Document:

Credit Agreement, dated October 14, 2005

 Exhibit 10(jjj) 
  

 CUSIP Number: 74732HAA0 
  
 CREDIT AGREEMENT 
  
 Dated as of October 14, 2005 
  
 among 
  
 QUAKER CHEMICAL CORPORATION 
  

and 
  
 CERTAIN SUBSIDIARIES, 
  
 as Borrowers, 
  
 BANK OF
AMERICA, N.A., 
 as Administrative Agent, Swing Line Lender 
 and 
 L/C Issuer, 
  
 ABN AMRO Bank, N.V. 
 as Syndication
Agent, 
  
 and 
  
 The Other Lenders Party Hereto 
  
 BANC OF AMERICA SECURITIES LLC, 
 as 
 Sole Lead Arranger and Sole Book Manager

  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	  	1
	 1.01.
	 	 Defined Terms
	  	1
	 1.02.
	 	 Other Interpretive Provisions
	  	23
	 1.03.
	 	 Accounting Terms
	  	24
	 1.04.
	 	 Exchange Rates; Currency Equivalents
	  	24
	 1.05.
	 	 Additional Alternative Currencies
	  	25
	 1.06.
	 	 Change of Currency
	  	25
	 1.07.
	 	 Times of Day
	  	26
	 1.08.
	 	 Letter of Credit Amounts
	  	26
		
	ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS	  	26
	 2.01.
	 	 Committed Loans
	  	26
	 2.02.
	 	 Borrowings, Conversions and Continuations of Committed Loans
	  	26
	 2.03.
	 	 Letters of Credit
	  	28
	 2.04.
	 	 Swing Line Loans
	  	35
	 2.05.
	 	 Prepayments
	  	38
	 2.06.
	 	 Termination or Reduction of Commitments
	  	39
	 2.07.
	 	 Repayment of Loans
	  	39
	 2.08.
	 	 Interest
	  	39
	 2.09.
	 	 Fees
	  	40
	 2.10.
	 	 Computation of Interest and Fees
	  	40
	 2.11.
	 	 Evidence of Debt
	  	41
	 2.12.
	 	 Payments Generally; Administrative Agent’s Clawback
	  	41
	 2.13.
	 	 Sharing of Payments by Lenders
	  	43
	 2.14.
	 	 Designated Borrowers
	  	43
	 2.15.
	 	 Increase in Commitments
	  	44
		
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY	  	45
	 3.01.
	 	 Taxes
	  	45
	 3.02.
	 	 Illegality
	  	48
	 3.03.
	 	 Inability to Determine Rates
	  	48
	 3.04.
	 	 Increased Costs; Reserves on Eurocurrency Rate Loans
	  	48
	 3.05.
	 	 Compensation for Losses
	  	50
	 3.06.
	 	 Mitigation Obligations; Replacement of Lenders
	  	51
	 3.07.
	 	 Survival
	  	51
		
	ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	  	51
	 4.01.
	 	 Conditions of Initial Credit Extension
	  	51
	 4.02.
	 	 Conditions to all Credit Extensions
	  	53
		
	ARTICLE V REPRESENTATIONS AND WARRANTIES	  	54
	 5.01.
	 	 Existence, Qualification and Power; Compliance with Laws
	  	54
	 5.02.
	 	 Authorization; No Contravention
	  	54
	 5.03.
	 	 Governmental Authorization; Other Consents
	  	55
	 5.04.
	 	 Binding Effect
	  	55
	 5.05.
	 	 Financial Statements; No Material Adverse Effect; No Internal Control Event
	  	55

  

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	 	 	 	  	Page

	 5.06.
	 	 Litigation
	  	56
	 5.07.
	 	 No Default
	  	56
	 5.08.
	 	 Ownership of Property; Liens
	  	56
	 5.09.
	 	 Environmental Compliance
	  	56
	 5.10.
	 	 Insurance
	  	56
	 5.11.
	 	 Taxes
	  	56
	 5.12.
	 	 ERISA Compliance
	  	57
	 5.13.
	 	 Subsidiaries; Equity Interests
	  	57
	 5.14.
	 	 Margin Regulations; Investment Company Act; Public Utility Holding Company Act
	  	57
	 5.15.
	 	 Disclosure
	  	57
	 5.16.
	 	 Compliance with Laws
	  	58
	 5.17.
	 	 Intellectual Property; Licenses, Etc.
	  	58
	 5.18.
	 	 Representations as to Foreign Obligors
	  	58
		
	ARTICLE VI AFFIRMATIVE COVENANTS	  	59
	 6.01.
	 	 Financial Statements
	  	59
	 6.02.
	 	 Certificates; Other Information
	  	60
	 6.03.
	 	 Notices
	  	62
	 6.04.
	 	 Payment of Obligations
	  	62
	 6.05.
	 	 Preservation of Existence, Etc.
	  	62
	 6.06.
	 	 Maintenance of Properties
	  	63
	 6.07.
	 	 Maintenance of Insurance
	  	63
	 6.08.
	 	 Compliance with Laws
	  	63
	 6.09.
	 	 Books and Records
	  	63
	 6.10.
	 	 Inspection Rights
	  	63
	 6.11.
	 	 Use of Proceeds
	  	63
	 6.12.
	 	 Approvals and Authorizations
	  	64
	 6.13.
	 	 California Opinion
	  	64
		
	ARTICLE VII NEGATIVE COVENANTS	  	64
	 7.01.
	 	 Liens
	  	64
	 7.02.
	 	 Investments
	  	65
	 7.03.
	 	 Indebtedness
	  	66
	 7.04.
	 	 Fundamental Changes
	  	67
	 7.05.
	 	 Dispositions
	  	67
	 7.06.
	 	 Restricted Payments
	  	68
	 7.07.
	 	 Change in Nature of Business
	  	68
	 7.08.
	 	 Transactions with Affiliates
	  	69
	 7.09.
	 	 Burdensome Agreements
	  	69
	 7.10.
	 	 Use of Proceeds
	  	69
	 7.11.
	 	 Financial Covenants
	  	69
	 7.12.
	 	 Capital Expenditures
	  	69
	 7.13.
	 	 Unrestricted Subsidiaries
	  	69
		
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES	  	70
	 8.01.
	 	 Events of Default
	  	70
	 8.02.
	 	 Remedies Upon Event of Default
	  	72
	 8.03.
	 	 Application of Funds
	  	72
		
	ARTICLE IX ADMINISTRATIVE AGENT	  	73
	 9.01.
	 	 Appointment and Authority
	  	73

  

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	 	 	 	  	Page

	 9.02.
	 	 Rights as a Lender
	  	73
	 9.03.
	 	 Exculpatory Provisions
	  	73
	 9.04.
	 	 Reliance by Administrative Agent
	  	74
	 9.05.
	 	 Delegation of Duties
	  	74
	 9.06.
	 	 Resignation of Administrative Agent
	  	75
	 9.07.
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	75
	 9.08.
	 	 No Other Duties, Etc.
	  	76
	 9.09.
	 	 Administrative Agent May File Proofs of Claim
	  	76
		
	ARTICLE X MISCELLANEOUS	  	76
	 10.01.
	 	 Amendments, Etc.
	  	76
	 10.02.
	 	 Notices; Effectiveness; Electronic Communication
	  	78
	 10.03.
	 	 No Waiver; Cumulative Remedies
	  	79
	 10.04.
	 	 Expenses; Indemnity; Damage Waiver
	  	79
	 10.05.
	 	 Payments Set Aside
	  	81
	 10.06.
	 	 Successors and Assigns
	  	81
	 10.07.
	 	 Treatment of Certain Information; Confidentiality
	  	84
	 10.08.
	 	 Right of Setoff
	  	85
	 10.09.
	 	 Interest Rate Limitation
	  	85
	 10.10.
	 	 Counterparts; Integration; Effectiveness
	  	86
	 10.11.
	 	 Survival of Representations and Warranties
	  	86
	 10.12.
	 	 Severability
	  	86
	 10.13.
	 	 Replacement of Lenders
	  	86
	 10.14.
	 	 Governing Law; Jurisdiction; Etc.
	  	87
	 10.15.
	 	 Waiver of Jury Trial
	  	88
	 10.16.
	 	 USA PATRIOT Act Notice
	  	88
	 10.17.
	 	 Time of the Essence
	  	88
	 10.18.
	 	 Judgment Currency
	  	88
	 10.19.
	 	 Entire Agreement
	  	88
		
	 SIGNATURES
	  	 

  

 -iii- 

 SCHEDULES 
  

			
	 1.01
	 	Mandatory Cost Formulae
	 2.01
	 	Commitments and Applicable Percentages
	 5.05
	 	Supplement to Interim Financial Statements
	 5.06
	 	Litigation
	 5.09
	 	Environmental Matters
	 5.11
	 	Taxes
	 5.13
	 	Subsidiaries and Other Equity Investments
	 5.17
	 	Intellectual Property Matters
	 7.01
	 	Existing Liens
	 7.02(d)
	 	Existing Advances to Officers, Directors and Employees
	 7.03
	 	Existing Indebtedness
	 7.03(k)
	 	Existing Indebtedness to be Paid within 30 Days After Closing
	 10.02
	 	Administrative Agent’s Office; Certain Addresses for Notices
	 10.06
	 	Processing and Recordation Fees

  
 EXHIBITS 
  

			
	 	 	 Form of

	 A
	 	 Committed Loan Notice

	 B
	 	 Swing Line Loan Notice

	 C
	 	 Note

	 D
	 	 Compliance Certificate

	 E
	 	 Assignment and Assumption

	 F
	 	 Designated Borrower Request and Assumption Agreement

	 G
	 	 Designated Borrower Notice

 CREDIT AGREEMENT 
  
 This CREDIT AGREEMENT (“Agreement”) is entered into as of October 14, 2005, among Quaker Chemical
Corporation, a Pennsylvania corporation (the “Company”), certain Subsidiaries of the Company party hereto pursuant to Section 2.14 (each a “Designated Borrower” and, together with the Company, the
“Borrowers” and, each a “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as
Administrative Agent, Swing Line Lender and L/C Issuer and ABN ANRO BANK, N.V., as Syndication Agent. 
  
 The Company has requested that the Lenders provide a revolving credit facility, and the Lenders are willing to do so on the terms and 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: 
  
 “Accumulated Funding Deficiency” has the meaning specified in Section 302 of ERISA. 
  
 “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, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02 with respect to such currency, or such other address or account with respect to
such currency as the Administrative Agent may from time to time notify to the Company and the Lenders. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “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. 
  
 “Aggregate Commitments” means the Commitments of all the Lenders. 
  
 “Agreement” means this Credit Agreement. 
  
 “Alternative Currency” means each of Euro, Sterling, and each other currency (other than Dollars) that is
approved in accordance with Section 1.05 (Additional Alternative Currencies). 
  
 “Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the
Administrative Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars. 

 “Alternative Currency Sublimit” means an amount equal to 100% of the Aggregate
Commitments. The Alternative Currency Sublimit is part of, and not in addition to, the Aggregate Commitments. 
  
 “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the
Aggregate Commitments represented by such Lender’s Commitment at such time. If the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02 (Remedies Upon Event of Default) or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect,
giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender 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 Rate”
means the following rate, expressed in basis points per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b):

  
 Applicable Rate 
  

									
	 Pricing
Level

	  	Consolidated
Leverage Ratio

	  	 Commitment Fee
 (in bps)

	  	 Eurocurrency Rate +
 Letters of Credit
 (in bps)

	  	 Base Rate +
 (in bps)

	 1
	  	£2.00:1	  	20.0	  	65.0	  	0.0
	 2
	  	>2.00:1 but £3.00:1	  	25.0	  	80.0	  	0.0
	 3
	  	>3.00:1	  	30.0	  	110.0	  	0.0

  
 Any increase or
decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 3 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered until the first Business Day after the date on which such Compliance Certificate is delivered. The Applicable Rate in effect from the Closing Date through the first Business Day on which the
first Compliance Certificate is required to be delivered pursuant to Section 6.02(b) hereof shall be determined based upon Pricing Level 2. 
  
 “Applicable Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of
settlement for such Alternative Currency as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, with notice of such to be given to the Borrower on the Closing Date and at the time of each change to or addition of any
Applicable Time hereunder, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. 
  
 “Applicant Borrower” has the meaning specified in Section 2.14. 
  
 “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. 
  

 -2- 

 “Arranger” means Banc of America Securities LLC, in its capacity as sole lead arranger
and sole book manager. 
  
 “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 10.06(b), and accepted by the Administrative Agent, in substantially the form of Exhibit E or any other form approved by the Administrative Agent. 
  
 “Attributable Indebtedness” means, on any date, (a) in
respect of any capital 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, and (b) in respect of any Synthetic Lease Obligation, the
capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 
  
 “Audited Financial Statements” means the audited
consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended December 31, 2004, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the
Company and its Subsidiaries, including the notes thereto. 
  
 “Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.06
(Termination or Reduction of Commitments), and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02 (Remedies Upon
Event of Default). 
  
 “Bank of America” means
Bank of America, N.A. and its successors. 
  
 “Base
Rate” means for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America
as its “prime rate.” 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 Committed Loan” means
a Committed Loan that is a Base Rate Loan. 
  
 “Base Rate
Loan” means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars. 
  
 “Benoliel Family” shall mean Peter A. Benoliel, his wife and children and their respective spouses and children, and all trusts created
by or for the benefit of any of them. 
  
 “Borrower” and “Borrowers” each has the meaning specified in the introductory paragraph hereto. 
  

 -3- 

 “Borrower Materials” has the meaning specified in Section 6.02. 

 
 “Borrowing” means a Committed Borrowing or a Swing Line
Borrowing, as the context may require. 
  
 “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 where the Administrative Agent’s Office with respect to Obligations
denominated in Dollars is located and: 
  
 (a) if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to
be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market; 
  
 (b) if such day relates to any interest rate settings as to
a Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any
such Eurocurrency Rate Loan, means a TARGET Day; 
  
 (c) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and
between banks in the London or other applicable offshore interbank market for such currency; and 
  
 (d) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of a
Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any
interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency. 
  
 “Capital Expenditures” shall mean, with respect to any Person for any period, the aggregate of all
expenditures (whether paid in cash or accrued as a liability) by such Person during that period which, 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 (other than expenditures incurred in connection with any Permitted Acquisition). 
  
 “Captive Insurance Company” means Primex, Ltd. 
  

“Cash Collateralize” has the meaning specified in Section 2.03(g). 
  
 “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 or application thereof by any
Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
  

 -4- 

 “Change of Control” means an event or series of events by which: 
  
 (a) 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 (i) the Company or (ii) any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of any such plan) 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 (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of 30% or more of the combined voting power of the Company’s then outstanding equity securities of the Company entitled to vote for members of the board of directors or equivalent governing body of the Company 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); provided, however, that a Change of Control shall not be deemed to have occurred under the provisions of this
subsection (a) by reason of the beneficial ownership of voting securities by members of the Benoliel Family unless and until the beneficial ownership of all members of the Benoliel Family (including any other individuals or entities who or
which, together with any member or members of the Benoliel Family, are deemed under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, to constitute a single Person) exceeds 60% of the combined voting power of the
Company’s then outstanding securities; or 
  
 (b) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Company cease 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 
  
 (c) except as provided in the proviso to clause (a) above or in the exceptions set forth in clause (a) above, any Person or two
or more Persons acting in concert shall have acquired by contract or other legally enforceable right, directly or indirectly, a controlling influence over the management of the Company, or control over the equity securities of the Company entitled
to vote for members of the board of directors or equivalent governing body of the Company 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)
representing 35% or more of the combined voting power of such securities. 
  
 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01. 
  
 “Code” means the Internal Revenue Code of 1986. 

 
 “Commitment” means, as to each Lender, its obligation to
(a) make Committed Loans to the Borrowers pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time
outstanding not to 

  

 -5- 

 
exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
  
 “Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type, in the same currency and, in the
case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 
  
 “Committed Loan” has the meaning specified in Section 2.01. 
  
 “Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of
Committed Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 
  
 “Commitment Fee” means the per annum fee payable pursuant to
Section 2.9(a). 
  
 “Company” has the
meaning specified in the introductory paragraph hereto. 
  
 “Compliance Certificate” means a certificate substantially in the form of Exhibit D. 
  
 “Consolidated EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to
Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for Federal, state, local
and foreign income taxes includable in Net Income for such period including, without limitation, Permitted Non-Cash Reversals, (iii) depreciation and amortization expense and (iv) non-cash charges in respect of any write down of assets
taken in the ordinary course of business and minus (b) the following to the extent included in calculating such Consolidated Net Income: (x) Federal, state, local and foreign income tax credits of the Company and its Subsidiaries
for such period and (y) non-cash items increasing Consolidated Net Income in respect of any write up of assets taken in the ordinary course of business; provided, however, that the Company shall be permitted to add back to EBITDA for the
relevant period, the Permitted Restructuring Charge; provided, however that the Company shall have provided to the Lenders information detailing (in form and level of specificity reasonably satisfactory to the Administrative Agent) the expenses and
charges that comprise the restructuring charge not later than the earlier of (i) ten (10) Business Days after the Company’s filing of the 8-K with respect to such Permitted Restructuring Charge; and (ii) the date on which the
financial statements reflecting such Permitted Restructuring Charge are issued. Calculations of Consolidated EBITDA shall give effect, on a pro forma basis, to all Permitted Acquisitions and Dispositions permitted under this Agreement made
during the quarter or year to which the required compliance relates, as if such Permitted Acquisition or Disposition had been consummated on the first day of the applicable period. 
  
 “Consolidated Funded Indebtedness” means, as of any date of determination, for the Company and its
Subsidiaries on a consolidated basis, but without duplication, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced
by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank
guaranties, surety bonds and similar instruments (other than Letters of Credit to the extent such Letters of Credit support Indebtedness otherwise included in clauses (a) through (g) hereof), (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) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations (other than the Permitted
Synthetic Lease), (f) without duplication, all Guarantees with 

  

 -6- 

 
respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Company 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 the Company or a
Subsidiary is a general partner or Joint Venturer unless such Indebtedness is expressly made non-recourse to the Company or such Subsidiary; provided that each of clauses (a) through (g) (except Synthetic Lease Obligations) shall only be
included in Consolidated Funded Indebtedness to the extent the foregoing appears as a liability on the balance sheet of the Company in accordance with GAAP. 
  
 “Consolidated Interest Charges” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the sum of
(a) all interest, premium payments, debt discount, fees, charges and related expenses of the Company and its Subsidiaries in connection with (i) borrowed money (including capitalized interest), (ii) the deferred purchase price of
assets, and (iii) off-balance sheet liabilities, in each case to the extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the Company and its Subsidiaries with respect to such period under capital
leases that is treated as interest in accordance with GAAP, plus or minus the benefits or detriments, as the case may be, of any interest rate protection. 
  
 “Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period
of the four prior fiscal quarters ending on such date to (b) Consolidated Interest Charges for such 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 for the period of the four fiscal quarters most recently ended. 
  
 “Consolidated Net Income” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the net income of the
Company and its Subsidiaries (excluding extraordinary gains and extraordinary losses) determined in accordance with GAAP for such period. 
  
 “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 legal 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 each of the following: (a) a
Borrowing and (b) an L/C Credit Extension. 
  
 “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. 
  

 -7- 

 “Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees and Eurocurrency Rate Loans, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; (b) when used with respect to a
Eurocurrency Rate Loan, an interest rate equal to the interest rate (including any Applicable Rate and any Mandatory Cost) otherwise applicable to such Loan plus 2% per annum through the end of the then-applicable Interest Period, and
thereafter, the rate set forth in clause (a), and (c) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 
  
 “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Committed Loans,
participations in L/C Obligations or participations in Swing Line 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, unless the subject of a good faith dispute, or (c) has been deemed insolvent or become the subject of a bankruptcy or
insolvency proceeding. 
  
 “Designated Borrower”
has the meaning specified in the introductory paragraph hereto. 
  
 “Designated Borrower Notice” has the meaning specified in Section 2.14. 
  
 “Designated Borrower Request and Assumption Agreement” has the meaning specified in Section 2.14. 
  
 “Disposition” or “Dispose” means the sale,
transfer, exclusive license (other than any such license as to which exclusivity is granted by the licensor as to geographic scope only) or other disposition (including any sale and leaseback transaction) of any property by any Person, including any
sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 
  
 “Dollar” and “$” mean lawful money of the United States. 
  
 “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such
amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot
Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. 
  
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

  
 “Dutch Banking Act” means the Dutch Act on
the Supervision of the Credit System 1992. 
  
 “Dutch
Banking Act Exemption Regulation” means the Dutch Banking Act Exemption Regulation 1992, dated June 26, 2002, as amended from time to time. 
  
 “Dutch Borrower” means a Borrower incorporated or established under Dutch law. 
  
 “Dutch Central Bank” means the Dutch Central Bank.

