Document:

Credit Agreement dated as of June 16, 2010

 Exhibit 10.4 

 
  

 
 CREDIT AGREEMENT 

among 
 PICASSO
INTERMEDIATE COMPANY, INC. 
 (which immediately following the Initial Borrowing Date will be renamed 

BWAY INTERMEDIATE COMPANY, INC.) 

PICASSO MERGER SUB, INC. 

(which on the Initial Borrowing Date will be merged with and into 

BWAY HOLDING COMPANY) 

ICL INDUSTRIAL CONTAINERS ULC/ICL, CONTENANTS INDUSTRIELS ULC, 

VARIOUS LENDERS 

and 
 DEUTSCHE
BANK TRUST COMPANY AMERICAS, 
 as ADMINISTRATIVE AGENT 

 
  

Dated as of June 16, 2010 

BARCLAYS CAPITAL, 

as DOCUMENTATION AGENT 

DEUTSCHE BANK SECURITIES INC., 

BANC OF AMERICA SECURITIES LLC 

and 
 BARCLAYS
CAPITAL, 
 as JOINT LEAD ARRANGERS 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 Section 1.
	  	 Definitions and Accounting Terms
	  	1
			
	 1.01
	  	 Defined Terms
	  	1
	 1.02
	  	 Terms Generally
	  	65
			
	 Section 2.
	  	 Amount and Terms of Credit
	  	66
			
	 2.01
	  	 The Commitments
	  	66
	 2.02
	  	 Minimum Amount of Each Borrowing
	  	70
	 2.03
	  	 Notice of Borrowing
	  	70
	 2.04
	  	 Disbursement of Funds
	  	71
	 2.05
	  	 Notes
	  	72
	 2.06
	  	 Interest Rate Conversions
	  	75
	 2.07
	  	 Pro Rata Borrowings
	  	76
	 2.08
	  	 Interest
	  	77
	 2.09
	  	 Interest Periods
	  	78
	 2.10
	  	 Increased Costs, Illegality, etc.
	  	79
	 2.11
	  	 Compensation
	  	81
	 2.12
	  	 Change of Lending Office
	  	81
	 2.13
	  	 Replacement of Lenders
	  	82
	 2.14
	  	 Extended Loans
	  	83
	 2.15
	  	 Incremental Term Loan Commitments
	  	88
	 2.16
	  	 Incremental RL Commitments
	  	91
	 2.17
	  	 Provisions Regarding Bankers’ Acceptances, Drafts, etc.
	  	92
	 2.18
	  	 Defaulting Lenders
	  	92
	 2.19
	  	 Reverse Dutch Auction Repurchases
	  	95
	 2.20
	  	 Open Market Purchases
	  	97
	 2.21
	  	 Sponsor and Affiliate Term Loan Purchases
	  	98
			
	 Section 3.
	  	 Letters of Credit
	  	99
			
	 3.01
	  	 Letters of Credit
	  	99
	 3.02
	  	 Maximum Letter of Credit Outstandings; Final Maturities
	  	100
	 3.03
	  	 Letter of Credit Requests; Minimum Stated Amount
	  	100
	 3.04
	  	 Letter of Credit Participations
	  	101
	 3.05
	  	 Agreement to Repay Letter of Credit Drawings
	  	104
	 3.06
	  	 Increased Costs
	  	105
	 3.07
	  	 Extended Commitments
	  	105
			
	 Section 4.
	  	 Commitment Commission; Fees; Reductions of Commitment
	  	106
			
	 4.01
	  	 Fees
	  	106
	 4.02
	  	 Voluntary Termination of Unutilized Revolving Loan Commitments
	  	108
	 4.03
	  	 Mandatory Reduction of Commitments
	  	109

  

 i 

					
	 Section 5.
	  	 Prepayments; Payments; Taxes
	  	110
			
	 5.01
	  	 Voluntary Prepayments
	  	110
	 5.02
	  	 Mandatory Repayments
	  	111
	 5.03
	  	 Method and Place of Payment
	  	118
	 5.04
	  	 Net Payments
	  	118
			
	 Section 6.
	  	 Conditions Precedent to Credit Events on the Initial Borrowing Date
	  	120
			
	 6.01
	  	 Effective Date; Credit Documents; Notes
	  	120
	 6.02
	  	 Officer’s Certificate
	  	120
	 6.03
	  	 Opinions of Counsel
	  	121
	 6.04
	  	 Corporate Documents; Proceedings; etc.
	  	121
	 6.05
	  	 Existing Credit Agreement
	  	121
	 6.06
	  	 Consummation of Senior Note Issuance
	  	122
	 6.07
	  	 Matters Relating to Existing Indebtedness
	  	122
	 6.08
	  	 Common Equity Financing; Consummation of the Merger
	  	122
	 6.09
	  	 Company Material Adverse Effect Adverse Change
	  	123
	 6.10
	  	 Pledge Agreement
	  	123
	 6.11
	  	 Security Agreements
	  	123
	 6.12
	  	 [Reserved.]
	  	125
	 6.13
	  	 Subsidiaries Guaranties
	  	125
	 6.14
	  	 Financial Statements; Pro forma Balance Sheets; Projections
	  	125
	 6.15
	  	 Solvency Certificate; Insurance Certificates, etc.
	  	125
	 6.16
	  	 Fees, etc.
	  	125
	 6.17
	  	 Credit Facility Rating
	  	125
	 6.18
	  	 Initial Borrowing Date Representation and Warranties
	  	126
	 6.19
	  	 Patriot Act
	  	126
	 6.20
	  	 Borrowing Notice
	  	126
			
	 Section 7.
	  	 Conditions Precedent to all Credit Events after the Initial Borrowing Date
	  	126
			
	 7.01
	  	 No Default; Representations and Warranties
	  	126
	 7.02
	  	 Notice of Borrowing; Letter of Credit Request
	  	126
	 7.03
	  	 Incremental Term Loans
	  	126
			
	 Section 8.
	  	 Representations, Warranties and Agreements
	  	127
			
	 8.01
	  	 Organizational Status
	  	127
	 8.02
	  	 Power and Authority
	  	127
	 8.03
	  	 No Violation
	  	128
	 8.04
	  	 Approvals
	  	128
	 8.05
	  	 Financial Statements; Financial Condition; Projections
	  	128
	 8.06
	  	 Litigation
	  	129
	 8.07
	  	 True and Complete Disclosure
	  	129
	 8.08
	  	 Use of Proceeds; Margin Regulations
	  	130
	 8.09
	  	 Tax Returns and Payments
	  	130
	 8.10
	  	 ERISA; Canadian Welfare and Pension Plans
	  	130
	 8.11
	  	 The Security Documents
	  	132
	 8.12
	  	 Properties
	  	133
	 8.13
	  	 Capitalization
	  	133

  

 ii 

					
	 8.14
	  	 Subsidiaries
	  	134
	 8.15
	  	 Compliance with Statutes, etc.
	  	134
	 8.16
	  	 Investment Company Act
	  	134
	 8.17
	  	 [Reserved.]
	  	134
	 8.18
	  	 Environmental Matters
	  	134
	 8.19
	  	 Labor Relations
	  	135
	 8.20
	  	 Intellectual Property
	  	135
	 8.21
	  	 Indebtedness
	  	135
	 8.22
	  	 Insurance
	  	135
	 8.23
	  	 Representations and Warranties in Merger Documents
	  	135
	 8.24
	  	 Subordination
	  	136
	 8.25
	  	 Legal Names; Type of Organization (and Whether a Registered Organization); Jurisdiction of Organization; etc.
	  	136
			
	 Section 9.
	  	 Affirmative Covenants
	  	136
			
	 9.01
	  	 Information Covenants
	  	136
	 9.02
	  	 Books, Records and Inspections
	  	140
	 9.03
	  	 Maintenance of Property; Insurance
	  	140
	 9.04
	  	 Existence; Franchises
	  	141
	 9.05
	  	 Compliance with Statutes, etc.
	  	141
	 9.06
	  	 Compliance with Environmental Laws
	  	142
	 9.07
	  	 ERISA
	  	142
	 9.08
	  	 End of Fiscal Years; Fiscal Quarters
	  	143
	 9.09
	  	 Performance of Obligations
	  	143
	 9.10
	  	 Payment of Taxes
	  	143
	 9.11
	  	 Use of Proceeds
	  	143
	 9.12
	  	 Additional Security; Further Assurances; etc.
	  	144
	 9.13
	  	 Ownership of Subsidiaries; etc.
	  	145
	 9.14
	  	 Interest Rate Protection
	  	145
	 9.15
	  	 Permitted Acquisitions
	  	146
	 9.16
	  	 Credit Ratings
	  	147
	 9.17
	  	 Designation of Subsidiaries
	  	148
			
	 Section 10.
	  	 Negative Covenants
	  	148
			
	 10.01
	  	 Liens
	  	148
	 10.02
	  	 Consolidation, Merger, Purchase or Sale of Assets, etc.
	  	152
	 10.03
	  	 Dividends
	  	156
	 10.04
	  	 Indebtedness
	  	159
	 10.05
	  	 Advances, Investments and Loans
	  	164
	 10.06
	  	 Transactions with Affiliates
	  	166
	 10.07
	  	 Capital Expenditures
	  	167
	 10.08
	  	 Consolidated Interest Coverage Ratio
	  	167
	 10.09
	  	 Maximum Consolidated Total Net Leverage Ratio
	  	168
	 10.10
	  	 Limitations on Payments of Senior Notes, Existing Senior Subordinated Notes; Modifications of Senior Note Documents, Existing
Senior Subordinated Note Documents, Certificate of Incorporation, By-Laws and Certain Other Agreements, etc.
	  	169
	 10.11
	  	 Limitation on Certain Restrictions on Subsidiaries
	  	170

  

 iii 

					
	 10.12
	  	 Limitation on Issuance of Capital Stock
	  	172
	 10.13
	  	 Business
	  	172
	 10.14
	  	 Limitation on Creation of Subsidiaries
	  	173
	 10.15
	  	 Negative Pledges
	  	173
	 10.16
	  	 Additional Holdings Covenants
	  	174
			
	 Section 11.
	  	 Events of Default
	  	175
			
	 11.01
	  	 Payments
	  	175
	 11.02
	  	 Representations, etc.
	  	175
	 11.03
	  	 Covenants
	  	175
	 11.04
	  	 Default Under Other Agreements
	  	175
	 11.05
	  	 Bankruptcy, etc.
	  	176
	 11.06
	  	 ERISA
	  	176
	 11.07
	  	 Security Documents
	  	176
	 11.08
	  	 Guaranties
	  	176
	 11.09
	  	 Judgments
	  	176
	 11.10
	  	 Change of Control
	  	177
			
	 Section 12.
	  	 The Administrative Agent
	  	178
			
	 12.01
	  	 Appointment
	  	178
	 12.02
	  	 Nature of Duties
	  	179
	 12.03
	  	 Certain Rights of the Agents
	  	179
	 12.04
	  	 Reliance by Agents
	  	180
	 12.05
	  	 Notice of Default, etc.
	  	180
	 12.06
	  	 Nonreliance on Agents and Other Lenders
	  	180
	 12.07
	  	 Indemnification
	  	180
	 12.08
	  	 Agents in their Individual Capacities
	  	181
	 12.09
	  	 Holders
	  	181
	 12.10
	  	 Resignation of the Agents
	  	181
	 12.11
	  	 Collateral Matters
	  	182
	 12.12
	  	 Delivery of Information
	  	184
	 12.13
	  	 Special Provisions Applicable to Joint Lead Arrangers and Documentation Agent
	  	184
			
	 Section 13.
	  	 Miscellaneous
	  	185
			
	 13.01
	  	 Payment of Expenses, etc.
	  	185
	 13.02
	  	 Right of Setoff
	  	186
	 13.03
	  	 Notices
	  	186
	 13.04
	  	 Benefit of Agreement; Assignments; Participations, etc.
	  	187
	 13.05
	  	 No Waiver; Remedies Cumulative
	  	190
	 13.06
	  	 Payments Pro Rata
	  	190
	 13.07
	  	 Calculations; Computations
	  	191
	 13.08
	  	 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	  	193
	 13.09
	  	 Counterparts
	  	194
	 13.10
	  	 Effectiveness
	  	194
	 13.11
	  	 Headings Descriptive
	  	194

  

 iv 

					
	 13.12
	  	 Amendment or Waiver; etc.
	  	195
	 13.13
	  	 Survival
	  	198
	 13.14
	  	 Domicile of Loans
	  	198
	 13.15
	  	 Register
	  	198
	 13.16
	  	 Confidentiality
	  	199
	 13.17
	  	 USA Patriot Act Notice
	  	199
	 13.18
	  	 Designation as “Designated Senior Debt”
	  	199
	 13.19
	  	 Special Provisions Regarding Pledges of Equity Interests in Persons Not Organized in Qualified Jurisdictions
	  	200
	 13.20
	  	 Powers of Attorney; etc.
	  	200
	 13.21
	  	 Waiver of Sovereign Immunity
	  	201
	 13.22
	  	 Judgment Currency
	  	201
	 13.23
	  	 Absence of Financial Assistance by Canadian Borrower
	  	202
	 13.24
	  	 Effectiveness of Merger
	  	202
	 13.25
	  	 INTERCREDITOR AGREEMENT
	  	202
	 13.26
	  	 Absence of Fiduciary Relationship
	  	203
			
	 Section 14.
	  	 Credit Agreement Party Guaranty
	  	203
			
	 14.01
	  	 The Guaranty
	  	203
	 14.02
	  	 Bankruptcy
	  	203
	 14.03
	  	 Nature of Liability
	  	204
	 14.04
	  	 Independent Obligation
	  	204
	 14.05
	  	 Authorization
	  	204
	 14.06
	  	 Reliance
	  	205
	 14.07
	  	 Subordination
	  	205
	 14.08
	  	 Waiver
	  	206
	 14.09
	  	 Maximum Liability
	  	206
	 14.10
	  	 Payments
	  	206

  

			
	SCHEDULE 1.01	  	Unrestricted Subsidiaries
	SCHEDULE 2.01	  	Commitments
	SCHEDULE 2.17	  	Provisions Relating to Bankers’ Acceptance Loans
	SCHEDULE 2.19(a)	  	Reverse Dutch Auction Procedures
	SCHEDULE 3.01(a)	  	Existing Letters of Credit
	SCHEDULE 8.12	  	Real Property
	SCHEDULE 8.14	  	Subsidiaries
	SCHEDULE 8.19	  	Labor Matters
	SCHEDULE 8.21	  	Existing Other Indebtedness
	SCHEDULE 8.22	  	Insurance
	SCHEDULE 8.25	  	Legal Names; Types of Organization (and whether Registered Organization); Jurisdiction of Organization, etc.
	SCHEDULE 10.01(iii)	  	Existing Liens
	SCHEDULE 10.05(iii)	  	Existing Investments
	SCHEDULE 10.06(x)	  	Affiliate Transactions
	SCHEDULE 13.03	  	Lender Addresses

  

 v 

			
	EXHIBIT A-1	  	Notice of Borrowing
	EXHIBIT A-2	  	Notice of Conversion/Continuation
	EXHIBIT B-1	  	B Term Note
	EXHIBIT B-2	  	C Term Note
	EXHIBIT B-3	  	U.S. Borrower Revolving Note
	EXHIBIT B-4	  	Canadian Borrower Revolving Note
	EXHIBIT B-5	  	Swingline Note
	EXHIBIT B-6	  	Incremental Term Note
	EXHIBIT C	  	Letter of Credit Request
	EXHIBIT D	  	Section 5.04(b)(ii) Certificate
	EXHIBIT E-1	  	Opinion of Kirkland & Ellis LLP
	EXHIBIT E-2	  	Opinion of Goodmans LLP
	EXHIBIT F	  	Officers’ Certificate
	EXHIBIT G	  	Pledge Agreement
	EXHIBIT H-1	  	U.S. Security Agreement
	EXHIBIT H-2	  	Canadian Security Agreement
	EXHIBIT I-1	  	U.S. Subsidiaries Guaranty
	EXHIBIT I-2	  	Canadian Subsidiaries Guarantee
	EXHIBIT J	  	Solvency Certificate
	EXHIBIT K	  	Compliance Certificate
	EXHIBIT L	  	Assignment and Assumption Agreement
	EXHIBIT M	  	Incremental Term Loan Commitment Agreement
	EXHIBIT N	  	Incremental RL Commitment Agreement
	EXHIBIT O	  	Intercreditor Agreement

  

 vi 

 CREDIT AGREEMENT, dated as of June 16, 2010, among PICASSO INTERMEDIATE
COMPANY, INC., a Delaware corporation (which immediately following the Initial Borrowing Date will be renamed BWAY INTERMEDIATE COMPANY, INC.) (“Holdings”), PICASSO MERGER SUB, INC., a Delaware corporation (the “Merger
Sub”), which, on the Initial Borrowing Date, will merge into, and be survived by, BWAY Holding Company, a Delaware corporation (“BWAY Holding”), with the surviving corporation the “U.S. Borrower” hereunder,
ICL INDUSTRIAL CONTAINERS ULC/ICL, CONTENANTS INDUSTRIELS ULC, a Nova Scotia unlimited liability company (the “Canadian Borrower” and, together with the U.S. Borrower, the “Borrowers” and each a
“Borrower”), the Lenders party hereto from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Administrative Agent, BARCLAYS CAPITAL, the investment banking division of BARCLAYS BANK PLC, as Documentation Agent, DEUTSCHE
BANK SECURITIES INC., BANC OF AMERICA SECURITIES LLC and BARCLAYS CAPITAL, the investment banking division of BARCLAYS BANK PLC, as Joint Lead Arrangers (in such capacity, the “Joint Lead Arrangers”). All capitalized terms used
herein and defined in Section 1 are used herein as therein defined. 
 W I T N E
S S E T H : 
 WHEREAS, subject to and upon the terms and conditions set
forth herein, the Lenders are willing to make available to the Borrowers the respective credit facilities provided for herein; 

NOW, THEREFORE, IT IS AGREED: 

Section 1. Definitions and Accounting Terms. 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Acquired Entity or Business” shall mean either (x) the assets constituting a business, division,
product line, manufacturing facility or distribution facility of any Person not already a Subsidiary of the U.S. Borrower or the Canadian Borrower or (y) 100% of the Equity Interests of any such Person, which Person shall, as a result of the
respective acquisition, become a Wholly-Owned Subsidiary of the U.S. Borrower (or shall be merged with and into the U.S. Borrower or a Wholly-Owned Subsidiary of the U.S. Borrower). 

“Additional Intercreditor Agreement” shall mean an intercreditor agreement among the Administrative
Agent, the Collateral Agent and one or more Junior Representatives for holders of Permitted Junior Debt providing that, inter alia, the Liens on the Collateral (as defined in the U.S. Security Documents) in favor of the Collateral Agent (for
the benefit of the Secured Parties) shall be senior to such Liens in favor of the Junior Representatives (for the benefit of the holders of Permitted Junior Debt), as such intercreditor agreement may be amended, modified or supplemented from time to
time in accordance with the terms hereof and thereof. The Additional Intercreditor Agreement shall be in a form customary for transactions of the type contemplated thereby and otherwise reasonably satisfactory to the Administrative Agent and the
U.S. Borrower. 
 “Additional Security Documents” shall have the meaning provided in
Section 9.12. 

 “Adjusted Consolidated Net Income” shall mean, for any
period, Consolidated Net Income for such period plus the sum of the amount of all net non-cash charges (including, without limitation, depreciation, amortization, deferred tax expense and non-cash interest expense (but excluding any non-cash
interest expense attributable to the movement in the mark to market valuation of obligations arising under Interest Rate Protection Agreements, Other Hedging Agreements or other derivative instruments pursuant to GAAP)) and net non-cash losses which
were included in arriving at Consolidated Net Income for such period, less the amount of all net non-cash gains and non-cash credits which were included in arriving at Consolidated Net Income for such period. 

“Adjusted Consolidated Working Capital” shall mean, at any time, Consolidated Current Assets less
Consolidated Current Liabilities at such time. 
 “Administrative Agent” shall mean Deutsche
Bank Trust Company Americas, in its capacity as Administrative Agent for the Lenders hereunder, and shall include any successor to the Administrative Agent appointed pursuant to Section 12.10; provided that as used herein and in
the other Credit Documents, for purposes of actions to be taken hereunder, notices to be received or given and payments to be received or made in respect of Canadian Dollar Denominated Loans, the term “Administrative Agent” shall mean the
Canadian Sub-Agent. 
 “Affiliate” shall mean, with respect to any Person, any other Person
directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the
direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise; provided, however, that neither the Administrative Agent nor any Lender (nor any Affiliate
thereof) shall be considered an Affiliate of the U.S. Borrower or any Subsidiary thereof as a result of this Agreement, the extensions of credit hereunder or its actions in connection therewith. 

“Agents” shall mean the Administrative Agent and any other agent with respect to the Credit Documents,
including, without limitation, the Joint Lead Arrangers. 
 “Aggregate Canadian Borrower RL
Exposure” shall mean, at any time, the sum of (i) the aggregate principal amount, or Face Amount, as applicable, of all Canadian Borrower Revolving Loans outstanding at such time (for this purpose, using the U.S. Dollar Equivalent
of the principal amount or Face Amount, as the case may be, of any Canadian Dollar Denominated Revolving Loans), and (ii) the aggregate amount of all Canadian Borrower Letter of Credit Outstandings (using the U.S. Dollar Equivalent of all
amounts expressed in Canadian Dollars) at such time. 
 “Aggregate U.S. RL Exposure” shall
mean, at any time, the sum of (i) the aggregate principal amount of all U.S. Borrower Revolving Loans then outstanding, (ii) the aggregate amount of all U.S. Borrower Letter of Credit Outstandings at such time and (iii) the aggregate
principal amount of all Swingline Loans then outstanding. 
 “Agreement” shall mean this Credit
Agreement, as modified, supplemented, amended, restated (including any amendment and restatement hereof), extended or renewed from time to time. 
  

