturing
Co.
	  	Suits	  	2010CP4204159
 Filed: 8-6-2010
	  	See results
under Exopack
LLC

  
 68 

 Schedule 5.3 
 Investments 
 Exopack has invested in a joint venture, Cedex Plastics s.a.l., with the
Indevco Group, to establish polyethylene extrusion capacity in the Middle East region. 

  
 69 

 Schedule 5.4 
 Contingent Obligations 
  

	1.	$300,000 CAD Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Bank Spinnaker Langstaff Investments, Letter of Credit Number SM218117, issued by
Wachovia Bank. 

  

	2.	$35,000 Standby Letter of Credit by Exopack, LLC for the benefit of Royal Indemnity Co., Letter of Credit Number S817488, issued by ABN Amro Bank.

  

	3.	$375,000 Standby Letter of Credit by Exopack, LLC for the benefit of Federal Insurance Co., Letter of Credit Number S871442, issued by ABN Amro Bank.

  

	4.	$1,950,000 Standby Letter of Credit by Exopack, LLC for the benefit of United States Fire Insurance, Letter of Credit Number SE446661W, issued by Wachovia Bank.

  

	5.	$100,000 Standby Letter of Credit by Cello-Foil Holding Corp. for the benefit of Michigan Dept. of Labor and Economic Growth, Letter of Credit Number SM218121, issued
by Wachovia Bank. 

  

	6.	$65,000 Standby Letter of Credit by Exopack, LLC for the benefit of Southern California Edison, Letter of Credit Number SM236908, issued by ABN Amro Bank.

  

	7.	$205,000 CAD Standby Letter of Credit by Exopack Performance Films Inc. for the benefit of Whitby Hydro Electric Corporation, Letter of Credit Number SM229006W, issued
by Wachovia Bank. 

  

	8.	$350,000 Standby Letter of Credit by Exopack, LLC for the benefit of Polyplex Americas, Letter of Credit Number SE450717 issued by Wells Fargo Bank.

  

	9.	$755,950 Standby Letter of Credit by Exopack, LLC for the benefit of General Electric Credit Corp of TN, Letter of Credit Number SE450900W, issued by Wells Fargo Bank.

  
 70 

 Schedule 5.8 
 Affiliate Transactions 
 Consulting Agreement dated as of the Closing Date, between Exopack
Holding Corp. and Sun Capital Partners Management IV, LLC. 
 Exopack has invested in a joint venture, Cedex Plastics s.a.l., with the Indevco
Group, to establish polyethylene extrusion capacity in the Middle East region. 

  
 71 

 Schedule 5.8 
 Business Description 
 Exopack designs, manufactures and supplies paper and plastic
flexible packaging to over 1,200 active customers in a variety of industries, including food, medical, pet foods, chemicals, beverages, microwaveable and lawn and garden, among others. 

  
 72

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