  

 -8- 

 “Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender;
(c) an Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, the L/C Issuer and the Swing Line Lender, and (ii) unless an Event of Default has occurred and is continuing,
the Company (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Company or any of the Company’s Affiliates or Subsidiaries; and
provided further, however, that an Eligible Assignee shall include only a Lender, an Affiliate of a Lender, an Approved Fund or another Person, which, (i) through its Lending Offices, is capable of lending the applicable
Alternative Currencies to the relevant Borrowers without the imposition of any additional Indemnified Taxes and (ii) is a Professional Market Party. 
  
 “EMU” means the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the
Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998. 
  
 “EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency. 
  
 “Environmental Laws” means any and all: (a) Federal,
state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders or decrees; (b) permits, concessions, grants, franchises or licenses granted by any Governmental Authority; and (c) agreements with or restrictions
by any Government Authority, in each case, relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to
waste or public systems. 
  
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company, any other Borrower or any of their respective Subsidiaries
directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous
Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the
foregoing. 
  
 “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. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the
Company within the meaning of 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 the Company or any ERISA Affiliate from a Pension Plan subject to Section 4063 of 

  

 -9- 

 
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 the Company or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; or (e) an
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. 
  
 “Euro” and “EUR” mean the lawful currency
of the Participating Member States introduced in accordance with the EMU Legislation. 
  
 “Eurocurrency Rate” means for any Interest Period with respect to a Eurocurrency Rate Loan denominated in Dollars, a rate per annum determined by the Administrative Agent pursuant to the following
formula: 
  

							
	 Eurocurrency Rate
	  	=	  	 	  	Eurocurrency Base Rate
	  	  	  	1.00 – Eurocurrency Reserve Percentage

  
 and for any Eurocurrency Rate Loan
denominated in an Alternative Currency, the Eurocurrency Rate shall be the Eurocurrency Base Rate, 
  
 Where, 
  
 “Eurocurrency Base Rate” means, for such Interest Period, the rate per annum equal to the British Bankers Association LIBOR Rate
(“BBA LIBOR”), as published by Reuters (or other commercially available source 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 deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any
reason, then the “Eurocurrency Base Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant currency for delivery on the first day of such Interest
Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch (or
other Bank of America branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest
Period. 
  
 “Eurocurrency Reserve Percentage”
means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB
for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency Rate
for each outstanding Eurocurrency Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage. 
  
 “Eurocurrency Rate Loan” means a Committed Loan that bears interest at a rate based on the Eurocurrency Rate. Eurocurrency Rate Loans may
be denominated in Dollars or in an Alternative 

  

 -10- 

 
Currency. All Committed Loans denominated in an Alternative Currency must be Eurocurrency Rate Loans. 
  
 “Eurocurrency Base Rate” has the meaning specified in the
definition of Eurocurrency Rate. “Event of Default” has the meaning specified in Section 8.01. 
  
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be
made by or on account of any obligation of any Borrower hereunder, (a) taxes imposed on or measured by its income (however denominated), and franchise, capital stock and bank shares taxes imposed on it 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 such Borrower is located and (c) except as provided in the following sentence, in the case of a Foreign Lender (other than an assignee pursuant to a request by the
Company under Section 10.13), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such Foreign
Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new
Lending Office (or assignment), to receive additional amounts from the applicable Borrower with respect to such withholding tax pursuant to Section 3.01(a). Notwithstanding anything to the contrary contained in this definition,
“Excluded Taxes” shall not include any withholding tax imposed at any time on payments made by or on behalf of a Foreign Obligor to any Lender hereunder or under any other Loan Document, provided that such Lender shall have complied
with the last paragraph of Section 3.01(e). 
  
 “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 the letter agreement, dated August 15, 2005, among the Company, the Administrative Agent and the Arranger.

  
 “Foreign Lender” means, with respect to any
Borrower, any Lender that is organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be
deemed to constitute a single jurisdiction. 
  
 “Foreign
Obligor” means a Borrower that is a Foreign Subsidiary. 
  
 “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States, a State thereof or the District of Columbia. 
  
 “FRB” means the Board of Governors of the Federal Reserve
System of the United States. 
  

 -11- 

 “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
  
 “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, any (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
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. 
  
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, 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 substances or wastes of any nature regulated pursuant to any Environmental Law. 
  
 “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)
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; 
  

 -12- 

 (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, in each case, not past-due for more than 90 days after the date on which the related invoice was originally payable, which date is not
more than 90 days after the date the invoice was originally issued. 
  
 (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) capital leases and Synthetic Lease Obligations; 
  
 (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in
respect of the acquisition of any Equity Interest in such Person or any other Person, 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. The amount of any
capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes, but including Other Taxes. 
  
 “Indemnitees” has the meaning specified in
Section 10.04(b). 
  
 “Information”
has the meaning specified in Section 10.07. 
  
 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest
Period for a Eurocurrency Rate Loan exceeds three (3) 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 (including a
Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date. 
  
 “Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or
converted to or continued as a Eurocurrency Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter, as selected by the Applicable 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; 
  

 -13- 

 (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. 
  
 “Internal Control Event” means a
material weakness in, or fraud that involves management or other employees who have a significant role in, the Company’s internal controls over financial reporting within the meaning of Item 308 of Regulation S-K promulgated by the SEC, in
each case as described in the Securities Laws. 
  
 “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 capital stock or other securities 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 equity participation or interest in, another Person, including any partnership or joint venture interest
in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other 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. For purposes of covenant compliance, the amount of the applicable Investments shall be the aggregate amount actually invested by the Borrowers and the Restricted Subsidiaries, without adjustment for subsequent increases
or decreases in the value of such Investments but reduced by the aggregate amount of any dividends, distributions or other cash amounts subsequently received by the Borrowers and the Restricted Subsidiaries in respect of such Investments.

  
 “IP Rights” has the meaning specified in
Section 5.17. 
  
 “IRS” means the
United States Internal Revenue Service. 
  
 “ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of
issuance). 
  
 “Issuer Documents” means with
respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Company (or any Subsidiary) or in favor the L/C Issuer and relating to any such Letter of
Credit. 
  
 “Joint Venturer” means any Person
holding an equity interest in an entity for whose obligations and liabilities such Person is jointly and severally liable. 
  
 “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. 
  
 “L/C Advance” means, with respect to each Lender, such
Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage. All L/C Advances shall be denominated in Dollars. 
  

 -14- 

 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing. All L/C Borrowings shall be denominated in Dollars. 
  
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the
increase of the amount thereof. 
  
 “L/C Issuer”
means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. 
  
 “L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of
Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.08. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such
Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 
  
 “Lender” has the meaning specified in the introductory paragraph hereto and, as the context requires, includes the Swing Line Lender.

  
 “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 Company and the Administrative Agent. 
  
 “Letter of Credit” means any letter of credit issued
hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit. Letters of Credit may be issued only in Dollars. 
  
 “Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from
time to time in use by the L/C Issuer. 
  
 “Letter of
Credit Expiration Date” means the day that is five (5) Business Days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 
  
 “Letter of Credit Fee” has the meaning specified in
Section 2.03(i). 
  
 “Letter of Credit
Sublimit” means an amount equal to $15,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. 
  
 “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 a Borrower under Article II in the form of a Committed Loan or a Swing Line
Loan. 
  

 -15- 

 “Loan Documents” means this Agreement, each Designated Borrower Request and Assumption
Agreement, each Note, each Issuer Document, and the Fee Letter. 
  
 “Mandatory Cost” means, with respect to any period, the percentage rate per annum determined in accordance with Schedule 1.01. 
  
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon,
the operations, business, properties, or financial condition of the Company and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Borrower 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 Borrower of any Loan Document to which it is a party; provided, however that the Permitted Restructuring Charge and the Permitted
Non-Cash Reversals shall not alone (either individually or together) be deemed to have a Material Adverse Effect. As used in this definition, “material” shall mean an amount of five (5%) percent or more of the total consolidated
assets of the Company and its Subsidiaries as of the relevant date of determination. 
  
 “Material Amount” means an amount in excess of the lesser of: (i) $15,000,000 or (ii) five percent (5%) of the value of the total consolidated assets of the Company and its
Subsidiaries. 
  
 “Maturity Date” means
September 30, 2010. 
  
 “Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Company 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. 
  
 “Non-Consenting
Lender” has the meaning set forth in Section 3.06(b). 
  
 “Note” means a promissory note made by a Borrower in favor of a Lender evidencing Loans made by such Lender to such Borrower, substantially in the form of Exhibit C. 
  
 “Obligations” means all advances to, and debts, liabilities,
obligations, covenants and duties of, any Borrower arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, 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 Borrower 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. 
  
 “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 

  

 -16- 

 
other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document except for
Excluded Taxes. 
  
 “Outstanding Amount” means
(i) with respect to Committed Loans on any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Committed Loans occurring on such
date; (ii) with respect to Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Swing Line Loans occurring on such date; and (iii) with
respect to any L/C Obligations on any date, the Dollar Equivalent amount of the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the
aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Company of Unreimbursed Amounts. 
  
 “Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal
Funds Rate and (ii) an overnight rate determined by the Administrative Agent, the L/C Issuer, or the Swing Line Lender, as the case may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any
amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount approximately equal to the amount with respect to which such rate is being determined,
would be offered for such day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks in such interbank market. 
  
 “Participant” has the meaning specified in Section 10.06(d). 
  
 “Participating Member State” means each state so described
in any EMU Legislation. 
  
 “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 the Company or any
ERISA Affiliate or to which the Company 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
Acquisition” means any purchase of or investments in the capital stock or other equity or assets of any entity by any Borrower or any Subsidiary: 
  
 (a) provided that (i) the sum of the aggregate purchase price and the aggregate amount of all such acquisitions and investments made
in any fiscal year, does not exceed $40,000,000, in the aggregate; and (ii) if after giving effect to such acquisitions and any related dispositions of assets purchased in connection therewith, the Borrower or Subsidiary is in compliance with
Section 7.07 (Change in Nature of Business); provided further that the aggregate value of all “Unrelated Lines of Business” acquired and continuing to be held after the Closing Date pursuant to Permitted Acquisitions does not exceed
the Material Amount; and 
  
 (b) provided that no
Default has occurred and is continuing; and 
  
 (c) which, after giving effect to such acquisition, including without limitation, recalculating the covenants set forth in Section 7.11 and 7.12 on a pro forma basis, including 

  

 -17- 

 
the stock or assets and concomitant liabilities then being acquired, the applicable Borrower will not be in default under any provision of any of the Credit
Documents. 
  
 “Permitted Non-Cash Reversals”
means a one-time reversal on the balance sheet of non-cash U.S. deferred tax assets which primarily relate to differences in when certain items are deductible for tax purposes vs. expensed for GAAP purposes, the realization of which is contingent
upon future taxable income, provided that the aggregate amount of such reversals does not exceed $20,000,000. 
  
 “Permitted Restructuring Charge” means certain charges the Company has taken or anticipates taking during the fiscal year ending
December 31, 2005, in connection with a restructuring, (a) but in any event to be taken no later than March 31, 2006, on a one-time basis, and, (b) to the extent that the cash component of such restructuring charge after
March 31, 2005 does not exceed $6,000,000. For the avoidance of doubt, potential pension charges (either due to curtailment of the pension plan or early retirement incentives) associated with the restructuring referred to above, in an aggregate
amount not to exceed $7,000,000 shall be considered a non-cash item. 
  
 “Permitted Synthetic Lease” means the synthetic lease with the Butler County Port Authority relating to the Middletown, Ohio facility. 
  

“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(2) of ERISA) that is subject to Part 2, Title I of ERISA and (i) established by the Company or, (ii) 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. 
  
 “Professional Market Party” means a professional market party as defined in the Dutch Banking Act Exemption
Regulation, which includes among others: 
  
 (a)
banks, insurance companies, securities firms, collective investment institutions or pension funds that are (i) supervised or licensed under Dutch law or (ii) established in a European Economic Area member state (other than The
Netherlands), Monaco, Puerto Rico, Saudi Arabia, Turkey, South Korea, the United States of America, Japan, Australia, Canada, Mexico, New Zealand or Switzerland and are subject to prudential supervision in their country of establishment; 

 
 (b) collective investment institutions which offer their
shares or participations exclusively to professional investors (or, as far as foreign investment institutions are concerned, to such investors located in The Netherlands) and are not required to be supervised or licensed under Dutch law; 

 
 (c) the Dutch government, Dutch Central Bank, a foreign
government body being part of a central government, a foreign central bank, Dutch or foreign regional, local or other decentralized governmental institutions, international treaty organizations and supranational organizations; 
  
 (d) enterprises or entities with total assets of at least
EUR 500,000,000 (or the equivalent thereof in another currency) according to their balance sheet at the end of the financial year preceding the date they extend credit hereunder to the Borrowers, the date they acquire an interest or participation in
any loan made to a Borrower; 
  

 -18- 

 (e) enterprises, entities or natural persons with a net equity of at least EUR 10,000,000
(or the equivalent thereof in another currency) according to their balance sheet at the end of the financial year preceding the date they extend credit hereunder to a Borrower or the date they acquire an interest or participation in any loan made to
a Borrower and who or which have been active in the financial markets on average twice a month over a period of at least two consecutive years preceding such date; and 
  
 (f) subsidiaries of the entities referred to under (a) above provided such subsidiaries are subject to
prudential supervision; 
  
 (g) an entity which
has a credit rating from a rating agency which in the opinion of Dutch Central Bank is acceptable or which issues securities with a credit rating from a rating agency which in the opinion of Dutch Central Bank is acceptable; 
  
 (h) any person or entity who or which is subject to
supervision by a regulatory authority in any country in order to lawfully operate in the financial markets (which includes: authorised credit institutions, investment firms, other authorised or regulated financial institutions, insurance companies,
collective investment schemes and their management companies, pension funds and their management companies and commodity dealers); 
  
 (i) any person or entity who or which engages in a regulated activity on the financial markets but who or which is not subject to
supervision by a regulatory authority (which includes, without limitation, exempt credit institutions, investment firms, financial institutions, insurance companies, collective investment schemes and their management companies, pension funds and
their management companies, commodity dealers and special purpose vehicles); 
  
 (j) any entity whose corporate purpose is solely to invest in securities (which includes, without limitation, hedge funds); 
  
 (k) any companies or legal entities which meet at least two of the following three criteria according to their most recent consolidated or
non-consolidated annual accounts: (i) and average number of employees during the financial year of the relevant company or legal entity of at least 250; (ii) total assets of at least EUR 43,000,000; or (iii) an annual net turnover of
at least EUR 50,000,000; 
  
 (l) companies having
their registered office in The Netherlands which do not meet at least two of the three criteria mentioned in sub paragraph (k) above and which have (i) expressly requested the Dutch Authority for the Financial Markets (Stichting Autoriteit
Financiele Markten: the “AFM”) to be considered as qualified investors (within the meaning of Directive 2003/71/EC) and (ii) been entered on the register of qualified investors maintained by the AFM; 
  
 (m) natural persons who are resident in The Netherlands if
these persons meet at least two of the following criteria: (i) the person has carried out transactions of a significant size on the financial markets at an average frequency of at least 10 per quarter over the previous four quarters;
(ii) the size of the person’s securities portfolio exceeds EUR 500,000 or (iii) the person works or has worked for at least one year in the financial sector in a professional position which requires knowledge of investment in
securities, provided further that this natural person has: (A) expressly requested the AFM to be considered as qualified investors and (B) been entered on the register of qualified investors maintained by the AFM; and 
  

 -19- 

 (n) such other entities designated by the competent Netherlands authorities after the
date hereof by any amendment of the applicable regulations; 
  
 all as described
in the Dutch Banking Act Exemption Regulation. 
  
 “Prohibited Transaction” means a transaction described in Section 4975 of the Code or Section 406 of ERISA, except to the extent such transaction falls under a statutory, class administrative or individual
administrative exemption. 
  
 “Register” has the
meaning specified in Section 10.06(c). 
  
 “Registered Public Accounting Firm” has the meaning specified in the Securities Laws and shall be independent of the Company as prescribed by the Securities Laws. 
  
 “Related Parties” means, with respect to any Person, such
Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
  
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the notice period has
been waived. 
  
 “Request for Credit Extension”
means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a
Swing Line Loan Notice. 
  
 “Required Lenders”
means, as of any date of determination, at least two Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02 (Remedies Upon Event of Default), at least two Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation
in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender
shall be excluded for purposes of making a determination of Required Lenders. 
  
 “Requisite Consents” means the waiver, consent or amendment as requested by the Borrowers from Lenders holding greater than 67% of the Total Outstandings. 
  
 “Responsible Officer” means the chief executive officer,
president, chief financial officer, treasurer or assistant treasurer, corporate secretary or assistant corporate secretary of a Borrower, a Managing Director of Quaker Chemical B.V., a Managing Director of Quaker Chemical Europe B.V., the general
counsel and the global controller of the Company, or any other Person designated by the Board of the applicable Borrower in resolutions given to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a
Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Borrower. 
  
 “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 the Company or any Subsidiary, or any payment (whether in cash, securities or other property), including any
sinking fund 

  

 -20- 

 
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity
Interest, or on account of any return of capital to the Company’s stockholders, partners or members (or the equivalent Person thereof), but excluding (a) any intercompany payment made to a Borrower or (b) any dividend or other
distribution on account of an equity interest payable to a wholly-owned Subsidiary. 
  
 “Restricted Subsidiary” means each Subsidiary other than Unrestricted Subsidiaries. 
  
 “Revaluation Date” means with respect to any Loan, each of the following: (a) each date of a Borrowing of a Eurocurrency Rate Loan
denominated in an Alternative Currency, (b) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to Section 2.02, and (c) such additional dates as the Administrative Agent
shall determine or the Required Lenders shall require. 
  
 “Same Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds
as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency.

  
 “Sarbanes-Oxley” means the Sarbanes-Oxley Act
of 2002. 
  
 “SEC” means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
  
 “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting and
auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect on any applicable date hereunder.

  
 “Significant Subsidiary”: as defined in Rule
1-02 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission and included in the Company’s most recently filed Form 10-K. 
  
 “Special Notice Currency” means at any time an Alternative Currency, other than the currency of a country that is a member of the
Organization for Economic Cooperation and Development at such time located in North America or Europe. 
  
 “Spot Rate” for a currency means the rate reasonably determined by the Administrative Agent or the L/C Issuer, as applicable, 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 through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days
prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or the L/C Issuer may obtain such spot rate from another financial institution designated by the Administrative Agent or the L/C
Issuer if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided further that the L/C Issuer may use such spot rate quoted on the date as of which the
foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency. 
  
 “Sterling” and “£” mean the lawful currency of the United Kingdom. 
  

 -21- 

 “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 the Company. 
  
 “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. 
  
 “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). 
  
 “Swing Line” means the revolving credit facility made available by the Swing Line Lender pursuant to
Section 2.04. 
  
 “Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 
  
 “Swing Line Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

  
 “Swing Line Loan” has the meaning specified
in Section 2.04(a). 
  
 “Swing Line Loan
Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B. 
  
 “Swing Line Rate” has the meaning specified in Section 2.04(a). 
  
 “Swing Line Sublimit” means an amount equal to the lesser of
(a) $15,000,000 and (b) the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments. 
  

 -22- 

 “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 creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of
such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 
  
 “TARGET Day” means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or,
if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. 
  
 “Taxes” means all present or future taxes, levies, imposts,
duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
  
 “Threshold Amount” means $10,000,000. 
  
 “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

  
 “Type” means, with respect to a Committed
Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan. 
  
 “United States” and “U.S.” mean the United States of America. 
  
 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 
  
 “Unrelated Lines of Business” means any line of business substantially different from those lines of
business conducted by the Company and its Subsidiaries on the date hereof or any business substantially related or incidental thereto. 
  
 “Unrestricted Subsidiaries” means Quaker Chemical South Africa (Pty.) Ltd., a corporation of the Republic of South Africa, Quaker
Chemical India Limited, an Indian corporation, Quaker Chemical (Australasia) Pty. Limited, a corporation of the State of Victoria, Australia, SB Decking Inc., a Delaware corporation, and such other Subsidiaries as are designated from time to time
pursuant to Section 7.13 (Unrestricted Subsidiaries). 
  
 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 

  

 -23- 

 
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, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and 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. 
  
 (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 materially affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Company or the Required Lenders shall so request, the
Administrative Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the 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. Exchange Rates; Currency Equivalents.

  
 (a) The Administrative Agent, shall
determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in Alternative Currencies. Such Spot Rates shall become effective as of such
Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Borrowers hereunder or calculating
financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent.

  
 (b) Wherever in this Agreement in connection
with a Committed Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate Loan an amount, such as a required 

  

 -24- 

 
minimum or multiple amount, is expressed in Dollars, but such Committed Borrowing, Eurocurrency Rate Loan is denominated in an Alternative Currency, such
amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent. 
  
 1.05. Additional Alternative Currencies. 
  
 (a) The Company may from time to time request that
Eurocurrency Rate Loans be made in a currency other than those specifically listed in the definition of “Alternative Currency;” provided that such requested currency is a lawful currency (other than Dollars) that is readily
available and freely transferable and convertible into Dollars. Any such request with respect to the making of Eurocurrency Rate Loans shall be subject to the approval of the Administrative Agent and the Lenders. 
  