 -2- 

 “Applicable Commitment Fee Percentage” initially shall mean
a percentage per annum equal to 0.75%. For any Margin Reduction Period, from and after the Start Date to and including the corresponding End Date, the Applicable Commitment Fee Percentage shall be that commitment fee percentage set forth below
opposite the Consolidated Total Net Leverage Ratio in effect as of the applicable Test Date for such Start Date (as shown in the respective officer’s certificate delivered pursuant to Section 9.01(f) or the proviso below):

  

					
	 Level
	  	 Consolidated Total

Net Leverage Ratio
	  	Applicable Commitment
Fee Percentage
	 1
	  	Greater than or equal to 4.00:1.00	  	0.75%
	 2
	  	Less than 4.00:1.00	  	0.50%

 ; provided,
however, that if Holdings fails to deliver any Section 9.01 Financials (accompanied by the officer’s certificate required to be delivered pursuant to Section 9.01(f) showing the applicable Consolidated Total Net Leverage
Ratio on the relevant Test Date) on or prior to the respective date required by Section 9.01(b) or (c), as the case may be, then Level 1 commitment fee percentage shall apply until such time, if any, as such Section 9.01
Financials and the accompanying officer’s certificate have been delivered showing the commitment fee percentage for the respective Margin Reduction Period is at Level 2 (it being understood that, in the case of any late delivery of
Section 9.01 Financials and the related officer’s certificate as so required, any reduction in the Applicable Commitment Fee Percentage shall apply only from and after the date of the delivery of the complying Section 9.01 Financials
and related officer’s certificate). The Applicable Commitment Fee Percentage so determined shall apply, except as set forth in the immediately succeeding sentence, from the Start Date of the relevant Margin Reduction Period to and including the
corresponding End Date. Notwithstanding anything to the contrary contained above in this definition, (i) for the period from the Initial Borrowing Date to the date of the delivery of the Section 9.01 Financials in respect of Holdings’
first fiscal quarter ending at least six months after the Initial Borrowing Date, the Applicable Commitment Fee Percentage shall be maintained at Level 1 above and (ii) from and after the date of any Extension, with respect to any Extended U.S.
Borrower Revolving Loans and Extended Canadian Borrower Revolving Loans, the Applicable Commitment Fee Percentage shall be the applicable percentage(s) per annum specified for such Extended U.S. Borrower Revolving Loans and Extended Canadian
Borrower Revolving Loans in the relevant Extension Amendment. 
 Notwithstanding anything to the contrary contained above in the
definition or elsewhere in this Agreement, if it is subsequently determined that the Consolidated Total Leverage Ratio set forth in any officer’s certificate delivered pursuant to Section 9.01(f) is inaccurate for any
reason and the result thereof is that the Lenders received fees for any period based on an Applicable Commitment Fee Percentage that is less than that which would have been applicable had the Consolidated Total Leverage Ratio been
accurately determined, then, for all purposes of this Agreement, the “Applicable Commitment Fee Percentage” for any day occurring within the period covered by such officer’s certificate shall retroactively be deemed to be the
relevant percentage as based upon the accurately determined Consolidated Total Leverage Ratio for such period, and any shortfall in fees theretofor paid by the Borrower for the relevant period pursuant to Section 4.01(a) as a result
of the miscalculation of the Consolidated Total Leverage Ratio shall be deemed to be (and shall be) due and payable under Section 4.01(a), as applicable, at the time the fees for such period were required to be paid pursuant to said
Section (and shall remain due and payable until paid in full, together with all amounts owing under Section 2.08(c), in accordance with the terms of this Agreement). 

 

 -3- 

 “Applicable Currency” shall mean (i) with respect to
any Loan, the Available Currency in which such Loan was incurred and (ii) with respect to any Letter of Credit, the Available Currency in which such Letter of Credit was denominated. 

“Applicable Increased Term Loan Spread” shall mean, at any time, with respect to any then existing
Tranche of Term Loans at the time of the provision of any new Tranche of Incremental Term Loans pursuant to Section 2.15 which is subject to an Effective Yield that is less than the Effective Yield applicable to such new Tranche of
Incremental Term Loans by more than 0.50%, the margin per annum (expressed as a percentage) determined by Administrative Agent (and notified to the Lenders) as the margin per annum required to cause the Effective Yield applicable to such then
existing Tranche of Term Loans to equal (i) the Effective Yield applicable to such newly created Tranche of Incremental Term Loans minus (ii) 0.50%. Each determination of the “Applicable Increased Term Loan Spread” shall be made
by Administrative Agent taking into account the relevant factors outlined in the proviso to subclause (II) of clause (ix) of Section 2.15(a) and shall be conclusive and binding on all Lenders absent manifest error. 

“Applicable Margin” shall mean in respect of (i) B Term Loans and C Term Loans maintained as
(A) Base Rate Loans, a rate per annum equal to 2.75% and (B) LIBO Rate Loans, a rate per annum equal to 3.75% and (ii) Revolving Loans and Swingline Loans, for any Margin Reduction Period, from and after any Start Date to and
including the corresponding End Date, a rate per annum equal to the respective percentage per annum set forth below under the respective Type and Tranche of Loans and opposite the respective Level (i.e., Level 1, Level 2, or Level 3, as the
case may be) indicated to have been achieved on the applicable Test Date for such Start Date (as shown in the respective officer’s certificate delivered pursuant to Section 9.01(f) or the first proviso below): 

 

							
	 Level
	 	 Consolidated Total Net Leverage

Ratio
	 	Swingline Loans
and Revolving 
Loans
maintained as
Base Rate Loans or
Canadian Prime Rate Loans	 	Revolving Loans
maintained as LIBO
Rate
Loans
or as Bankers’
Acceptance Loans
	 1
	 	Greater than or equal to 4.00:1.00	 	2.75%	 	3.75%
	 2
	 	Greater than or equal to 3.50:1.00 but less than 4.00:1.00	 	2.50%	 	3.50%
	 3
	 	less than 3.50:1.00	 	2.25%	 	3.25%

 ; provided,
however, that if Holdings fails to deliver any Section 9.01 Financials (accompanied by the officer’s certificate required to be delivered pursuant to Section 9.01(f) showing the applicable Consolidated Total Net Leverage
Ratio on the relevant Test Date) on or prior to the respective date required by Section 9.01(b) or (c), as the case may be, then Level 1 pricing shall apply until such time, if any, as such Section 9.01 Financials and the
accompanying officer’s certificate have been delivered showing the pricing for the respective Margin Reduction Period is at a Level below Level 1 (it being understood that, in the case of any late delivery of Section 9.01 Financials and
the related officer’s certificate as so required, any reduction in the Applicable Margin shall apply only from and after the date of the delivery of the complying Section 9.01 Financials and related officer’s certificate);
provided, further, (i) at all times when any Default or Event of Default is in existence, Level 1 pricing shall apply to all Revolving Loans and Swingline Loans and (ii) that for the period from the Initial Borrowing Date to
the date of the delivery of the Section 9.01 Financials in respect of Holdings’ first fiscal quarter ending at least six months after the Initial Borrowing Date, Level 1 pricing shall apply to all Revolving Loans and Swingline Loans.

  

 -4- 

 Notwithstanding the foregoing, (i) the Applicable Margin in respect of
Extended U.S. Borrower Revolving Loans and Extended Canadian Borrower Revolving Loans of any Extension Series shall be the applicable percentages per annum provided pursuant to the relevant Extension Amendment, as the case may be, and (ii) the
Applicable Margin of certain Revolving Loans shall be increased as, and to the extent, necessary to comply with the provisions of Section 2.14. 

The Applicable Margins for any Tranche of Incremental Term Loans shall be (i) in the case of Incremental Term Loans
added to an existing Tranche, the same as the Applicable Margins for such existing Tranche, and (ii) otherwise, as specified in the respective Incremental Term Loan Commitment Agreement; provided that (x) on and after the date of
the most recent incurrence of any Tranche of Incremental Term Loans which gives rise to a determination of a new Applicable Increased Term Loan Spread, the Applicable Margins for any Tranche of Term Loans (other than such new Tranche of Incremental
Term Loans) shall be the higher of (a) the Applicable Increased Term Loan Spread for such Tranche of Term Loans and (b) the Applicable Margin for such Type and Tranche of Term Loans as otherwise determined above in the absence of this
clause (x); (y) the Applicable Margin in respect of Extended Term Loans of any Extension Series shall be the applicable percentages per annum provided pursuant to the relevant Extension Amendment, as the case may be; and (z) the Applicable
Margin of certain Term Loans shall be increased as, and to the extent, necessary to comply with the provisions of Section 2.14. 

Notwithstanding anything to the contrary contained above in the definition or elsewhere in this Agreement, if it is
subsequently determined that the Consolidated Total Leverage Ratio set forth in any officer’s certificate delivered pursuant to Section 9.01(f) is inaccurate for any reason and the result thereof is that the Lenders received
interest for any period based on an Applicable Margin that is less than that which would have been applicable had the Consolidated Total Leverage Ratio been accurately determined, then, for all purposes of this Agreement, the “Applicable
Margin” for any day occurring within the period covered by such officer’s certificate shall retroactively be deemed to be the relevant percentage as based upon the accurately determined Consolidated Total Leverage Ratio for such period,
and any shortfall in fees theretofor paid by the Borrower for the relevant period pursuant to Section 4.01(a) as a result of the miscalculation of the Consolidated Total Leverage Ratio shall be deemed to be (and shall be) due and payable
under Section 4.01(a), as applicable, at the time the fees for such period were required to be paid pursuant to said Section (and shall remain due and payable until paid in full, together with all amounts owing under
Section 2.08(c), in accordance with the terms of this Agreement). 
 “Applicable Prepayment
Percentage” shall mean, at any time, 50%; provided that, so long as no Default or Event of Default then exists, if at any time the Consolidated Total Net Leverage Ratio is (i) less than 4.00:1.00 (as set forth in an
officer’s certificate delivered pursuant to Section 9.01(f) for the fiscal quarter or fiscal year then last ended), the Applicable Prepayment Percentage shall instead be 25% and (ii) less than 3.00:1.00 (as set forth in an
officer’s certificate delivered pursuant to Section 9.01(f) for the fiscal quarter or fiscal year then last ended), the Applicable Prepayment Percentage shall instead be 0%. 

 

 -5- 

 “Applicable Threshold Price” has the meaning set forth in
Schedule 2.19. 
 “Asset Sale” shall mean any sale, transfer or other disposition by the
U.S. Borrower or any of its Restricted Subsidiaries to any Person (including by way of redemption by such Person) other than to the U.S. Borrower or a Wholly-Owned Subsidiary of the U.S. Borrower of any asset (including, without limitation, any
capital stock or other securities of, or Equity Interests in, another Person) other than sales or liquidations of Cash Equivalents and sales of assets pursuant to Sections 10.02(v), (vi), (vii), (ix), (x),
(xii), (xiii) (but only to the extent that the Net Sale Proceeds received by the U.S. Borrower and its Restricted Subsidiaries from all sales pursuant thereto is less than $25,000,000), (xiv), (xv), (xvi),
(xvii), (xviii), (xix), (xx) and (xxi). 
 “Assignment and
Assumption Agreement” shall mean an Assignment and Assumption Agreement substantially in the form of Exhibit L (appropriately completed). 

“Auction” shall have the meaning set forth in Section 2.19(a). 

“Auction Amount” has the meaning set forth in Schedule 2.19. 

“Auction Assignment and Assumption” has the meaning set forth in Schedule 2.19. 

“Auction Manager” shall have the meaning set forth in Section 2.19(a). 

“Auction Notice” has the meaning set forth in Schedule 2.19. 

“Available Amount” shall mean, on any date (the “Determination Date”), an amount equal
to (a) the sum of, without duplication: 
  

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

 

	 	(ii)	 the sum of Excluded Contributions (which are contributed as common equity to the U.S. Borrower); made during the period from and including the
Business Day immediately following the Initial Borrowing Date through and including the Determination Date; and 

  

	 	(iii)	 the aggregate amount of Net Sale Proceeds received from Asset Sales and Net Insurance Proceeds, in each case that the U.S. Borrower or any of
its Restricted Subsidiaries is entitled, pursuant to Sections 5.02(h) and (j), respectively, to reinvest such Net Sale Proceeds or Net Insurance Proceeds, as the case may be, in the purchase of Equipment, other fixed assets or other
tangible assets during the period following the Initial Borrowing Date through and including the Determination Date and that have not been applied as a mandatory prepayment of Term Loans pursuant to such Sections or reinvested without utilizing the
Available Amount; 

  

 -6- 

 minus (b) the sum of: 

 

	 	(i)	 the aggregate amount of consideration paid in respect of Permitted Acquisitions by the U.S. Borrower and its Restricted Subsidiaries pursuant to
Section 9.15(a) on or after the Initial Borrowing Date and on or prior to the Determination Date, the permissibility of which is contingent upon the utilization of the Available Amount; 

	 	(ii)	 the aggregate amount of Capital Expenditures made by the Borrower and its Restricted Subsidiaries pursuant to Section 10.07(c) on or
after the Initial Borrowing Date and on or prior to the Determination Date; 

  

	 	(iii)	 the aggregate amount of all Dividends made by Holdings and its Restricted Subsidiaries pursuant to Section 10.03(xiii) on or after the
Initial Borrowing Date and on or prior to the Determination Date; 

  

	 	(iv)	 the aggregate amount of all Investments made by Holdings and its Restricted Subsidiaries pursuant to Section 10.05(xviii) on or after
the Initial Borrowing Date and on or prior to the Determination Date; 

  

	 	(v)	 the aggregate amount of repayments, repurchases, redemptions or defeasances of Indebtedness pursuant to subclause (iii) of
Section 10.10(a), subclause (ii) of Section 10.10(b) or Section 10.10(c); 

  

	 	(vi)	 the aggregate amount of voluntary prepayments of Loans made with Excluded Contributions to the extent same have reduced the amount of Excess Cash
Flow required to be applied to prepay Term Loans pursuant to Section 5.02(i); and 

  

	 	(vii)	 the aggregate principal amount of Indebtedness incurred pursuant to Section 10.04(xxxiii). 

“Available Currency” shall mean (i) with respect to Canadian Dollar Denominated Revolving Loans,
Canadian Borrower Incremental Term Loans and Canadian Dollar Denominated Letters of Credit, Canadian Dollars, (ii) with respect to B Term Loans, C Term Loans, Incremental Term Loans (including Canadian Borrower Incremental Term Loans),
Revolving Loans (other than Canadian Dollar Denominated Revolving Loans) and Swingline Loans and Letters of Credit (other than Canadian Dollar Denominated Letters of Credit), U.S. Dollars. 

“Available Retained ECF Amount” shall mean (i) an amount which is initially equal to zero
plus (ii) the cumulative amount for all then-completed Excess Cash Flow Payment Periods of the amount of Excess Cash Flow permitted to be retained by the U.S. Borrower for each Excess Cash Flow Payment Period (commencing with the Excess
Cash Flow Payment Period ending September 30, 2011) after giving effect to the calculation of Excess Cash Flow for each such Excess Cash Flow Payment Period and the payment of Loans required pursuant to Section 5.02(i) in respect of
each such Excess Cash Flow Payment Period. 
 “B Term Loan” shall have the meaning provided in
Section 2.01(a). 
 “B Term Loan Commitment” shall mean, for each Lender, the
amount set forth opposite such Lender’s name in Schedule 2.01 directly below the column entitled “B Term Loan Commitment,” as the same may be terminated pursuant to Sections 4.03 and/or 11. 

“B Term Note” shall have the meaning provided in Section 2.05(a). 

 

 -7- 

 “B/A Discount Proceeds” shall mean, in respect of any
Bankers’ Acceptance or Draft to be purchased by a Canadian Borrower RL Lender on any date pursuant to Section 2.01(e) and Schedule 2.17 hereto, the difference between (i) the result (rounded to the nearest whole Canadian
cent, and with one-half of one Canadian cent being rounded up) calculated on such day by dividing the aggregate Face Amount of such Bankers’ Acceptance or Draft by the sum of one plus the product of (x) the Reference Discount Rate
(expressed as a decimal) applicable to such Bankers’ Acceptance or Draft multiplied by (y) a fraction, the numerator of which is the number of days in the term of such Bankers’ Acceptance or Draft and the denominator of which is 365;
and (ii) the aggregate applicable Drawing Fee with such product being rounded up or down to the fifth decimal place and .000005 being rounded up. 

“B/A Discount Rate” shall mean: 

(i) with respect to B/A Discount Rate Loans advanced to the Canadian Borrower by an Incremental Term Loan
Lender that is a Scheduled Bank and with respect to Bankers’ Acceptances to be purchased by a Canadian Borrower RL Lender that is a Scheduled Bank, the CDOR Rate; and 

(ii) with respect to B/A Discount Rate Loans advanced to the Canadian Borrower by an Incremental Term Loan
Lender that is not a Scheduled Bank and with respect to Bankers’ Acceptances or completed Drafts to be purchased by a Canadian Borrower RL Lender that is not a Scheduled Bank, the CDOR Rate plus ten (10) basis points (0.10%). 

“B/A Discount Rate Loan” shall mean any Canadian Dollar Denominated Loan during the period at which it
bears interest at a rate determined by reference to the B/A Discount Rate. 
 “B/A Equivalent
Note” shall have the meaning provided in Schedule 2.17 hereto. 
 “B/A
Instruments” shall mean, collectively, Bankers’ Acceptances, Drafts and B/A Equivalent Notes, and, in the singular, any one of them. 

“B/A Lender” shall mean any Canadian Borrower RL Lender which is not a Non-B/A Lender. 

“Bankers’ Acceptance” means a Draft drawn by the Canadian Borrower and accepted by a Canadian
Borrower RL Lender pursuant to Section 2.01(e) and Schedule 2.17 hereto. 

“Bankers’ Acceptance Loans” shall mean (i) the creation of Bankers’ Acceptances or
(ii) the creation and purchase of completed Drafts and the exchange of such Drafts for B/A Equivalent Notes, in each case as contemplated in Sections 2.01(e) and Schedule 2.17 hereto. 

“Bankruptcy Code” shall have the meaning provided in Section 11.05. 

“Base Rate” at any time shall mean the highest of (i) the Prime Rate, (ii) the rate which is
1/2 of 1% in excess of the Federal Funds Rate or (iii) the LIBO Rate for a LIBO Rate Loan with a one-month interest period commencing on such day plus 1.00%. For purposes of this definition, LIBO Rate shall be determined using the LIBO
Rate as otherwise determined by the Administrative Agent in accordance with the definition of LIBO Rate, except that (x) if a given day is a Business Day, such determination shall be made on such day (rather than two Business Days prior to the
commencement of an Interest Period) or (y) if a given day is not a Business Day, LIBO Rate for such day shall be the rate determined by the Administrative Agent pursuant to preceding clause (x) for the most recent Business Day preceding
such day. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or such LIBO Rate shall be effective as of the opening of business on the day of such change in the Prime Rate, the Federal Funds Rate or such LIBO Rate,
respectively. Notwithstanding any of the foregoing, the Base Rate shall not at any time be less than 2.75% per annum. 
  

 -8- 

 “Base Rate Loan” shall mean (i) each Swingline Loan
and (ii) each other Dollar Denominated Loan which is designated or deemed designated as a Base Rate Loan by the respective Borrower at the time of the incurrence thereof or conversion thereto. 

“Borrowers” shall have the meaning provided in the first paragraph of this Agreement. 

“Borrowing” shall mean the borrowing of the same Type of Loan pursuant to a single Tranche by the
Canadian Borrower or the U.S. Borrower, as the case may be, from all the Lenders having Commitments with respect to such Tranche (or from the Swingline Lender, in the case of Swingline Loans) on a given date (or resulting from a conversion or
conversions on such date), having (x) in the case of LIBO Rate Loans or B/A Discount Rate Loans the same Interest Period and (y) in the case of Bankers’ Acceptance Loans, underlying Bankers’ Acceptances Drafts or B/A Equivalent
Notes with the same maturities; provided (x) that Base Rate Loans incurred pursuant to Section 2.10(b) shall be considered part of the related Borrowing of LIBO Rate Loans, (y) any Incremental Term Loans incurred
pursuant to Section 2.01(c) shall be considered part of the related Borrowing of the then outstanding Tranche of Term Loans (if any) to which such Incremental Term Loans are added pursuant to, and in accordance with the requirements of,
Section 2.15(c) and (z) any U.S. Borrower Revolving Loans made pursuant to Incremental RL Commitments and added to then outstanding Borrowings, in accordance with requirements of Section 2.16(c), shall be considered part
of the related Borrowing of then outstanding Initial U.S. Borrower Revolving Loans to which same are added. 

“Business Day” shall mean (i) for all purposes other than as covered by clauses (ii) and
(iii) below, any day except Saturday, Sunday and any day which shall be in New York City a legal holiday or a day on which banking institutions are authorized or required by law or other government action to close and (ii) with respect to
all notices and determinations in connection with, and payments of principal and interest on, LIBO Rate Loans, any day which is a Business Day described in clause (i) above and which is also a day for trading by and between banks in the New
York or London interbank Eurodollar market and (iii) with respect to all notices and determinations in connection with, and payments of principal (or, Face Amount, as applicable), Unpaid Drawings and interest on, C Term Loans, Canadian Borrower
Incremental Term Loans, Canadian Borrower Revolving Loans or any Canadian Borrower Letters of Credit, any day which is a Business Day described in clauses (i) and, if relevant, (ii) above and which is also a day which is not a legal
holiday or a day on which banking institutions are authorized or required by law or other government action to close in Toronto, Ontario. 

“BWAY Holding” shall have the meaning provided in the first paragraph of this Agreement. 

 

 -9- 

 “BWAY Parent” shall mean Picasso Parent Company, Inc.
(which immediately following the Initial Borrowing Date will be renamed BWAY Parent Company, Inc.). 

“C Term Loan” shall have the meaning provided in Section 2.01(b). 

“C Term Loan Commitment” shall mean, for each Lender, the amount set forth opposite such Lender’s
name in Schedule 2.01 directly below the column entitled “C Term Loan Commitment,” as the same may be terminated pursuant to Sections 4.03 and/or 11. 

“C Term Loan Lender” shall mean any Lender with a C Term Loan Commitment or outstanding C Term Loans.

 “C Term Note” shall have the meaning provided in Section 2.05(a). 

“Calculation Period” shall mean, in the case of any Permitted Acquisition, the Test Period most recently
ended prior to the date of any such Permitted Acquisition for which Section 9.01 Financials are available. 

“Canadian Borrower” shall have the meaning provided in the first paragraph of this Agreement.

 “Canadian Borrower Incremental Term Loans” shall mean Incremental Term Loans incurred by the
Canadian Borrower. 
 “Canadian Borrower Letter of Credit” shall mean each Letter of Credit
(which may be denominated in U.S. Dollars or Canadian Dollars) issued to the Canadian Borrower pursuant to Section 3.01 and designated as such by the Canadian Borrower in the respective Letter of Credit Request. 

“Canadian Borrower Letter of Credit Outstandings” shall mean, at any time, the sum of (i) the
aggregate Stated Amount of all outstanding Canadian Borrower Letters of Credit and (ii) the aggregate amount of all Unpaid Drawings (taking the U.S. Dollar Equivalent of all amounts payable in Canadian Dollars) in respect of all Canadian
Borrower Letters of Credit. 
 “Canadian Borrower Revolving Loan” shall have the meaning
provided in Section 2.01(e). 
 “Canadian Borrower Revolving Loan Commitment” shall
mean, for each Lender, the amount set forth opposite such Lender’s name on Schedule 2.01 hereto directly below the column entitled “Canadian Borrower Revolving Loan Commitment”, as same may be (x) reduced from time to time
and/or terminated pursuant to Sections 4.02, 4.03 and/or 11 or (y) adjusted from time to time as a result of assignments to or from such Lender pursuant to Section 2.13 or 13.04(b). In addition, the Canadian
Borrower Revolving Loan Commitment of each Lender shall include each of its Initial Canadian Borrower Revolving Loan Commitment, and, subject to the consent of such Lender, any Extended Canadian Borrower Revolving Loan Commitment of such Lender.