 (b) Any such request shall be made to the Administrative
Agent not later than 11:00 a.m., twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent). The Administrative Agent shall promptly notify each Lender
of any such request. Each Lender shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Loans in
such requested currency. 
  
 (c) Any failure by a
Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Lender to permit Eurocurrency Rate Loans to be made in such requested currency. If the Administrative Agent and all
the Lenders consent to making Eurocurrency Rate Loans in such requested currency, the Administrative Agent shall so notify the Company and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes
of any Committed Borrowings of Eurocurrency Rate Loans. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.05, the Administrative Agent shall promptly so notify the
Company. 
  
 1.06. Change of Currency. 

 
 (a) Each obligation of the Borrowers to make a payment
denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the EMU
Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for
the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any
Committed Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Committed Borrowing, at the end of the then current Interest Period. 
  
 (b) Each provision of this Agreement shall be subject to
such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices
relating to the Euro. 
  
 (c) Each provision of
this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to 

  

 -25- 

 
reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency. 
  
 1.07. Times of Day. Unless otherwise specified, all references
herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
  
 1.08. Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the
Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for
one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or
not such maximum stated amount is in effect at such time. 
  
 ARTICLE II 
 THE COMMITMENTS AND CREDIT EXTENSIONS 
  
 2.01. Committed Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to
make loans (each such loan, a “Committed Loan”) to the Borrowers in Dollars or in one or more Alternative Currencies from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any
time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate
Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all
Swing Line Loans shall not exceed such Lender’s Commitment, and (iii) the aggregate Outstanding Amount of all Committed Loans denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit. Within the limits of
each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed
Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 
  
 2.02. Borrowings, Conversions and Continuations of Committed Loans. 
  
 (a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurocurrency Rate
Loans shall be made upon the Company’s 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 11:00 a.m. (i) three (3) Business
Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in Dollars or of any conversion of Eurocurrency Rate Loans denominated in Dollars to Base Rate Committed Loans, (ii) four
(4) Business Days (or five (5) Business Days in the case of a Special Notice Currency) prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies, and (iii) on the
requested date of any Borrowing of Base Rate Committed Loans. Each telephonic notice by the Company pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice,
appropriately completed and signed by a Responsible Officer of the Company. Each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof.
Except as provided in Sections 2.03(c) and 2.04(c), each Committed Borrowing of or conversion to Base Rate Committed 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 Company is requesting a Committed Borrowing, a 

  

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conversion of Committed Loans from one Type to the other, or a continuation of Eurocurrency 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 Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing
Committed Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto, (vi) the currency of the Committed Loans to be borrowed, and (vii) if applicable, the Designated Borrower. If the
Company fails to specify a currency in a Committed Loan Notice requesting a Borrowing, then the Committed Loans so requested shall be made in Dollars. If the Company fails to specify a Type of Committed Loan in a Committed Loan Notice or if the
Company fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely request a
continuation of Committed Loans denominated in an Alternative Currency, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one month. Any 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 Eurocurrency Rate Loans. If the Company requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan
Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. No Committed Loan may be converted into or continued as a Committed Loan denominated in a different currency, but instead must be
prepaid in the original currency of such Committed Loan and reborrowed in the other currency. 
  
 (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount (and currency)
of its Applicable Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Company, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base
Rate Loans or continuation of Committed Loans denominated in a currency other than Dollars, in each case as described in the preceding subsection. In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan
available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than 1:00 p.m., in the case of any Committed Loan denominated in Dollars, and not later than the Applicable Time
specified by the Administrative Agent in the case of any Committed Loan in an Alternative Currency, in each case 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 Company or the other applicable Borrower in like funds as
received by the Administrative Agent either by (i) crediting the account of such Borrower 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 Company; provided, however, that if, on the date the Committed Loan Notice with respect to such Borrowing denominated in Dollars is given by the Company, there
are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and, second, shall be made available to the applicable Borrower as provided above.

  
 (c) Except as otherwise provided herein, a
Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurocurrency Rate Loans
(whether in Dollars or any Alternative Currency) without the consent of the Required Lenders, and during the existence of an Event of Default, Required Lenders may demand that any or all of the then outstanding Eurocurrency Rate Loans denominated in
an Alternative Currency be prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto. 
  

 -27- 

 (d) The Administrative Agent shall promptly notify the Company and the Lenders of the
interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Company 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 Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations
of Committed Loans as the same Type, there shall not be more than six (6) Interest Periods in effect with respect to Committed Loans. 
  
 2.03. Letters of Credit. 
  
 (a) The Letter of Credit Commitment. 
  
 (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders
set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the
Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to
participate in Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total
Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit
Sublimit. Each request by the Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso
to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Company may, during the foregoing period,
obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 
  
 (ii) The L/C Issuer shall not issue any Letter of Credit, if: 
  
 (A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would
occur more than twelve months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or 
  
 (B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders
have approved such expiry date or, in the case of an expiry date that is after the Letter of Credit Expiration Date but on or prior to the Maturity Date, unless the L/C Issuer and Administrative Agent shall have approved such expiry date.

  
 (iii) The L/C Issuer shall not be under any
obligation to issue any Letter of Credit if: 
  
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not 

  

 -28- 

 
having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from,
the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise
compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense (without duplication) which was not applicable on the Closing Date and which the L/C Issuer in good faith deems
material to it; 
  
 (B) the issuance of such
Letter of Credit would violate one or more policies of the L/C Issuer applicable to customers similarly situated; 
  
 (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less
than $250,000, in the case of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of Credit; 
  
 (D) such Letter of Credit is to be denominated in a currency other than Dollars; 
  
 (E) such Letter of Credit contains any provisions for
automatic reinstatement of the stated amount after any drawing thereunder; or 
  
 (F) a default of any Lender’s obligations to fund under Section 2.03(c) exists or any Lender is at such time a
Defaulting Lender hereunder, unless the L/C Issuer has entered into satisfactory arrangements with the Company or such Lender to eliminate the L/C Issuer’s risk with respect to such Lender. 
  
 (iv) The L/C Issuer shall not amend any Letter of Credit
(other than any amendment that does not affect the tenor, increase the face amount, decrease the pricing or any fees or costs thereunder, or change any drawing condition thereof, which amendment may be made in the L/C Issuer’s sole discretion)
if the L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 
  
 (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such
time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 
  
 (vi) The L/C Issuer shall act on behalf of the Lenders with
respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken
or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in
Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer 
  

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 
  
 (i) Each Letter of Credit shall be issued or amended, as the
case may be, upon the request of the Company delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a 

  

 -29- 

 
Responsible Officer of the Company. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00
a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case
may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit
(which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder;
(F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of
Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the
nature of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require. Additionally, the Company shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining
to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require. 
  
 (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone
or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Company and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written
notice from any Lender, the Administrative Agent or any Borrower, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article
IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Company (or the applicable Subsidiary) or enter into the applicable
amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit. 
  
 (iii) If the Company so requests in any applicable Letter of
Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension
Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Company shall not be required to make a specific request
to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an
expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at
such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be
by telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Company that one or more of the applicable conditions specified in Section 4.02

  

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(Conditions to all Credit Extensions) is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 
  
 (iv) Promptly after its delivery of any Letter of Credit or
any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Company and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

  
 (c) Drawings and Reimbursements; Funding
of Participations. 
  
 (i) Upon receipt from
the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify the Company and the Administrative Agent thereof. Not later than 11:00 a.m. one (1) Business Day following the date of
any payment by the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, (each such date, an “Honor Date”), the Company shall reimburse the L/C Issuer through the Administrative Agent in an amount in Dollars equal to the
amount of such drawing, plus interest thereon at the Base Rate from the Honor Date to the date of reimbursement by the Company. If the Company fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each
Lender of the Honor Date, the amount of the unreimbursed drawing plus interest thereon as set forth above (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event, the Company
shall be deemed to have requested a Committed Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the
principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by
the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice. 
  
 (ii) Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent for the account of the L/C Issuer, in Dollars, at the Administrative Agent’s Office for
Dollar-denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of
Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer in
Dollars. 
  
 (iii) With respect to any
Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 (Conditions to all Credit Extensions) cannot be satisfied or for any other reason, the Company
shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the
Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall
constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03. 
  
 (iv) Until each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer
for any amount drawn under any Letter of 

  

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Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of the L/C Issuer. 
  
 (v) Each Lender’s obligation to make Committed Loans or
L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, the Company, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or
(C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c) is subject to
the conditions set forth in Section 4.02 (other than delivery by the Company of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Company to reimburse the L/C Issuer for
the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 
  
 (vi) If any Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by
such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on
demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time
in effect. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error. 
  
 (d) Repayment of Participations. 
  
 (i) At any time after the L/C Issuer has made a payment
under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any payment
in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Company or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such
Lender its Applicable Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in Dollars and in the same funds as those received by the
Administrative Agent. 
  
 (ii) If any payment
received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (Payments Set Aside) (including
pursuant to any settlement entered into by the L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest
thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the
payment in full of the Obligations and the termination of this Agreement. 
  

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 (e) Obligations Absolute. The obligation of the Company to reimburse the
L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including
the following: 
  
 (i) any lack of validity or
enforceability of such Letter of Credit, this Agreement, or any other Loan Document; 
  
 (ii) the existence of any claim, counterclaim, setoff, defense or other right that the Company or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions
contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
  
 (iii) any draft, demand, certificate or other document presented under such 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; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 
  
 (iv) any payment by the L/C Issuer under such Letter of
Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
any Debtor Relief Law; 
  
 (v) any adverse change
in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Company or any Subsidiary or in the relevant currency markets generally; or 
  
 (vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing,
including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Company or any Subsidiary. 
  
 The Company shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Company’s instructions or other irregularity, the Company will immediately notify the L/C Issuer. The Company shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless
such notice is given as aforesaid. 
  
 (f)
Role of L/C Issuer. Each Lender and the Company agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent,
any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders
or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related
to any Letter of Credit or Issuer Document. As between the L/C Issuer, the Administrative Agent or any Lender, on the one hand, and the Borrower, on the other hand, the Company hereby assumes all risks of the acts or omissions of any beneficiary or
transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Company’s pursuing such rights and remedies as it may have against the beneficiary
or transferee or any third party at law or under any other agreement. None of the 

  

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L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be
liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Company may have a claim
against the L/C Issuer, and the L/C Issuer may be liable to the Company, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Company which the Company proves were caused by the L/C
Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and
conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or
information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
  
 (g) Cash Collateral. (i) Upon the request of the Administrative Agent, (A) if the L/C Issuer has honored any full or
partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (B) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Company shall, in each case,
immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. 
  
 (ii) In addition, if the Administrative Agent notifies the Company at any time that the Outstanding Amount of all L/C Obligations at such
time exceeds 105% of the Letter of Credit Sublimit then in effect, then, within two Business Days after receipt of such notice, the Company shall Cash Collateralize the L/C Obligations in an amount equal to the amount by which the Outstanding Amount
of all L/C Obligations exceeds the Letter of Credit Sublimit. 
  
 (iii) Sections 2.05 and 8.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder. For purposes of this Section 2.03, Section 2.05 and
Section 8.02(c), “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit
account balances pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer. Derivatives of such term have corresponding meanings. The Company hereby grants to the Administrative Agent, for
the benefit of the L/C Issuer and the Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts
at Bank of America 
  
 (h) Applicability of
ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the Company when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs
and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit. 
  
 (i) Letter of Credit Fees. The Company shall pay to the Administrative Agent for the account of each
Lender in accordance with its Applicable Percentage, in Dollars, a Letter of Credit fee (the “Letter of Credit Fee”) for each standby Letter of Credit equal to the Applicable Rate times the Dollar Equivalent of the daily
amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.08. Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first Business Day after the end of each 

  

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March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit
Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each [standby] Letter of Credit shall be computed and multiplied by the Applicable Rate
separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees
shall accrue at the Default Rate. 
  
 (j)
Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Company shall pay directly to the L/C Issuer for its own account, in Dollars, a fronting fee (i) with respect to each Letter of Credit, equal to
0.125%, computed on the Dollar Equivalent of the amount of such Letter of Credit and payable upon the issuance thereof, and (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount of such Letter of Credit, at a
rate separately agreed between the Company and the L/C Issuer, computed on the Dollar Equivalent of the amount of such increase, and payable upon the effectiveness of such amendment. Such fronting fee shall be due and payable on the tenth Business
Day after the end of each March, June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.08. In addition, the Company shall pay directly to the L/C Issuer for its own account, in Dollars, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C
Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 
  
 (k) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the
terms of any Issuer Document, the terms hereof shall control. 
  
 (l) Letters of Credit Issued for Subsidiaries. In the event any Letter of Credit is proposed to be issued for the account of a Subsidiary other than a Designated Borrower, such Subsidiary as an additional
condition precedent to the L/C Issuer’s issuance of such Letter of Credit, execute and deliver to the Administrative Agent and L/C Issuer a Letter of Credit Application. Notwithstanding that a Letter of Credit issued or outstanding hereunder is
in support of any obligations of, or is for the account of, any such Subsidiary, the Company shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit not otherwise paid by such Subsidiary. The
Company hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries other than Designated Borrowers inures to the benefit of the Company, and that the Company’s business derives substantial benefits from the
businesses of such Subsidiaries. 
  
 2.04. Swing Line
Loans. 
  
 (a) The Swing Line.
Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, to make loans in Dollars (each such loan, a “Swing Line
Loan”) to the Company from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line
Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment; provided,
however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount 

  

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of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company may borrow under
this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall bear interest at a rate from time to time determined by the Swing Line Lender, but in no event to
exceed the lowest Applicable Rate then available to the Company (each such rate, a “Swing Line Rate”). Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan. 
  
 (b) Borrowing Procedures. Each Swing Line Borrowing
shall be made upon the Company’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than
1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $500,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be
confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Company. Promptly after receipt by the Swing Line Lender of
any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will
notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00
p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.04(a), or
(B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in
such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Company at its office by crediting the account of the Company on the books of the Swing Line Lender in Same Day Funds or by initiating a wire transfer of such funds
as directed by the Company. 
  
 (c)
Refinancing of Swing Line Loans. 
  
 (i)
If any Swing Line Loan is not repaid by the Company within fifteen (15) Business Days after such loan was made (which repayment may be made with the proceeds of a Swing Line Loan), the Swing Line Lender at any time on or after such date, in its
sole and absolute discretion may request, on behalf of the Company (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Committed Loan in an amount equal to such Lender’s
Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of
Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in
Section 4.02. The Swing Line Lender shall furnish the Company with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable
Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in Same Day Funds for the account of the Swing Line Lender at the Administrative Agent’s Office for Dollar-denominated payments not later
than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so 

  

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makes funds available shall be deemed to have made a Base Rate Committed Loan to the Company in such amount. The Administrative Agent shall remit the funds
so received to the Swing Line Lender. 
  
 (ii) If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed
to be a request by the Swing Line Lender, and upon the occurrence of a Default, the Swing Line Lender shall be deemed to have requested, that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s
payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such participation. 
  
 (iii) If any Lender fails to make available to the Administrative Agent for the account of the Swing Line
Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such
Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per
annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be
conclusive absent manifest error. 
  
 (iv) Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Company or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default,
or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject
to the conditions set forth in Section 4.02; provided that in the event the conditions set forth in Section 4.01(a) and (b) are not satisfied on such funding date, so long as the Swing Line Lender did not have actual
knowledge of such failure on the date the Swing Line Loan was funded, such conditions will be deemed to have been satisfied. No such funding of risk participations shall relieve or otherwise impair the obligation of the Company to repay Swing Line
Loans, together with interest as provided herein. 
  
 (d) Repayment of Participations. 
  
 (i) At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its
Applicable Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s risk participation was funded) in the same funds as those received by the Swing Line
Lender. 
  
 (ii) If any payment received by the
Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (Payments Set Aside) (including pursuant to any
settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the
date such amount is returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the 

  

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Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement. 
  
 (e) Interest for Account of
Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Company for interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04 to
refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender. 
  
 (f) Payments Directly to Swing Line Lender. The Company shall make all payments of principal and
interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
  
 2.05. Prepayments. 
  
 (a) Each Borrower may, upon notice from the Company to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or in part without premium or penalty; provided that
(i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) four (4) Business Days
(or five (5), in the case of prepayment of Loans denominated in Special Notice Currencies) prior to any date of prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies, and (C) on the date of prepayment of Base Rate
Committed Loans; (ii) any prepayment of Eurocurrency Rate Loans denominated in Dollars shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; (iii) any prepayment of Eurocurrency Rate Loans
denominated in Alternative Currencies shall be in a minimum principal amount of $1,000,000; and (iv) any prepayment of Base Rate Committed 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(s) of Committed Loans to be prepaid and, if Eurocurrency Loans are to be prepaid, the
Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Company,
the applicable Borrower 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 Eurocurrency Rate Loan shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05 (Compensation for Losses). Each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable
Percentages. 
  
 (b) The Company may, upon notice
to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by
the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of
such prepayment. If such notice is given by the Company, the Company shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 
  
 (c) If the Administrative Agent notifies the Company at any
time that the Total Outstandings at such time exceed an amount equal to 105% of the Aggregate Commitments then in effect, then, within two (2) Business Days after receipt of such notice, the Borrowers shall prepay Loans and/or the Company shall
Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce such Outstanding Amount as of such date of payment to an amount not to exceed 100% of the Aggregate 

  

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Commitments then in effect; provided, however, that, subject to the provisions of Section 2.03(g)(ii), the Company shall not be
required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(c) unless after the prepayment in full of the Loans the Total Outstandings exceed the Aggregate Commitments then in effect. The Administrative Agent may, at
any time and from time to time after the initial deposit of such Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of further exchange rate fluctuations. 
  
 2.06. Termination or Reduction of Commitments. The Company may, upon
notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently and irrevocably reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent
not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate minimum amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof,
(iii) the Company shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving
effect to any reduction of the Aggregate Commitments, the Alternative Currency Sublimit, the Letter of Credit Sublimit, or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be automatically reduced by the
amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. The amount of any such Aggregate Commitment reduction shall not be applied to the Letter of
Credit Sublimit or the Swing Line Sublimit unless otherwise specified by the Company. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the
effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 
  
 2.07. Repayment of Loans. 
  
 (a) Each Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans made to such Borrower
outstanding on such date. 
  
 (b) The Company
shall repay each Swing Line Loan on the earlier to occur of (i) the date fifteen (15) Business Days after such Loan is made and (ii) the Maturity Date. Swing Line Loans may be repaid with proceeds of other Swing Line Loans.

  
 2.08. Interest. 
  
 (a) Subject to the provisions of subsection (b) below,
(i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate plus (in
the case of a Eurocurrency Rate Loan of any Lender which is lent from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost; provided that no Lender shall fund Eurocurrency Rate Loans from such a Lending Office
if by using commercially reasonable efforts such Lender could fund such Loans from another Lending Office without incurring additional taxes or other costs; (ii) each Base Rate Committed Loan 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; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Swing Line 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 

  

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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 any Borrower 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. 
  
 (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. In addition to certain fees described in subsections
(i) and (j) of Section 2.03 (Letters of Credit): 
  
 (a) Commitment Fee. The Company shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee in Dollars equal to the Applicable Rate
times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Committed Loans and (ii) the Outstanding Amount of L/C Obligations. The commitment fee shall accrue at all times during
the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the Maturity Date. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount
shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 
  
 (b) Other Fees. The Company shall pay to the Arranger and the Administrative Agent for their own respective accounts, in Dollars,
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. 
  
 2.10. Computation of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is
determined by Bank of America’s “prime rate” 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), or, in the case of interest in respect of Committed Loans denominated in Alternative Currencies as to
which market practice differs from the foregoing, in accordance with such market practice. 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 

  

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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. 
  
 (a) 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 to a Borrower made through the
Administrative Agent, such Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans to such Borrower in addition to such accounts or records. Each Lender may attach
schedules to a Note and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Loans and payments with respect thereto. 
  
 (b) In addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in
accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 
  
 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 and except with respect to principal of and interest on Loans denominated in an
Alternative Currency, 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 applicable Administrative Agent’s Office in Dollars and in
Same Day Funds not later than 2:00 p.m. on the date specified herein. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall
be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office set forth on Schedule 10.02 in such Alternative Currency and in Same Day Funds not
later than the Applicable Time specified by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, the Administrative Agent may require that any payments due under this Agreement be made in the
United States. If, for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency
payment amount. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (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 (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent in the case of payments in an Alternative Currency,
shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee 

  

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shall continue to accrue. Notwithstanding the foregoing sentence, if any payment is received on the Business Day when due, the receipt of such payment after
2:00 p.m. shall not be deemed to be a Default or an Event of Default. If any payment to be made by any Borrower 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 in 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 Committed Borrowing of
Eurocurrency Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of
such Committed 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 Committed 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 applicable Borrower a corresponding amount. In such event, if a Lender has not in
fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount
in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower 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 Overnight Rate and (B) in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans. If such Borrower 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 such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent,
then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower 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 a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of
the Lenders or the L/C Issuer hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in Same Day 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 Overnight Rate. 
  
 A
notice of the Administrative Agent to any Lender or Borrower 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 to any Borrower as provided in the foregoing provisions of this Article II, and such funds are not made available to such Borrower 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. 
  

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 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to
make Committed Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Committed Loan, to fund any such
participation or to make any payment under Section 10.04(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 Committed Loan, to purchase its participation or to make its payment under Section 10.04(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. 
  
 2.13. Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in
respect of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of
such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, 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 Committed Loans and subparticipations in L/C Obligations and Swing Line 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 principal of and accrued interest on their respective Committed Loans and other amounts owing them, 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 shall not be construed
to apply to (x) any payment made by a Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Committed Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than to the Company or any Subsidiary thereof (as to which the provisions of this Section shall apply). 
  
 Each Borrower 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 Borrower rights of setoff and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of such Borrower in the amount of such participation. 
  
 2.14. Designated Borrowers. 
  
 (a) Effective as of the date hereof, each of Quaker Chemical Corporation, a Delaware corporation, Epmar Corporation, Quaker Chemical B.V., and Quaker Chemical Europe B.V. shall be a “Designated Borrower”
hereunder and may receive Loans for its account on the terms and conditions set forth in this Agreement. For the avoidance of doubt, each of Quaker Chemical B.V. and Quaker Chemical Europe B.V. shall be liable only for the Obligations under the
Committed Loans either made to it by the Lenders or advanced to it by the Company from proceeds of Advances to the Company, in each case, remaining outstanding, and shall not be jointly and severally liable for the Obligations of the Borrowers for
any Committed Loans. 
  

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 (b) The Company may at any time, upon not less than fifteen (15) Business Days’
notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), request to designate any additional Subsidiary of the Company (an “Applicant
Borrower”) as a Designated Borrower to receive Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each Lender) a duly executed notice and agreement in substantially the form of
Exhibit F (a “Designated Borrower Request and Assumption Agreement”). The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided for herein
the Administrative Agent and the Lenders shall have received such supporting resolutions, incumbency certificates, opinions of counsel, financial information and other documents or information, in form, content and scope reasonably satisfactory to
the Administrative Agent, as may be required by the Administrative Agent or the Required Lenders in their sole discretion, and Notes signed by such new Borrowers to the extent any Lenders so require. If the Administrative Agent and the Required
Lenders agree that an Applicant Borrower shall be entitled to receive Loans hereunder, then promptly following receipt of all such requested resolutions, incumbency certificates, opinions of counsel and other documents or information, the
Administrative Agent shall send a notice in substantially the form of Exhibit G (a “Designated Borrower Notice”) to the Company and the Lenders specifying the effective date upon which the Applicant Borrower shall
constitute a Designated Borrower for purposes hereof, whereupon each of the Lenders agrees to permit such Designated Borrower to receive Loans hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such
Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement; provided that no Committed Loan Notice or Letter of Credit Application may be submitted by or on behalf of such Designated Borrower until the date five
Business Days after such effective date (or such shorter period as the Administrative Agent may agree to in its sole discretion). 
  
 (c) Each of the Company and each Designated Borrower that is a Domestic Subsidiary shall be jointly and severally liable for the
Obligations of all Borrowers hereunder. The Obligations of all Designated Borrowers that are Foreign Subsidiaries shall be several in nature. 
  
 (d) Each Subsidiary of the Company that is or becomes a “Designated Borrower” pursuant to this Section 2.14 hereby
irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including (i) the giving and receipt of notices, (ii) the execution and delivery of all documents, instruments
and certificates contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds of any Loans made by the Lenders, to any such Designated Borrower hereunder. Any acknowledgment, consent, direction, certification or other
action which might otherwise be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if given or taken only by the Company, whether or not any such other Borrower joins therein.
Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Company in accordance with the terms of this Agreement shall be deemed to have been delivered to each Designated Borrower. 
  
 2.15. Increase in Commitments. 
  
 (a) Request for Increase. Provided there exists no
Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Company may from time to time, request an increase in the Aggregate Commitments by an amount (for all such requests) not exceeding $25,000,000;
provided that (i) any such request for an increase shall be in a minimum amount of $5,000,000, and (ii) the Company may make a maximum of three (3) such requests. At the time of sending such notice, the Company (in consultation
with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Lenders). 
  

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 (b) Lender Elections to Increase. Each Lender shall notify the Administrative
Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase. Any Lender not responding within such time
period shall be deemed to have declined to increase its Commitment. 
  
 (c) Notification by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Company and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full
amount of a requested increase and subject to the approval of the Administrative Agent and the L/C Issuer (which approvals shall not be unreasonably withheld), the Company may also invite additional Eligible Assignees to become Lenders pursuant to a
joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel. 
  
 (d) Effective Date and Allocations. If the Aggregate Commitments are increased in accordance with this Section, the Administrative
Agent and the Company shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. If the Administrative Agent has received responses from all (but not less than all) of the Lenders
prior to the end of the time period specified by Administrative Agent for their responses pursuant to Section 2.15(a), then the Increase Effective Date may a date as soon as reasonably practicable thereafter even though such Increase
Effective Date may be earlier than such date specified for response. The Administrative Agent shall promptly notify the Company and the Lenders of the final allocation of such increase and the Increase Effective Date. 
  
 (e) Conditions to Effectiveness of Increase. As a
condition precedent to such increase, the Company shall deliver to the Administrative Agent a certificate of each Borrower dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such
Borrower and in the case of the Company, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the
Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this
Section 2.16, the representations and warranties contained in subsections (a) and (b) of Section 5.05 (Financial Statement; No Material Adverse Effect; No Internal Control Event) shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 (Financial Statements), and (B) no Default exists. The Borrowers shall (x) have paid any and all fees and costs (including
commitment, facility or similar fees in such amounts as are negotiated among the Borrowers and the Lenders, and (y) prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to
Section 3.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section. 
  
 (f) Conflicting Provisions. This Section shall
supersede any provisions in Sections 2.13 (Sharing of Payments by Lenders) or 10.01 (Amendments, Etc.) to the contrary. 
  
 ARTICLE III 
 TAXES, YIELD PROTECTION
AND ILLEGALITY 
  
 3.01. Taxes. 
  
 (a) Payments Free of Taxes. Any and all payments by
or on account of any obligation of the respective Borrowers hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes, provided that if the 

  

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applicable Borrower shall be required by applicable law to deduct any Indemnified Taxes from such payments, then (i) the sum payable shall be increased
as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it
would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

  
 (b) Payment of Other Taxes by the
Borrowers. Without limiting the provisions of subsection (a) above, each Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) Indemnification by the Borrowers. Each Borrower
shall indemnify the Administrative Agent, each Lender and the L/C Issuer, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section) paid by the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to a Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error. 
  
 (d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes by any Borrower to a Governmental
Authority, such Borrower shall deliver to the Administrative 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 Administrative Agent. 
  
 (e) Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which a Borrower is resident for tax purposes, or any treaty
to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the Company (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably
requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any
Lender, if requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative
Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 
  
 Without limiting the generality of the foregoing, in the event that a Borrower is resident for tax purposes in the United States, any Foreign Lender shall
deliver to Company 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 Company or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
  
 (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the
United States is a party, 
  

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 (ii) duly completed copies of Internal Revenue Service Form W-8ECI, 
  
 (iii) in the case of a Foreign Lender claiming the benefits
of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the applicable Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of
Internal Revenue Service Form W-8BEN, or 
  
 (iv)
any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit
the Company to determine the withholding or deduction required to be made. 
  
 Without limiting the obligations of the Lenders set forth above regarding delivery of certain forms and documents to establish each Lender’s status for U.S. withholding tax purposes, each Lender agrees promptly
to deliver to the Administrative Agent or the Company, as the Administrative Agent or the Company shall reasonably request, on or prior to the Closing Date, and in a timely fashion thereafter, such other documents and forms required by any relevant
taxing authorities under the Laws of any other jurisdiction, duly executed and completed by such Lender, as are required under such Laws to confirm such Lender’s entitlement to any available exemption from, or reduction of, applicable
withholding taxes in respect of all payments to be made to such Lender outside of the U.S. by the Borrowers pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in such other jurisdiction. Each
Lender shall promptly (i) notify the Administrative Agent of any change in circumstances which would modify or render invalid any such claimed exemption or reduction, and (ii) 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 such jurisdiction that any Borrower make any deduction or
withholding for taxes from amounts payable to such Lender. Additionally, each of the Borrowers shall promptly deliver to the Administrative Agent or any Lender, as the Administrative Agent or such Lender shall reasonably request, on or prior to the
Closing Date, and in a timely fashion thereafter, such documents and forms required by any relevant taxing authorities under the Laws of any jurisdiction, duly executed and completed by such Borrower, as are required to be furnished by such Lender
or the Administrative Agent under such Laws in connection with any payment by the Administrative Agent or any Lender of Taxes or otherwise in connection with the Loan Documents, with respect to such jurisdiction. 
  
 (f) Treatment of Certain Refunds. If the
Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion, that it has received a refund, rebate or credit of any Taxes solely attributable to Taxes as to which it has been indemnified by any Borrower, it shall pay to
such Borrower an amount equal to such refund, rebate or credit (but only to the extent of indemnity payments made by such Borrower to which the refund, rebate or credit is solely attributable), net of all out-of-pocket expenses of the Administrative
Agent, such Lender or the L/C Issuer, 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 each Borrower, upon the request of the
Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the
L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such amount to such Governmental Authority. This subsection shall not be construed to require the 

  

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Administrative Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to any Borrower 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 Eurocurrency
Rate Loans (whether denominated in Dollars or an Alternative Currency), or to determine or charge interest rates based upon the Eurocurrency 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 or any Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to the Company through the Administrative Agent, any obligation of such Lender to make or
continue Eurocurrency Rate Loans in the affected currency or currencies or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate Committed Loans to Eurocurrency Rate Loans, shall be suspended until such Lender notifies the
Administrative Agent and the Company 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 and such Loans are denominated in Dollars, convert all such Eurocurrency 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
Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency 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 Eurocurrency Rate Loan or a conversion to or continuation thereof that (a) deposits (whether in Dollars or an Alternative Currency) are not being offered
to banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurocurrency Base Rate for
any requested Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency), or (c) the Eurocurrency Base Rate for any requested Interest Period with respect to a proposed
Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurocurrency Rate Loan, the Administrative Agent will promptly so notify the Company and each Lender. Thereafter, the obligation of the Lenders to
make or maintain Eurocurrency Rate Loans in the affected currency or currencies shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Company may revoke
any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base
Rate Loans in the amount specified therein. 
  
 3.04. Increased
Costs; Reserves on Eurocurrency Rate Loans. 
  
 (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 (A) any reserve requirement reflected in the Eurocurrency Rate and (B) the requirements of the Bank of England and the Financial Services Authority or the European Central Bank reflected in the Mandatory Cost,
other than as set forth below) or the L/C Issuer; 
  
 (ii) subject any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or 

  

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any Eurocurrency Rate Loan made by it, or change the basis of taxation of payments to such Lender or the L/C Issuer in respect thereof (except for
Indemnified Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the L/C Issuer); 
  
 (iii) the Mandatory Cost, as calculated hereunder, does not represent the cost to any Lender of complying
with the requirements of the Bank of England and/or the Financial Services Authority or the European Central Bank in relation to its making, funding or maintaining Eurocurrency Rate Loans; or 
  
 (iv) impose on any Lender or the L/C Issuer or the London
interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Rate Loans made by such Lender or any Letter of Credit or participation therein; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Rate Loan (or
of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any
Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Company will pay
(or cause the applicable Designated Borrower to pay) to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or
reduction suffered. 
  
 (b) Capital
Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding
capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of
this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such
Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s
holding company with respect to capital adequacy), then from time to time the Company will pay (or cause the applicable Designated Borrower to pay) to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will
compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered. 
  
 (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to
compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section, which certificate shall provide in reasonable detail the basis thereof and shall certify that such
Lender or L/C Issuer is seeking similar reimbursement from similarly situated borrowers, and delivered to the Company shall be conclusive absent manifest error. The Company shall pay (or cause the applicable Designated Borrower to pay) such Lender
or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the
foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that no Borrower shall be required to compensate a Lender or the L/C Issuer pursuant
to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the 

  

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date that such Lender or the L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and
of such Lender’s or the L/C Issuer’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) Additional Reserve Requirements. The Company shall pay (or cause the applicable Designated Borrower to pay) to each Lender, as long as such Lender shall be required to comply with any reserve ratio
requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage
per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive),
which in each case shall be due and payable on each date on which interest is payable on such Loan, provided the Company shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional
interest or costs from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional costs 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 Company shall promptly compensate (or cause the applicable Designated Borrower to 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 any Borrower (for a reason other than the
failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Company or the applicable Designated Borrower; 
  
 (c) any failure by any Borrower to make payment of any Loan
(or interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or 
  
 (d) any assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Company pursuant to Section 10.13 (Replacement of Lenders); 
  
 excluding any loss of anticipated profits based on margin but including any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to
terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract. The Company shall also pay (or cause the applicable Designated Borrower to pay) any customary administrative fees charged by such
Lender in connection with the foregoing. 
  
 For purposes of calculating amounts
payable by the Company (or the applicable Designated Borrower) to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Base Rate used in determining
the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank market for such currency for a 

  

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comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded. The Company shall also pay (or cause the
applicable Designated Borrower to pay) any customary administrative fees charged by such Lender in connection with the foregoing. 
  
 3.06. Mitigation Obligations; Replacement of Lenders. 
  
 (a) Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.04 (Increased Costs; Reserves on Eurocurrency Rate Loans), or any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01
(Taxes), or if any Lender gives a notice pursuant to Section 3.02 (Illegality) or requests Mandatory Costs under Section 2.08 (Interest), then such Lender shall use reasonable efforts to designate a different Lending Office for
funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 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 or the request for Mandatory Costs under Section 2.08, as applicable, and
(ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay (or to cause the applicable Designated Borrower 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 any Borrower is 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 Company may replace such Lender in accordance with Section 10.13. In addition, if the Borrowers
shall have requested a waiver, consent, or amendment from the Lenders of any of the matters described in Section 10.01(a), (c), (d), (f) or (g), and the Borrowers shall have the Requisite Consents, then with respect to any Lender that has
not consented (the “Non-Consenting Lenders”), the Borrowers may, upon at least ten (10) Business Days’ prior written or facsimile notice (or such shorter time as to which the Administrative Agent may agree) to such Lender and the
Administrative Agent, request that such Non-Consenting Lender be replaced by one or more Eligible Assignees (which may include one or more Lenders), and in furtherance thereof, may identify to the Administrative Agent an Eligible Assignee which will
purchase (for an amount, in immediately available funds, equal to the principal amount of outstanding Loans payable to such Non-Consenting Lender, plus all accrued by unpaid interest and fees payable to such Non-Consenting Lender (if applicable),
and such Non-Consenting Lender shall thereupon assign any Loans owing to such Non-Consenting Lender, its Commitments (if applicable) and any Notes held by such Non-Consenting Lender to such Eligible Assignee(s) pursuant to Section 10.06;
provided, that the consent of the Administrative Agent required pursuant to Section 10.06 shall not be unreasonably withheld. 
  
 3.07. Survival. All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments
and repayment of all other Obligations hereunder. 
  
 ARTICLE IV

 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
  
 4.01. Conditions of Initial Credit Extension. The obligation of the L/C Issuer and 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 telecopies (followed promptly by
originals) unless otherwise specified, each properly 

  

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executed by a Responsible Officer of the signing Borrower, 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 satisfactory to the Administrative Agent and each of the Lenders: 
  
 (i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the
Company; 
  
 (ii) A Note executed by the
Borrowers in favor of each Lender requesting a Note; 
  
 (iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Borrower 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 Borrower is a party; 
  
 (iv) such documents and certifications as the Administrative Agent may reasonably require to evidence that
each Borrower is duly organized or formed, and that each of the Borrowers is validly existing, in good standing (to the extent such certification is available) and qualified to engage in business in each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification, except to the extent that failure to be so qualified could not reasonably be expected to have a Material Adverse Effect; 
  
 (v) (A) a favorable opinion of Drinker Biddle &
Reath LLP, counsel to the domestic Borrowers, and Baker & McKenzie, counsel to the Foreign Obligors in form and substance reasonably acceptable to Administrative Agent and its counsel and addressed to Administrative Agent and each Lender
and (B) a favorable opinion of Seltzer, Kaplan, McMahon, Vitek, a Law Corporation, special California counsel to Epmar Corporation, in form and substance reasonably acceptable to Administrative Agent and its counsel and addressed to
Administrative Agent and each Lender, provided that if Borrowers do not deliver such opinion to Administrative Agent and the Lenders on or before the Closing Date, then Borrowers shall deliver such opinion to Administrative Agent and the Lenders on
or before the date two (2) weeks after the Closing Date under the terms of Section 6.13; 
  
 (vi) a certificate of a Responsible Officer of each Borrower either (A) attaching copies of all consents, licenses and approvals
required in connection with the execution, delivery and performance by such Borrower and the validity against such Borrower 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; 
  
 (vii) a certificate signed by a Responsible Officer of the Company 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; and (C) a calculation of the Consolidated Leverage Ratio as of the last day of the fiscal quarter of the Company most recently ended as to which financial statements are required to have been delivered
prior to the Closing Date; 
  
 (viii) a duly
completed Compliance Certificate as of the last day of the fiscal quarter of the Company ended on June 30, 2005, signed by a Responsible Officer of the Company; 
  

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 (ix) evidence that all insurance required to be maintained pursuant to the Loan Documents
has been obtained and is in effect; and 
  
 (x)
such other assurances, certificates, documents, consents or opinions as the Administrative Agent, the L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
  
 (b) Any fees required to be paid on or before the Closing Date shall have been paid. 
  
 (c) Unless waived by the Administrative Agent, the Company
shall have paid all fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its
reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Company and the
Administrative Agent). 
  
 (d) The Closing Date
shall have occurred on or before October 21, 2005. 
  
 Without limiting the generality of the provisions of Section 9.04 (Appointment and Authority), 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. 
  
 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 Committed Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the following conditions precedent: 
  
 (a) The representations and warranties of (i) the Borrowers contained in Article V and
(ii) each Borrower contained in each other Loan Document or any document furnished at any time under or in connection with this Agreement or a Loan Document, 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 subsections (a) and (b) of Section 5.05 (Financial Statements; No Material Adverse Effect; No Internal Control Event) shall be deemed to refer to
the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 (Financial Statements). 
  
 (b) No Default shall exist, or would result from such proposed Credit Extension or the application of the proceeds thereof. 
  
 (c) The Administrative Agent and, if applicable, the L/C
Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 
  
 (d) If the applicable Borrower is a Designated Borrower, then the conditions of Section 2.14 to the designation of such
Borrower as a Designated Borrower shall have been met to the satisfaction of the Administrative Agent. 
  

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 (e) In the case of a Credit Extension to be denominated in an Alternative Currency, there
shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Administrative Agent, the Required Lenders (in the
case of any Loans to be denominated in an Alternative Currency) or the L/C Issuer (in the case of any Letter of Credit to be denominated in an Alternative Currency) would make it impracticable for such Credit Extension to be denominated in the
relevant Alternative Currency. 
  
 Each Request for Credit
Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by the Company 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 
  
 Except as otherwise provided in
Section 5.18, each Borrower represents and warrants to the Administrative Agent and the Lenders as set forth below. Borrowers may submit amendments to the Schedules to this Agreement to Administrative Agent at the time of delivery of any
Compliance Certificate; provided that Schedules 5.05 and 5.13 shall not be required to be updated more frequently than annually; and provided further that (i) such delivery shall only have prospective, not
retrospective, effect, and (ii) notwithstanding such delivery, no Default shall be deemed waived as a result of any such schedule amendment listing items, actions or occurrences otherwise prohibited by this Agreement. 
  
 5.01. Existence, Qualification and Power; Compliance with Laws.
Each Borrower (a) is duly organized or formed, validly existing and in good standing or validly subsisting (to the extent such concepts are relevant under the Laws of the applicable jurisdiction of incorporation or organization) 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 to which it is a party, (c) is duly qualified and is licensed and in good standing (to the extent such concept is relevant under the Laws of the
applicable jurisdiction of incorporation or organization) 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, and (d) assuming each of
the Lenders is a Professional Market Party, is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or (d), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

  
 5.02. Authorization; No Contravention. The
execution, delivery and performance by each Borrower of each Loan Document to which such Person is 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) assuming each of the Lenders is a Professional Market Party, violate any Law. Each Borrower and each Subsidiary thereof is in compliance with all Contractual Obligations referred to in clause (b)(i), except to the extent that failure to
do so could not reasonably be expected to have a Material Adverse Effect. 
  

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 5.03. Governmental Authorization; Other Consents. Assuming each of the Lenders is a
Professional Market Party, no 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 the execution, delivery or
performance by, or enforcement against, any Borrower of this Agreement or any other Loan Document. 
  