 “Canadian Borrower Revolving Note” shall have the meaning provided in
Section 2.05(a). 
  

 -10- 

 “Canadian Borrower RL Lender” shall mean each Lender which
has a Canadian Borrower Revolving Loan Commitment (without giving effect to any termination of the Total Canadian Borrower Revolving Loan Commitment if any Canadian Borrower Letter of Credit Outstandings remain outstanding) or which has any
outstanding Canadian Borrower Revolving Loans (or any participation in any then outstanding Canadian Borrower Letter of Credit Outstandings). 

“Canadian Borrower RL Percentage” of any Canadian Borrower RL Lender at any time shall mean that
percentage which is equal to a fraction (expressed as a percentage) the numerator of which is the Canadian Borrower Revolving Loan Commitment of such Canadian Borrower RL Lender at such time and the denominator of which is the Total Canadian
Borrower Revolving Loan Commitment at such time, provided that if any such determination is to be made after the Total Canadian Borrower Revolving Loan Commitment (and the related Canadian Borrower Revolving Loan Commitments of the Lenders)
has (or have) terminated, the determination of such percentages shall be made immediately before giving effect to such termination (but giving effect to assignments made thereafter in accordance with the terms hereof); provided,
further, that in the case of Section 2.18 when a Defaulting Lender shall exist, “Canadian Borrower RL Percentage” shall mean the percentage of the Total Canadian Borrower Revolving Loan Commitments (disregarding any
Defaulting Lender’s Canadian Borrower Revolving Loan Commitment) represented by such Lender’s Canadian Borrower Revolving Loan Commitment. 

“Canadian Borrower Term Loans” shall mean and include all C Term Loans and all Canadian Borrower
Incremental Term Loans. 
 “Canadian Credit Party” shall mean the Canadian Borrower and each
Canadian Subsidiary Guarantor. 
 “Canadian Dollar Denominated Letter of Credit” shall mean
each Letter of Credit denominated in Canadian Dollars. 
 “Canadian Dollar Denominated Loan”
shall mean all Loans denominated in Canadian Dollars, which shall include each Canadian Borrower Incremental Term Loan made in Canadian Dollars and each Canadian Borrower Revolving Loan made in Canadian Dollars. 

“Canadian Dollar Denominated Revolving Loan” shall mean each Canadian Borrower Revolving Loan
denominated in Canadian Dollars at the time of the incurrence thereof. 
 “Canadian Dollar
Equivalent” shall mean, at any time for the determination thereof, the amount of Canadian Dollars which could be purchased with the amount of U.S. Dollars involved in such computation at the spot rate of exchange therefor as quoted by the
Administrative Agent as of 11:00 A.M. (New York City time) on the date two Business Days prior to the date of any determination thereof for purchase on such date (or, in the case of any determination pursuant to Section 13.22 or
Section 19 of the U.S. Subsidiaries Guaranty (or any equivalent provision in any other Subsidiaries Guaranty), on the date of determination). 

“Canadian Dollar L/C Stated Amount” of each Canadian Dollar Denominated Letter of Credit shall, at any
time, mean the maximum amount available to be drawn thereunder (expressed in Canadian Dollars) (in each case determined without regard to whether any conditions to drawing could then be met, but after giving effect to all previous drawings made
thereunder). 
  

 -11- 

 “Canadian Dollars” and “CDN $” shall mean
freely transferable lawful money of Canada (expressed in Canadian Dollars). 
 “Canadian Insolvency
Law” shall mean any of the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), and the Winding-Up and Restructuring Act (Canada), each as now and hereafter in effect,
and any successors to such statutes and any proceeding under applicable corporate law seeking an arrangement of, or stay of proceedings to enforce, some or all of the debts of the corporation. 

“Canadian Pension Event” shall mean, with respect to any Canadian Pension Plan, (a) the
failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (b) the receipt of a notice by a Governmental Authority relating to the intention to terminate any
such Canadian Pension Plan or to appoint a trustee or similar official to administer any such Canadian Pension Plan, or (c) the occurrence of any transaction or event that is prohibited under any applicable law and that could
reasonably be expected to result in the incurrence of any material liability by Holdings or any of its Restricted Subsidiaries, or the imposition on Holdings or any of its Restricted Subsidiaries of any material fine, excise tax or penalty
resulting from any noncompliance with any applicable law. 
 “Canadian MEPP” shall mean any
“multi-employer pension plan” as such term is defined in the Pension Benefits Act (Ontario) or other similar arrangement subject to the pension legislation of another Canadian jurisdiction to which Holdings or any of its Restricted
Subsidiaries contributes or is obligated to contribute. 
 “Canadian Pension Plan” shall mean
any “registered pension plan” that is sponsored or maintained by Holdings or any of its Restricted Subsidiaries subject to the funding requirements of the Pension Benefits Act (Ontario) or applicable pension benefits legislation in any
other Canadian jurisdiction and applicable to employees of any Restricted Subsidiary of Holdings resident in Canada or any province or territory thereof. 

“Canadian Prime Rate” shall mean, for any day, the rate of interest per annum expressed on the basis of
a 365-day year equal to the greater of (i) the per annum rate of interest quoted or established as the “prime rate” of DB Canada (or similar entity of a successor Administrative Agent hereunder) which it quotes or establishes for such
day as its reference rate of interest in order to determine interest rates for commercial loans made in Canadian Dollars in Canada to its Canadian borrowers and (ii) the average rate for Canadian Dollar bankers’ acceptances having a term
of 30 days that appears on Reuters Screen CDOR Page (or such other page as may be selected by DB Canada (or similar entity of a successor Administrative Agent hereunder) as a replacement page for such bankers’ acceptances if such screen is not
available) at approximately 10:00 A.M. (Toronto time) on such day plus 100 basis points per annum, in each instance, as of such day, adjusted automatically with each quoted or established change in such rate, all without the necessity of any notice
to any Borrower or any other Person. Any change in the Canadian Prime Rate due to a change in the “prime rate” or the average rate for Canadian Dollar bankers’ acceptances shall be effective as of the opening of business on the
effective day of such change in the “prime rate” or the average rate for Canadian Dollar bankers’ acceptances, respectively. Notwithstanding any of the foregoing, the Canadian Prime Rate shall not at any time be less than
2.75% per annum. 
  

 -12- 

 “Canadian Prime Rate Loans” shall mean any Canadian Dollar
Denominated Loan during the period which it bears interest at a rate determined by reference to the Canadian Prime Rate. 

“Canadian Security Agreement” shall have the meaning provided in Section 6.11(c).

 “Canadian Sub-Agent” shall mean DB Canada, or any other affiliate of DBTCA designated by
DBTCA to act in such capacity. 
 “Canadian Subsidiaries Guarantee” shall mean a Canadian
Subsidiaries Guarantee in the form of Exhibit I-2 (with such modifications as may be reasonably requested, or agreed to, by the Administrative Agent at the time of the entering thereof), as amended, modified or supplemented from time to time.
It is understood that there shall be no Canadian Subsidiaries Guarantee in effect on the Initial Borrowing Date, because the Canadian Borrower is the only Canadian Subsidiary in existence on such date. The Canadian Subsidiaries Guarantee may be
required to be entered into after the Initial Borrowing Date if one or more Canadian Subsidiaries are acquired or established after the Initial Borrowing Date, and the term “Canadian Subsidiaries Guarantee” shall collectively refer to any
separate guarantees of the Obligations of the Canadian Borrower entered into or required pursuant to this Agreement. 

“Canadian Subsidiary” shall mean each Subsidiary of Holdings incorporated or organized or resident for
the purposes of the Income Tax Act (Canada) in Canada or any province or territory thereof. 
 “Canadian
Subsidiary Guarantor” shall mean (i) each Wholly-Owned Restricted Subsidiary of Holdings that is a Canadian Subsidiary as of the Initial Borrowing Date (other than the Canadian Borrower) and (ii) each other Wholly-Owned Restricted
Subsidiary of Holdings that is a Canadian Subsidiary and is created, established or acquired after the Initial Borrowing Date which executes and delivers a Canadian Subsidiaries Guarantee, unless and until such time as the respective Canadian
Subsidiary is released from all of its obligations under its Canadian Subsidiaries Guarantee in accordance with the terms and provisions thereof. 

“Canadian Welfare Plan” shall mean any medical, health, hospitalization, insurance or other employee
benefit or welfare plan or arrangement (but excluding any Canadian Pension Plan) applicable to employees of a Restricted Subsidiary of the U.S. Borrower resident in Canada or any province or territory thereof. 

“Capital Expenditures” shall mean, with respect to any Person, all expenditures by such Person which
should be capitalized in accordance with generally accepted accounting principles and, without duplication, the amount of Capitalized Lease Obligations incurred by such Person; provided that Capital Expenditures shall not include (i) the
purchase price paid in connection with the Merger or a Permitted Acquisition, (ii) the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross amount of such purchase
price is reduced by the credit granted by the seller of such equipment for such existing equipment being traded in at such time, (iii) expenditures made in leasehold improvements, to the extent reimbursed by the landlord, (iv) expenditures
to the extent that they are actually paid for by a third party (excluding any Credit Party or any of its Restricted Subsidiaries) and for which no Credit Party or any of its Restricted Subsidiaries has provided or is required to provide or incur,
directly or indirectly, any consideration or monetary obligation to such third party or any other Person (whether before, during or after such period) and (v) property, plant and equipment taken in settlement of accounts. 

 

 -13- 

 “Capitalized Lease Obligations” shall mean, with respect to
any Person, all rental obligations of such Person which, under U.S. GAAP, are or will be required to be capitalized on the books of such Person, in each case taken at the amount thereof accounted for as indebtedness in accordance with U.S. GAAP.

 “Cash Equivalents” shall mean: 

 

	 	(i)	 United States dollars, pounds sterling, euros, the national currency of any participating member state of the European Union or, in the case of any
Foreign Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 

  

	 	(ii)	 readily marketable direct obligations of any member of the European Economic Area, Switzerland, or Japan, or any agency or instrumentality thereof
or obligations unconditionally guaranteed by the full faith and credit of such country, and, at the time of acquisition thereof, having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P;

  

	 	(iii)	 marketable general obligations issued by any state of the United States or any political subdivision thereof or any instrumentality thereof that are
guaranteed by the full faith and credit of such state or, in the case of Cash Equivalents of any Canadian Subsidiary, any province of Canada or any political subdivision of any such province or any public instrumentality thereof, and, at the time of
acquisition thereof, having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P; 

  

	 	(iv)	 securities or any other evidence of Indebtedness or readily marketable direct obligations issued or directly and fully guaranteed or insured by the
United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) or, in the case of Cash Equivalents of any
Canadian Subsidiary, Canada or any agency or instrumentality thereof (provided that the full faith and credit of Canada is pledged in support thereof), in such case having maturities of not more than twelve months from the date of
acquisition; 

  

	 	(v)	 certificates of deposit and eurodollar time deposits with maturities of twelve months or less from the date of acquisition, bankers’
acceptances with maturities not exceeding twelve months and overnight bank deposits, in each case, with any lender party to the Credit Agreement or any commercial bank or trust company having, or which is the principal banking subsidiary of a bank
holding company having, a long-term unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s; 

 

 -14- 

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

  

	 	(vii)	 commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within twelve months
after the date of acquisition; and 

  

	 	(viii)	 money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (i) through (vii) of
this definition. 

 “CDOR Rate” shall mean, on any day, the per annum rate of
interest which is the rate determined as being the arithmetic average of the rates applicable to Canadian Dollar bankers’ acceptances having identical issue and comparable maturity dates as the B/A Discount Rate Loans or Bankers’
Acceptance Loans, as the case may be, proposed to be incurred by the Canadian Borrower displayed and identified as such on the display referred to as the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates
Service as at approximately 10:00 A.M. (New York City Time) on such day, or if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Canadian Sub-Agent in good faith after 10:00 A.M. (New York City Time)
to reflect any error in a posted rate of interest or in the posted average annual rate of interest); provided, however, if such a rate does not appear on such CDOR Page, then the CDOR Rate, on any day, shall be the discount rate quoted
to the Canadian Sub-Agent (determined as of 10:00 A.M. (New York City Time)) on such day at which the Canadian Sub-Agent would purchase its own bankers’ acceptances in a comparable face amount and with comparable maturity dates to the B/A
Discount Rate Loans or Bankers’ Acceptance Loans, as the case may be, proposed to be incurred by the Canadian Borrower on such day, or if such day is not a Business Day, then on the immediately preceding Business Day. 

“CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as the same has been amended and may hereafter be amended from time to time, 42 U.S.C. § 9601 et seq. 

“Change of Control” shall mean, at any time and for any reason whatsoever, (a) Holdings shall fail
to directly or indirectly own 100% on a fully diluted basis of the U.S. Borrower’s Equity Interests, (b) the U.S. Borrower shall fail to directly or indirectly own 100% on a fully diluted basis of the Canadian Borrower’s Equity
Interests, (c) prior to any Initial Public Offering, Permitted Holders shall fail to have, directly or indirectly, beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act) in the aggregate of at least 50.1% on a
fully diluted basis of voting interests in Holdings’ Equity Interests, (d) on and after an Initial Public Offering, any “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the
Securities Exchange Act), other than one or more Permitted Holders (or any one or more Parent Companies in which the Sponsor and its Sponsor Affiliates, directly or indirectly, owns the largest percentage of such Parent Company’s voting Equity
Interests and in which no other such “person” or “group”, directly or indirectly, owns or controls (by ownership, contract or otherwise) more voting Equity Interests of such Parent Company than owned by Sponsor and its Sponsor
Affiliates), shall be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act) of Equity Interests having more, directly or indirectly, than 35% of the total voting power of all outstanding Equity
Interests of Holdings in the election of directors, unless at such time the Permitted Holders (or any one or more Parent Companies in which the Sponsor and its Sponsor Affiliates, directly or indirectly, owns the largest percentage of such Parent
Company’s voting Equity Interests and in which no other such “person” or “group”, directly or indirectly, owns or controls (by ownership, contract or otherwise) more voting Equity Interests of such Parent Company than owned
by Sponsor and its Sponsor Affiliates) are direct or indirect “beneficial owners” (as so defined) of Equity Interests of Holdings having a greater percentage of the total voting power of all outstanding Equity Interests of Holdings in the
election of directors than that owned by each other “person” or “group” described above, (e) after a Initial Public Offering has occurred, the Board of Directors of Holdings shall cease to consist of a majority of Continuing
Directors or (f) a “change of control” or similar event shall occur as provided in any Senior Note Documents, any Refinancing Notes Indentures or any Permitted Junior Debt in respect of any of the foregoing with an aggregate principal
amount in excess of the Threshold Amount. 
  

 -15- 

 “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time, and the regulations promulgated and rulings issued thereunder. Section references to the Code are to the Code as in effect at the date of this Agreement and any subsequent provisions of the Code amendatory thereof,
supplemental thereto or substituted therefor. 
 “Collateral” shall mean all property (whether
real, personal or otherwise) with respect to which any security interests have been granted (or purported to be granted) pursuant to any Security Document (including any Additional Security Documents), including, without limitation, all Pledge
Agreement Collateral, all collateral as described in the Security Agreements, all Mortgaged Properties and all cash and Cash Equivalents delivered as collateral pursuant to Section 5.02 or 11. 

“Collateral Agent” shall mean the Administrative Agent acting as collateral agent for the Secured
Creditors pursuant to the Security Documents. 
 “Commitment” shall mean any of the commitments
of any Lender, i.e., whether a B Term Loan Commitment, a C Term Loan Commitment, a U.S. Borrower Revolving Loan Commitment, a Canadian Borrower Revolving Loan Commitment, an Incremental Term Loan Commitment or an Incremental RL Commitment of
such Lender. 
 “Commitment Commission” shall have the meaning provided in
Section 4.01(a). 
 “Committed Financing” shall mean and include, at any time,
(i) the Total Unutilized Revolving Loan Commitment under this Agreement at such time and (ii) other financings (including debt and common stock issuances by Holdings) permitted under this Agreement, as then in effect, for which a binding
commitment to provide same, extending for at least 180 days, is then in place, which commitment, and the terms and conditions and issuer thereof, shall be reasonably satisfactory to the Administrative Agent. 

“Common Equity Financing” shall have the meaning given to that term in Section 6.08(a).

 “Company Material Adverse Effect” shall have the meaning provided in the Merger Agreement.

  

 -16- 

 “Consent Solicitation” means the solicitation by BWAY
Holding from the holders of outstanding Existing Senior Subordinated Notes of consents to certain amendments to the Existing Senior Subordinated Note Indenture in accordance with the terms of the Tender Offer Materials. 

“Consolidated Current Assets” shall mean, at any time, the consolidated current assets of Holdings and
its Restricted Subsidiaries at such time (other than cash and Cash Equivalents, amounts related to current or deferred Taxes on income or profits, assets held for sale, loans to third parties that are permitted under this Agreement, pension assets,
deferred bank fees and derivative financial instruments). 
 “Consolidated Current Liabilities”
shall mean, at any time, the consolidated current liabilities of Holdings and its Restricted Subsidiaries at such time, but excluding the current portion of any Indebtedness under this Agreement, the current portion of any other long-term
Indebtedness which would otherwise be included therein, accruals of consolidated interest expense (excluding consolidated interest expense that is due and unpaid), accruals for current or deferred Taxes based on income or profits, accruals of any
costs or expenses related to restructuring reserves to the extent permitted to be included in the calculation of Consolidated EBITDA and the current portion of pension liabilities. 

“Consolidated Depreciation and Amortization Expense” shall mean, with respect to any Person, for any
period, the total amount of depreciation and amortization expense, including (i) amortization of deferred financing fees, (ii) amortization of unrecognized prior service costs and actuarial gains and losses related to pensions and other
post-employment benefits and (iii) amortization of intangibles arising (including goodwill and organizational costs) (excluding any such adjustment to the extent that it represents an accrual of or reserve for cash expenditures in any future
period except to the extent such adjustment is subsequently reversed), in each case of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated EBITDA” shall mean, for any period, (w) Consolidated Net Income for such period;
plus  
  

	 	(x)	 all of the following, in each case as determined without duplication in accordance with Section 13.07(a) and, except with respect to
clause (ix), to the extent deducted in calculating Consolidated Net Income for such period: 

  

	 	(i)	 Interest Expense; 

  

	 	(ii)	 provision for taxes based on income or profits or capital (or any alternative tax in lieu thereof), including, without limitation, foreign, state,
franchise and similar taxes and foreign withholding taxes of Holdings and its Restricted Subsidiaries paid or accrued during such period, including (A) payments made pursuant to any tax sharing agreements or arrangements among Holdings, its
Restricted Subsidiaries and any Parent Company (so long as such tax sharing payments are attributable to the operations of Holdings and its Restricted Subsidiaries) and (B) an amount equal to the tax distributions actually made to any Parent
Company in respect of such period in accordance with Section 10.03 as though such amounts had been paid as income taxes directly by Holdings or its Restricted Subsidiaries for such period; 

 

 -17- 

	 	(iii)	 Consolidated Depreciation and Amortization Expense of such Person for such period; 

 

	 	(iv)	 other costs or expense pursuant to any management equity plan, supplemental executive retirement plan or stock option plan or any other management
or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of Holdings or net cash proceeds of an issuance of common
Equity Interests of Holdings or Qualified Preferred Stock; 

  

	 	(v)	 any compensation expense (whether cash or non-cash) resulting from the repurchase of any Equity Interests of Holdings from employees, directors or
consultants of Holdings or any of its Restricted Subsidiaries, in each case pursuant to the provisions of clause (iii) of Section 10.03; 

 

	 	(vi)	 any up-front fees, transaction costs, commissions, expenses, premiums or charges related to any equity offering, permitted investment, acquisition,
disposal or incurrence, repayment, amendment or modification of Indebtedness permitted by this Agreement (whether or not successful) and up-front or financing fees, transaction costs, commissions, expenses, premiums or charges related to the
Transaction (including fees paid to the Sponsor and/or its Affiliates in connection with the Merger) and any non-recurring merger or business acquisition transaction costs incurred during such period (in each case whether or not successful);

  

	 	(vii)	 cash restructuring charges or reserves and business optimization expense, including any restructuring costs and integration costs incurred in
connection with Permitted Acquisitions after the Initial Borrowing Date, costs related to the closure and/or consolidation of facilities, retention charges, contract termination costs, retention, recruiting, relocation, severance and signing bonuses
and expenses, transaction fees and expenses, future lease commitments, systems establishment costs, conversion costs and excess pension charges, consulting fees and any one-time expense relating to enhanced accounting function, or costs associated
with becoming a public company or any other costs incurred in connection with any of the foregoing; provided that the aggregate amount of add backs made pursuant to this clause (vii) for any period of four consecutive fiscal quarters, when
added to the aggregate amount of add backs made pursuant to clause (ix) below for such period of four consecutive fiscal quarters, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period of four consecutive fiscal
quarters (without giving effect to any adjustments pursuant to this clause (vii) or clause (ix) below); 

  

	 	(viii)	 all payments of fees and expenses pursuant to the Sponsor Agreement and the Kelso Agreements (as defined in the Existing Credit Agreement);

  

 -18- 

	 	(ix)	 the amount of net cost savings, operating expense reductions, other operating improvements and acquisition synergies projected by Holdings in good
faith to be realized during such period (calculated on a pro forma basis as though such items had been realized on the first day of such period) as a result of actions taken or to be taken in connection with the Transactions or any acquisition or
disposition by Holdings or any Restricted Subsidiary, net of the amount of actual benefits realized during such period that are otherwise included in the calculation of Consolidated EBITDA from such actions, provided that (A) a duly
completed certificate signed by a Responsible Officer of the Borrower shall be delivered to the Administrative Agent together with the Compliance Certificate required to be delivered pursuant to Section 9.01(f), certifying that
(x) such cost savings, operating expense reductions and synergies are reasonably expected and factually supportable in the good faith judgment of Holdings, and (y) such actions are to be taken within (I) in the case of any such cost
savings, operating expense reductions and synergies in connection with the Transactions, 18 months after the Initial Borrowing Date and (II) in all other cases, within 18 months after the consummation of the acquisition, disposition, restructuring
or the implementation of an initiative, which is expected to result in such cost savings, expense reductions or synergies, (B) no cost savings, operating expense reductions and synergies shall be added pursuant to this clause (ix) to the
extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period, (C) to the extent that any cost savings, operating expense reductions and
synergies are not associated with the Transactions or any other specified transaction, all steps shall have been taken for realizing such savings, (D) projected amounts (and not yet realized) may no longer be added in calculating Consolidated
EBITDA pursuant to this clause (ix) to the extent occurring more than four full fiscal quarters after the specified action taken in order to realize such projected cost savings, operating expense reductions and synergies and (E) the
aggregate amount of add backs made pursuant to this clause (ix) for any period of four consecutive fiscal quarters, when added to the aggregate amount of add backs made pursuant to clause (vii) above for such period of four consecutive
fiscal quarters, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period of four consecutive fiscal quarters (without giving effect to any adjustments pursuant to this clause (ix) or clause (vii) above);

  

	 	(x)	 to the extent covered by insurance and actually reimbursed or otherwise paid, or, so long as Holdings has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed or otherwise paid by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed or
otherwise paid within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed or otherwise paid within such 365 days), expenses with respect to liability or casualty events and expenses or
losses relating to business interruption; 

  

 -19- 

	 	(xi)	 expenses to the extent covered by contractual indemnification or refunding provisions in favor of Holdings or a Restricted Subsidiary and actually
paid or refunded, or, so long as Holdings has made a determination that there exists reasonable evidence that such amount will in fact be paid or refunded by the indemnifying party or other obligor and only to the extent that such amount is
(A) not denied by the applicable indemnifying party or obligor in writing within 90 days and (B) in fact reimbursed within 180 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed
within such 180 days); 

  

	 	(xii)	 the amount of any minority expense; and 

  

	 	(xiii)	 solely for purposes of determining compliance with Section 10.08 and Section 10.09, any Cure Amount;

 minus all non-cash gains to the extent included in Consolidated Net Income for such period
(excluding any non-cash gains to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period); 

provided that, notwithstanding the foregoing: 

 

	 	(1)	 to the extent that any non-cash charge added back to Consolidated Net Income pursuant to any of the foregoing provisions for any period (including
periods prior to the date hereof pursuant to the Existing Credit Agreement) shall become a cash event during any subsequent period, the amount thereof shall be deducted from Consolidated Net Income in determining Consolidated EBITDA for such
subsequent period, except, (x) in the case of compensation expense resulting from the repurchase of any Equity Interests of Holdings from employees of Holdings or any of its Restricted Subsidiaries, to the extent permitted to be added in
determining Consolidated EBITDA pursuant to the foregoing clause (x)(v), and (y) in the case of restructuring charges, to the extent permitted to be added in determining Consolidated EBITDA pursuant to the foregoing clause (x)(vii); and

  

	 	(2)	 in determining the Consolidated Total Net Leverage Ratio, the Consolidated Interest Coverage Ratio and the Consolidated Senior Secured Net Leverage
Ratio, Consolidated EBITDA for any period shall be calculated on a Pro Forma Basis to give effect to any Acquired Entity or Business (other than any Unrestricted Subsidiary redesignated as a Restricted Subsidiary of the U.S. Borrower)
acquired during such period pursuant to a Permitted Acquisition and not subsequently sold or otherwise disposed of by Holdings or any of its Restricted Subsidiaries during such period. Notwithstanding the foregoing, determinations of Consolidated
EBITDA for purposes of Sections 10.08 and 10.09 and the definition of “Applicable Margin” for any fiscal quarter ended on or prior to the last day of the fiscal quarter ended closest to March 31, 2011 shall be made in
accordance with the requirements of the definition of “Test Period” contained herein. 