 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 Borrower 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 Borrower, enforceable against each Borrower that is party
thereto in accordance with its terms, except to the extent that such enforceability may be limited by bankruptcy, receivership, moratorium, conversationship, or other laws of general application affecting the rights of creditors generally or by
general principles of equity. 
  
 5.05. Financial Statements;
No Material Adverse Effect; No Internal Control Event. 
  
 (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the
financial condition of the Company 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 the Company and its Subsidiaries required under GAAP to be disclosed thereon as of the date thereof, including liabilities for
taxes, material commitments and Indebtedness. Schedule 5.05 sets forth all material indebtedness and other liabilities, direct or contingent, of the Company and its consolidated Subsidiaries as of the date of the financial statements
delivered in connection with Sections 4.01 and 6.01(a), including liabilities for taxes, material commitments and Indebtedness, each to the extent not set forth on such audited financial statements, including the footnotes thereto.

  
 (b) The unaudited consolidated balance sheets
of the Company and its Subsidiaries dated June 30, 2005, 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 the financial condition of the Company 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. 
  
 (c) Since June 30, 2005, 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) Since the date of the Audited Financial Statements, no Internal Control Event has occurred that is required to be disclosed under the
Securities Exchange Act and rules and regulations promulgated thereunder other than has been timely disclosed pursuant to Section 6.02(d). 
  
 (e) The consolidated forecasted balance sheet and statements of income and cash flows of the Company and its Subsidiaries delivered
pursuant to Section 6.01(c) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the
time of delivery, the Company’s best estimate of its future financial performance. 
  

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 5.06. Litigation. There are no actions, suits, proceedings, claims or disputes pending or,
to the knowledge of the Company after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Company, each Borrower, or any of their Significant
Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in
Schedule 5.06, as of the Closing Date, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 5.07. No Default. Neither the Company nor any Subsidiary is in default under or with respect to any Contractual Obligation that could,
either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 5.08. Ownership of Property; Liens. Each of the Company and each Subsidiary has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property 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. The
property of the Company and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01. 
  
 5.09. Environmental Compliance. Except as specifically disclosed in Schedule 5.09, no existing Environmental Laws or claims alleging
potential liability or responsibility for violation of any Environmental Law on the Company’s or its Subsidiaries’ respective businesses, operations and properties, could individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
  
 5.10. Insurance. The
properties of the Company and its domestic Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Company, and having an A.M. Best rating of at least A-, 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 the Company or the applicable Subsidiary operates. The properties of the Subsidiaries of the Company located
in jurisdictions located outside the United States are insured by reputable insurance companies not Affiliates of the Company, 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 the applicable Subsidiary operates and which insurance companies are financially sound as of the date of issuance or renewal of each such policy. Notwithstanding the foregoing,
(a) the Company and its Subsidiaries self-insure for losses up to $3,000,000 per occurrence and (b) the Captive Insurance Company provides excess coverage of approximately $25,000,000. 
  
 5.11. Taxes. The Company 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 and except for such failures which
could not reasonably be expected to result in liabilities or exposure in excess of $5,000,000. There is no proposed tax assessment against the Company or any Subsidiary that would, if made, have a Material Adverse Effect. Neither any Borrower nor
any Subsidiary thereof is party to any tax sharing agreement other than as set forth on Schedule 5.11 attached hereto. 
  

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 5.12. ERISA Compliance. 
  
 (a) Each 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 the Company, nothing has occurred which would prevent, or cause the loss of, such qualification. The Company and each ERISA Affiliate have made all required contributions to each Plan subject to
Section 412 of the Code, 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 the
Company, threatened claims, actions or lawsuits (other than routine benefit claims), or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no Prohibited
Transaction with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
  
 (c) (i) No ERISA Event has occurred or to the best knowledge of the Company is reasonably expected to occur; (ii) no Pension Plan has
any Accumulated Funding Deficiency; (iii) neither the Company nor any ERISA Affiliate has incurred, or to the best knowledge of the Company 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 Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv) neither the Company nor any ERISA Affiliate has engaged in a transaction that could be subject
to Sections 4069 or 4212(c) of ERISA. 
  
 5.13. Subsidiaries;
Equity Interests. The Company has no 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 nonassessable and are owned by a Borrower in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens. The Company has no 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 the Company have been validly issued, and are fully paid and nonassessable. 
  
 5.14. Margin Regulations; Investment Company Act; Public Utility Holding Company Act. 
  
 (a) No Borrower is engaged or will 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 in violation of said
Regulation U. 
  
 (b) None of the Company, any
Person Controlling the Company, or any Subsidiary (i) is a “holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary
company” of a “holding company,” within the meaning of the Public Utility Holding Company Act of 1935, or (ii) is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

  
 5.15. Disclosure. The Company has disclosed to
the Administrative Agent and the Lenders (which disclosure may include filings on EDGAR) all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries 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 

  

 -57- 

 
report, financial statement, certificate or other information furnished in writing by or on behalf of any Borrower 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 material 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 Company represents 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 of the Company and each Subsidiary other than any Subsidiary organized under Dutch law (a “Dutch
Subsidiary”) and as to each Dutch Subsidiary, assuming each of the Lenders is a Professional Market Party, 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; Licenses, Etc. The Company and its Subsidiaries own, or possess the right to use, all of the trademarks,
service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person, except where such infringement could not reasonably be expected to have a Material Adverse Effect. To the best knowledge of the Company, no slogan or other advertising device, product, process,
method, substance, part or other material now employed, or now contemplated to be employed, by the Company or any Subsidiary infringes upon any rights held by any other Person, except where the failure to own or posses such IP rights or where such
conflict could not reasonably be expected to have a Material Adverse Effect. Except as specifically disclosed in Schedule 5.17, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Company,
threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 5.18. Representations as to Foreign Obligors. Each of the Company and each Foreign Obligor represents and warrants to the Administrative
Agent and the Lenders that: 
  
 (a) Such Foreign
Obligor is subject to civil and commercial Laws with respect to its obligations under this Agreement and the other Loan Documents to which it is a party (collectively as to such Foreign Obligor, the “Applicable Foreign Obligor
Documents”), and the execution, delivery and performance by such Foreign Obligor of the Applicable Foreign Obligor Documents constitute and will constitute private and commercial acts and not public or governmental acts. Neither such
Foreign Obligor nor any of its property has any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the
laws of the jurisdiction in which such Foreign Obligor is organized and existing in respect of its obligations under the Applicable Foreign Obligor Documents. 
  

(b) The Applicable Foreign Obligor Documents are in proper legal form under the Laws of the jurisdiction in which such Foreign Obligor
is organized and existing for the enforcement thereof against such Foreign Obligor under the Laws of such jurisdiction, and to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Obligor
Documents. It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Obligor Documents that the Applicable Foreign Obligor Documents be filed, registered or recorded with,
or executed or notarized before, any court or other authority in the 

  

 -58- 

 
jurisdiction in which such Foreign Obligor is organized and existing or that any registration charge or stamp or similar tax be paid on or in respect of the
Applicable Foreign Obligor Documents or any other document, except for (i) any such filing, registration, recording, execution or notarization as has been made or is not required to be made until the Applicable Foreign Obligor Document or any
other document is sought to be enforced and (ii) any charge or tax as has been timely paid. 
  
 (c) There is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed by any
Governmental Authority in or of the jurisdiction in which such Foreign Obligor is organized and existing either (i) on or by virtue of the execution or delivery of the Applicable Foreign Obligor Documents or (ii) on any payment to be made
by such Foreign Obligor pursuant to the Applicable Foreign Obligor Documents, except as has been disclosed to the Administrative Agent. 
  
 (d) The execution, delivery and performance of the Applicable Foreign Obligor Documents executed by such Foreign Obligor are, under
applicable foreign exchange control regulations of the jurisdiction in which such Foreign Obligor is organized and existing, not subject to any notification or authorization except (i) such as have been made or obtained or (ii) such as
cannot be made or obtained until a later date (provided that any notification or authorization described in clause (ii) shall be made or obtained as soon as is reasonably practicable). 
  
 ARTICLE VI 
 AFFIRMATIVE COVENANTS 
  
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Company shall, and shall
(except in the case of the covenants set forth in Sections 6.01 (Financial Statements, 6.02 (Certificates; Other Information, and 6.03 (Notices)) cause each Restricted Subsidiary to: 
  
 6.01. Financial Statements. Deliver to the Administrative Agent
and each Lender (which delivery may be effected by posting on Intralinks or filing with the SEC), in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
  
 (a) as soon as available, but in any event (i) not later than the date provision thereof is required by
the SEC (so long as the Company remains a reporting company under the applicable Securities Laws and (ii) if the Company is no longer such a reporting company, by such dates as would be required if the Company were a reporting company and not
an “accelerated filer” within the meaning of Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “SEC Required Filing Date”), a consolidated balance sheet of the Company and its Subsidiaries as at the end of such
fiscal year, and the related consolidated statements of income or operations, 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, such consolidated statements to be audited and accompanied by (i) a report and opinion of a Registered Public Accounting Firm of nationally recognized standing reasonably acceptable to the Required
Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and applicable Securities Laws 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 and (ii) an attestation report of such Registered Public Accounting Firm as to the Borrower’s internal controls pursuant to Section 404 of Sarbanes-Oxley expressing no concern
that would result in such firm’s inability to issue a clean and unqualified audit opinion; 
  

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 (b) as soon as available, but in any event not later than the SEC Required Filing Date
for each fiscal quarter of each fiscal year of the Company a consolidated a balance sheet of the Company and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal quarter and for the portion of the Company’s 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, such consolidated statements to be certified by a Responsible Officer of the Company as fairly presenting the financial condition, results of operations, shareholders’
equity and cash flows of the Company and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and 
  
 (c) as soon as available, but in any event no later than seventy-five (75) days after the end of each
fiscal year of the Company, forecasts prepared by management of the Company, in form reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Company and its
Subsidiaries on a quarterly basis for the immediately following fiscal year (including the fiscal year in which the Maturity Date occurs). 
  
 As to any information contained in materials furnished pursuant to Section 6.02(b), the Company shall not be separately required to furnish such information
under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Company to furnish the information and materials described in clauses (a) and (b) above at the times specified therein.

  
 6.02. Certificates; Other Information. Deliver
to the Administrative Agent (and, in the case of paragraph (a), to each Lender), including by posting on Intralinks or filing with the SEC, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders: 

 
 (a) concurrently with the delivery of the financial
statements referred to in Section 6.01(a), a certificate of its independent certified public accountants certifying such financial statements and stating that, in the course of its regular audit of the financial statements of the Company
and its Subsidiaries, which audit was conducted in accordance with generally accepted auditing standards, but without independent investigation, such accounting firm obtained no knowledge that any Default insofar as it relates to financial or
accounting matters has occurred or, if in the opinion of such accounting firm such a Default has occurred, specifying the nature and extent thereof; 
  
 (b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly
completed Compliance Certificate signed by a Responsible Officer of the Company; 
  
 (c) promptly after any request by the Administrative Agent or any Lender, 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 the Company by independent accountants in connection with the accounts or books of the Company or any Subsidiary, or any audit of any of them;

  
 (d) promptly after the same are available,
copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Company, and copies of all annual, regular, periodic and special reports and registration statements which the Company may
file or be required to file with the SEC including without limitation (i) under Section 13 or 15(d) of the Securities Exchange Act of 1934, and (ii) with respect to any Internal Control Event required to be so disclosed, in each case,
not otherwise required to be delivered to the Administrative Agent pursuant to this Agreement; 
  

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 (e) promptly after the furnishing thereof, copies of any statement (other than
administrative notices) or report furnished to any holder of debt securities of any Borrower or any Subsidiary, the aggregate principal amount outstanding of which is not less than the Threshold Amount, pursuant to the terms of any indenture, loan
or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this Section 6.02; 
  
 (f) promptly, and in any event within five Business Days after receipt thereof by any Borrower or any
Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry (other than routine
communications regarding the Company’s filings with the SEC or such agency) by such agency regarding financial or other operational results of any Borrower or any Subsidiary thereof; and 
  
 (g) promptly, such additional information regarding the
business, financial or corporate affairs of the Company or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request. 
  
 Documents required to be delivered pursuant to Section 6.01
(Financial Statements) or Section 6.02 (Certificates; Other Information) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or
provides a link thereto on the Company’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to
which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Company shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Company to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Company 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 Company shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(b) to the Administrative Agent. Except for the Compliance Certificates required by
Section 6.02(a), 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 Company with
any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
  
 Each Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will make available to the Lenders and the L/C Issuer
materials and/or information provided by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to any Borrower or its securities) (each, a
“Public Lender”). Each Borrower hereby agrees that so long as such Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing
any such securities (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to the Borrowers or their respective securities for purposes of United States Federal and state securities laws 

  

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(provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 10.07 (Treatment of Certain Information; Confidentiality)); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;”
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
Investor.” Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower Materials “PUBLIC.” 
  
 6.03. Notices. Promptly notify the Administrative Agent and each Lender: 
  
 (a) of the occurrence of any Default; 
  
 (b) of any matter that, individually or in the aggregate, 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 the Company or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between
the Company or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Company or any Subsidiary, including pursuant to any applicable Environmental
Laws, in each case for clauses (i) through (iii) above, individually or collectively, that has resulted or could reasonably be expected to result in a Material Adverse Effect; 
  
 (c) of the occurrence of any ERISA Event; 
  
 (d) of any material change in accounting policies by the Company or any Subsidiary; or 
  
 (e) of the occurrence of any Internal Control Event.

  
 Each notice pursuant to this Section shall be accompanied by a
statement of a Responsible Officer of the Company setting forth details of the occurrence referred to therein and stating what action the Company has taken and proposes 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 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 the Company or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness the outstanding principal balance of which, individually or in
the aggregate, is equal to or greater than the Threshold Amount, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness. 
  
 6.05. Preservation of Existence, Etc. (a) Preserve, renew and maintain
in full force and effect its legal existence and good standing (to the extent such concept is relevant under the Laws of the applicable jurisdiction of incorporation or organization) under the Laws of the jurisdiction of its organization except in a
transaction permitted by Section 7.04 or 7.05; (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; and (c) preserve or renew all of its registered patents, trademarks, trade names 

  

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and service marks, the non-preservation of which could 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; and (c) use the standard of care typical in the relevant industries and countries in the operation and maintenance of its facilities.

  
 6.07. Maintenance of Insurance. (a) With respect
to the Company and its domestic Subsidiaries, maintain with insurance companies not Affiliates of the Company, and having an A.M. Best rating of a at least A-, insurance with respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts and with such deductibles as are customarily carried under similar circumstances by such other Persons; and (b) with respect to
Subsidiaries of the Company located in jurisdictions located outside the United States, maintain with reputable insurance companies not Affiliates of the Company, insurance with respect to its properties and business against loss or damage of the
kinds customarily insured against by Persons engaged in the same or similar business with similar value in such jurisdictions, of such types and in such amounts and with such deductibles as are customarily carried under similar circumstances by such
other Persons in such jurisdictions and which insurance companies are financially sound as of the date of issuance or renewal of each such policy. Notwithstanding the foregoing, (i) the Company and its Subsidiaries self-insure for losses up to
$3,000,000 per occurrence and (ii) the Captive Insurance Company provides excess coverage of approximately $25,000,000. 
  
 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. (a) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets and business of the Company or such Subsidiary, as the case may be; and (b) maintain such books of record and account in material conformity with
all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Company or such Subsidiary, as the case may be. 
  
 6.10. Inspection Rights. Permit representatives and independent contractors of the Administrative Agent and each Lender 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 and officers, and independent public accountants, all at
the expense of the Company and at such reasonable times during normal business hours and as often as may be reasonably desired, upon at least three (3) Business Days’ advance notice to the Company; provided, however, that
when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Company at any time during normal business hours and
without advance notice. 
  
 6.11. Use of Proceeds. Use the
proceeds of the Credit Extensions for (i) capital expenditures, (ii) Permitted Acquisitions, (iii) the repayment of existing indebtedness, (iv) working capital; and (v) general corporate purposes not in contravention of any
Law or of any Loan Document. 
  

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 6.12. Approvals and Authorizations. Maintain all authorizations, consents, approvals and licenses
from, exemptions of, and filings and registrations with, each Governmental Authority of the jurisdiction in which each Foreign Obligor is organized and existing, and all approvals and consents of each other Person in such jurisdiction, in each case
that are required in connection with the Loan Documents; provided that neither the Company nor any Subsidiary shall be responsible for maintaining any Lenders’ qualification in any jurisdiction, or any other authorizations, consents, approval
and licenses, exemptions, and filings and registrations, that may be required of any Lender to extend credit in the relevant jurisdiction. 
  
 6.13. California Opinion. If Borrowers fail to deliver the opinion required under the terms of Section 4.01(a)(v)(B) on or before the
Closing Date, deliver such opinion to the Administrative Agent and the Lenders on or before the date two (2) weeks after the Closing Date. 
  
 ARTICLE VII 
 NEGATIVE COVENANTS

  
 So long as any Lender shall have any Commitment hereunder,
any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Company shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly: 
  
 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, other than the following: 
  
 (a) Liens pursuant to any Loan Document; 
  
 (b) Liens existing on the date hereof and listed on Schedule 7.01 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, (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 7.03(b); 
  
 (c) Liens for taxes not yet due 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 in accordance with GAAP; 
  
 (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 under GAAP 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, liability to insurance carriers and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds, contractual or warranty obligations and other obligations of a like nature incurred in the ordinary
course of business; 
  
 (g) easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any 

  

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case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable
Person; 
  
 (h) Liens securing judgments for the
payment of money not constituting an Event of Default under Section 8.01(h); 
  
 (i) Usual and customary rights of set off on deposit accounts in favor of depositary institutions; 
  
 (j) Liens securing Indebtedness permitted under Sections
7.03(e) and (g); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market
value, whichever is lower, of the property being acquired on the date of acquisition; 
  
 (k) Liens securing Indebtedness permitted under Section 7.03(j); and 
  
 (l) Liens not otherwise permitted by the foregoing clauses
of this Section 7.01 securing obligations in an aggregate principal amount at any time outstanding (including unmatured obligations) not to exceed $2,000,000. 
  
 7.02. Investments. Make any Investments, except: 
  
 (a) Investments held by the Company or such Subsidiary in the form of cash equivalents or short-term
marketable debt securities; 
  
 (b) advances to
officers, directors and employees of the Company and Subsidiaries for travel, entertainment, relocation and analogous ordinary business purposes existing on the Closing Date and listed on Schedule 7.02(b), and any other advances to officers,
directors and employees of the Company and its Subsidiaries for such purposes in an aggregate amount (excluding the advances listed on Schedule 7.02(b)) not to exceed $500,000 at any time outstanding; 
  
 (c) Investments of the Company in any wholly-owned
Subsidiary other than Unrestricted Subsidiaries and Investments of any wholly-owned Subsidiary in the Company or in another wholly-owned Subsidiary other than Unrestricted Subsidiaries; 
  
 (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) Permitted Acquisitions;

  
 (f) Investments (including debt obligations)
received in connection with the bankruptcy or reorganization of suppliers and customers and in good faith settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

  
 (g) Investments arising out of Indebtedness
permitted under Section 7.03(g); 
  
 (h) Investments made after the Closing Date in any Person in which the Company or the Restricted Subsidiaries owns an equity interest, but which Person is not a wholly-owned 

  

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Subsidiary of the Company or its Restricted Subsidiaries, the net amount of which at any time outstanding shall not exceed $15,000,000 less Investments
outstanding under Section 7.02(i); and 
  
 (i) Investments not otherwise permitted by the foregoing clauses of this Section 7.02, the net amount of which at any time outstanding shall not exceed $5,000,000. 
  
 7.03. Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 
  
 (a) Indebtedness under the Loan Documents; 
  
 (b) Indebtedness outstanding on the date hereof and listed
on Schedule 7.03 and any refinancings, refundings, renewals or extensions thereof; provided that (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an
amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and (ii) 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 refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered
into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Borrowers or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or
extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate; 
  
 (c) intercompany Indebtedness between domestic Restricted Subsidiaries; 
  
 (d) other intercompany Indebtedness owing by non-Borrower
Restricted Subsidiaries to any Borrower, in an aggregate amount outstanding not to exceed at any time $25,000,000; 
  
 (e) Indebtedness in respect of (i) capital leases, Synthetic Lease Obligations (other than the Permitted Synthetic Lease), and
purchase money obligations for fixed or capital assets in an aggregate amount outstanding not to exceed at any time $15,000,000 and (ii) the Permitted Synthetic Lease; 
  
 (f) intercompany Indebtedness owing by a Borrower to a consolidated Restricted Subsidiary subordinated to
the Obligations on subordination terms reasonably acceptable to the Administrative Agent; 
  
 (g) assumed Indebtedness and acquisition Indebtedness incurred in connection with Permitted Acquisitions (whether or not such Indebtedness
relates to a capital asset) in an aggregate amount outstanding not to exceed for any such Permitted Acquisition, eighty percent (80%) of the total consideration provided by the Company and its Subsidiaries in connection with such Permitted
Acquisition; 
  
 (h) obligations (contingent or
otherwise) of the Company or any Subsidiary 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 liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a
“market view;” and (ii) such Swap Contract does not contain any provision (other than customary netting provisions) exonerating the non-defaulting party from its obligation to make payments (including termination payments) on
outstanding transactions to the defaulting party; 
  

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 (i) unsecured Indebtedness of the Borrowers in an aggregate principal amount (including
amounts outstanding pursuant to Section 7.03(b) hereof) not to exceed $25,000,000 at any time outstanding, provided that (x) the Indebtedness outstanding pursuant to Section 7.03(b) hereof and up to $10,000,000 of additional
Indebtedness may have a maturity date on or before the Maturity Date; and (y) the balance of such Indebtedness (A) shall have a maturity date later than the Maturity Date and (B) is otherwise on terms reasonably acceptable to the
Administrative Agent; 
  
 (j) additional
Indebtedness of Subsidiaries in an aggregate principal amount outstanding not to exceed at any time $10,000,000; 
  
 (k) Indebtedness of the Company and the Restricted Subsidiaries as set forth on Schedule 7.03(k), which shall be paid off within 30 days
of the Closing Date; and 
  
 (l) Additional
Indebtedness owing to Unrestricted Subsidiaries from the Borrowers in an aggregate principal amount not to exceed at any time $5,000,000. 
  