  

 -20- 

 “Consolidated Indebtedness” shall mean, at any time, the
sum of (without duplication) (a) (i) all Indebtedness of Holdings and its Restricted Subsidiaries (on a consolidated basis) as would be required to be reflected as debt or Capitalized Lease Obligations on the liability side of a
consolidated balance sheet of Holdings and its consolidated Restricted Subsidiaries in accordance with generally accepted accounting principles, (ii) all Indebtedness of Holdings and its Restricted Subsidiaries of the type described in clause
(ii) of the definition of Indebtedness and (iii) all Contingent Obligations of Holdings and its Restricted Subsidiaries in respect of Indebtedness of any third Person of the type referred to in preceding clauses (i) and
(ii) minus (b) the aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens, other than non-consensual Liens permitted by Section 10.01 and other Liens created under any Credit Document)
not in excess of $50,000,000 included on the consolidated balance sheet of Holdings and its Restricted Subsidiaries as of such date; provided that Consolidated Indebtedness shall not include (x) Indebtedness in respect of any Existing
Senior Subordinated Notes that have been defeased or satisfied and discharged in accordance with the Existing Senior Subordinated Indenture and (y) Indebtedness in respect of any Senior Notes, Refinancing Notes or Permitted Junior Notes that
have been defeased or satisfied and discharged in accordance with the applicable indenture or with respect to which the required deposit has been made in connection with a call for repurchase or redemption to occur within the time period set forth
in the applicable indenture, in each case to the extent such transactions are permitted by Section 10.10, or (z) the aggregate amount available to be drawn (i.e., unfunded amounts) under letters of credit, bankers’
acceptances, bank guaranties, surety bonds and similar obligations issued for the account of the U.S. Borrower or any of its consolidated Restricted Subsidiaries (although, for avoidance of doubt, all unpaid drawings or other matured monetary
obligations owing in respect of such letters of credit, bankers’ acceptances, bank guaranties, surety bonds and similar obligations shall be included in calculations of Consolidated Indebtedness). 

“Consolidated Interest Coverage Ratio” shall mean, for any period, the ratio of Consolidated EBITDA for
such period to Consolidated Interest Expense for such period. 
 “Consolidated Interest
Expense” shall mean, for any period, the sum of the total consolidated cash interest expense (net of any cash interest income) of Holdings and its Restricted Subsidiaries for such period plus, without duplication, that portion of
Capitalized Lease Obligations of Holdings and its Restricted Subsidiaries representing the interest factor for such period; provided that Consolidated Interest Expense shall not include (i) the amortization of deferred financing, legal
and accounting costs with respect to this Agreement, (ii) the amortization of up front fees for any incurrence or issuance of Indebtedness, (iii) interest expense in respect of any Existing Senior Subordinated Notes that have been defeased
or satisfied and discharged in accordance with the Existing Senior Subordinated Indenture and (iv) interest expense in respect of any Senior Notes, Refinancing Notes or Permitted Junior Notes that have been defeased or satisfied and discharged
in accordance with the applicable indenture or with respect to which the required deposit has been made in connection with a call for repurchase or redemption to occur within the time period set forth in the applicable indenture, in each case to the
extent such transactions are permitted by Section 10.10. As used in the preceding sentence, the term “cash interest expense” shall include all regularly accruing interest expense payable in cash during such period (whether or
not actually paid in cash during the respective period). Notwithstanding anything to the contrary in the foregoing, determinations of Consolidated Interest Expense for purposes of Section 10.08 for any period ended on or prior to the end
of the fiscal period ending June 30, 2011, shall be made in accordance with the requirements of the definition of “Test Period” contained herein. 

“Consolidated Net Income” shall mean, for any period, the net income (or loss) of Holdings and its
Restricted Subsidiaries for such period, determined on a consolidated basis (after any deduction for minority interests), provided that: 
  

	 	(i)	 in determining Consolidated Net Income, the net income (or loss) of any other Person which is not a Restricted Subsidiary of Holdings or is
accounted for by Holdings by the equity method of accounting shall be included (x) in the case of net income, only to the extent of the payment of dividends, distributions or other payment that are actually paid in cash (or to the extent
converted into cash) by such other Person to Holdings or a Restricted Subsidiary thereof during such period, or (y) in the case of net loss, only to the extent of any losses actually funded (through Investments or otherwise) by Holdings or a
Restricted Subsidiary thereof during such period; 

  

 -21- 

	 	(ii)	 solely for purposes of determining the amount available under clause (a)(i) of the definition of Available Amount, the net income of any Restricted
Subsidiary of Holdings (other than any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of cash dividends or similar cash distributions by that Restricted Subsidiary of its net income is not at the date of
determination permitted by operation of its charter or any agreement, instrument or law applicable to such Restricted Subsidiary, unless such restriction has been legally waived; provided that Consolidated Net Income for such purpose will be
increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to Holdings or a Restricted Subsidiary thereof in respect of such period, to the extent not already included
therein; 

  

	 	(iii)	 any net after-tax effect (using a reasonable estimate based on applicable tax rates) of extraordinary, non-recurring or unusual gains or losses
(less all fees and expenses relating thereto) or expenses (including relating to the Transaction and any reconstruction, recommissioning or reconfiguration of fixed assets for alternate uses); 

 

	 	(iv)	 the net income or loss for such period shall not include the cumulative effect of a change in accounting principles during such period, whether
effected through a cumulative effect adjustment or a retroactive application, in each case in accordance with GAAP; 

  

	 	(v)	 any net after-tax effect (using a reasonable estimate based on applicable tax rates) from disposed, abandoned or discontinued operations and any net
after-tax gains or losses on disposal of disposed, abandoned or discontinued operations shall be excluded; 

  

	 	(vi)	 any net after-tax effect (using a reasonable estimate based on applicable tax rates) of gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business, as determined in good faith by the U.S. Borrower, shall be excluded;

  

	 	(vii)	 any effects of purchase accounting (including the effects of such adjustments pushed down to such Person and its Subsidiaries) in component amounts
required or permitted by GAAP, resulting from the application of purchase accounting in relation to the Transaction or any Permitted Acquisition or Investment that is consummated after the Initial Borrowing Date, net of taxes, or the amortization or
write-up, write-down or write-off of any amounts thereof, net of taxes, shall be excluded; 

  

	 	(viii)	 any net after-tax effect (using a reasonable estimate based on applicable tax rates) from the early extinguishment of Indebtedness or Hedging
Obligations or other derivative obligations shall be excluded; 

  

 -22- 

	 	(ix)	 any net after-tax gain or loss resulting from Hedging Obligations or other derivative instruments and the application of the application of
Statement of Financial Accounting Standards No. 133 and International Accounting Standards No. 39 and their respective related pronouncements and interpretations shall be excluded; 

 

	 	(x)	 any net after-tax effect (using a reasonable estimate based on applicable tax rates) of any impairment charge or asset write-off, write-up or
write-down, in each case pursuant to GAAP, shall be excluded; 

  

	 	(xi)	 any net after tax effect (using a reasonable estimate based on applicable tax rates) of noncash compensation expense recorded from grants or
periodic remeasurements of stock appreciation or similar rights, stock options, restricted stock or other rights or any other issuance of Equity Interests to employees, directors or consultants of Holdings or any of its Restricted Subsidiaries or
any compensation expense arising out of the Company’s existing supplemental executive retirement plans shall be excluded; 

  

	 	(xii)	 any other non-cash charges, expenses or losses including any write-offs or write-downs and any non-cash expense relating to the vesting of warrants,
reducing Consolidated Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted
from Consolidated Net Income in such future period to the extent paid, and excluding amortization of a prepaid cash item that was paid in a prior period) shall be excluded; 

 

	 	(xiii)	 any adjustments attributable to foreign currency translations, including those relating to mark-to-market of Indebtedness denominated in foreign
currencies resulting from the application of GAAP, including FAS No. 52, shall be excluded; 

  

	 	(xiv)	 accruals and reserves that are established within 12 months after the Initial Borrowing Date that are required to be established as a result of the
Transaction in accordance with GAAP shall be excluded; and 

  

	 	(xv)	 all Dividends paid (or deemed paid pursuant to the last sentence of Section 10.03) during such period pursuant to clauses (v), (vi) and
(vii) of Section 10.03 shall reduce Consolidated Net Income (except to the extent (x) the amount paid with such Dividends by Holdings would not, if the respective expense or other item had been incurred directly by the U.S. Borrower,
have reduced Consolidated Net Income or (y) such Dividend is paid by the U.S. Borrower in respect of an expense or other item that has resulted in, or will result in, a reduction of Consolidated Net Income, in each case as calculated pursuant
to the provisions of this definition). 

 “Consolidated Senior Secured Debt”
shall mean, at any time, (i) the sum of all Consolidated Indebtedness at such time that is secured by a Lien on any assets of Holdings or any of its Restricted Subsidiaries less (i) the aggregate principal amount of any Indebtedness
of Holdings and its Restricted Subsidiaries at such time that is subordinated in right of payment to the Obligations and, without duplication, (ii) the aggregate principal amount of Indebtedness of Holdings and its Restricted Subsidiaries at
such time that is secured by a Lien on the assets of Holdings and its Restricted Subsidiaries that is junior (in a manner reasonably satisfactory to the Administrative Agent or the Required Lenders) to the Lien securing the Obligations. 

 

 -23- 

 “Consolidated Senior Secured Net Leverage Ratio” means, at
any time, the ratio of (i) Consolidated Senior Secured Debt at such time to (ii) Consolidated EBITDA for the Test Period then most recently ended. If the Consolidated Senior Secured Net Leverage Ratio is being determined for a given Test
Period, Consolidated Indebtedness shall be measured on the last day of such Test Period, with Consolidated EBITDA being determined for such Test Period. 

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

“Continuing Directors” shall mean the directors of BWAY Parent on the Initial Borrowing Date, after
giving effect to the Transaction, and each other director if, in each case, such other director’s nomination for election to the board of directors of BWAY Parent or the Relevant Public Company, as the case may be, is recommended by at least a
majority of the then Continuing Directors or such other director receives the affirmative vote or consent of, or is appointed or otherwise approved by, the Sponsor, or those Permitted Holders which then hold a majority of the voting Equity Interests
in BWAY Parent or the Relevant Public Company, as the case may be, then held by all Permitted Holders, in his or her election by the shareholders of BWAY Parent or the Relevant Public Company, as the case may be. 

“Credit Agreement Party” shall mean each of Holdings, the U.S. Borrower and the Canadian Borrower.

  

 -24- 

 “Credit Agreement Party Guaranty” shall mean the guaranty
of each Credit Agreement Party pursuant to Section 14. 
 “Credit Documents” shall
mean this Agreement and, after the execution and delivery thereof pursuant to the terms of this Agreement, each Note, each B/A Instrument, each Subsidiaries Guaranty, each Security Document, each Incremental Commitment Agreement and each Extension
Amendment. 
 “Credit Event” shall mean the making of any Loan (other than a U.S. Borrower
Revolving Loan made pursuant to a Mandatory U.S. RL Borrowing) or the issuance of any Letter of Credit. 

“Credit Party” shall mean each U.S. Credit Party and each Canadian Credit Party. 

“Cure Amount” shall have the meaning provided in the last paragraph of Section 11.

 “Cure Right” shall have the meaning provided in the last paragraph of
Section 11. 
 “DB Canada” shall mean Deutsche Bank AG, Canada Branch, in its
individual capacity, and any successor corporation thereto by merger, consolidation or otherwise acting in respect of its Canadian banking business. 

“DBTCA” shall mean Deutsche Bank Trust Company Americas. 

“Default” shall mean any event, act or condition which with notice or lapse of time, or both, would
constitute an Event of Default. 
 “Defaulting Lender” shall mean, at any time of determination
thereof, any Lender that (i) has failed (which failure is not cured within one Business Day after the date of such failure) to fund any portion of any Borrowing (including any Mandatory U.S. RL Borrowing), participations in Letter of Credit
Outstandings or participations in Swingline Loans required to be funded by it hereunder (including its obligations under Section 2.01, Section 2.04 or Section 3), (ii) has otherwise failed (which failure is
not cured within one Business Day after the date of such failure) to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder, (iii) has failed, within three Business Days after written
request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent that it will comply with the terms of this Agreement relating to its obligation to fund any Borrowing (including any Mandatory U.S. RL Borrowing),
participations in Letter of Credit Outstandings or participations in Swingline Loans required to be funded by it hereunder (including its obligations under Section 2.01, Section 2.04 or Section 3); (iv) has
become the subject of a bankruptcy or insolvency proceeding or a takeover (in receivership or similar proceeding) by a Governmental Authority (or has a receiver, conservator, trustee or custodian appointed for it), (iv) does not meet a capital
adequacy or liquidity requirement applicable to such Lender as determined by the relevant Governmental Authority or (v) has notified any Credit Agreement Party, any Issuing Lender, the Swingline Lender and/or the Administrative Agent of any of
the foregoing (including any notification of its intent not to comply with its funding obligations described in preceding clause (i)); provided that for purposes of Section 2.01 with respect to Swingline Loans and
Section 3 only, the term “Defaulting Lender” shall also include (a) any Lender with an affiliate that (x) either (A) Controls such Lender or (B) is under common Control with such Lender and
(y) has become the subject of a bankruptcy or insolvency proceeding or a takeover by a Governmental Authority or does not meet a capital adequacy or liquidity requirement applicable to such affiliate as determined by the relevant Governmental
Authority (or has a receiver, conservator, trustee or custodian appointed for it), (b) any Lender that previously constituted a “Defaulting Lender” under this Agreement, unless such Lender has ceased to constitute a
“Defaulting Lender” for a period of at least 90 consecutive days, and (c) any Lender that one of the Swingline Lender, any Issuing Lender or the Administrative Agent believes in good faith has defaulted (which default is
continuing), and has notified any Credit Agreement Party and the Administrative Agent of such belief (although no such notice shall be required following an Event of Default), in its obligations under any other credit facility to which such Lender
is a party. 
  

 -25- 

 “Designated Interest Rate Protection Agreement” shall mean
each Interest Rate Protection Agreement entered into by the U.S. Borrower, the Canadian Borrower or their respective Restricted Subsidiaries secured by the Security Documents. 

“Designation Date” shall have the meaning provided in Section 9.17. 

“Discount Range” has the meaning set forth in Schedule 2.19. 

“Dividend” shall mean, with respect to any Person, that such Person has declared or paid a dividend,
distribution or returned any equity capital to its stockholders, partners or members or authorized or made any other distribution, payment or delivery of property (other than common equity of such Person) or cash to its stockholders, partners or
members as such, or redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its capital stock or any partnership or membership interests outstanding on or after the Effective Date
(or any options or warrants issued by such Person with respect to its Equity Interests), or set aside any funds for any of the foregoing purposes, or shall have permitted any of its Restricted Subsidiaries to purchase or otherwise acquire for a
consideration any shares of any class of the capital stock or any partnership or membership interests of such Person outstanding on or after the Effective Date (or any options or warrants issued by such Person with respect to its Equity Interests).

 “Do not have Unreasonably Small Capital” means for the period from the date hereof through
the stated maturity of all New Financing, the U.S. Borrower and its Subsidiaries taken as a whole after consummation of the Transaction and all Indebtedness (including the Loans) being incurred or assumed and Liens created by the U.S. Borrower and
its Subsidiaries in connection therewith, is a going concern and has sufficient capital to ensure that it will continue to be a going concern for such period. 

“Dollar Denominated Letter of Credit” shall mean each Letter of Credit denominated in U.S. Dollars.

 “Dollar Denominated Loans” shall mean each Loan denominated in U.S. Dollars. 

“Domestic Subsidiary” shall mean, as to any Person, any Subsidiary of such Person incorporated or
organized in the United States or any State or territory thereof or the District of Columbia. 

“Draft” shall mean at any time either a depository bill within the meaning of the Depository Bills and
Notes Act (Canada), or a bill of exchange, within the meaning of the Bills of Exchange Act (Canada), drawn by the Canadian Borrower on a Canadian Borrower RL Lender and bearing such distinguishing letters and numbers as such Canadian Borrower
RL Lender may determine, but which at such time has not been completed or accepted by such Canadian Borrower RL Lender. 
  

 -26- 

 “Drawing” shall have the meaning provided in
Section 3.04(a). 
 “Drawing Date” shall mean any Business Day fixed pursuant to
Schedule 2.17 for the creation of Bankers’ Acceptances or the purchase of completed Drafts and the exchange thereof for B/A Equivalent Notes, in each case by a Canadian Borrower RL Lender pursuant to Schedule 2.17. 

“Drawing Fee” shall mean, in respect of a Draft drawn by the Canadian Borrower hereunder and accepted by
a B/A Lender or a Draft purchased by a Non-B/A Lender, a fee calculated on the Face Amount of such Draft at a rate per annum equal to the Applicable Margin on the Drawing Date of such Draft. Drawing Fees shall be calculated on the basis of the term
to maturity of the Draft and a year of 365 days. 
 “Effective Date” shall have the meaning
provided in Section 13.10. 
 “Effective Yield” shall mean, as to any Loans of any
Tranche, the effective yield on such Loans as determined by the Administrative Agent, taking into account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar fees or original
issue discount (amortized over the shorter of (x) the Weighted Average Life to Maturity of such Loans and (y) the four years following the date of incurrence thereof) payable generally to Lenders making such Loans, but excluding any
arrangement, structuring or other fees payable in connection therewith that are not generally shared with the relevant Lenders and customary consent fees paid generally to consenting Lenders. 

“Eligible Transferee” shall mean and include a commercial bank, an insurance company, a finance company,
a financial institution, any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act) (other than a natural person) but in any event excluding, except to the extent provided in
Sections 2.19, 2.20, 2.21 and 13.04(c), the Sponsor, Holdings, each Borrower and their respective Subsidiaries and Affiliates. 

“End Date” shall mean, for any Margin Reduction Period, the last day of such Margin Reduction Period.

 “Environmental Claims” shall mean any and all administrative, regulatory or judicial
actions, suits, demands, demand letters, directives, claims, liens, notices of noncompliance or violation, investigations and/or proceedings relating in any way to any Environmental Law or any permit issued, or any approval given, under any such
Environmental Law (hereafter, “Claims”), including, without limitation, (a) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any
applicable Environmental Law, and (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief arising out of or relating to an alleged injury or threat of injury to
human health, safety or the environment due to the presence of Hazardous Materials. 
  

 -27- 

 “Environmental Law” shall mean any Federal, state,
provincial, foreign or local statute, law, rule, regulation, ordinance, code, binding guideline and rule of common law, now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent decree or judgment, relating to the environment, occupational health or Hazardous Materials, including, without limitation, CERCLA; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901
et seq.; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean Air Act, 42 U.S.C. § 7401
et seq.; the Safe Drinking Water Act, 42 U.S.C. § 3803 et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.; the Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C.
§ 11001 et seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.; the Clean Water Act, 33 U.S.C. § 1251 et seq.; and any state, provincial and local or foreign
counterparts or equivalents, in each case as amended from time to time. 
 “Equipment” shall
have the meaning provided in the U.S. Security Agreement. 
 “Equity Interests” of any Person
means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, any limited or general partnership interest
and any limited liability company membership interest. 
 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended from time to time, and, unless the context indicates otherwise, the regulations promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this
Agreement and any successor Section thereof. 
 “ERISA Affiliate” shall mean each person (as
defined in Section 3(9) of ERISA) which together with Holdings or a Subsidiary of Holdings would be deemed to be a “single employer” within the meaning of Section 414(b) or (c) of the Code and solely
with respect to Section 412 of the Code, Sections 414(b), (c), (m) or (o) of the Code. 

“ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of
ERISA or the regulations issued thereunder, but excluding any event for which the 30-day notice period is waived with respect to a Plan, (b) any failure to make a required contribution to any Plan that would result in the imposition of a lien
or other encumbrance or the failure to satisfy the minimum funding standards set forth in Section 430 of the Code or Section 303 of ERISA, or the arising of such a lien or encumbrance, with respect to a Plan, (c) the incurrence by
Holdings, a Restricted Subsidiary of Holdings, or an ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan or the withdrawal or partial withdrawal (including under Section 4062(e) of ERISA) of any
Holdings, a Restricted Subsidiary of Holdings, or an ERISA Affiliate from any Plan or Multiemployer Plan, (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 of ERISA, or the
receipt by Holdings, a Restricted Subsidiary of Holdings, or an ERISA Affiliate from the PBGC or a plan administrator of any notice of intent to terminate any Plan or Multiemployer Plan or to appoint a trustee to administer any Plan, (e) the
adoption of any amendment to a Plan that would require the provision of security pursuant to the Code, ERISA or other applicable law, (f) the receipt by Holdings, a Restricted Subsidiary of Holdings, or an ERISA Affiliate of any notice
concerning statutory liability arising from the withdrawal or partial withdrawal of Holdings, a Restricted Subsidiary of Holdings, or an ERISA Affiliate from a Multiemployer Plan or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA, (g) the occurrence of any non-exempt “prohibited transaction” (within the meaning of Section 406 of ERISA or 4975 of the Code) with respect to which
Holdings or any Restricted Subsidiary is a “disqualified person” (within the meaning of Section 4975 of the Code) or with respect to which Holdings or any Restricted Subsidiary could reasonably be expected to have liability,
(h) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of any Plan or the appointment of a trustee to administer any Plan, (i) the filing of any request for or receipt of a minimum funding
waiver under Section of the Code with respect to any Plan or Multiemployer Plan, (j) the receipt by Holdings, a Restricted Subsidiary of Holdings or any ERISA Affiliate of any notice, that a Multiemployer Plan is, or is expected to be, in
endangered or critical status under Section 305 of ERISA or, (k) any other extraordinary event or condition with respect to a Plan or Multiemployer Plan which could reasonably be expected to result in a Lien or any acceleration of any
statutory requirement to fund all or a substantial portion of the unfunded accrued benefit liabilities of such plan. 
  

 -28- 

 “Event of Default” shall have the meaning provided in
Section 11. 
 “Excess Cash Flow” shall mean, for any period, the remainder of
(a) the sum of, without duplication, (i) Adjusted Consolidated Net Income for such period and (ii) the decrease, if any, in Adjusted Consolidated Working Capital from the first day to the last day of such period (but excluding any
such decrease in Adjusted Consolidated Working Capital arising from a Permitted Acquisition or dispositions of any Person by Holdings and/or the Restricted Subsidiaries during such period), minus (b) the sum of, without duplication,
(i) the aggregate amount of all Capital Expenditures made by Holdings and its Restricted Subsidiaries during such period to the extent financed with Internally Generated Cash and not any portion of Available Retained ECF Amount,
(ii) without duplication of amounts deducted pursuant to clause (iii) below, the aggregate amount of all cash payments made in respect of all Permitted Acquisitions consummated by and other Investments permitted under
Section 10.05 made by Holdings and its Restricted Subsidiaries during such period, in each case to the extent financed with Internally Generated Cash and not any portion of Available Retained ECF Amount, (iii) without duplication of
amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by Holdings or any of its Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered
into prior to or during such period relating to Permitted Acquisitions, Investments or Capital Expenditures to be consummated or made during the period of four consecutive fiscal quarters of Holdings following the end of such period, provided
that to the extent the aggregate amount of Internally Generated Cash actually utilized to finance such Permitted Acquisitions, Investments or Capital Expenditures during such period of four consecutive fiscal quarters is less than the Contract
Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters, (iv) Dividends made in cash during such fiscal year to the extent otherwise
permitted by Section 10.03(iii) to the extent paid for with Internally Generated Cash, (v) (A) the aggregate amount of permanent principal payments of Indebtedness of Holdings and its Restricted Subsidiaries during such period
(other than voluntary prepayments of Loans) to the extent paid for with Internally Generated Cash and (B) prepayments and repayments of Loans pursuant to Sections 5.02(h) or 5.02(j) to the extent the Asset Sale or Recovery Event
giving rise to such prepayment or repayment resulted in an increase to Consolidated Net Income (but not in excess of the amount of such increase), (vi) the portion of Transaction Expenses and other transaction costs and expenses related to
items (i)-(v) above paid in cash during such fiscal year not deducted in determining Consolidated Net Income, (vii) the increase, if any, in Adjusted Consolidated Working Capital from the first day to the last day of such period (but
excluding any such increase in Adjusted Consolidated Working Capital arising from a Permitted Acquisition or disposition of any Person by Holdings and/or the Restricted Subsidiaries), (viii) cash payments in respect of non-current liabilities
to the extent made with Internally Generated Cash, (ix) the aggregate amount of expenditures actually made by Holdings and its Restricted Subsidiaries with Internally Generated Cash during such period (including expenditures for the payment of
financing fees, taxes, rent and pension and other retirement benefits) to the extent that such expenditures are not expensed during such period, and (x) the aggregate amount of any premium, make-whole or penalty payments actually paid with
Internally Generated Cash during such period that are required to be made in connection with any prepayment of Indebtedness. 
  

 -29- 

 “Excess Cash Flow Payment Date” shall mean the date
occurring 5 Business Days after the date on which Holdings’ annual audited financial statements are required to be delivered pursuant to Section 9.01(c) (commencing with the fiscal year of the U.S. Borrower ending September 30,
2011). 
 “Excess Cash Flow Payment Period” shall mean, with respect to any Excess Cash Flow
Payment Date, the immediately preceding fiscal year of the U.S. Borrower; provided that with respect to the first Excess Cash Flow Payment Date, the Excess Cash Flow Payment Period shall be the period from July 1, 2010 through the fiscal
year ending September 30, 2011. 
 “Excluded Contributions” shall mean net cash proceeds
received by or contributed to Holdings (other than any such proceeds used in exercising the Cure Right) from: 

(a) contributions to its common equity capital, and 

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

in each case designated as Excluded Contributions pursuant to an officer’s certificate executed by a Responsible Officer of Holdings
on the date such capital contributions are made or such Equity Interests are sold, as the case may be. 

“Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, or any other
recipient of any payment to be made by or on account of any obligation of any Credit Agreement Party hereunder, or under any Note, (a) income Taxes imposed on (or measured by) its net income and franchise (and similar) Taxes imposed on it in
lieu of income Taxes pursuant to the laws of the jurisdiction in which such recipient is subject to such Taxes for any reason or is organized or in which the principal office or applicable lending office of such recipient is located (or any
political subdivision thereof), (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction described in clause (a) above, (c) any estate, inheritance, gift, sales, excise,
transfer, personal property or similar tax, assessment governmental charge, and (d) in the case of a recipient, any withholding Tax that (i) is imposed on amounts payable to such recipient at the time such recipient becomes a party to this
Agreement (or designates a new lending office) or (ii) is attributable to such recipient’s failure to comply with Section 5.04(b) or Section 5.04(c), except in the case of clause (i) to the extent that such recipient (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 Credit Agreement Parties with respect to such withholding tax pursuant to Section 5.04(a). 

“Existing B Term Loan Tranche” shall have the meaning provided in Section 2.14. 

 

 -30- 

 “Existing C Term Loan Tranche” shall have the meaning
provided in Section 2.14. 
 “Existing Canadian Borrower Revolving Loan Tranche”
has the meaning provided in Section 2.14. 
 “Existing Credit Agreement” shall mean
the Credit Agreement, dated as of July 17, 2006, as amended on May 10, 2007, among BWAY Corporation, a Delaware corporation, and the Canadian Borrower, as borrowers, BWAY Holding, certain lenders party thereto and DBTCA as the
Administrative Agent (the “Existing Credit Agreement”). 
 “Existing Incremental Term
Loan Tranche” shall have the meaning provided in Section 2.14. 
 “Existing
Indebtedness” shall have the meaning provided in Section 6.07(a). 
 “Existing
Letters of Credit” shall have the meaning provided in Section 3.01. 
 “Existing
Note Indenture Amendment” shall mean the amendment to the Existing Senior Subordinated Notes Indenture entered into in connection with the Consent Solicitation. 

“Existing Other Indebtedness” shall have the meaning provided in Section 6.07(a).

 “Existing Preferred Stock” shall mean 20,000,000 shares of preferred stock, par value $0.01
per share, of the U.S. Borrower, of which none are outstanding. 
 “Existing Senior Subordinated
Notes” shall mean the BWAY Corporation’s 10% Senior Subordinated Notes due 2014 issued pursuant to the Existing Senior Subordinated Notes Indenture. 

“Existing Senior Subordinated Notes Indenture” shall mean the Indenture, dated as of April 6, 2009,
between BWAY Corporation, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, as modified, amended or supplemented through the Effective Date and as the same may be modified, amended or supplemented from time to time after
the Effective Date in accordance with the terms hereof and thereof. 
 “Existing Term Loan
Tranche” shall mean, collectively, the Existing B Term Loan Tranche, Existing C Term Loan Tranche and each Existing Incremental Term Loan Tranche, or any of them as the context may require. 

“Existing Tranche” shall mean any Existing Term Loan Tranche, Existing U.S. Borrower Revolving Loan
Tranche and/or Existing Canadian Borrower Revolving Loan Tranche, as the context may require. 

“Existing U.S. Borrower Revolving Loan Tranche” has the meaning provided in Section 2.14.

 “Expiration Time” has the meaning set forth in Schedule 2.19. 

 

 -31- 

 “Extended B Term Loan Commitments” shall mean one or more
commitments hereunder to convert B Term Loans under an Existing Term Loan Tranche to Extended B Term Loans of a given Extension Series pursuant to an Extension Amendment. 

“Extended B Term Loans” shall have the meaning provided in Section 2.14. 

“Extended C Term Loan Commitments” shall mean one or more commitments hereunder to convert C Term Loans
under an Existing Term Loan Tranche to Extended C Term Loans of a given Extension Series pursuant to an Extension Amendment. 

“Extended C Term Loans” shall have the meaning provided in Section 2.14. 

“Extended Canadian Borrower Revolving Loan Commitments” shall mean one or more commitments hereunder to
convert U.S. Canadian Revolving Loans under an Existing Canadian Borrower Revolving Loan Tranche to Extended Canadian Borrower Revolving Loans of a given Extension Series pursuant to an Extension Amendment. 

“Extended Canadian Borrower Revolving Loans” shall have the meaning provided in
Section 2.14. 
 “Extended Commitments” shall mean, collectively, the Extended Term
Loan Commitments, the Extended U.S. Borrower Revolving Loan Commitments and the Extended Canadian Borrower Revolving Loan Commitments, or any of them as the context may require. 

“Extended Incremental Term Loan Commitments” shall mean one or more commitments hereunder to convert
Incremental Term Loans under an Existing Term Loan Tranche to Extended Incremental Term Loans of a given Extension Series pursuant to an Extension Amendment. 

“Extended Incremental Term Loans” shall have the meaning provided in Section 2.14.

 “Extended Loans” shall mean, collectively, any Extended Term Loans, Extended U.S. Borrower
Revolving Loans and/or Extended Canadian Borrower Revolving Loans, or any of them as the context may require. 

“Extended Revolving Loan Maturity Date” shall mean, with respect to any Extended U.S. Borrower Revolving
Loan, Extended Canadian Borrower Revolving Loan, or Extended U.S. Borrower Revolving Loan Commitment or Extended Canadian Borrower Revolving Loan Commitment, the date specified in the applicable Extension Amendment. 

“Extended Term Loan Commitments” shall mean, collectively, the Extended B Term Loan Commitments,
Extended C Term Loan Commitments and Extended Incremental Term Loan Commitments, or any of them as the context may require. 

“Extended Term Loan Maturity Date” shall mean, with respect to any Tranche of Extended Term Loans, the
date specified in the applicable Extension Amendment. 
  

 -32- 

 “Extended Term Loans” shall mean, collectively, the
Extended B Term Loans, Extended C Term Loans and Extended Incremental Term Loans, or any of them as the context may require. 

“Extended U.S. Borrower Revolving Loan Commitments” shall mean one or more commitments hereunder to
convert U.S. Borrower Revolving Loans under an Existing U.S. Borrower Revolving Loan Tranche to Extended U.S. Borrower Revolving Loans of a given Extension Series pursuant to an Extension Amendment. 

“Extended U.S. Borrower Revolving Loans” shall have the meaning provided in Section 2.14.

 “Extending Canadian Borrower RL Lender” shall have the meaning provided in
Section 2.14. 
 “Extending Lender” shall mean any Extending Term Loan Lender,
Extending U.S. Borrower RL Lender and/or Extending Canadian Borrower RL Lender, as the context may require. 

“Extending Term Loan Lender” shall have the meaning provided in Section 2.14. 

“Extending U.S. Borrower RL Lender” shall have the meaning provided in Section 2.14.

 “Extension” shall mean any establishment of Extended Commitments and Extended Loans pursuant
to Section 2.14 and the applicable Extension Amendment. 
 “Extension Amendment”
has the meaning provided in Section 2.14. 
 “Extension Election” has the meaning
provided in Section 2.14. 
 “Extension Request” has the meaning provided in
Section 2.14. 
 “Extension Series” has the meaning provided in
Section 2.14. 
 “Face Amount” shall mean, in respect of a Draft, Bankers’
Acceptance or B/A Equivalent Note, as the case may be, the amount payable to the holder thereof on its maturity. The Face Amount of any Bankers’ Acceptance Loan shall be equal to the aggregate Face Amounts of the underlying Bankers’
Acceptances, B/A Equivalent Notes or Drafts, as the case may be. 
 “Facing Fee” shall have the
meaning provided in Section 4.01(c). 
 “Federal Funds Rate” shall mean, for any
period, a fluctuating interest rate equal for each day during such period to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published for
such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on
such transactions received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent. 
  

 -33- 

 “Fair Value” means the amount at which the assets (both
tangible and intangible), in their entirety, of the U.S. Borrower and its Subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable
knowledge of the relevant facts, with neither being under any compulsion to act. 
 “Fees”
shall mean all amounts payable pursuant to or referred to in Section 4.01. 
 “Foreign Asset
Sale” shall have the meaning provided in Section 5.02(o). 
 “Foreign Pension
Plan” shall mean any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States by Holdings or any one or more of its Restricted Subsidiaries primarily
for the benefit of employees of Holdings or such Restricted Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or
payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code but, excluding any Canadian Pension Plan. 

“Foreign Permitted Acquisition” shall mean the acquisition by the U.S. Borrower or any Restricted
Subsidiary of an Acquired Entity or Business that is not located or organized, as the case may be, in the United States or any state or territory thereof or Canada or any province or territory thereof (in each case including by way of merger of such
Acquired Entity or Business with and into such Person). 
 “Foreign Recovery Event” shall have
the meaning in Section 5.02(o). 
 “Foreign Security Document” shall mean each Security
Document other than a U.S. Security Document. 
 “Foreign Subsidiaries” shall mean each
Subsidiary of the U.S. Borrower that is not a Domestic Subsidiary. 
 “Governmental Authority”
shall mean the government of the United States of America, Canada, any other nation or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other
entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Guaranteed Creditors” shall mean and include (x) each of the Administrative Agent, the Collateral
Agent, each Issuing Lender and the Lenders and (y) any Affiliate of any Lender (even if such Lender subsequently ceases to be a Lender under this Agreement for any reason) so long as such Affiliate participates in an Interest Rate Protection
Agreement or Other Hedging Agreement, and their subsequent assigns, if any, whether now in existence or hereafter arising. 

“Guarantor” shall mean and include Holdings, the U.S. Borrower, the Canadian Borrower and each
Subsidiary Guarantor. 
 “Guaranty” shall mean and include each of the Credit Agreement Party
Guaranty and the Subsidiaries Guaranty. 
  

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 “Hazardous Materials” shall mean (a) any petroleum or
petroleum products, radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or
substances defined as or included in the definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous substances,” “restricted hazardous waste,” “toxic
substances,” “toxic pollutants,” “contaminants,” or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, the exposure to, or
Release of which is prohibited, limited or regulated by any Governmental Authority under any Environmental Law. 

“Holdings” shall have the meaning provided in the first paragraph of this Agreement. 

“Identified Contingent Liabilities” means the maximum estimated amount of liabilities reasonably likely
to result from pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of the U.S. Borrower and its Subsidiaries taken as a whole after giving effect to the Transaction (including all fees
and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in Stated Liabilities), as identified and explained in terms of their nature and estimated magnitude by responsible officers of the U.S. Borrower.

 “Incremental Commitment Agreement” shall mean any Incremental Term Loan Commitment Agreement
and/or any Incremental RL Commitment Agreement, as the context may require. 
 “Incremental
Lender” shall mean any Incremental Term Loan Lender and/or any Incremental RL Lender, as the context may require. 

“Incremental Loan Commitment” shall mean any Incremental Term Loan Commitment and/or any Incremental RL
Commitment, as the context may require. 
 “Incremental Loan Commitment Date” shall mean any
Incremental Term Loan Borrowing Date or any Incremental RL Commitment Date, as the context may require. 

“Incremental Loan Commitment Requirements” shall mean, with respect to any provision of an Incremental
Loan Commitment on a given Incremental Loan Commitment Date, the satisfaction of each of the following conditions: (a) no Default or Event of Default then exists or would result therefrom; (b) calculations are made by Holdings
demonstrating compliance on a Pro Forma Basis (determined as of the last day of the most recently ended fiscal quarter for which Section 9.01 Financials are available) with the covenants contained in Sections 10.08 and
10.09 (or, to the extent such Incremental Loan Commitment Date occurs prior to December 31, 2010, with the covenants applicable to the Test Period ending December 31, 2010); (c) the delivery by the relevant Credit Parties of
such technical amendments, modifications and/or supplements to the respective Security Documents as are reasonably requested by the Administrative Agent to ensure that the additional Obligations to be incurred pursuant to the Incremental Term Loan
Commitments or Incremental RL Commitments, as the case may be, are secured by, and entitled to the benefits of, the relevant Security Documents, and each of the Lenders hereby agrees to, and authorizes the Collateral Agent to enter into, any such
technical amendments, modifications or supplements; (d) the delivery by Holdings, to the Administrative Agent of an officer’s certificate executed by a Responsible Officer certifying as to compliance with preceding clauses (a) and
(b) and containing the calculations (in reasonable detail) required by preceding clause (b); (e) Holdings shall have demonstrated to Administrative Agent’s reasonable satisfaction that the full amount of the relevant Loans to be made
pursuant to such Incremental Loan Commitments (assuming the full utilization thereof) may be incurred without violating the terms of any Indebtedness of Holdings or any of its Restricted Subsidiaries in an aggregate principal amount in excess of the
Threshold Amount; (f) the satisfaction of all other conditions precedent that may be set forth in the respective Incremental Term Loan Commitment Agreement or Incremental RL Commitment Agreement, as the case may be; and (g) the completion
by the Credit Parties of such other actions as the Administrative Agent may reasonably request in connection with the provision of such Incremental Loan Commitment (including, without limitation, delivery of officers’ certificates, resolutions,
evidence of good standing and reasonably satisfactory opinions of counsel). 
  

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 “Incremental RL Commitment” shall mean, for each Lender,
any commitment to make Revolving Loans provided by such Lender pursuant to Section 2.16 as agreed to by such Lender in the respective Incremental RL Commitment Agreement delivered pursuant to Section 2.16; it being
understood, however, that on each date upon which an Incremental RL Commitment of any Lender becomes effective, such Incremental RL Commitment of such Lender shall be added to (and thereafter become a part of) the Revolving Loan Commitment of
such Lender for all purposes of this Agreement as contemplated by Section 2.16. 

“Incremental RL Commitment Agreement” shall mean each Incremental RL Commitment Agreement in the form of
Exhibit N (appropriately completed and with such modification (not inconsistent with Section 2.16 or the other relevant provisions of this Agreement) as may be approved by the Administrative Agent) executed in accordance with
Section 2.16. 
 “Incremental RL Commitment Date” shall mean each date upon which
an Incremental RL Commitment under an Incremental RL Commitment Agreement becomes effective as provided in Section 2.16(b). 

“Incremental RL Lender” shall have the meaning provided in Section 2.16(b). 

“Incremental Term Loan” shall have the meaning provided in Section 2.01(c). 

“Incremental Term Loan Borrower” shall mean (x) the U.S. Borrower, with respect to U.S. Borrower
Incremental Term Loans and (y) the Canadian Borrower, with respect to Canadian Borrower Incremental Term Loans. 

“Incremental Term Loan Borrowing Date” shall mean, with respect to each Tranche of Incremental Term
Loans, each date on which Incremental Term Loans of such Tranche are incurred pursuant to Section 2.01(c), which date shall be the date of the effectiveness of the respective Incremental Term Loan Commitment Agreement pursuant to which
such Incremental Term Loans are to be made. 
 “Incremental Term Loan Commitment” shall mean,
for each Lender, any commitment to make Incremental Term Loans provided by such Lender pursuant to Section 2.15 on a given Incremental Term Loan Borrowing Date, in such amount as agreed to by such Lender in the respective Incremental
Term Loan Commitment Agreement delivered pursuant to Section 2.15, as the same may be terminated pursuant to Sections 4.03 and/or 11. 
  

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 “Incremental Term Loan Commitment Agreement” shall mean
each Incremental Term Loan Commitment Agreement in the form of Exhibit M (appropriately completed and with such modifications (not inconsistent with Section 2.15 or the other relevant provisions of this Agreement) as may be
approved by the Administrative Agent) executed in accordance with Section 2.15. 

“Incremental Term Loan Lender” shall have the meaning provided in Section 2.15(b).

 “Incremental Term Note” shall have the meaning provided in Section 2.05(a).

 “Indebtedness” shall mean, as to any Person, without duplication, (i) all indebtedness
(including principal, interest, fees and charges) of such Person for borrowed money or for the deferred purchase price of property or services, (ii) the maximum amount available to be drawn under all letters of credit, bankers’ acceptances
and similar obligations issued for the account of such Person and all unpaid drawings in respect of such letters of credit, bankers’ acceptances and similar obligations, (iii) all Indebtedness of the types described in clause (i), (ii),
(iv), (v), (vi) or (vii) of this definition secured by any Lien on any property owned by such Person, whether or not such Indebtedness has been assumed by such Person (provided that, if the Person has not assumed or otherwise become
liable in respect of such Indebtedness, such Indebtedness shall be deemed to be in an amount equal to the lesser of (x) the aggregate unpaid amount of Indebtedness secured by such Lien and (y) the fair market value of the property to which
such Lien relates as determined in good faith by such Person), (iv) the aggregate amount of all Capitalized Lease Obligations of such Person, (v) all Contingent Obligations of such Person, (vi) all obligations under any Interest Rate
Protection Agreement, any Other Hedging Agreement or under any similar type of agreement and (vii) all Off-Balance Sheet Liabilities of such Person. Notwithstanding the foregoing, Indebtedness shall not include (a) trade payables and
accrued expenses incurred by any Person in accordance with customary practices and in the ordinary course of business of such Person or (b) earn-outs and other contingent payments in respect of acquisitions except to the extent that the
liability on account of any such earn-outs or contingent payment becomes fixed and is required to be reflected as a liability on the consolidated balance sheet of Holdings and its Restricted Subsidiaries. 

“Indemnified Person” shall have the meaning provided in Section 13.01. 

“Indemnified Taxes” shall mean Taxes other than Excluded Taxes and Other Taxes. 