 7.04. Fundamental Changes. 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: 
  
 (a) any Restricted Subsidiary may merge with the Company,
any Borrower, or any other Restricted Subsidiary, provided that if the Company is party thereto, it shall be the continuing or surviving Person and if the Company is not party thereto, a Borrower shall be the continuing or surviving Person,
and provided further that when any wholly-owned Restricted Subsidiary is merging with another Restricted Subsidiary, the wholly-owned Restricted Subsidiary shall be the continuing or surviving Person; 
  
 (b) any Borrower may Dispose (upon voluntary liquidated or
otherwise) of all or substantially all of its assets to any other Borrower; 
  
 (c) any Restricted Subsidiary that is not a Borrower may dispose of all or substantially all of its assets to the Company or another Restricted Subsidiary; 
  
 (d) any Subsidiary that has no assets may be dissolved or
liquidated; and 
  
 (e) a Borrower or any
Subsidiary other than a Borrower may merge in connection with a Permitted Acquisition or a Disposition permitted pursuant to Section 7.05, provided that (i) such Borrower or such Subsidiary (or a replacement Subsidiary in a reverse
triangular merger), as the case may be, is the surviving entity; (ii) no Borrower or Restricted Subsidiary may merge with or into an Unrestricted Subsidiary); and (iii) no Default exists before or after or is created by such Permitted
Acquisition or Disposition. 
  
 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 and equipment in the ordinary course of business; 
  

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 (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; 
  
 (d) Dispositions between or among Borrowers; 
  
 (e) Dispositions between or among non-Borrower Restricted
Subsidiaries and between or among Unrestricted Subsidiaries; 
  
 (f) Dispositions of property by any non-Borrower Subsidiary to any Borrower, so long as such Disposition complies with the requirements of Section 7.08 (Transactions with Affiliates); 
  
 (g) Dispositions permitted by Section 7.04
(Fundamental Changes); 
  
 (h) Dispositions by
the Company and its Subsidiaries of property pursuant to sale-leaseback transactions, provided that the book value of all property so Disposed of shall not exceed $25,000,000 from and after the Closing Date; 
  
 (i) Dispositions in the nature of exclusive licenses of IP
Rights not material (determined as of the date of the applicable license) to the business of the Borrowers and the Restricted Subsidiaries; 
  
 (j) Dispositions by the Company and its Subsidiaries of accounts receivable arising in the ordinary course of business which are overdue
or payable by a distressed company in connection with the compromise or collection thereof; 
  
 (k) Dispositions of bankruptcy claims of customers of the Company or any Subsidiary; 
  
 (l) Dispositions of property acquired by the Company or any
Subsidiary in a Permitted Acquisition not in excess of $10,000,000 in the aggregate other than property used solely in connection with Unrelated Lines of Business, for which there shall be no limit, but proceeds of which shall nonetheless be subject
to the provisions of Section 2.06(b) hereof; provided that after giving effect to such Permitted Acquisition and such related Disposition, the Company or Subsidiary is in compliance with Section 7.07 (Change in Nature
of Business); and 
  
 (m) Dispositions by
Borrowers and their Subsidiaries not otherwise permitted under this Section 7.05; provided that (i) at the time of such Disposition, no Default shall exist or would result from such Disposition and (ii) the aggregate
book value of all property Disposed of in reliance on this clause (l) in any fiscal year shall not exceed $25,000,000 in any fiscal year and $35,000,000 in the aggregate during the term of this Agreement; 
  
 provided, however, that any Disposition other than pursuant to clause
(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, at any time when a Default shall have occurred and be continuing or would result therefrom; provided that
notwithstanding the foregoing, any non-Borrower may make any such Restricted Payment to a Borrower at any time. 
  
 7.07. Change in Nature of Business. Engage in any material Unrelated Line of Business. 
  

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 7.08. Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of
the Company, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Company or such Subsidiary as would be obtainable by the Company or such Subsidiary at the time in a comparable
arm’s length transaction with a Person other than an Affiliate, provided that with respect to transactions between or among the Borrowers and any non-Borrowers Subsidiaries, such terms shall be no less favorable to the Borrowers than a
comparable arm’s length transaction, and provided further that the foregoing restrictions shall not apply to the following: (i) transactions among Borrowers which are jointly and severally liable hereunder; (ii) transactions among
other Restricted Subsidiaries; and (iii) transactions among Unrestricted Subsidiaries. 
  
 7.09. Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments
to the Company or to otherwise transfer property to the Company, (ii) of any Borrower, Significant Subsidiary or other wholly-owned Domestic Subsidiary to Guarantee the Indebtedness of the Company or (iii) of the Company 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 7.03(e) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness and shall not prohibit any joint venture agreement to the extent it prohibits the pledge of the
equity of or assets held by such joint venture or to the extent it provides conditions to the making of distributions by such joint venture, or (b) 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 in violation of Regulation U of the FRB. 
  
 7.11. Financial Covenants. 
  

(a) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal
quarter of the Company to be less than 2.50 to 1.00. 
  
 (b) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at any time during any period of four fiscal quarters of the Company to be greater than 3.50 to 1.00. 
  
 7.12. Capital Expenditures. Make or become legally obligated to make
any Capital Expenditure (excluding normal replacements and maintenance which are properly charged to current operations), except for capital expenditures in the ordinary course of business not exceeding, in the aggregate for the Company and its
Subsidiaries during each fiscal year, $15,000,000. To the extent any portion of the amount of permitted Capital Expenditures is not used in any fiscal year, such amount may be carried over to the next fiscal year, but in no event shall the aggregate
amount of Capital Expenditures in any fiscal year, including such amount carried over, exceed $30,000,000. In addition to the foregoing, the Company or any Subsidiary may make Capital Expenditures with the proceeds from the asset sales under
Section 7.05 (Dispositions) and insurance and condemnation events, for the purpose of replacing the related assets sold, lost or condemned. 
  
 7.13. Unrestricted Subsidiaries. Notwithstanding the foregoing, the Company and its Restricted Subsidiaries may not make any loans to, or
transact any other business with, an Unrestricted Subsidiary on terms that are not as favorable to the Company and its Restricted Subsidiaries as would be 

  

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obtainable in a comparable arm’s length transaction. The Company may, from time to time, request that a Restricted Subsidiary be designated as an
Unrestricted Subsidiary with the written consent of the Required Lenders, which consent may be conditioned on such terms and requirements as the Required Lenders deem appropriate. 
  
 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 Company or any other Borrower fails to pay (i) when and as required to be paid herein, and in the currency required hereunder, any amount of principal of any Loan or any L/C
Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or
under any other Loan Document; or 
  
 (b)
Specific Covenants. Any of the specified Persons fails to perform or observe any term, covenant or agreement contained in any of: 
  
 (i) as to the Borrowers: Sections 6.01, 6.02, 6.03(a) and (d), and 6.05; 
  
 (ii) as to any non-Borrower Subsidiary: Sections 6.02,
6.03(b), (c), and (e) and 6.05, which failure continues for ten (10) days after the occurrence of the relevant event with respect to such non-Borrower Subsidiary; and 
  
 (iii) as to any Borrower or Restricted Subsidiary, Sections 6.10, 6.11 and Article VII

  
 (c) Other Defaults. Any Borrower fails
to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues beyond any applicable grace period set
forth therein; or if none is specified, for thirty (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 Company or any other Borrower herein in any other Loan Document or
in any document delivered in connection herewith or therewith, shall be incorrect or misleading in any material respect when made or deemed made; or 
  
 (e) Cross-Default. (i) The Company, any Borrower or any Significant Subsidiary (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) 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 Indebtedness or
Guarantee (other than Indebtedness hereunder 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) or more than the
Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs (other than the sale of assets, accumulation of excess cash flow, issuance of debt or equity or similar event which does
not constitute a default but which triggers a mandatory prepayment or right to 

  

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redeem otherwise permitted hereunder), the effect of which default or other event is to cause, or to permit the holder or 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 the Company or any
Subsidiary 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 the Company or any Subsidiary is an Affected Party (as so defined) and, in either event, the
Swap Termination Value owed by the Company or such Subsidiary as a result thereof is greater than the Threshold Amount; or 
  
 (f) Insolvency Proceedings, Etc. Any Borrower or any of its Significant Subsidiaries 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 sixty (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 sixty (60) calendar days, or an order for relief is entered in any such proceeding; or 
  
 (g) Inability to Pay Debts; Attachment. (i) The Company or any Significant Subsidiary 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 thirty (30) days after its issue or levy; or 
  
 (h) Judgments. There is entered against the Company or any Subsidiary (i) a final non-appealable judgment or order for the
payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer 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) any applicable
statutory period during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect under the laws of the applicable jurisdiction; or 
  
 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which
has resulted or could reasonably be expected to result in liability of the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Company or
any ERISA 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 satisfaction in full of all the Obligations, ceases to be in full
force and effect; or any Borrower or any 

  

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other Person contests in any manner the validity or enforceability of any provision of any Loan Document; or any Borrower denies that it has any or further
liability or obligation under 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. 
  
 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 and any obligation of the L/C Issuer to make L/C Credit Extensions 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 (it being understood that
obligations under any Swap Contract shall nonetheless continue to be governed by the terms of such Swap Contracts) 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; 
  
 (c) require that the
Company Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and 
  
 (d) 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 any Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 
  
 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 and the L/C Obligations have automatically been required to be Cash Collateralized 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, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel
to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 
  

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 Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of
Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them; 
  
 Fourth, to payment of that portion of the Obligations constituting
unpaid principal of the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; 
  
 Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C
Obligations comprised of the aggregate undrawn amount of Letters of Credit; and 
  
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Company or as otherwise required by Law. 
  
 Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such
remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
  
 ARTICLE IX 
 ADMINISTRATIVE AGENT 
  
 9.01. Appointment and Authority. Each of the Lenders and the L/C
Issuer 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, the
Lenders and the L/C Issuer, and no Borrower shall have rights as a third party beneficiary of any of such provisions. 
  
 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 Borrowers 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 

  

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

  
 The Administrative Agent shall not be liable for any action
taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Sections 10.01 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 Company, a Lender or the L/C Issuer. 
  
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document
or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the 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, or the issuance of a Letter of Credit, that by its
terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the
contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 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 

  

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respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

  
 9.06. Resignation of Administrative Agent. The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, and so long as no Default has occurred and
is continuing, with the consent of the Company, 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, then the retiring Administrative Agent may on behalf of the Lenders and the L/C
Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Company and the Lenders that no qualifying Person has accepted such appointment, then such
resignation shall nonetheless become effective in accordance with such notice and (1) 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 or the L/C Issuer 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 (2) 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 and the L/C Issuer 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 retired) Administrative Agent, and the retiring 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 Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such
successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 (Expenses; Indemnity; Damage Waiver) 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.

  
 Any resignation by Bank of America as Administrative Agent
pursuant to this Section shall also constitute its resignation as L/C Issuer and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under
the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C
Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 
  
 9.07. Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer 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
and the L/C Issuer 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 

  

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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. The Administrative Agent shall not be responsible for maintaining (i) approval or any other proof of any Lender’s status as a Professional Market Party, or (ii) any Lender’s qualification in any
jurisdiction or any other authorizations, consents, approval and licenses, exemptions, and filings and registrations, that may be required of any Lender to extend credit in the relevant jurisdiction. 
  
 9.08. No Other Duties, Etc. Anything herein to the contrary
notwithstanding, none of the Bookrunners, Arrangers or Syndication Agent 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, a Lender or the L/C Issuer hereunder. 
  
 9.09. Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to any Borrower, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation 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 any Borrower) 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, L/C Obligations
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, the L/C Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under
Sections 2.03(i) and (j), 2.09 and 10.04) 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 and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly
to the Lenders and the L/C Issuer, 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 10.04. 
  
 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 or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition
affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 
  
 ARTICLE X 
 MISCELLANEOUS 
  
 10.01. 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 Company or any other 

  

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Borrower therefrom, shall be effective unless in writing signed by the Required Lenders and the Company or the applicable Borrower, 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(a) without the written consent of each Lender; 
  
 (b) 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; 
  
 (c) postpone any date fixed by this Agreement or any other
Loan Document for any scheduled payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 
  
 (d) reduce the principal of, or the rate of interest
specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, or change the manner of
computation of any financial ratio (including any change in any applicable defined term) used in determining the Applicable Rate that, at the time of the relevant amendment, would result in a reduction of any interest rate on any Loan or any fee
payable hereunder without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive
any obligation of any Borrower to pay interest or Letter of Credit Fees at the Default Rate; 
  
 (e) change Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender; 
  
 (f) amend Section 1.06 or the definition of “Alternative Currency” without the written consent of each Lender; or 
  
 (g) change any provision of this Section 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; 
  
 and, provided further, that (i) no amendment, waiver or consent shall,
unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it;
(ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) 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 (iv) 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 that the Commitment of such Lender may not be increased or extended without the consent of such Lender. 
  

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 10.02. Notices; Effectiveness; Electronic Communication 
  
 (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) subject to paragraph (d) below, if
to the Borrowers, the Administrative Agent, the L/C Issuer or the Swing Line Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 
  
 (ii) if to any other Lender, to the address, telecopier
number, electronic mail address or telephone number specified in its Administrative Questionnaire. 
  
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when 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 delivered through electronic communications to the extent
provided in subsection (b) below, shall be effective as provided in such subsection (b). 
  
 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer
pursuant to Article II if such Lender or the L/C Issuer, 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 Company
may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or
communications. 
  
 Unless the 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 

  

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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 or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender, the L/C Issuer 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 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 Borrower, any Lender, the L/C Issuer 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 the Borrowers,
the Administrative Agent, the L/C Issuer and the Swing Line Lender 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 Company, the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender 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. 
  
 (e)
Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan
Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Company shall indemnify the Administrative Agent, the L/C Issuer, 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 any Borrower, except such losses, costs, expenses and liability resulting from such Person’s gross negligence or willful misconduct. 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. 
  
 10.03. No Waiver; Cumulative Remedies. 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 shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. 
  
 10.04. Expenses; Indemnity;
Damage Waiver 
  
 (a) Costs and
Expenses. The Company shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable 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 

  

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consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for the
Administrative Agent, any Lender or the L/C Issuer) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in
connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
  
 (b) Indemnification by the Company. The Company shall
indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time
charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any other Borrower 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, 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 Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Borrower or any of its Subsidiaries, or any Environmental Liability related
in any way to any Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a
third party or by the Company or any other Borrower, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the
Indemnitee; 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 Company or any other Borrower against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Loan Document, if the Company or such other Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.

  
 (c) Reimbursement by Lenders. To the
extent that the Company or any Borrower 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), the L/C Issuer or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer 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) or the L/C Issuer 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) or L/C 

  

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Issuer 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, no Borrower shall assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or
Letter of Credit 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 by it 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. 
  
 (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 and the L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other
Obligations. 
  
 10.05. Payments Set Aside. To the extent
that any payment by or on behalf of any Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer 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, the L/C Issuer 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 and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand 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 applicable Overnight Rate from
time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Agreement. 
  
 10.06. 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 (i) no Borrower may assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (provided that any such assignment or deemed assignment solely as a result of the redomestication of a Borrower from one state or
jurisdiction of organization within the United States to another state or jurisdiction of organization within the United States shall require the consent of the Administrative Agent only) and (ii) no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (x) to an Eligible Assignee in accordance with the provisions of subsection (b) of this Section, (y) by way of participation in accordance with the provisions of subsection (d) of
this Section, or (z) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this 

  

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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, the L/C Issuer and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that 
  
 (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, 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 $5,000,000 unless each of the Administrative Agent and, so long as no
Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld, delayed or conditioned); 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; 
  
 (ii) 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 apply to rights in
respect of Swing Line Loans; 
  
 (iii) any
assignment of a Commitment must be approved by the Administrative Agent, unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee) and so long as no
Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld, delayed or conditioned); and 
  
 (iv) 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, if any, required as set forth in Schedule 10.06, and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
  
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such 

  

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assignment. Upon request, each Borrower (at its 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 subsection (d) of
this Section. 
  
 (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 and L/C Obligations 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 may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by each of the Borrowers and the L/C Issuer at any reasonable time and from time to time upon reasonable prior notice. In addition, at any time that a request for a consent for a material or
substantive change to the Loan Documents is pending, any Lender may request and receive from the Administrative Agent a copy of the Register. 
  
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent,
sell participations to any Person that is otherwise an Eligible Assignee (other than a natural person or the Company or any of the Company’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 (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the
Administrative Agent, the Lenders and the L/C Issuer 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 10.01 that affects such Participant. Subject to subsection (e) of this
Section, each 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 subsection
(b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.13 as though it were a Lender. 
  
 (e) Limitation upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.04 or 305, than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’s prior written consent. 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 Company is 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(s), if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal 

  

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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. 
  
 (g) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record keeping 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.

  
 (h) Resignation as L/C Issuer or Swing
Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, (i) upon thirty
(30) days’ notice to the Company and the Lenders, resign as L/C Issuer and/or (ii) upon thirty (30) days’ notice to the Company, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line
Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Company to appoint any such successor shall affect the resignation
of Bank of America as L/C Issuer or Swing Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit
outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective
date of such resignation, including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C
Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C
Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit. 
  
 10.07. Treatment of
Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its
Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives involved in negotiating, syndicating, servicing, administering, or enforcing the Loan Documents, or any Swap
Contracts relating thereto, or are otherwise involved in any manner with the Company and its affiliates (other than such entities that are responsible for trading public notes or other publicly traded securities) (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and will agree 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 as those of this Section, to (i) any assignee of or Participant in, or any prospective 

  

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assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to a Borrower and its obligations, (g) with the consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section
or (y) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. 
  
 For purposes of this Section, “Information” means all
information received from the Company or any Subsidiary relating to the Company or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a
nonconfidential basis prior to disclosure by the Company or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  
 Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include
material non-public information concerning the Company 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 Federal and state securities Laws. 
  
 10.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time,
to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of any Borrower (other than escrow or similar accounts in which third parties have rights) against any and all of the obligations of such Borrower now or
hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although
such obligations of such Borrower may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each
Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the
L/C Issuer agrees to notify the Company 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. 
  
 10.09. 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 Company. 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. 
  

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 10.10. 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 shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 10.11. 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 or any Letter of Credit shall remain outstanding. 
  
 10.12. 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. 
  
 10.13. Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if any Borrower is 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 or if any other circumstance exists hereunder that gives the Company the right
to replace a Lender as a party hereto, then the Company may, at its 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 10.06), 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 Company shall have paid (or caused a Designated Subsidiary to pay) to the Administrative Agent the assignment fee specified in
Section 10.06(b); 
  
 (b) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, 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 (Compensation for Losses)) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company or applicable Designated Subsidiary (in the case of all other amounts);

  

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 (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 (Increased Costs; Reserves on Eurocurrency Rate Loans) or payments required to be made pursuant to Section 3.01 (Taxes), such assignment will result in a reduction in such compensation or payments thereafter; and

  
 (d) such assignment does not conflict with
applicable Laws. 
  
 A Lender shall not be required to make any
such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 
  
 10.14. Governing Law; Jurisdiction; Etc. 
  
 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW IS OF THE COMMONWEALTH OF PENNSYLVANIA, WITHOUT REFERENCE TO ITS CONFLICTS OR LAW PRINCIPLES. 
  
 (b) SUBMISSION TO JURISDICTION. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF PENNSYLVANIA SITTING IN ANY COUNTY WITHIN THE EASTERN DISTRICT OF PENNSYLVANIA AND OF THE UNITED STATES DISTRICT COURT OF THE EASTERN DISTRICT OF PENNSYLVANIA, AND ANY APPELLATE COURT
FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL
CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH PENNSYLVANIA 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 OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
  
 (c) WAIVER OF VENUE. EACH BORROWER 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 

  

 -87- 

 
SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW. 
  