“Individual Canadian Borrower RL Exposure” of any Canadian Borrower RL Lender shall mean, at any time,
the sum of (I) the aggregate principal amount (or Face Amount, as applicable) of all Canadian Borrower Revolving Loans made by such Canadian Borrower RL Lender and then outstanding (for this purpose, using the U.S. Dollar Equivalent of the
principal amount or Face Amount, as the case may be, of Canadian Dollar Denominated Revolving Loans) and (II) such Canadian Borrower RL Lender’s L/C Participation Percentage in each then outstanding Canadian Borrower Letter of Credit multiplied
by the sum of the Stated Amount of the respective Canadian Borrower Letter of Credit and any Unpaid Drawings relating thereto (for this purpose, using the U.S. Dollar Equivalent of any amounts expressed in Canadian Dollars). 

“Individual RL Facility Exposures” of any Lender shall mean, at any time, the sum of the Individual
Canadian Borrower RL Exposure and the Individual U.S. RL Exposure of such Lender at such time. 
  

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 “Individual U.S. RL Exposure” of any U.S. Borrower RL
Lender shall mean, at any time, the sum of (I) the aggregate principal amount of all U.S. Borrower Revolving Loans made by such U.S. Borrower RL Lender and then outstanding, (II) such U.S. Borrower RL Lender’s L/C Participation Percentage
in each then outstanding U.S. Borrower Letter of Credit multiplied by the sum of the Stated Amount of the respective U.S. Borrower Letter of Credit and any Unpaid Drawings relating thereto and (III) such U.S. Borrower RL Lender’s U.S. Borrower
RL Percentage multiplied by the aggregate principal amount of all outstanding Swingline Loans. 

“Initial B Term Loan Maturity Date” shall mean June 16, 2017. 

“Initial Borrowing Date” shall mean the date occurring on or after the Effective Date on which the
initial Borrowing of Loans occurs. 
 “Initial C Term Loan Maturity Date” shall mean
June 16, 2017. 
 “Initial Canadian Borrower Revolving Loan Commitment” shall mean, with
respect to each Canadian Borrower RL Lender, the Canadian Borrower Revolving Loan Commitments of such Canadian Borrower RL Lender (excluding such Canadian Borrower RL Lender’s Extended Canadian Borrower Revolving Loan Commitment, if any).

 “Initial Incremental Term Loan Maturity Date” shall mean, for any Tranche of Incremental
Term Loans, the final maturity date set forth for such Tranche of Incremental Term Loans in the respective Incremental Term Loan Commitment Agreement relating thereto, provided that the initial final maturity date for all Incremental Term
Loans of a given Tranche shall be the same date. 
 “Initial Public Offering” shall mean the
issuance by Holdings or any Parent Company of its common Equity Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement
filed with the SEC in accordance with the Securities Act, as amended. 
 “Initial Revolving Loan
Maturity Date” shall mean June 16, 2015. 
 “Initial U.S. Borrower Revolving Loan
Commitment” shall mean, with respect to each U.S. Borrower RL Lender, the U.S. Borrower Revolving Loan Commitments of such U.S. Borrower RL Lender (excluding such U.S. Borrower RL Lender’s Extended U.S. Borrower Revolving Loan
Commitment, if any). 
 “Initial U.S. Borrower Revolving Loans” shall mean those U.S. Borrowing
Loans made pursuant to the Initial U.S. Borrower Revolving Loan Commitments. 
 “Intellectual
Property” shall have the meaning provided in Section 8.20. 
 “Intercompany
Loan” shall have the meaning provided in Section 10.05. 
 “Intercreditor
Agreement” shall mean that certain Intercreditor Agreement, dated as of the date hereof, by and among the Lenders (as same may be amended or modified from time to time in accordance with the terms thereof). 

 

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 “Interest Determination Date” shall mean, with respect to
any LIBO Rate Loan, the second Business Day prior to the commencement of any Interest Period relating to such LIBO Rate Loan. 

“Interest Expense” shall mean the aggregate consolidated interest expense (net of interest income) of
Holdings and its Restricted Subsidiaries in respect of Indebtedness determined on a consolidated basis in accordance with U.S. GAAP, including amortization or original issue discount on any Indebtedness and amortization of all fees payable in
connection with the incurrence of such Indebtedness, including, without limitation, aggregate fees payable in respect of Letters of Credit pursuant to Sections 4.01(b), (c) and (d) (in each case, to the extent included
in interest expense), the interest portion of any deferred payment obligation and the interest component of any Capitalized Lease Obligations. 

“Interest Period” shall have the meaning provided in Section 2.09. 

“Interest Rate Protection Agreement” shall mean any interest rate swap agreement, interest rate cap
agreement, interest collar agreement, interest rate hedging agreement or other similar agreement or arrangement. 

“Internally Generated Cash” shall mean cash generated from Holdings and its Restricted
Subsidiaries’ operations and not representing (i) a reinvestment by Holdings or any Restricted Subsidiaries of the Net Sale Proceeds of any Asset Sale or Net Insurance Proceeds of any Recovery Event, (ii) the proceeds of any issuance
of any Equity Interests or any Indebtedness of Holdings or any Restricted Subsidiary (other than Revolving Loans and other Indebtedness incurred under revolving credit facilities) or (iii) any credit received by Holdings or any Restricted
Subsidiary with respect to any trade in of property for substantially similar property or any “like kind exchange” of assets. 

“Investments” shall have the meaning provided in Section 10.05. 

“Issuing Lender” shall mean (i) for purposes of any U.S. Borrower Letter of Credit, DBTCA, any
affiliate of DBTCA and any U.S. Borrower RL Lender (or affiliate of any U.S. Borrower RL Lender) which at the request of the U.S. Borrower and with the consent of the Administrative Agent agrees, in such U.S. Borrower RL Lender’s (or U.S.
Borrower RL Lender affiliate’s) sole discretion, to become an Issuing Lender for the purpose of issuing U.S. Borrower Letters of Credit pursuant to Section 3, and (ii) for purposes of any Canadian Borrower Letter of Credit, DB
Canada, any of its affiliates and any Canadian Borrower RL Lender (or affiliate of any Canadian Borrower RL Lender) which at the request of the Canadian Borrower and with the consent of the Administrative Agent agrees, in such Canadian Borrower RL
Lender’s (or Canadian Borrower RL Lender affiliate’s) sole discretion, to become an Issuing Lender for the purpose of issuing Canadian Borrower Letters of Credit pursuant to Section 3. 

“Joint Lead Arrangers” shall have the meaning provided in the first paragraph to this Agreement.

 “Joint Venture” shall mean any Person other than an individual or a Subsidiary of the U.S.
Borrower (i) in which the U.S. Borrower or any of its Restricted Subsidiaries holds or acquires an ownership interest (by way of ownership of Equity Interests or other evidence of ownership) and (ii) which is engaged in a business
permitted by Section 10.13. 
  

 -39- 

 “Judgment Currency” shall have the meaning provided in
Section 13.22(a). 
 “Judgment Currency Conversion Date” shall have the meaning
provided in Section 13.22(a). 
 “Junior Representative” means, with respect to any
series of Permitted Junior Debt, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Permitted Junior Debt is issued, incurred or otherwise obtained and each of
their successors in such capacities. 
 “Latest Maturity Date” shall mean, at any date of
determination, the latest Maturity Date applicable to any Loan or Revolving Loan Commitment hereunder at such time, including the latest maturity date of any Extended Term Loan, Extended U.S. Borrower Revolving Loan, Extended Canadian Borrower
Revolving Loan, Extended U.S. Borrower Revolving Loan Commitment or Extended Canadian Borrower Revolving Loan Commitment, in each case as extended in accordance with this Agreement from time to time. 

“L/C Participation Percentages” shall have the meaning provided in Section 3.04(a).

 “L/C Supportable Obligations” shall mean (i) obligations of the U.S. Borrower or any of
its Restricted Subsidiaries with respect to workers compensation, surety bonds and other similar statutory obligations and (ii) any other ordinary course obligations of the U.S. Borrower or any of its Restricted Subsidiaries not prohibited
pursuant to the terms of this Agreement (other than obligations in respect of (a) the Senior Notes, (b) any Permitted Junior Debt, (c) any Indebtedness or other obligations that are subordinated in right of payment to the Obligations
and (d) any Equity Interests). 
 “Leaseholds” of any Person shall mean all the right,
title and interest of such Person as lessee or licensee in, to and under leases or licenses of land, improvements and/or fixtures. 

“Lender” shall mean each financial institution listed on Schedule 2.01, as well as any Person
that becomes a “Lender” hereunder pursuant to Section 2.13, 2.15, 2.16 or 13.04(b). 

“Letter of Credit” shall have the meaning provided in Section 3.01(a). 

“Letter of Credit Back-Stop Arrangements” shall have the meaning provided in Section 2.18(a)

 “Letter of Credit Fee” shall have the meaning provided in Section 4.01(b).

 “Letter of Credit Outstandings” shall mean, at any time, the sum of (i) the Stated
Amount of all outstanding Letters of Credit and (ii) the aggregate amount of all Unpaid Drawings (taking the U.S. Dollar Equivalent of any amount owed in Canadian Dollars) in respect of all Letters of Credit. 

“Letter of Credit Request” shall have the meaning provided in Section 3.03(a). 

 

 -40- 

 “LIBO Rate” shall mean, for each Interest Period, the
offered rate per annum for deposits of Dollars that appears on Reuters Screen LIBOR01 Page as of 11:00 A.M. (London, England time) on the applicable Interest Determination Date. If no such offered rate exists, such rate will be the rate of interest
per annum, as determined by the Administrative Agent, at which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England time) on the applicable Interest Determination Date to first class banks in the London
interbank Eurodollar market for such Interest Period for the applicable principal amount on such date of determination. Notwithstanding any of the foregoing, LIBO Rate shall not at any time be less than 1.75% per annum. 

“LIBO Rate Loan” shall mean each Dollar Denominated Loan (other than a Swingline Loan) designated as
such by the U.S. Borrower or the Canadian Borrower, as the case may be, at the time of the incurrence thereof or conversion thereto. 

“Lien” shall mean any mortgage, pledge, hypothecation, collateral assignment, security deposit
arrangement, encumbrance, deemed or statutory trust, security conveyance, lien (statutory or other), preference, priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement, and any lease having substantially the same effect as any of the foregoing). 

“Loan” shall mean each Term Loan, each Revolving Loan, each Swingline Loan, each Extended Term Loan of a
given Extension Series, each Extended U.S. Borrower Revolving Loan of a given Extension Series and each Extended Canadian Borrower Revolving Loan of a given Extension Series. 

“Location” of any Person means such Person’s “location” as determined pursuant to
Section 9-307 of the Uniform Commercial Code of the State of New York. 
 “Majority
Lenders” of any Tranche shall mean those Non-Defaulting Lenders which would constitute the Required Lenders under, and as defined in, this Agreement if all outstanding Obligations of the other Tranches under this Agreement were repaid in
full and all Commitments with respect thereto were terminated. 
 “Management Investors” means
the collective reference to each Person who is an officer or otherwise a member of management of the BWAY Parent or any of its Subsidiaries on the Initial Borrowing Date, immediately after giving effect to the Transaction. 

“Mandatory U.S. RL Borrowing” shall have the meaning provided in Section 2.01(g).

 “Margin Reduction Period” shall mean each period which shall commence on the date upon which
the respective officer’s certificate is delivered pursuant to Section 9.01(f) (together with the related Section 9.01 Financials) and which shall end on the date of actual delivery of the next officer’s certificate
pursuant to Section 9.01(f) (and related Section 9.01 Financials) or the latest date on which such next officer’s certificate (and related Section 9.01 Financials) is required to be so delivered; it being understood that
the first Margin Reduction Period shall commence with the delivery of Holdings’ Section 9.01 Financials (and related officer’s certificate) in respect of its fiscal quarter of Holdings ended closest to December 31, 2010.

 “Margin Stock” shall have the meaning provided in Regulation U. 

 

 -41- 

 “Material Adverse Effect” shall mean (a) on or prior
to the Initial Borrowing Date, a Company Material Adverse Effect and (b) after the Initial Borrowing Date (i) a material adverse effect on the assets, business, operations, liabilities or financial condition of the U.S. Borrower and its
Restricted Subsidiaries taken as a whole or (ii) a material adverse effect (x) on the material rights or remedies of the Lenders or the Administrative Agent hereunder or under any other Credit Document or (y) on the ability of the
Credit Parties, taken as a whole, to perform their payment obligations to the Lenders or the Administrative Agent hereunder or under any other Credit Document. 

“Maturity Date” shall mean, with respect to the relevant Tranche of Loans, the respective Term Loan
Maturity Date, the respective Revolving Loan Maturity Date or the Swingline Expiry Date, as the case may be. 

“Maximum Canadian Borrower Letter of Credit Amount” shall have the meaning provided in
Section 3.02. 
 “Maximum Swingline Amount” shall mean $25,000,000. 

“Maximum U.S. Borrower Letter of Credit Amount” shall have the meaning provided in
Section 3.02. 
 “Merger” shall mean the acquisition by Merger Sub of all of the
Equity Interests of BWAY Holding by way of a one-step merger of Merger Sub with and into BWAY Holding (with BWAY Holding as the surviving corporation of such merger), all in accordance with, and pursuant to the terms of, the Merger Agreement.

 “Merger Agreement” shall mean the Agreement and Plan of Merger, dated as of March 28,
2010, by and among BWAY Parent, BWAY Holding and Merger Sub. 
 “Merger Agreement
Representations” shall mean those representations made by (or relating to) BWAY Holding and its Subsidiaries in the Merger Agreement as are material to the interests of the Lenders, but only to the extent that Holdings or any of its
Affiliates (determined immediately before giving effect to the Merger) has the right (determined without regard to any notice requirement) to terminate its obligations (or to refuse to consummate the Merger) under the Merger Agreement as a result of
a breach of such representation. 
 “Merger Documents” shall mean the collective reference to
the Merger Agreement and all other agreements and documents relating to the Merger, as same may be amended, modified and/or supplemented from time to time in accordance with the terms hereof and thereof. 

“Merger Sub” shall have the meaning provided in the first paragraph of this Agreement. 

“Minimum Borrowing Amount” shall mean (i) in the case of Dollar Denominated Loans (excluding
Swingline Loans and Revolving Loans maintained in U.S. Dollars as Base Rate Loans), U.S. $1,000,000, (ii) in the case of Revolving Loans maintained from time to time as Base Rate Loans, U.S. $250,000, (iii) in the case of Canadian Dollar
Denominated Loans (excluding Canadian Borrower Revolving Loans maintained in Canadian Dollars as Canadian Prime Rate Loans), CDN $1,000,000, (iv) in the case of Canadian Borrower Revolving Loans maintained in Canadian Dollars as Canadian Prime
Rate Loans, CDN $250,000, and (v) in the case of Swingline Loans, U.S. $250,000. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

 

 -42- 

 “Mortgage” shall mean a mortgage, debenture, leasehold
mortgage, deed of trust, deed of immovable hypothec, leasehold deed of trust, deed to secure debt, leasehold deed to secure debt or similar security instrument. 

“Mortgage Policy” shall mean a mortgage title insurance policy or a binding commitment with respect
thereto. 
 “Mortgaged Property” shall mean any Real Property owned or leased by the U.S.
Borrower or any of its Restricted Subsidiaries which is encumbered (or required to be encumbered) by a Mortgage in favor of the Collateral Agent. 

“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA and
subject to Title IV of ERISA under which Holdings or a Restricted Subsidiary of Holdings has any obligation or liability, including on account of an ERISA Affiliate. 

“NAIC” shall mean the National Association of Insurance Commissioners. 

“Net Debt Proceeds” shall mean, with respect to any incurrence of Indebtedness for borrowed money, the
cash proceeds (net of underwriting discounts and commissions and other reasonable costs associated therewith) received by the respective Person from the respective incurrence of such Indebtedness for borrowed money. 

“Net Insurance Proceeds” shall mean, with respect to any Recovery Event, an amount in cash equal to the
cash proceeds (net of reasonable costs and any taxes incurred in connection with such Recovery Event) received by the respective Person in connection with such Recovery Event. 

“Net Sale Proceeds” shall mean, for any Asset Sale, an amount in cash equal to the gross cash proceeds
(including any cash received by way of deferred payment pursuant to a promissory note, receivable or otherwise, but only as and when received) received from such sale of assets, net of the reasonable costs of such sale (including fees and
commissions, payments of unassumed liabilities relating to the assets sold and required payments of any Indebtedness (other than Indebtedness secured pursuant to the Security Documents) which is secured by the respective assets which were sold), and
the incremental taxes paid or payable as a result of such Asset Sale. 
 “New Financing” means
the Indebtedness incurred or to be incurred by the U.S. Borrower and its Subsidiaries under the Credit Documents (assuming the full utilization of the Total Commitment) and all other financings (including, without limitation, the Senior Notes)
contemplated by the Credit Documents, in each case after giving effect to the Transaction and the incurrence of all financings in connection therewith. 

“Non-B/A Lender” shall mean any Canadian Borrower RL Lender which is unwilling or unable to create
Bankers’ Acceptances by accepting Drafts and which has identified itself as a “Non-B/A Lender” by written notice to the Canadian Borrower. 

“Non-Defaulting Lender” and “Non-Defaulting RL Lender” shall mean and include each
Lender or RL Lender, as the case may be, other than a Defaulting Lender. 
 “Non-Tendered
Notes” shall mean any outstanding Existing Senior Subordinated Notes not validly tendered or validly tendered and subsequently withdrawn pursuant to the Tender Offer. 

 

 -43- 

 “Note” shall mean each B Term Note, each U.S. Borrower
Revolving Note, each Canadian Borrower Revolving Note, each Incremental Term Note and the Swingline Note. 

“Notes Defeasance” shall have the meaning provided in Section 6.07(b). 

“Notice of Borrowing” shall have the meaning provided in Section 2.03(a). 

“Notice of Conversion/Continuation” shall have the meaning provided in Section 2.06.

 “Notice of Intent to Cure” shall have the meaning provided in the last paragraph of
Section 11. 
 “Notice Office” shall mean (i) for credit notices, the office
of the Administrative Agent located at 60 Wall Street, NYC60-0208, 2nd Floor, New York, New York 10005-2858, Attention: Erin Morrissey, Telephone No.: (212) 250-1765, Telecopier No.: (212) 797-5690, and email: erin.morrissey@db.com and
(ii) for operational notices, the office of the Administrative Agent located at 5022 Gate Parkway, Suite 200, Jacksonville, Florida 32256, Attention: Maxeen Jacques, Telephone No.: (904) 271-2413, Telecopier No.: (904) 494-6852, and
e-mail: maxeen.jacques@db.com; provided that in the case of all Borrowings of Canadian Dollar Denominated Loans and all issuances of Canadian Borrower Letters of Credit and all notices relating thereto, a copy of such notice also shall be
delivered simultaneously to DB Canada located at 199 Bay Street, Suite 4700, Commerce Court West, P.O. Box 263, Toronto, Ontario, Canada M5L 1E9, Attention: Marcellus Leung, Telephone No.: (416) 682-8252, and Telecopier No.:
(416) 682-8484; or (in either case) such other office or person as the Administrative Agent may hereafter designate in writing as such to the other parties hereto 

“Obligation Currency” shall have the meaning provided in Section 13.22. 

“Obligations” shall mean all now existing or hereafter arising debts, obligations, covenants, and duties
of payment or performance of every kind, matured or unmatured, direct or contingent, owing, arising, due, or payable to any Lender, Issuing Lender, Agent or Indemnified Person by any Credit Party arising out of this Agreement or any other Credit
Document, including, without limitation, all obligations to repay principal or interest on the Loans and all obligations related to Letters of Credit, and to pay interest, fees, costs, charges, expenses, professional fees, and all sums chargeable to
either Borrower or for which such Borrower is liable as indemnitor under the Credit Documents, whether or not evidenced by any note or other instrument. 

“Off-Balance Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability
of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any Sale-Leaseback Transactions that do not create a liability on the balance sheet of such Person, (iii) any
obligation under a Synthetic Lease or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such
Person. 
 “Open Market Purchase” shall have the meaning provided in Section 2.20.

  

 -44- 

 “Other Allocable Share” shall mean, in the case of any
determination with respect to any Lender at any time, a fraction (expressed as a percentage), the numerator of which is the amount of the Commitments of such Lender under the applicable Tranche at such time and the denominator of which is the
aggregate amount of all Commitments under the applicable Tranche at such time (or, if such Commitments have been terminated at such time, a fraction, the numerator of which is the principal amount of the Loans of such Lender under the applicable
Tranche at such time and the denominator of which is the aggregate principal amount of the Loans of all Lenders under the applicable Tranche at such time). 

“Other Hedging Agreements” shall mean any foreign exchange contracts, currency swap agreements,
commodity agreements or other similar arrangements, or arrangements designed to protect against fluctuations in currency values or commodity prices. 

“Other Taxes” shall mean any and all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made under, or from the execution, delivery or enforcement of, any Loan Document. 

“Parent Company” shall mean any direct or indirect parent company of Holdings (other than investment
funds that are Sponsor Affiliates). 
 “Participant” shall have the meaning provided in
Section 3.04(a). 
 “Patriot Act” shall have the meaning provided in
Section 13.17. 
 “Payment Office” shall mean (i) except as provided in clause
(ii) below, the office of the Administrative Agent located at 60 Wall Street, New York, New York 10005 and (ii) in the case of all payments of principal (or Face Amount, as applicable), interest and/or other amounts owing with respect to
all Canadian Dollar Denominated Loans and all issuances of Canadian Borrower Letters of Credit, the office of DB Canada located at 199 Bay Street, Suite 4700, Commerce Court West, P.O. Box 263, Toronto, Ontario, Canada M5L 1E9, or (in either case)
such other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of
ERISA, or any successor thereto. 
 “Permitted Acquisition” shall mean (x) the acquisition
by the U.S. Borrower or a Wholly-Owned Domestic Subsidiary of the U.S. Borrower which is a U.S. Subsidiary Guarantor of an Acquired Entity or Business, (y) the acquisition by a Canadian Credit Party, of an Acquired Entity or Business or
(z) in the case of a Foreign Permitted Acquisition, the acquisition by the U.S. Borrower or any of its Wholly-Owned Restricted Subsidiaries of an Acquired Entity or Business (including, in each such case, by way of merger of such Acquired
Entity or Business with and into a Borrower (so long as such Borrower is the surviving corporation) or a Wholly-Owned Subsidiary of the U.S. Borrower which is a Credit Party (so long as the Credit Party is the surviving corporation));
provided that (in each case) (A) the consideration paid or to be paid by any Borrower or such Wholly-Owned Subsidiary consists solely of cash (including proceeds of Revolving Loans or Swingline Loans), the issuance or incurrence of
Indebtedness otherwise permitted by Section 10.04 and the assumption/acquisition of any Indebtedness (calculated at face value unless otherwise provided in clause (iii) of the definition of Indebtedness) which is permitted to remain
outstanding in accordance with the requirements of Section 10.04, (B) in the case of the acquisition of 100% of the Equity Interests of any Person (including by way of merger), such Person shall own no Equity Interests of any other
Person unless (x) such Person owns 100% of the Equity Interests of such other Person, (y)(1) such Person and/or its Wholly-Owned Subsidiaries own 80% of the consolidated assets of such Person and its Subsidiaries and (2) any
non-Wholly-Owned Subsidiary of such Person was a non-Wholly-Owned Subsidiary of such Person prior to the date of such Permitted Acquisition of such Person or (z) such Equity Interests constitute a de minimis holding of such Person
in such other Person, (C) the Acquired Entity or Business acquired pursuant to the respective Permitted Acquisition is in a business permitted by Section 10.13 and (D) all applicable requirements of Sections 9.15,
10.02 and 10.14 applicable to Permitted Acquisitions are satisfied. Notwithstanding anything to the contrary contained above, (x) a Permitted Acquisition of 100% of the Equity Interests of a Person may be effected by means of a
multiple-step transaction, but only so long as such acquisition is effected by means of a Two-Step Permitted Acquisition (complying with all requirements of the definition thereof) and, in any event, all requirements set forth above in this
definition of Permitted Acquisition shall in any event be satisfied, except that the requirement of 100% ownership of Equity Interests of the Target need not be satisfied until the earlier to occur of the consummation of the subsequent merger or
share acquisition or acquisitions referenced in the definition of Two-Step Permitted Acquisition or the date which occurs 180 days after the consummation of the first step of the Two-Step Permitted Acquisition, and (y) an acquisition which does
not otherwise meet the requirements set forth above in the definition of “Permitted Acquisition” shall constitute a Permitted Acquisition if, and to the extent, the Required Lenders agree in writing, prior to the consummation thereof, that
such acquisition shall constitute a Permitted Acquisition for purposes of this Agreement. 
  