 10.15. 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. 
  
 10.16. USA PATRIOT Act Notice. 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 the Borrowers, which information includes the name and
address of each Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Borrower in accordance with the Act. 
  
 10.17. Time of the Essence. Time is of the essence of the Loan Documents. 
  
 10.18. Judgment Currency. If, for the purposes of obtaining judgment
in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent
could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to the Administrative Agent or the Lenders
hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement
(the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in
accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from any Borrower in the
Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement
Currency so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under
applicable law). 
  
 10.19. Entire Agreement. This
Agreement and the other Loan Documents represent the final agreement among the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements among the
parties. 
  

 -88- 

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

			
	QUAKER CHEMICAL CORPORATION
	 (a Pennsylvania corporation)

		
	By:	 	/s/    NEAL E. MURPHY        
	 Name:
	 	Neal E. Murphy
	 Title:
	 	Vice President & CFO
		
	By:	 	/s/    MARK A.
FEATHERSTONE        
	 Name:
	 	Mark A. Featherstone
	 Title:
	 	Vice President & Global Controller
	
	QUAKER CHEMICAL CORPORATION
	 (a Delaware corporation)

		
	By:	 	/s/    NEAL E. MURPHY        
	 Name:
	 	Neal E. Murphy
	 Title:
	 	President
	
	EPMAR CORPORATION
		
	By:	 	/s/    CRAIG E. BUSH        
	 Name:
	 	Craig E. Bush
	 Title:
	 	Vice President
	
	QUAKER CHEMICAL B.V.
		
	By:	 	/s/    NEAL E. MURPHY        
	 Name:
	 	Neal E. Murphy
	 Title:
	 	Attorney in Fact
	
	QUAKER CHEMICAL EUROPE B.V.
		
	By:	 	/s/    NEAL E. MURPHY        
	 Name:
	 	Neal E. Murphy
	 Title:
	 	Attorney in Fact

  
 [Signature Page
to Credit Agreement] 

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

		
	By:	 	/s/    HENRY F. BULLITT        
	 Name:
	 	Henry F. Bullitt
	 Title:
	 	Senior Vice President

  
 [Signature Page
to Credit Agreement] 

			
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	/s/    HENRY F. BULLITT        
	 Name:
	 	Henry F. Bullitt
	 Title:
	 	Senior Vice President

  
 [Signature Page
to Credit Agreement] 

			
	PNC BANK, N.A.
		
	By:	 	/s/    FORREST B. PATTERSON,
JR        
	 Name:
	 	Forrest B. Patterson, Jr
	 Title:
	 	Senior Vice President

  
 [Signature Page
to Credit Agreement] 

			
	CITIZENS BANK OF PENNSYLVANIA
		
	By:	 	/s/    NANCY S. KREWSON        
	 Name:
	 	Nancy S. Krewson
	 Title:
	 	Senior Vice President

  
 [Signature Page
to Credit Agreement] 

			
	NATIONAL CITY BANK
		
	By:	 	/s/    THOMAS J.
MCDONNEL        
	 Name:
	 	Thomas J. McDonnell
	 Title:
	 	Senior Vice President

  
 [Signature Page
to Credit Agreement] 

			
	ABN AMRO BANK N.V.
		
	By:	 	/s/    ALEXANDER M.
BLODI        
	 Name:
	 	Alexander M. Blodi
	 Title:
	 	Managing Director
		
	By:	 	/s/    KEVIN
LEGALLO        
	 Name:
	 	Kevin LeGallo
	 Title:
	 	Assistant Vice-President

  
 [Signature Page
to Credit Agreement] 

 SCHEDULE 1.01 
  
 MANDATORY COST FORMULAE 
  

	1.	The Mandatory Cost (to the extent applicable) is an addition to the interest rate to compensate Lenders for the cost of compliance with: 

  

	 	(a)	the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions); or

  

	 	(b)	the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as practicable thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the “Additional Cost
Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Administrative Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the
percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. The Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or such Lender as the case may be,
a statement setting forth the calculation of any Mandatory Cost. 

  

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

  

	4.	The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by the Administrative Agent as follows: 

  

	 	(a)	in relation to any Loan in Sterling: 

  

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

	 	(b)	in relation to any Loan in any currency other than Sterling: 

  

			
	 E x 0.01
	  	 
	 	  	per cent per annum
	 300
	  	 

  
 Where: 
  

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

  

	 	“B”	 is the percentage rate of interest (excluding the Applicable Rate, the Mandatory Cost and any interest charged on overdue amounts pursuant to the first sentence of
Section 2.08(b) and, in the case of interest (other than on overdue amounts) charged at the Default Rate, 

  

 1.01-1 

	 	 
without counting any increase in interest rate effected by the charging of the Default Rate) payable for the relevant Interest Period of such Loan.

  

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

  

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

  

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

  

	5.	For the purposes of this Schedule: 

  

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

  

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

  

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

  

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

  

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

  

	7.	If requested by the Administrative Agent or the Company, each Lender with a Lending Office in the United Kingdom or a Participating Member State shall, as soon as practicable after
publication by the Financial Services Authority, supply to the Administrative Agent and the Company, the rate of charge payable by such Lender to the Financial Services Authority pursuant to the Fees Regulations in respect of the relevant financial
year of the Financial Services Authority (calculated for this purpose by such Lender as being the average of the Fee Tariffs applicable to such Lender for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of such
Lender. 

  

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

  

	 	(a)	its jurisdiction of incorporation and the jurisdiction of the Lending Office out of which it is making available its participation in the relevant Loan; and

  

 1.01-2 

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

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

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

  

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

  

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

  

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

  

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

  

 1.01-3 

 SCHEDULE 2.01 
  
 COMMITMENTS 
 AND
APPLICABLE PERCENTAGES 
  

							
	 Lender

	  	Commitment

	  	 Applicable
 Percentage

	 
	 Bank of America, N.A.
	  	$	35,000,0000	  	35	%
	 ABN AMRO Bank N.V.
	  	$	25,000.000	  	25	%
	 PNC Bank, N.A.
	  	$	15,000,000	  	15	%
	 National City Bank
	  	$	15,000,000	  	15	%
	 Citizens Bank of Pennsylvania
	  	$	10,000,000	  	10	%
	 	  	
	
	  	
	

	 Total
	  	$	100,000,000	  	100.000000000	%
	 	  	
	
	  	
	

  

 2.01-1 

 SCHEDULE 5.05 
  
 SUPPLEMENT TO INTERIM FINANCIAL STATEMENTS 
  
 None. 
  

 5.05-1 

 SCHEDULE 5.06 
  
 LITIGATION 
  
 None. 
  

 5.06-1 

 SCHEDULE 5.09 
  
 ENVIRONMENTAL MATTERS 
  
 None. 
  

 5.06-1 

 SCHEDULE 5.11 
  
 TAX SHARING AGREEMENTS 
  
 None. 
  

 5.09-1 

 SCHEDULE 5.13 
  
 SUBSIDIARIES AND 
 OTHER EQUITY INVESTMENTS 
 AND EQUITY INTERESTS IN THE COMPANY 
  
 Part (a). Subsidiaries. 
  

			
	 Name of Subsidiary

	  	 Percentage of Company or Subsidiary’s Equity Interest

		
	 AC Products, Inc.
	  	100% (Quaker Chemical Corporation (DE))
		
	 Epmar Corporatio
	  	100% (Quaker Chemical Corporation (DE))
		
	 Q2
Technologies, LLC
	  	70% (Quaker Chemical Corporation (PA))
		
	 Quaker Australia Holdings Pty. Limited
	  	100% (Quaker Chemical Corporation (DE))
		
	 Quaker Automotive Italia, S.r.l.
	  	51% (Quaker Chemical Corporation (DE))
		
	 Quaker Chemical (Australasia) Pty. Limited
	  	51% (Quaker Australia Holdings Pty. Limited)
		
	 Quaker Chemical B.V.
	  	100% (Quaker Chemical Europe B.V.)
		
	 Quaker Chemical Canada Limited
	  	100% (Quaker Chemical Corporation (DE))
		
	 Quaker Chemical Corporation (DE)
	  	100% (Quaker Chemical Corporation (PA))
		
	 Quaker Chemical Europe B.V.
	  	100% (Quaker Chemical Corporation (DE))
		
	 Quaker Chemical Holdings South Africa (Pty) Limited
	  	100% (Quaker Chemical Corporation (DE))
		
	 Quaker Chemical Hungary Ltd.
	  	100% (96.67% Quaker Chemical Corporation (DE); 3.33% Quaker Chemical Europe B.V.)
		
	 Quaker Chemical India Ltd.
	  	55% (Quaker Chemical Corporation (DE))
		
	 Quaker Chemical Industria e Comercio S.A. (Brazil)
	  	100% (Quaker Chemical Participações Ltda.)
		
	 Quaker Chemical Limited (Hong Kong)
	  	100% (91% Quaker Chemical Corporation (DE); 9% Quaker Chemical Corporation (PA))
		
	 Quaker Chemical Limited (UK)
	  	100% (Quaker Chemical Europe B.V.)
		
	 Quaker Chemical Management Inc.
	  	100% (Quaker Chemical Corporation (DE))
		
	 Quaker Chemical Operações Ltda. (Brazil)
	  	100% (Quaker Chemical Participações Ltda.)

  

 5.13-1 

			
	 Quaker Chemical Participações Ltda. (Brazil)
	  	100% (99.99% Quaker Chemical Europe B.V.; 0.01% Quaker Chemical Corporation (PA))
		
	 Quaker Chemical S.A. (Argentina)
	  	100% (95% Quaker Chemical Corporation (DE); 5% Quaker Chemical Corporation (PA))
		
	 Quaker Chemical S.A. (France)
	  	100% (99.99% Quaker Chemical Europe B.V.; 1 share Quaker Chemical Corporation (PA); 1 share Quaker Chemical B.V.)
		
	 Quaker Chemical, S.A. (Spain)
	  	100% (Quaker Chemical Europe B.V.)
		
	 Quaker Chemical South Africa (Pty.) Ltd.
	  	51% (Quaker Chemical Holdings South Africa (Pty) Limited)
		
	 Quaker China Holdings B.V.
	  	 100% (Quaker Chemical Europe B.V.)

		
	 Quaker Denmark ApS (Denmark)
	  	 100% (Quaker China Holdings B.V.)

		
	 Quaker Italia S.r.l.
	  	 100% (Quaker Italy Holdings, S.r.l.)

		
	 Quaker Italy Holdings S.r.l.
	  	 100% (Quaker Chemical Corporation (DE))

		
	 Quaker QP, Inc.
	  	 100% (Quaker Chemical Corporation (PA))

		
	 Quaker Park Associates (a limited partnership)
	  	 General Partners: Quaker Park, Inc.; Quaker QP, Inc.

		
	 Quaker Shanghai Trading Co. Ltd.
	  	 100% (Quaker Chemical Corporation (DE))

		
	 Wuxi Quaker Chemical Co. Ltd.
	  	 60% (Quaker Denmark ApS)

  
 Part (b). Other Equity
Investments. 
  

			
	 Name of Subsidiary

	  	 Percentage of Company or Subsidiary’s Equity Interest

		
	 H.L. Blachford, Ltd. (Licensee)
	  	 Licensee

		
	 Buhmwoo Company, Ltd. (Korea) (Licensee)
	  	 Licensee

		
	 Kelko Quaker Chemical, S.A. (Venezuela)
	  	 50% (Quaker Chemical Corporation (DE))

		
	 Nippon Quaker Chemical, Ltd. (Japan)
	  	 50% (Quaker Chemical Corporation (DE))

		
	 TecniQuimia Mexicana S.A. de C.V.
	  	 40% (Quaker Chemical Corporation (DE))

  

 5.13-2 

 Major Company shareholders holding beneficially 10% or more. Based on the requirements for compliance with
Item 6 of Schedule 14A (Information Required in Proxy Statement) of Regulation 14A (Solicitation of Proxies), there are no major Company shareholders holding beneficially 10% or more. 
  

 5.13-3 

 SCHEDULE 5.17 
  
 INTELLECTUAL PROPERTY MATTERS 
  

None. 
  

 5.17-1 

 SCHEDULE 7.01 
  
 EXISTING LIENS 
  
 Mechanics lien filed by Kewaunee Scientific Corporation against Quaker Chemical Corporation and Quaker Park Associates, L.P. in 2003, and related
Discharge of Lien Bond between Quaker Chemical Corporation and Travelers Casualty and Surety Company of America in the amount of $280,378.99, dated as of December 3, 2004. 
  
 Equipment/Inventory Liens: 
  
 Filed with Pennsylvania Secretary of State: 
  

							
	 Debtor

	 	 Agreement

	 	 Secured Party

	 	 Filing Type
 Filing Number

				
	Quaker Chemical Corporation (PA)	 	Sales Contract between Rhodia Inc. and Quaker Chemical Corporation dated as of January 5, 2005	 	 Rhodia Inc.
	 	 UCC-1
 No. 20030440145

				
	Quaker Chemical Corporation (PA)	 	Loan and Security Agreement dated as of April 29, 2004 between Quaker Chemical Corporation and PNC Leasing, LLC, and related Schedule of Leased Equipment, as amended	 	PNC Leasing, LLC	 	 UCC-1
 No. 20040428167
  
 UCC-1
 No. 20040478887

				
	Quaker Chemical Corporation (PA)	 	Agreement dated as of November 1, 2004 between Darling International Inc. (“Darling”) and Quaker Chemical Corporation; and Consignment Agreement effective as of November 1, 2004
between Darling and Quaker Chemical Corporation	 	Darling International Inc.	 	 UCC-1
 No. 2004121400650

				
	Quaker Chemical Corporation (PA)	 	Master Services Agreement dated as of May 20, 2005 between Quaker Chemical Corporation and IKON Office Solutions, Inc.	 	IOS Capital LLC	 	 UCC-1
 No. 2005061401257
  
 UCC-1
 No. 2005070501046
  
 UCC-1
 No. 2005070701254

				
	Quaker Chemical Corporation (PA)	 	Master Equipment Lease Agreement and Schedule between Quaker Chemical Corporation and CIT Communications Finance Corporation dated as of June 27, 2005	 	CIT Communications Finance Corporation	 	 UCC-1
 No 2005081603285

  

 7.01-1 

 Filed with Ohio Secretary of State: 
  

							
	 Debtor

	 	 Agreement

	 	 Secured Party

	 	 Filing Type
 Filing Number

	Quaker Chemical Corporation (PA)	 	Lease Agreement between Quaker Chemical Corporation and Wells Fargo Financial dated as of March 1, 2001	 	Wells Fargo Financial	 	 UCC-1
 No. AP324880

  
 Filed
with Delaware Secretary of State: 
  

							
	 Debtor

	 	 Agreement

	 	 Secured Party

	 	 Filing Type
 Filing Number

				
	Quaker Chemical Corporation (PA)	 	Master Lease between Quaker Chemical Corporation and Solarcom LLC, dated as of September 2, 2002	 	 	 	 
				
	 	 	 Master Lease Schedule #347849
	 	Wells Fargo Equipment Finance Inc.	 	 UCC-1
 No. 23101247

				
	 	 	 Master Lease Schedule #358462
	 	Wells Fargo Equipment Finance Inc.	 	 UCC-1
 No. 30349202

  
 Filed
with California Secretary of State: 
  

							
	 Debtor

	 	 Agreement

	 	 Secured Party

	 	 Filing Type
 Filing Number

				
	Empar Corporation	 	Agreement between Security Signal Devices, Inc. and Epmar Corporation dated as of October 14, 2004	 	Security Signal Devices, Inc.	 	 UCC-1
 No. 047008650212

				
	Empar Corporation	 	Agreement between Security Signal Devices, Inc. and Epmar Corporation dated as of October 14, 2004	 	Security Signal Devices, Inc.	 	 UCC-1
 No. 047008650838

  

 7.01-2 

 SCHEDULE 7.02(b) 
  
 EXISTING ADVANCES TO OFFICERS, DIRECTORS AND EMPLOYEES 
  
 Under a previous employment agreement, Quaker Chemical Corporation (PA) made loans to Ronald J. Naples, Chairman of the
Board and Chief Executive Officer, in the aggregate principal amount of $828,570 to cover withholding and additional taxes on stock awards previously earned in 1995, 1997, and 1998. Each of these loans has either a 9 or 10-year term and bears
interest ranging from 5.28% to 6.4%, depending on the date the loan was made. Interest on the loans is paid in arrears at year-end and the entire outstanding principal balance is due at maturity. The aggregate principal balance owed by
Mr. Naples as of December 31, 2004 under these loans was $828,570. Mr. Naples paid $46,546 during the year ended December 31, 2004, representing all of the interest accrued to that date on such indebtedness. 
  
 Interest-free loans from Quaker Chemical B.V. to Messrs. Abduraham and de
Boer in the amounts of Euro 7,000 and Euro 4,000, respectively, both of which mature in 2006. 
  

 7.01-1 

 SCHEDULE 7.03 
  
 EXISTING INDEBTEDNESS 
  
 Credit Agreement between Quaker Chemical Corporation (PA) and ABN AMRO Bank N.V. dated April 12, 2002, as amended by the First Amendment dated as of
March 25, 2003, as further amended by the Second Amendment dated as of December 19, 2003, and as further amended by the Third Amendment dated as of December 14, 2004 ($15,000,000 maximum principal amount). 
  
 Credit Agreement between Quaker Chemical Corporation (PA) and PNC Bank,
National Association dated June 19, 2003, as amended on July 15, 2003, as further amended on December 26, 2003, as further amended on June 17, 2004, and as further amended on February 22, 2005 ($25,000,000 maximum principal
amount). 
  
 Demand Line of Credit between Quaker Chemical
Corporation (PA) and National City Bank dated June 19, 2003 ($10,000,000 maximum principal amount). 
  
 Demand Obligation Loan Agreement between Quaker Chemical Corporation (PA) and Citizens Bank of Pennsylvania dated April 29, 2004 ($10,000,000 maximum
principal amount). 
  
 Offering Basis Loan Agreement between Fleet
National Bank, a Bank of America Company, and Quaker Chemical Corporation (PA) dated December 16, 2004 ($20,000,000 maximum principal amount). 
  
 Loan and Security and Lease Agreements between PNC Leasing, LLC and Quaker Chemical Corporation (approximately $2,280,000).* 
  
 Credit Agreement between Quaker Chemical B.V., Quaker Chemical Europe B.V.
and ABN AMRO Bank N.V (Euro 7,500,000 maximum principal amount).* 
  
 ABN AMRO N.V. Uncommitted Line to Quaker Chemical Corporation (PA) dated December 22, 2004 ($5,000,000 maximum principal amount).* 
  
 Montgomery County Industrial Development Authority Floating Rate Demand Bonds, 1984 Series ($5,000,000 outstanding).* 
  
 Various capital lease agreements between Quaker France and Quaker Italy
(formerly Eural) and various lenders.* 
  
 Letter of Credit
supporting Montgomery County Industrial Development Authority Floating Rate Demand Bonds, 1984 Series (covering $5,000,000 principal plus estimated interest, which aggregates to approximately $5,300,000).* 
  
 Letter of Credit in favor of Ace Insurance Group ($1,000,000 outstanding at
September 30, 2005).* 
  

	*	Not expected to be repaid within 30 days of the Closing Date 

  

 7.03-1 

 SCHEDULE 7.03(k) 
  
 EXISTING INDEBTEDNESS TO BE REPAID WITHIN 30 DAYS OF THE CLOSING DATE 
  
 Credit Agreement between Quaker Chemical Corporation (PA) and ABN AMRO Bank
N.V. dated April 12, 2002, as amended by the First Amendment dated as of March 25, 2003, as further amended by the Second Amendment dated as of December 19, 2003, and as further amended by the Third Amendment dated as of
December 14, 2004 ($11,250,000 balance outstanding at September 30, 2005). 
  
 Credit Agreement between Quaker Chemical Corporation (PA) and PNC Bank, National Association dated June 19, 2003, as amended on July 15, 2003, as further amended on December 26, 2003, as further amended
on June 17, 2004, and as further amended on February 22, 2005 ($25,000,000 balance outstanding at September 30, 2005). 
  
 Demand Line of Credit between Quaker Chemical Corporation (PA) and National City Bank dated June 19, 2003 ($5,000,000 balance outstanding at
September 30, 2005). 
  
 Demand Obligation Loan Agreement
between Quaker Chemical Corporation (PA) and Citizens Bank of Pennsylvania dated April 29, 2004 ($5,000,000 balance outstanding at September 30, 2005). 
  
 Offering Basis Loan Agreement between Fleet National Bank, a Bank of America Company, and Quaker Chemical Corporation (PA)
dated December 16, 2004 ($15,000,000 balance outstanding at September 30, 2005). 
  