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 “Permitted Encumbrance” shall mean, with respect to any
Mortgaged Property, such exceptions to title as are set forth in the Mortgage Policy delivered with respect thereto, all of which exceptions must be acceptable to the Administrative Agent in its reasonable discretion. 

“Permitted Holders” shall mean (i) the Sponsor, (ii) any Person making an Investment in Parent
concurrently with the Sponsor on or following the Initial Borrowing Date, (iii) any Management Investor, (iv) any Permitted Transferee of any of the foregoing Persons, and (v) any “group” (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act or any successor provision) of which any of the foregoing are members; provided that in the case of such “group” and without giving effect to the
existence of such “group” or any other “group,” such Persons specified in clauses (i), (ii), (iii) or (iv) above, collectively, have beneficial ownership, directly or indirectly, of more than 50% of the total voting
power of the voting Equity Interests of the Parent or any of its direct or indirect parent entities held by such “group,” and provided further, that, in no event shall the Sponsor own a lesser percentage of voting Equity Interests than any
other Person or group referred to in clauses (ii), (iii) or (iv). 
 “Permitted Junior
Debt” shall mean and include (i) any Permitted Junior Notes and (ii) any Permitted Junior Loans. 

“Permitted Junior Debt Documents” shall mean and include the Permitted Junior Note Documents and the
Permitted Junior Loan Documents. 
 “Permitted Junior Loan Documents” shall mean, after the
execution and delivery thereof, each agreement, document or instrument relating to the incurrence of Permitted Junior Loans, in each case as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof and
thereof. 
  

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 “Permitted Junior Loans” shall mean any Indebtedness of the
U.S. Borrower in the form of unsecured or second lien loans; provided that in any event, unless the Required Lenders otherwise expressly consent in writing prior to the issuance thereof, (i) except as provided in clause (v) below,
no such Indebtedness shall be secured by any asset of Holdings or any of its Subsidiaries, (ii) no such Indebtedness shall be guaranteed by any Person other than Holdings or a U.S. Subsidiary Guarantor, (iii) no such Indebtedness shall be
subject to scheduled amortization or have a final maturity, in either case prior to the date occurring ninety-one (91) days following the then Latest Maturity Date, (iv) any “asset sale” mandatory prepayment provision or offer to
prepay covenant included in the agreement governing such Indebtedness shall provide that the U.S. Borrower or the respective Subsidiary shall be permitted to repay obligations, and terminate commitments, under this Agreement before prepaying or
offering to prepay such Indebtedness, (v) in the case of any such Indebtedness that is secured (a) such Indebtedness is secured by only assets comprising Collateral (as defined in the U.S. Security Documents) on second-lien basis relative
to the Liens on such Collateral securing the Obligations of the U.S. Credit Parties, and not secured by any property or assets of Holdings or any of it Subsidiaries other than the Collateral (as defined in the U.S. Security Documents), (b) such
Indebtedness (and the Liens securing the same) are permitted by the terms of the Additional Intercreditor Agreement (to the extent and the Additional Intercreditor Agreement is in effect), (c) the security agreements relating to such
Indebtedness are substantially the same as the U.S. Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent) and (d) a Junior Representative acting on behalf of the holders of such Indebtedness shall
have become party to the Additional Intercreditor Agreement; provided that if such Indebtedness is the initial incurrence of Permitted Junior Debt by the U.S. Borrower that is secured by assets of Holdings or any of its Subsidiaries, then
Holdings, the U.S. Borrower, the U.S. Subsidiary Guarantors, the Administrative Agent, the Collateral Agent and the Junior Representative for such Indebtedness shall have executed and delivered the Additional Intercreditor Agreement and
(vi) the representations and warranties, covenants, and events of defaults shall be no more onerous in any material respect than the related provisions contained in this Agreement; provided that (i) any cross-default to the
Obligations contained in any agreement evidencing such Indebtedness shall be subject to a remedies standstill period reasonably acceptable to the Administrative Agent and (ii) in the event that any agreement evidencing such Indebtedness
contains financial maintenance covenants, such financial maintenance covenants shall be limited to a maximum consolidated total leverage ratio covenant and a minimum consolidated interest coverage ratio (with the financial definitions contained
therein to be at least as favorable to the comparable definitions used in this Agreement) and shall be set back from the ratios set forth in Section 10.08 and 10.09 by at least 15% or such lesser cushion as may be acceptable to
the Administrative Agent. The incurrence of Permitted Junior Loans shall be deemed to be a representation and warranty by the U.S. Borrower that all conditions thereto have been satisfied in all material respects and that same is permitted in
accordance with the terms of this Agreement, which representation and warranty shall be deemed to be a representation and warranty for all purposes hereunder, including, without limitation, Sections 7 and 11. 

“Permitted Junior Notes” shall mean any Indebtedness of the U.S. Borrower evidenced by senior notes and
incurred pursuant to one or more issuances of such senior notes; provided that in any event, unless the Required Lenders otherwise expressly consent in writing prior to the issuance thereof, (i) except as provided in clause
(viii) below, no such Indebtedness shall be secured by any asset of Holdings or any of its Subsidiaries, (ii) no such Indebtedness shall be guaranteed by any Person other than Holdings or any U.S. Subsidiary Guarantor, (iii) no such
Indebtedness shall be subject to scheduled amortization or have a final maturity, in either case prior to the date occurring ninety-one (91) days following the then Latest Maturity Date, (iv) any “change of control” covenant
included in the indenture governing such Indebtedness shall provide that, before the mailing of any required “notice of redemption” in connection therewith, the U.S. Borrower shall covenant to (I) obtain the consent of the Required
Lenders or (II) pay the Obligations in full in cash, (v) any “asset sale” offer to purchase covenant included in the indenture governing such Indebtedness shall provide that the U.S. Borrower or the respective Subsidiary shall be
permitted to repay obligations, and terminate commitments, under this Agreement before offering to purchase such Indebtedness, (vi) the indenture governing such Indebtedness shall not include any financial maintenance covenants, (vii) the
“default to other indebtedness” event of default contained in the indenture governing such Indebtedness shall provide for a “cross-acceleration” rather than a “cross-default”, (viii) in the case of any such
Indebtedness that is secured (a) such Indebtedness is secured by only assets comprising Collateral (as defined in the U.S. Security Documents) on second-lien basis relative to the Liens on such Collateral securing the Obligations of the U.S.
Credit Parties, and not secured by any property or assets of Holdings or any of its Subsidiaries other than the Collateral (as defined in the U.S. Security Documents), (b) such Indebtedness (and the Liens securing the same) are permitted by the
terms of the Additional Intercreditor Agreement (to the extent and the Additional Intercreditor Agreement is in effect), (c) the security agreements relating to such Indebtedness are substantially the same as the U.S. Security Documents (with
such differences as are reasonably satisfactory to the Administrative Agent) and (d) a Junior Representative acting on behalf of the holders of such Indebtedness shall have become party to the Additional Intercreditor Agreement; provided
that if such Indebtedness is the initial issue of Permitted Junior Notes by the U.S. Borrower that is secured by assets of the U.S. Borrower or any of its Subsidiaries, then the U.S. Borrower, the U.S. Subsidiary Guarantors, the Administrative
Agent, the Collateral Agent and the Junior Representative for such Indebtedness shall have executed and delivered the Additional Intercreditor Agreement, and (ix) the covenants and defaults contained in the indenture governing such Indebtedness
shall not be more onerous in any material respect than those contained in the corresponding provisions of the Senior Notes Indenture, except, in the case of any such Indebtedness that is secured as provided in preceding clause (viii), with respect
to covenants and defaults relating to the Collateral. The issuance of Permitted Junior Notes shall be deemed to be a representation and warranty by the U.S. Borrower that all conditions thereto have been satisfied in all material respects and that
same is permitted in accordance with the terms of this Agreement, which representation and warranty shall be deemed to be a representation and warranty for all purposes hereunder, including, without limitation, Sections 7 and 11.

  

 -47- 

 “Permitted Junior Notes Documents” shall mean, after the
execution and delivery thereof, each Permitted Junior Notes Indenture, the Permitted Junior Notes and each other agreement, document or instrument relating to the issuance of the Permitted Junior Notes, in each case as the same may be amended,
modified or supplemented from time to time in accordance with the terms hereof and thereof. 

“Permitted Junior Notes Indenture” shall mean any indenture or similar agreement entered into in
connection with the issuance of Permitted Junior Notes, as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. 

“Permitted Liens” shall have the meaning provided in Section 10.01. 

“Permitted Transferees” shall mean (a) in the case of the Sponsor, (i) any Sponsor Affiliate,
(ii) any managing director, general partner, limited partner, director, officer or employee of the Sponsor or any Sponsor Affiliate (collectively, the “Sponsor Associates”), (iii) the heirs, executors, administrators,
testamentary trustees, legatees or beneficiaries of any Sponsor Associate and (iv) any trust, the beneficiaries of which, or a corporation or partnership, the stockholders or partners of which, include only a Sponsor Associate, his or her
spouse, parents, siblings, members of his or her immediate family (including adopted children and step children) and/or direct lineal descendants; and (b) in the case of any Management Investor, (i) his or her executor, administrator,
testamentary trustee, legatee or beneficiaries, (ii) his or her spouse, parents, siblings, members of his or her immediate family (including adopted children and step children) and/or direct lineal descendants or (iii) a trust, the
beneficiaries of which, or a corporation or partnership, the stockholders or partners of which, include only a Management Investor and his or her spouse, parents, siblings, members of his or her immediate family (including adopted children) and/or
direct lineal descendants. 
  

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 “Person” shall mean any individual, partnership, joint
venture, firm, corporation, association, limited liability company, trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” shall mean any pension plan as defined in Section 3(2) of ERISA other than a Foreign
Plan, Canadian Pension Plan or a Multiemployer Plan, which is maintained or contributed to by (or to which there is an obligation to contribute of) Holdings or a Restricted Subsidiary of Holdings or with respect to which Holdings, a Restricted
Subsidiary of Holdings has, or may have, any liability, including, for greater certainty, liability arising from an ERISA Affiliate. 

“Pledge Agreement” shall have the meaning provided in Section 6.10. 

“Pledge Agreement Collateral” shall mean all of the “Collateral” as defined in the Pledge
Agreement and all other Equity Interests or other property similar to that pledged (or purported to have been pledged) pursuant to the Pledge Agreement and which is pledged (or purported to be pledged) pursuant to one or more Foreign Security
Documents or Additional Security Documents. 
 “Pledgee” shall have the meaning provided in the
Pledge Agreement. 
 “Post-Closing Period” shall have the meaning provided in
Section 9.15(a). 
 “PPSA” shall mean the Personal Property Security Act (Ontario)
and the regulations thereunder and any other personal property security legislation and applicable regulations of any other province or territory of Canada (including the Civil Code (Quebec) and the regulation respecting the register of personal and
movable real rights promulgated thereunder) where a Canadian Credit Party has, from time to time, its chief executive office or tangible personal property, in each case, as may be amended from time to time and includes any successor legislation.

 “Present Fair Salable Value” means the amount that could be obtained by an independent
willing seller from an independent willing buyer if the assets of the U.S. Borrower and its Subsidiaries taken as a whole are sold with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable
business enterprises insofar as such conditions can be reasonably evaluated. 
 “Prime Lending
Rate” shall mean the rate which the Administrative Agent announces from time to time as its prime lending rate, the Prime Lending Rate to change when and as such prime lending rate changes. The Prime Lending Rate is a reference rate and
does not necessarily represent the lowest or best rate actually charged to any customer by the Administrative Agent, which may make commercial loans or other loans at rates of interest at, above or below the Prime Lending Rate. 

 

 -49- 

 “Pro Forma Basis” shall mean, in connection with any
calculation of compliance with any financial covenant or financial term, the calculation thereof after giving effect on a pro forma basis to (x) the incurrence of any Indebtedness (other than revolving Indebtedness, except to
the extent same is incurred to refinance other outstanding Indebtedness or to finance a Permitted Acquisition) after the first day of the relevant Calculation Period as if such Indebtedness had been incurred (and the proceeds thereof applied) on the
first day of the relevant Calculation Period, (y) the permanent repayment of any Indebtedness (other than revolving Indebtedness except to the extent accompanied by a corresponding permanent commitment reduction) after the first day of the
relevant Calculation Period as if such Indebtedness had been retired or redeemed on the first day of the relevant Calculation Period and/or (z) the Permitted Acquisition, if any, then being consummated as well as any other Permitted Acquisition
consummated after the first day of the relevant Calculation Period and on or prior to the date of the respective Permitted Acquisition then being effected, as the case may be, with the following rules to apply in connection therewith: 

(i) all Indebtedness (x) (other than revolving Indebtedness, except to the extent same is incurred to
refinance other outstanding Indebtedness or to finance a Permitted Acquisition) incurred or issued after the first day of the relevant Calculation Period (whether incurred to finance a Permitted Acquisition, to refinance Indebtedness or otherwise)
shall be deemed to have been incurred or issued (and the proceeds thereof applied) on the first day of the respective Calculation Period and remain outstanding through the date of determination and (y) (other than revolving Indebtedness except
to the extent accompanied by a corresponding permanent commitment reduction) permanently retired or redeemed after the first day of the relevant Calculation Period shall be deemed to have been retired or redeemed on the first day of the respective
Calculation Period and remain retired through the date of determination; 
 (ii) all Indebtedness
assumed to be outstanding pursuant to preceding clause (i) shall be deemed to have borne interest at (x) the rate applicable thereto, in the case of fixed rate indebtedness, or (y) at the rate which would have been applicable thereto
on the last day of the respective Calculation Period, in the case of floating rate Indebtedness (although interest expense with respect to any Indebtedness for periods while same was actually outstanding during the respective period shall be
calculated using the actual rates applicable thereto while same was actually outstanding); and 

(iii) in making any determination of Consolidated EBITDA, pro forma effect shall be given to
any Permitted Acquisition consummated during the periods described above (excluding that portion of the assets or business acquired pursuant to any Permitted Acquisition which has been sold or disposed of thereafter and prior to the date of the
respective determination), with such Consolidated EBITDA to be determined as if such Permitted Acquisition (or the relevant portion thereof) was consummated on the first day of the relevant Calculation Period. Pro forma calculations
for any fiscal period ending on or prior to the first anniversary of a Permitted Acquisition may include adjustments to reflect operating expense reductions or other operating improvements or synergies reasonably expected to result from such
Permitted Acquisition, less the amount of costs reasonably expected to be incurred by the U.S. Borrower and its Restricted Subsidiaries to achieve such cost savings, to the extent that the U.S. Borrower delivers to the Administrative Agent,
(i) a certificate of the Chief Financial Officer of the U.S. Borrower setting forth such operating expense reductions and the costs to achieve such reductions and (ii) information and calculations supporting in reasonable detail such
estimated operating expense reductions and the costs to achieve such reductions; provided that any increase in Consolidated EBITDA as a result of cost savings, operating expense reductions, other operating improvements and synergies shall be
subject to the limitations set forth in the definition of Consolidated EBITDA. 
  

 -50- 

 “Projections” shall mean the detailed projected
consolidated financial statements of the U.S. Borrower and its Subsidiaries (after giving effect to the Transactions) delivered to the Administrative Agent on or prior to the Effective Date. 

“Qualified Preferred Stock” means any preferred capital stock of Holdings so long as the terms of any
such preferred capital stock (x) do not contain any mandatory put, redemption, repayment, sinking fund or other similar provision prior to December 16, 2017, or, if later, the 91st day after the then Latest Maturity Date then in effect
other than (i) provisions requiring payment solely in the form of common Equity Interests of Holdings or any other Parent Company or Qualified Preferred Stock, (ii) provisions requiring payment solely as a result of a change of control or
asset sale, so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale are subject to the payment in full of all Obligations in cash (other than unasserted contingent indemnification obligations) or such
payment is otherwise permitted by this Agreement (including as a result of a waiver or amendment hereunder)) and (iii) with respect to preferred capital stock issued to any plan for the benefit of employees of the U.S. Borrower or its
Subsidiaries or by any such plan to such employees, provisions requiring the repurchase thereof in order to satisfy applicable statutory or regulatory obligations and (y) do not require the cash payment of dividends or distributions at any time
that such cash payment is not permitted under this Agreement or would result in a Default or Event of Default hereunder. 

“Qualifying Bid” shall have the meaning set forth in Schedule 2.19. 

“Quarterly Payment Date” shall mean the last Business Day of each September, December, March and June
occurring after the Initial Borrowing Date, commencing on the last Business Day of June 30, 2010. 

“Quebec Security” shall mean a hypothec over all movable property in form registrable under the Civil
Code (Quebec), and related bond and bond pledge agreement, in each case in form and substance satisfactory to the Collateral Agent. 

“Ratio Based Incremental Facility” shall have the meaning provided in Section 2.15.

 “Real Property” of any Person shall mean all the right, title and interest of such Person in
and to land, improvements and fixtures, including Leaseholds. 
 “Recovery Event” shall mean
the receipt by the U.S. Borrower or any of its Restricted Subsidiaries of any cash insurance proceeds or condemnation awards payable (i) by reason of theft, loss, physical destruction, damage, taking or any other similar event with respect to
any property or assets of the U.S. Borrower or any of its Restricted Subsidiaries (but not by reason of any loss of revenues or interruption of business or operations caused thereby) and (ii) under any policy of insurance required to be
maintained under Section 9.03, in each case to the extent such proceeds or awards do not constitute reimbursement or compensation for amounts previously paid by the U.S. Borrower or any of its Restricted Subsidiaries in respect of any
such event. 
  

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 “Refinanced Term Loans” shall have the meaning specified in
Section 13.12(d). 
 “Refinancing” shall mean the (i) repayment of all of the
outstanding indebtedness (and termination of all commitments) under the Existing Credit Agreement as provided in Section 6.05 and (ii) the consummation of the refinancing transactions in respect of the Existing Senior Subordinated
Notes as provided in Section 6.07(b). 
 “Refinancing Notes” shall mean unsecured
notes issued pursuant to the Refinancing Notes Indenture issued (i) for the purposes described in Section 10.04(iv) (with the original such issue of Refinancing Notes to be used to refinance, in whole (or at least a majority of the
then outstanding aggregate principal amount if the refinancing is pursuant to a tender offer for Senior Notes), the Senior Notes then outstanding) or (ii) to repay outstanding Term Loans, in each case; provided that such notes
(x) shall have terms and conditions that are no more onerous than the related provisions contained in the Senior Notes Indenture, (y) shall not have a maturity date earlier than December 16, 2017 (or, if later, the six-month
anniversary of the then Latest Maturity Date then in effect) and (z) shall have no required amortization, sinking fund payments, “change of control” or asset sale based mandatory prepayment, redemption, or offer to purchase
provisions, except that the Refinancing Notes may have mandatory offers to purchase based upon a “change of control” and/or “asset dispositions” on terms substantially similar to those contained in the Senior Notes Indenture (and
which, in the case of asset dispositions, permit repayment of Indebtedness pursuant to this Agreement before requiring a mandatory offer to purchase the Refinancing Notes). 

“Refinancing Notes Indenture” shall mean the indenture entered into with respect to the Refinancing
Notes and pursuant to which same shall be issued. 
 “Register” shall have the meaning provided
in Section 13.15. 
 “Regulation D” shall mean Regulation D of the Board of
Governors of the Federal Reserve System as from time to time in effect and any successor to all or a portion thereof establishing reserve requirements. 

“Regulation T” shall mean Regulation T of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor to all or a portion thereof. 
 “Regulation U” shall
mean Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor to all or a portion thereof. 

“Regulation X” shall mean Regulation X of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor to all or a portion thereof. 
 “Release” shall mean
actively or passively disposing, discharging, injecting, spilling, pumping, leaking, leaching, dumping, emitting, escaping, emptying, pouring, seeping, migrating or the like, into or upon any land or water or air, or otherwise entering into the
outdoor environment. 
  