 7.03-1 

					
	1	  	SCHEDULE 10.02
	2	  	  
 SCHEDULE 10.02

	3	  	  
 ADMINISTRATIVE AGENT’S OFFICE;
CERTAIN ADDRESS FOR NOTICES

	4	  	  
 COMPANY AND DESIGNATED BORROWERS
CONTACT:

	5	  	  
 D. Jeffry
Benoliel

	6	  	 Quaker Chemical Corporation

	7	  	 One Quaker Park

	8	  	 901 Hector Street

	9	  	 Conshohocken, PA 19428-0809

	10	  	 Phone (610) 832-4000

	11	  	 Fax: (610) 832-4494

	12	  	 benoliej@quakerchem.com

	13	  	 www.quakerchem.com

	14	  	 	  	 
	15	  	  
 ADMINISTRATIVE AGENT
CONTACTS:

	16	  	  
 Bank of America, N.A. Credit
Services:

	17	  	Primary	  	 Rose Bollard (Borrowings and Payments)

	18	  	 	  	 Credit Services Representative

	19	  	 	  	 Bank of America, N.A.

	20	  	 	  	 MC: NC1-001-15-04

	21	  	 	  	 One Independence Center

	22	  	 	  	 101 N. Tryon St.

	23	  	 	  	 Charlotte, NC 28255

	24	  	 	  	 Telephone: 704.386.2881

	25	  	 	  	 Fax: 704.409.0355

	26	  	 	  	 Email: rose.bollard@bankofamerica.com

	27	  	 	  	 
	28	  	  
 Wire Instructions
	  	 ABA #: 026009593

	29	  	 	  	 Bank of America, New York, NY

	30	  	 	  	 Acct.#: 1366212250600

	31	  	 	  	 Attn: Corporate Credit Services / Rose Bollard

	32	  	 	  	 Ref: Quaker Chemical Corporation

	33	  	 	  	 
	34	  	  
 Other Notices as Administrative
Agent:

	35	  	 Bank of America, N.A.

	36	  	 Agency Management

	37	  	 Street Address: 100 Federal Street

	38	  	 Mail Code: MA5 100-11-02

	39	  	 City, State ZIP Code: Boston, MA 02110

	40	  	 Attention: Stephen Lynn

	41	  	 Agency Management Officer

	42	  	 Telephone: 617.434.8126

	43	  	 Telecopier: 617.434.0474

  

 10.02-1 

			
	1	  	 Electronic Mail: Stephen.a.lynn@bankofamerica.com

	2	  	 
	3	  	  
 LC/ISSUER

	4	  	  
 Standby Letters of Credit:

	5	  	  
 Bank of America,
N.A.

	6	  	 Trade Operations - Scranton, PA

	7	  	 1 Fleet Way    Mail Code: PA6-580-02-30

	8	  	 Scranton, PA    18507

	9	  	 Attention: Alfonso Malave

	10	  	 Telephone: 570-330-4212

	11	  	 Telecopier: 570-330-4186

	12	  	 Electronic Mail: alfonso.malave@bankofamerica.com

	13	  	 
	14	  	  
 Commercial Letters of Credit:

	15	  	  
 Bank of America,
N.A.

	16	  	 Trade Operations - Scranton, PA

	17	  	 1 Fleet Way    Mail Code: PA6-580-02-30

	18	  	 Scranton, PA    18507

	19	  	 Attention: Kimberly A. Stout

	20	  	 Telephone: 570-330-4230

	21	  	 Telecopier: 570-330-4292

	22	  	 Electronic Mail: kimberly.a.stout@bankofamerica.com

	23	  	 
	24	  	  
 Swing Line Lender:

	25	  	  
 Bank of America,
N.A.

	26	  	 Agency Management

	27	  	 Street Address: 100 Federal Street

	28	  	 Mail Code: MA5 100-11-02

	29	  	 City, State ZIP Code: Boston, MA 02110

	30	  	 Attention: Stephen Lynn

	31	  	 Agency Management Officer

	32	  	 Telephone: 617.434.8126

	33	  	 Telecopier: 617.434.0474

	34	  	 Electronic Mail: Stephen.a.lynn@bankofamerica.com

	35	  	 

  

 10.02-2 

 SCHEDULE 10.06 
  
 PROCESSING AND RECORDATION FEES 
  
 The Administrative Agent will charge a processing and recordation fee (an “Assignment Fee”) in the amount of $2,500 for each assignment;
provided, however, that in the event of two or more concurrent assignments to members of the same Assignee Group (which may be effected by a suballocation of an assigned amount among members of such Assignee Group) or two or more
concurrent assignments by members of the same Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group), the Assignment Fee will be $2,500 plus the amount set forth below: 
  

			
	 Transaction

	  	Assignment Fee

		
	First four concurrent assignments or suballocations to members of an
Assignee Group (or from members of an Assignee Group, as applicable)	  	-0-
		
	Each additional concurrent assignment or suballocation to a member of such
Assignee Group (or from a member of such Assignee Group, as applicable)	  	$500

  

 10.06-1 

 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 October 14, 2005(as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Quaker Chemical Corporation, a Pennsylvania corporation (the “Company”), the Designated Borrowers
from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. 
  
 The Company hereby requests, on behalf of itself or, if applicable, the Designated Borrower referenced in item 6 below
(the “Applicable Designated Borrower”) (select one): 
  

			
	 ̈ A Borrowing of Committed Loans     ̈ A conversion or continuation of Loans
		
	 1.
	  	 On              (a Business Day).

		
	2.	  	 In the amount of             .

		
	3.	  	 Comprised of              .

		
	 	  	 [Type of Committed Loan requested]

		
	4.	  	 In the following currency:
                    

		
	5.	  	 For Eurocurrency Rate Loans: with an Interest Period of             
months.

		
	6.	  	 On behalf of
                     [insert name of applicable Designated Borrower].

  
 The Committed
Borrowing, if any, requested herein complies with the provisos to the first sentence of Section 2.01 of the Agreement. 
  

			
	QUAKER CHEMICAL CORPORATION
		
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  

 A-1 

 EXHIBIT B 
  
 FORM OF SWING LINE LOAN NOTICE 
  
 Date:                     ,
             
  

	To:	Bank of America, N.A., as Swing Line Lender 

 Bank of America, N.A., as Administrative Agent 
  
 Ladies and Gentlemen:

  
 Reference is made to that certain Credit Agreement, dated as
of October 14, 2005 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Quaker Chemical
Corporation, a Pennsylvania corporation (the “Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing
Line Lender. 
  
 The undersigned hereby requests a Swing Line
Loan: 
  

			
	1.	  	On              (a Business Day).
		
	2.	  	In the amount of $            .

  
 The Swing Line
Borrowing requested herein complies with the requirements of the provisos to the first sentence of Section 2.04(a) of the Agreement. 
  

			
	QUAKER CHEMICAL CORPORATION
		
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  

 B-1 

 EXHIBIT C 
  
 FORM OF NOTE 
  
 __________ 
  
 FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to
                                 or registered assigns (the
“Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of
October 14, 2005 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Quaker Chemical
Corporation, the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. 
  
 The Borrower promises to pay interest on the unpaid principal amount of each
Loan 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. Except as otherwise provided in Section 2.04(f) of the Agreement with respect to Swing
Line Loans, all payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the currency in which such Committed Loan was denominated and in Same Day Funds at the Administrative Agent’s Office
for such currency. 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 Note is
one of the 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. 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 Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Loans 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 Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto.

  
 The Borrower, for itself, its successors and assigns, hereby
waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 
  

 C-1 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
PENNSYLVANIA. 
  

			
	[APPLICABLE DESIGNATED BORROWERS]
		
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
	
	[COMPANY]
		
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  

 C-2 

 LOANS AND PAYMENTS WITH RESPECT THERETO 
  

													
	Date

	 	Type of Loan
Made

	 	Currency
and 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 

 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 October 14, 2005 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Quaker Chemical Corporation, a Pennsylvania corporation (the “Company”), the Designated Borrowers
from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. 
  
 The undersigned Responsible Officer hereby certifies on behalf of the Company and each of its Subsidiaries as of the date
hereof that he/she is the
                                        
                                         of
the Company, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Company, and that: 
  

[Use following paragraph 1 for fiscal year-end financial statements] 
  
 1. Attached hereto as Schedule 1 are the year-end audited financial
statements required by Section 6.01(a) of the Agreement for the fiscal year of the Company 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.
Attached hereto as Schedule 1 are the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Company ended as of the above date. Such financial statements fairly present the
financial condition, results of operations and cash flows of the Company 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 Company during the accounting period covered by the attached financial statements.

  
 3. A review of the activities of the Company during such
fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Company 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
Company performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has occurred and is continuing.] 
  

 D-1 

 —or— 
  
 [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. No Default has
occurred and is continuing. 
  
 5. The financial covenant analyses
and information set forth on Schedule 2 attached hereto are true and accurate on and as of the date of this Certificate. 
  
 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
                    ,
                    . 
  

			
	QUAKER CHEMICAL CORPORATION
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

 D-2 

 [Print separate Excel version of Schedules 2, 3 and 4 and insert here.] 
  

 D-3 

 EXHIBIT E 
  
 ASSIGNMENT AND ASSUMPTION 
  
 This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into
by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
  
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes
from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
obligations as a Lender 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 under the respective facilities identified below (including, without limitation, the Letters of Credit and the Swing Line Loans included in such facilities) 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) 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 pursuant to clauses (i) and (ii) above being referred to herein collectively as, the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

	1.	Assignor:
                                        
                 

  

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

  

	3.	Borrower(s): Quaker Chemical Corporation and the Designated Borrowers from time to time party to the Credit Agreement 

  

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

  

	5.	Credit Agreement: Credit Agreement, dated as of October 14, 2005, among Quaker Chemical Corporation, the Designated Borrowers from time to time party thereto, the
Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender 

	1	Select as applicable. 

  

 E-1 

	6.	Assigned Interest: 

  

									
	 Facility Assigned

	  	 Aggregate
 Amount of
 Commitment
 for all Lenders*

	  	 Amount of
 Commitment
 Assigned*

	  	 Percentage
 Assigned of
 Commitment2

	 	 CUSIP Number

					
	____________	  	 $__________
	  	 $_________
	  	___________%	 	 
					
	____________	  	 $__________
	  	 $_________
	  	___________%	 	 
					
	____________	  	 $__________
	  	 $_________
	  	___________%	 	 

  

	[7.	Trade Date:                     ]3 

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

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

		
	By:	 	 
	 Title:
	 	 

  
 [Consented to:]4 

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

  

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

  

			
	 QUAKER CHEMICAL CORPORATION

		
	By:	 	 
	 Title:
	 	 

 (continued...)

	4	To be added only if the consent of the Company and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required by the terms of the Credit Agreement.

  

 E-2 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 
  
 STANDARD TERMS AND CONDITIONS FOR 
  
 ASSIGNMENT AND ASSUMPTION 
  
 1. Representations and Warranties. 
  
 1.1. Assignor. The Assignor (a) represents and warrants that
(i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of
the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their
respective obligations under any Loan Document. 
  
 1.2.
Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement),
(iii) (A) it is a Professional Market Party and (B) it is aware that it does not benefit from the (creditor) protection offered by the Dutch Banking Act to lenders of monies to persons of entities that are subject to the prohibition
of Section 82 of the Dutch Banking Act”, (iv) 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 Assigned Interest, shall have the
obligations of a Lender thereunder, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently
and without reliance on the Administrative Agent or any other Lender, and (vi) 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 Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the 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. 
  
 2. Payments. From and
after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the
Effective Date and to the 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 Commonwealth of Pennsylvania.

  

 E-3 

 EXHIBIT F 
  
 FORM OF DESIGNATED BORROWER 
 REQUEST AND ASSUMPTION AGREEMENT 
  
 Date:                     ,          
  

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

  
 Ladies and Gentlemen: 
  
 This Designated Borrower Request and Assumption Agreement is made and delivered pursuant to Section 2.14 of that certain Credit Agreement,
dated as of October 14, 2005 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Quaker Chemical Corporation, a Pennsylvania corporation (the
“Company”), the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, and reference is made thereto
for full particulars of the matters described therein. All capitalized terms used in this Designated Borrower Request and Assumption Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

  
 Each of
                            (the “Designated Borrower”) and the Company hereby
confirms, represents and warrants to the Administrative Agent and the Lenders that the Designated Borrower is a Subsidiary of the Company. 
  
 The documents required to be delivered to the Administrative Agent under Section 2.14 of the Credit Agreement will be furnished to the
Administrative Agent in accordance with the requirements of the Credit Agreement. 
  
 The parties hereto hereby confirm that with effect from the date hereof, the Designated Borrower shall have obligations, duties and liabilities toward each of the other parties to the Credit Agreement identical to
those which the Designated Borrower would have had if the Designated Borrower had been an original party to the Credit Agreement as a Borrower. The Designated Borrower confirms its acceptance of, and consents to, all representations and warranties,
covenants, and other terms and provisions of the Credit Agreement. 
  
 The parties hereto hereby request that the Designated Borrower be entitled to receive Loans under the Credit Agreement, and understand, acknowledge and agree that neither the Designated Borrower nor the Company on its behalf shall have any
right to request any Loans for its account unless and until the date five Business Days after the effective date designated by the Administrative Agent in a Designated Borrower Notice delivered to the Company and the Lenders pursuant to
Section 2.14 of the Credit Agreement. 
  
 This
Designated Borrower Request and Assumption Agreement shall constitute a Loan Document under the Credit Agreement. 
  
 THIS DESIGNATED BORROWER REQUEST AND ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE COMMONWEALTH OF
PENNSYLVANIA. 
  

 F-1 

 IN WITNESS WHEREOF, the parties hereto have caused this Designated Borrower Request and Assumption
Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	[DESIGNATED BORROWER]
		
	By:	 	 
	 Title:
	 	 
	
	QUAKER CHEMICAL CORPORATION
		
	By:	 	 
	 Title:
	 	 

  

 F-2 

 EXHIBIT G 
  
 FORM OF DESIGNATED BORROWER NOTICE 
  

Date:                     ,
         
  

	To:	Quaker Chemical Corporation 

  
 The Lenders party to the Credit Agreement referred to below 
  
 Ladies and Gentlemen: 
  
 This Designated Borrower Notice is made and delivered pursuant to Section 2.14 of that certain Credit Agreement, dated as of October 14.
2005 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Quaker Chemical Corporation, a Pennsylvania corporation (the “Company”), the
Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, and reference is made thereto for full particulars of the
matters described therein. All capitalized terms used in this Designated Borrower Notice and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
  
 The Administrative Agent hereby notifies Company and the Lenders that effective as of the date hereof
[                                ] shall be a Designated Borrower and may receive
Loans for its account on the terms and conditions set forth in the Credit Agreement. 
  
 This Designated Borrower Notice shall constitute a Loan Document under the Credit Agreement. 
  

			
	 BANK OF AMERICA, N.A.,

	 as Administrative Agent

		
	 By:
	 	 
	 Title:
	 	 

  

 G-1Employment Offer Letter

 Exhibit 10.39 
  
 September 7, 2005 
  
 Mr. Steven E. Buller 
 879 Valley Road 
 New Canaan, CT 06840 
  
 Dear Steve: 
  
 Congratulations! This will confirm
our offer to you to join BlackRock as a Managing Director and Chief Financial Officer. You will also be a member of our Management Committee. 
  
 You will have a 24-month compensation commitment, structured as follows: 
  

	1.	Your base salary will be paid at the rate of $260,000 (pro-rated for time actually worked). 

	2.	In addition, you will be paid a bonus for 2005, calculated by multiplying $1,490,000 by the number of weeks you work in 2005 and dividing by 52. 

	3.	Your 2006 bonus will be no less than $1,490,000. 

	4.	Your bonus for 2007 will be calculated by multiplying $1,490,000 by the result of 104 weeks minus the number of weeks worked from your date of hire to January 1, 2007 and dividing
by 52. 

  
 For the remainder of 2007 and beyond, you will receive a
discretionary bonus based on your performance and the performance of the firm. 
  
 Any bonus will be paid in conjunction with BlackRock’s annual schedule for bonus payments, which we anticipate to be early in the following year (e.g. February 2006 for the 2005 compensation year). The bonuses described in 2., 3., and
4. above are contingent upon your continued employment with BlackRock at the time of payment and are subject to all applicable tax withholding. However, in the event of the involuntary termination of your employment by BlackRock for any reason other
than for Cause or your death or disability prior to the date on which your bonuses are paid for the applicable fiscal year, you will be entitled, subject to signing an agreement and release, to the bonus amounts described in 2., 3. and 4. above to
the extent not already paid, provided that such bonus amounts will be offset by any compensation and benefits you receive from any other employment or consulting work (including self employment) prior to the second anniversary of your date of
hire. Furthermore, in the event of your death or disability during 2005, 2006 or 2007, you will be entitled to the applicable bonus amount for such year as set forth in 2., 3. and 4. above, to the extent not already paid, pro-rated for the period
from the beginning of the applicable calendar year through the date of your death or disability. 

 Page 2 Mr. Steven E. Buller 
  
 For purposes of this letter, “Cause” will mean the occurrence or existence of any of the following: (i) a material breach by you of written policies of
BlackRock or an affiliate thereof required by law or established to maintain compliance with applicable law; (ii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct by you against BlackRock or an affiliate thereof or any
client of BlackRock or an affiliate thereof; (iii) your conviction (including a plea of nolo contendere) for the commission of a felony that could, in BlackRock’s reasonable judgment, impair your ability to perform your duties hereunder or
adversely affect BlackRock’s or any of its affiliates’ business or reputation; or (iv) entry of any order against you by any governmental body having regulatory authority with respect to BlackRock’s business, which order relates to or
arises out of your employment relationship with BlackRock. The determination as to whether Cause exists will be made by BlackRock’s Chief Executive Officer. 
  
 Bonus payments may be subject to partial deferral under the terms of BlackRock’s Involuntary Deferred Compensation Plan as determined
by the Management Committee and the Compensation Committee of BlackRock’s Board of Directors from time to time. You will also be eligible for any other deferral program or long term incentive plan that may be approved by the Compensation
Committee of the Board of Directors for which other employees similarly situated are eligible. 
  
 In addition, you will receive a signing bonus calculated by multiplying $31,333 by the number of full and partial months between June 30, 2005 and your start date. This payment reflects the loss of K-1 income for that
period and will be made in cash, net of applicable tax withholding, on the first available payroll following your start date. 
  
 In addition, subject to approval by the Compensation Committee of BlackRock’s Board of Directors, you will be granted restricted shares of BlackRock Class A common
stock with value equal to $3,000,000. The number of shares to be awarded will be determined based on the average of the high and low price of stock on your date of hire. Subject to the terms of your restricted stock award agreement, this award will
vest as follows: 

	A)	thirty four percent of the shares on the third anniversary of your date of hire, plus 

	B)	twenty two percent of the shares on each of the third, fourth and fifth anniversaries of your date of hire, 

 provided that you will vest 100% in this award if an “Acceleration Event” occurs pursuant to the BlackRock, Inc. 2002 Long-Term Retention and Incentive
Plan. An award agreement governing the terms of this restricted stock award will be provided to you upon approval, a draft of which is attached to this letter. 
  

In addition, BlackRock will cover any legal expenses you have incurred in connection with your joining the company up to $4,000, with appropriate documentation of the
expense. 
  
 Finally, in recognition of your loss of pension income as a result of
your move, the firm will provide a lump-sum cash payment on the first available payroll following your start date representing the present value of $2,205 per month for your life and 10 years certain beginning at age 58. The lump-sum payment will be
in the amount of $316,548, net of applicable tax withholding, provided, however, that in the event of your voluntary termination of employment, you agree to repay part of all of the gross payment as follows: 

 Page 3 Mr. Steven E. Buller 
  

	1)	100% if your termination date is prior to the first anniversary of your date of hire, 

	2)	66.6% if your termination date is following the first anniversary but prior to the second anniversary of your date of hire, or 

	3)	33.3% if your termination date is following the second anniversary but prior to the third anniversary of your date of hire. 

  
 The purpose of this letter is to define your compensation at BlackRock. At all times you will
be considered an employee-at-will. 
  
 You will be eligible to participate in our
employee benefits program and in current and future compensation programs applicable to similarly situated employees. Your medical and dental insurance coverage will begin on the first of the month following your date of hire. Enclosed is a benefits
summary, and if you need additional information, please contact Susan Mink at (212) 810-3140. 
  
 In the event that any one or more of the terms and conditions set forth in this letter is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining terms and conditions
will not in any way be affected or impaired thereby. The terms contained in this letter apply to and bind BlackRock, its successors and assigns. The validity and construction of this letter shall be governed by the laws of the State of New York
(excluding any conflict of law, rule or principle of New York law that might refer the governance, construction or interpretation of this letter to the laws of another state). 

 Page 4 Mr. Steven E. Buller 
  
 Please acknowledge your acceptance of this offer by signing and returning the attached duplicate copy of this letter. Also, please complete the enclosed forms and return
them with your signed letter in the self-addressed envelope. 
  
 We look forward
to your joining us! 
  
 Sincerely, 
  

			
	 /s/    LAURENCE D. FINK

	 	 /s/    STEVEN E. BULLER

	 Laurence D. Fink
 Chairman & Chief Executive
Officer
	 	 Agreed & Accepted
  
  
 September 7, 2005

 Date

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