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 “Relevant Guaranteed Obligations” shall mean (i) in
the case of Holdings, (x) the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of the unpaid principal (or, Face Amount, as applicable) and interest on each Note issued by, and all Loans made to,
the Borrowers under this Agreement and all reimbursement obligations and Unpaid Drawings with respect to Letters of Credit, together with all the other obligations (including obligations which, but for the automatic stay under Section 362(a) of
the Bankruptcy Code, would become due), indebtedness and liabilities (including, without limitation, indemnities, fees and interest (including any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar
proceeding at the rate provided for herein, whether or not such interest is an allowed claim in any such proceeding) thereon) of the Borrowers (or either of them) to the Lenders, each Issuing Lender, the Administrative Agent and the Collateral Agent
now existing or hereafter incurred under, arising out of or in connection with this Agreement and each other Credit Document to which either Borrower is a party and the due performance and compliance by the Borrowers with all the terms, conditions
and agreements contained in the Credit Agreement and in each such other Credit Document and (y) the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations (including obligations which,
but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due), liabilities and indebtedness (including any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at
the rate provided for herein, whether or not such interest is an allowed claim in any such proceeding) of the U.S. Borrower or any of its Restricted Subsidiaries owing under any Interest Rate Protection Agreement entered into by the U.S. Borrower or
any of its Restricted Subsidiaries with any Lender or any affiliate thereof (even if such Lender subsequently ceases to be a Lender under this Agreement for any reason) so long as such Lender or affiliate participates in such Interest Rate
Protection Agreement and their subsequent assigns, if any, whether now in existence or hereafter arising, and the due performance and compliance with all terms, conditions and agreements contained therein, (ii) in the case of the U.S. Borrower,
(x) the principal (or Face Amount, as applicable) and interest on each C Term Note, each Incremental Term Note and each Canadian Borrower Revolving Note issued by the Canadian Borrower to each Lender, and each C Term Loan, Canadian Borrower
Incremental Term Loan and Canadian Borrower Revolving Loan made under this Agreement, all reimbursement obligations and Unpaid Drawings with respect to each Canadian Borrower Letter of Credit issued for the account of the Canadian Borrower, together
with all the other obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities (including, without limitation, indemnities, fees and interest thereon) of
the Canadian Borrower to each Lender, each Agent and the Collateral Agent now existing or hereafter incurred under, arising out of or in connection with this Agreement or any other Credit Document and the due performance and compliance by the
Canadian Borrower with all the terms, conditions and agreements contained in the Credit Documents to which it is a party; and (y) the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all
obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due), liabilities and indebtedness (including any interest accruing after the commencement of any bankruptcy,
insolvency, receivership or similar proceeding at the rate provided for herein, whether or not such interest is an allowed claim in any such proceeding) of the Restricted Subsidiaries of the U.S. Borrower owing under any Interest Rate Protection
Agreement entered into by such Restricted Subsidiaries of the U.S. Borrower with any Lender or any affiliate thereof (even if such Lender subsequently ceases to be a Lender under this Agreement for any reason) so long as such Lender or affiliate
participates in such Interest Rate Protection Agreement and their subsequent assigns, if any, whether now in existence or hereafter arising, and the due performance and compliance with all terms, conditions and agreements contained therein and
(iii) in the case of the Canadian Borrower, the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under
Section 362(a) of the Bankruptcy Code, would become due), liabilities and indebtedness (including any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided for herein,
whether or not such interest is an allowed claim in any such proceeding) of any Canadian Subsidiary owing under any Interest Rate Protection Agreement entered into by such Canadian Subsidiary with any Lender or any affiliate thereof (even if such
Lender subsequently ceases to be a Lender under this Agreement for any reason) so long as such Lender or affiliate participates in such Interest Rate Protection Agreement and their subsequent assigns, if any, whether now in existence or hereafter
arising, and the due performance and compliance with all terms, conditions and agreements contained therein. 
  

 -53- 

 “Relevant Guaranteed Party” shall mean (i) with
respect to Holdings, each Borrower and its Restricted Subsidiaries, (ii) with respect to the U.S. Borrower, the Canadian Borrower and its Restricted Subsidiaries and (iii) with respect to the Canadian Borrower and its Restricted
Subsidiaries. 
 “Relevant Public Company” shall mean Holdings or the respective Parent Company
that is the registrant with respect to an Initial Public Offering. 
 “Replaced Lender” shall
have the meaning provided in Section 2.13. 
 “Replacement Lender” shall have the
meaning provided in Section 2.13. 
 “Replacement Term Loans” shall have the
meaning specified in Section 13.12(d). 
 “Reply Amount” has the meaning set forth
in Schedule 2.19. 
 “Reply Price” has the meaning set forth in Schedule 2.19.

 “Required Lenders” shall mean Non-Defaulting Lenders, the sum of whose outstanding principal
of Term Loans (or, if prior to the occurrence of the Credit Events on the Initial Borrowing Date, whose B Term Loan Commitments and C Term Loan Commitments) and Revolving Loan Commitments (or after the termination thereof, outstanding Individual RL
Facility Exposures) as of any date of determination represent greater than 50% of the sum of all outstanding principal (or, Face Amount, as applicable) of Term Loans (or if prior to the occurrence of the Credit Events on the Initial Borrowing Date,
the sum of all B Term Loan Commitments and C Term Loan Commitments) of Non-Defaulting Lenders at such time and the sum of all Revolving Loan Commitments of all Non-Defaulting Lenders at such time (or, after the termination thereof, the sum of the
then total Individual RL Facility Exposures of all Non-Defaulting Lenders at such time). For purposes of this definition, the calculation of the outstanding principal amount (or, Face Amount, as the case may be) of all Commitments and Loans
denominated in Canadian Dollars shall be determined by taking the U.S. Dollar Equivalent thereof at the time of any such calculation. 

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

 

 -54- 

 “Responsible Officer” shall mean, with respect to any
Person, its chief executive officer, president, or any vice president, managing director, treasurer, controller or other officer of such Person having substantially the same authority and responsibility; provided that, with respect to
compliance with financial covenants, “Responsible Officer” means the chief financial officer, treasurer or controller of Holdings, or any other officer of Holdings having substantially the same authority and responsibility. 

“Restricted Subsidiary” shall mean each Subsidiary of Holdings other than any Unrestricted
Subsidiary. 
 “Return Bid” has the meaning set forth in Schedule 2.19. 

“Returns” shall have the meaning provided in Section 8.09. 

“Revolving Loan” shall have the meaning provided in Section 2.01(e). 

“Revolving Loan Commitment” shall mean, for each RL Lender, its Canadian Borrower Revolving Loan
Commitment (if any) and its U.S. Borrower Revolving Loan Commitment (if any). 
 “Revolving Loan
Maturity Date” shall mean (a) with respect to any Revolving Loans, Initial U.S. Borrower Revolving Loan Commitments or Initial Canadian Borrower Revolving Loan Commitments, in each case that have not been extended pursuant to
Section 2.14, the Initial Revolving Loan Maturity Date and (b) with respect to any Extended U.S. Borrower Revolving Loans, Extended Canadian Borrower Revolving Loans, Extended U.S. Borrower Revolving Loan Commitment or Extended
Canadian Borrower Revolving Loan Commitment, the Extended Revolving Loan Maturity Date. 
 “RL
Lender” shall mean each Canadian Borrower RL Lender and each U.S. Borrower RL Lender. 
 “RL
Percentage” of any RL Lender at any time shall mean a fraction (expressed as a percentage) the numerator of which is the Revolving Loan Commitment of such RL Lender at such time and the denominator of which is the Total Revolving Loan
Commitment at such time, provided that if the RL Percentage of any RL Lender is to be determined after the Total Revolving Loan Commitment has been terminated, then the RL Percentages of such RL Lender shall be determined immediately prior
(and without giving effect) to such termination (but giving effect to assignments made thereafter in accordance with the terms hereof); provided, further, that in the case of Section 2.18 when a Defaulting Lender shall
exist, “RL Percentage” shall mean the percentage of the Total Revolving Loan Commitment (disregarding any Defaulting Lender’s Revolving Loan Commitment) represented by such Lender’s Revolving Loan Commitment. 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of the McGraw Hill
Company, Inc., and any successor owner of such division. 
 “Sale-Leaseback Transaction” means
any arrangements with any Person providing for the leasing by the U.S. Borrower or any of its Restricted Subsidiaries of real or personal property which has been or is to be sold or transferred by the U.S. Borrower or such Restricted Subsidiary to
such Person or to any other Person to whom funds have been or are to be advanced by such Person in connection therewith. 
  

 -55- 

 “Scheduled Bank” shall mean a bank that is a Canadian
chartered bank listed on Schedule I to the Bank Act (Canada). 
 “Scheduled B Repayment” shall
have the meaning provided in Section 5.02(c). 
 “Scheduled B Repayment Date” shall
have the meaning provided in Section 5.02(c). 
 “Scheduled C Repayment” shall have
the meaning provided in Section 5.02(d). 
 “Scheduled C Repayment Date” shall have
the meaning provided in Section 5.02(d). 
 “Scheduled Incremental TL Repayment”
shall have the meaning provided in Section 5.02(e). 
 “Scheduled Repayment” shall
mean any Scheduled B Repayment, Scheduled C Repayment and/or Scheduled Incremental TL Repayment, as applicable. 

“SEC” shall have the meaning provided in Section 9.01(h). 

“Section 5.04(b)(ii) Certificate” shall have the meaning provided in Section 5.04(b)(ii).

 “Section 9.01 Financials” shall mean the quarterly and annual financial statements
required to be delivered pursuant to Sections 9.01(b) and (c). 
 “Secured
Creditors” shall have the meaning assigned that term in the respective Security Documents. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 “Securities Exchange Act” shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 “Security
Agreements” shall mean the U.S. Security Agreement and the Canadian Security Agreement. 

“Security Document” shall mean and include each of the Security Agreements, the Pledge Agreement, each
Mortgage and, after the execution and delivery thereof, each Additional Security Document. 

“Stockholders Agreement” shall mean the Stockholders Agreement dated as of June 16, 2010 among BWAY
Parent and the other parties thereto, as the same may be amended, amended and restated, modified or supplemented from time to time. 

“Senior Notes” shall mean the U.S. Borrower’s 10% Senior Notes due 2018 issued pursuant to the
Senior Notes Indenture, as in effect on the Initial Borrowing Date and as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. 

 

 -56- 

 “Senior Note Documents” shall mean the Senior Notes, the
Senior Notes Indenture and all other documents executed and delivered with respect to the Senior Notes or Senior Notes Indenture, as in effect on the Effective Date and as the same may be amended, modified and/or supplemented from time to time in
accordance with the terms hereof and thereof. 
 “Senior Notes Indenture” means the indenture
pursuant to which the Senior Notes are issued, as such indenture may be amended from time to time to the extent permitted under Section 10.10. 

“Senior Notes Trustee” shall mean the trustee under the Senior Notes Indenture. 

“Similar Business” shall mean any business and any services, activities or businesses incidental, or
reasonably related or similar to, or complementary to any line of business engaged in by BWAY Holding and its Restricted Subsidiaries on the Effective Date or any business activity that is a reasonable extension, development or expansion thereof or
ancillary thereto. 
 “Specified Representations” shall mean each representation and warranty
contained in any of Sections 8.01(i), 8.01(ii), 8.02, 8.03(i), 8.03(iii), 8.05(b), 8.08(d), 8.11 (other than, to the extent such representation and warranty relates to perfection of a security
interest in any Collateral referred to therein, if (x) such Collateral may not be perfected by the filing of a financing statement under the Uniform Commercial Code, the Puerto Rican Uniform Commercial Code, or the Personal Property Security
Act of the respective province of Canada (or, in the case of Quebec, the Civil Code) or taking possession of a stock certificate and (y) perfection of the Collateral Agent’s security interest in such Collateral described in preceding
clause (x) may not be accomplished prior to or on the Initial Borrowing Date after using commercially reasonable efforts), 8.16 and 8.24(a). 

“Sponsor” shall mean Madison Dearborn Partners, LLC and each Sponsor Affiliate. 

“Sponsor Affiliate” shall mean the collective reference to any entities (other than a portfolio company)
controlled directly or indirectly by the Sponsor. 
 “Sponsor Agreement” shall mean that
certain Management Services Agreement dated as of June 16, 2010 among BWAY Holding, BWAY Parent, Madison Dearborn Partners V-B, L.P. and Madison Dearborn Partners VI-B, L.P. 

“Start Date” shall mean, with respect to any Margin Reduction Period, the first day of such Margin
Reduction Period. 
 “Stated Amount” of each Letter of Credit shall, at any time, mean the
maximum amount available to be drawn thereunder (in each case determined without regard to whether any conditions to drawing could then be met, but after giving effect to all previous drawings made thereunder), provided that except as such
term is used in Section 3.03(c) and except as provided in the definition of “Canadian Dollar L/C Stated Amount”, the “Stated Amount” of each Canadian Dollar Denominated Letter of Credit shall be, on any date of
calculation, the U.S. Dollar Equivalent of the maximum amount available to be drawn in Canadian Dollars thereunder (determined without regard to whether any conditions to drawing could then be met but after giving effect to all previous
drawings made thereunder). 
  

 -57- 

 “Stated Liabilities” The recorded liabilities (including
contingent liabilities that would be recorded in accordance with GAAP) of the U.S. Borrower and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transaction, determined in accordance with GAAP
consistently applied, together with the principal amount of all New Financing. 
 “Subsidiaries
Guaranty” shall mean and include the U.S. Subsidiaries Guaranty and any other guaranty (including the Canadian Subsidiaries Guarantee) executed and delivered by any Restricted Subsidiary of the U.S. Borrower pursuant to
Section 9.12 and/or Section 10.14. 
 “Subsidiary” shall mean, as to
any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of
any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited
liability company, association, joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more than a 50% Equity Interest at the time. 

“Subsidiary Guarantor” shall mean each Restricted Subsidiary of Holdings that executes and delivers any
Subsidiaries Guaranty, unless and until such time as the respective Restricted Subsidiary is released from all of its obligations under any relevant Subsidiaries Guaranty in accordance with the terms and provisions thereof. 

“Supermajority Lenders” of any Tranche shall mean those Non-Defaulting Lenders which
would constitute the Required Lenders under, and as defined in, this Agreement if (x) all outstanding Obligations of the other Tranches under this Agreement were repaid in full and all Commitments with respect thereto were terminated and
(y) the percentage “50%” contained therein were changed to
“66 2/3%.” 

“Swingline Expiry Date” shall mean that date which is five Business Days prior to the Revolving Loan
Maturity Date. 
 “Swingline Lender” shall mean DBTCA for so long as DBTCA is the
Administrative Agent hereunder and thereafter shall mean the successor Administrative Agent in its individual capacity; provided that any resigning Administrative Agent shall retain all of its rights with respect to any Swingline Loans made
by it prior to such resignation. 
 “Swingline Loan” shall have the meaning provided in
Section 2.01(f). 
 “Swingline Loan Exposure” shall mean, at any time, the
aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its U.S. Borrower RL Percentage of the total Swingline Exposure at such time. 

“Swingline Note” shall have the meaning provided in Section 2.05(a). 

 

 -58- 

 “Syndication Date” shall mean such date as has been agreed
to in a separate writing among the Joint Lead Arrangers and Holdings. 
 “Synthetic Lease”
means a lease transaction under which the parties intend that (i) the lease will be treated as an “operating lease” by the lessee and (ii) the lessee will be entitled to various tax and other benefits ordinarily available to
owners (as opposed to lessees) of like property. 
 “Target” shall have the meaning provided
such term in the definition of Two-Step Permitted Acquisition. 
 “Taxes” shall mean any and
all past, present or future taxes, levies, imposts, duties, deductions, charges, fees, assessments, liabilities or withholdings imposed by any Governmental Authority in the nature of a tax, including interest, penalties and additions to tax with
respect thereto. 
 “Tender Offer” shall mean the offer by Merger Sub to repurchase up to 100%
of the outstanding Existing Senior Subordinated Notes pursuant to the Tender Offer Materials. 
 “Tender
Offer Materials” means the Offer to Purchase and Consent Solicitation Statement and Letter of Transmittal dated May 11, 2010. 

“Tender Offer Notes Repurchase” shall mean the repurchase by Merger Sub on the Initial Borrowing Date of
all of the Existing Senior Subordinated Notes validly tendered and not withdrawn pursuant to the Tender Offer and the payment of all related tender premiums and accrued and unpaid interest owing in connection therewith. 

“Term Loan Commitment” shall mean, for each Lender, its B Term Loan Commitment, its C Term Loan
Commitment and its Incremental Term Loan Commitment. 
 “Term Loan Maturity Date” shall mean
(a) with respect to any B Term Loans that have not been extended pursuant to Section 2.14, the Initial B Term Loan Maturity Date, (b) with respect to any C Term Loans that have not been extended pursuant to
Section 2.14, the Initial C Term Loan Maturity Date, (c) with respect to any Incremental Term Loans that have not been extended pursuant to Section 2.14, the Initial Incremental Term Loan Maturity Date and (d) with
respect to any Tranche of Extended Term Loans or Extended Term Loan Commitments, the Extended Term Loan Maturity Date. 

“Term Loan Percentage” of a Tranche of Term Loans shall mean, at any time, a fraction (expressed as a
percentage), the numerator of which is equal to the aggregate outstanding principal amount of all Term Loans of such Tranche (which, in the case of Canadian Borrower Incremental Term Loans funded in Canadian Dollars, shall be the U.S. Dollar
Equivalent of such aggregate outstanding principal amount) at such time and the denominator of which is equal to the aggregate outstanding principal amount of all Term Loans of all Tranches (which, in the case of Canadian Borrower Incremental Term
Loans funded in Canadian Dollars, shall be the U.S. Dollar Equivalent of such aggregate principal amount) at such time. 

“Term Loans” shall mean the B Term Loans, the C Term Loans and each Incremental Term Loan. 

“Test Date” shall mean, with respect to any Start Date, the last day of the most recent fiscal quarter
of the U.S. Borrower ended immediately prior to such Start Date. 
  

 -59- 

 “Test Period” shall mean each period of four consecutive
fiscal quarters of Holdings then last ended (in each case taken as one accounting period). Notwithstanding anything to the contrary contained above or in Section 13.07 or otherwise required by U.S. GAAP: 

(i) Consolidated Interest Expense shall be calculated for purposes of the Consolidated Interest Coverage Ratio
(x) for the fiscal quarter ending closest to December 31, 2010 by multiplying the Consolidated Interest Expense for the fiscal quarter then ending by four, (y) for the fiscal quarter ending closest to March 31, 2011 by
multiplying the Consolidated Interest Expense for the two fiscal quarters then ending by two and (z) for the fiscal quarter ending closest to June 30, 2011 by multiplying the Consolidated Interest Expense for the three fiscal quarters then
ending by four thirds (4/3); and 
 (ii) for purposes of any calculation of the Consolidated Total Net Leverage
Ratio (including with respect to the definition of “Applicable Commitment Fee Percentage” and “Applicable Margin”), the Consolidated Senior Secured Net Leverage Ratio and the Consolidated Interest Coverage Ratio, as applicable,
Consolidated EBITDA shall be deemed to be, for each fiscal quarter ending closest to the dates set forth below, the amount set forth opposite such date: 
  

				
	 1. June 30, 2009
	  	$	41,600,000
	 2. September 30, 2009
	  	$	35,600,000
	 3. December 31, 2009
	  	$	27,300,000
	 4. March 31, 2010
	  	$	34,500,000

“Threshold Amount” shall mean $25,000,000. 

“Total B Term Loan Commitment” shall mean, at any time, the sum of the B Term Loan Commitments of each
of the Lenders at such time. 
 “Total C Term Loan Commitment” shall mean, at any time, the sum
of the C Term Loan Commitments of each of the Lenders at such time. 
 “Total Canadian Borrower
Revolving Loan Commitment” shall mean, at any time, the sum of the Canadian Borrower Revolving Loan Commitments of each of the Lenders with such a Commitment at such time. 

“Total Commitment” shall mean, at any time, the sum of the Total B Term Loan Commitment, the Total C
Term Loan Commitment, the Total Incremental Term Loan Commitment and the Total Revolving Loan Commitment. 

“Total Incremental Term Loan Commitment” shall mean, at any time, the sum of the Incremental Term Loan
Commitments of each of the Lenders with such a Commitment at such time. 
 “Total Initial U.S. Borrower
Revolving Loan Commitments” shall mean, at any time, the sum of the Initial U.S. Borrower Revolving Loan Commitments at such time. 
  

 -60- 

 “Total Revolving Loan Commitment” shall mean, at any time,
the sum of the Total U.S. Borrower Revolving Loan Commitment and the Total Canadian Borrower Revolving Loan Commitment, in each case in effect at such time. 

“Total Unutilized Revolving Loan Commitment” shall mean, at any time, an amount equal to the remainder
of (x) the Total Revolving Loan Commitment then in effect less (y) the sum of the Aggregate Canadian Borrower RL Exposure at such time and the Aggregate U.S. RL Exposure at such time. 

“Total U.S. Borrower Revolving Loan Commitment” shall mean, at any time, the sum of the U.S. Borrower
Revolving Loan Commitments of each of the Lenders with such a Commitment at such time. 

“Tranche” shall mean the respective facilities and commitments utilized in making Loans and issuing
Letters of Credit hereunder, i.e., whether B Term Loans; C Term Loans; U.S. Borrower Revolving Loans (and Swingline Loans and issuances of U.S. Borrower Letters of Credit); Canadian Borrower Revolving Loans (and issuances of Canadian Borrower
Letters of Credit); or Incremental Term Loans made pursuant to one or more tranches designated pursuant to the respective Incremental Term Loan Commitment Agreements in accordance with the relevant requirements specified in Section 2.15
(collectively, the “Initial Tranches” and, each, an “Initial Tranche”), and after giving effect to the Extension pursuant to Section 2.14, shall include any group of Extended Loans pursuant to Extended
Term Loan Commitments, Extended U.S. Borrower Revolving Loan Commitments or Extended Canadian Borrower Revolving Loan Commitments, as the case may be, extended, directly or indirectly, from the same Initial Tranche and having the same Term Loan
Maturity Date or Revolving Loan Maturity Date, as the case may be, interest rate and fees; provided that (x) only in the circumstances contemplated by Section 2.15(c), Incremental Term Loans may be made part of a then
existing Tranche of Term Loans and (y) for purposes of the definition of “Supermajority Lenders”, “Majority Lenders” and Section 13.12(a), U.S. Revolving Loans and Swingline Loans shall collectively be deemed to
represent a single “Tranche”. 
 “Transaction” shall mean, collectively, (i) the
consummation of the Merger, (ii) the consummation of the Refinancing, (iii) the consummation of the Common Equity Financing, (iv) the issuance of the Senior Notes, (v) the entering into of the Credit Documents and the incurrence
of Loans on the Initial Borrowing Date and (vi) the payment of all Transaction Costs. 

“Transaction Costs” means the fees, premiums and expenses payable by Holdings and its Subsidiaries in
connection with the Transaction. 
 “Two-Step Permitted Acquisition” shall mean the acquisition
by the U.S. Borrower or any Wholly-Owned Subsidiary of the U.S. Borrower of 100% of the Equity Interests of any Person (a “Target”) not already a Subsidiary of the U.S. Borrower by way of (x) an initial acquisition of not less
than 51% of the voting Equity Interests of such Target and (y) a subsequent merger of the Target with and into the U.S. Borrower or a Wholly-Owned Subsidiary of the U.S. Borrower or a subsequent acquisition or acquisitions of all remaining
outstanding Equity Interests of the Target; provided, that (i) any such Two-Step Permitted Acquisition shall be effected in accordance with the definition of Permitted Acquisition and (ii) the subsequent merger or share acquisition
or acquisitions to be effected as part of such Two-Step Permitted Acquisition shall be consummated as soon as practicable after the consummation of the initial acquisition of Equity Interests, but in any event within 180 days thereafter and
(iii) prior to the consummation of the initial acquisition of Equity Interests in any Two-Step Permitted Acquisition, the U.S. Borrower or its respective Restricted Subsidiary shall have available to it sufficient Committed Financing to effect
such Two-Step Permitted Acquisition (and to make all payments owing in connection with all steps thereof). 
  

 -61- 

 “Type” shall mean the type of Loan determined with regard
to the interest option applicable thereto, i.e., whether a Base Rate Loan, a LIBO Rate Loan, a Canadian Prime Rate Loan, a B/A Discount Rate Loan, or a Bankers’ Acceptance Loan. 

“UCC” shall mean the Uniform Commercial Code as from time to time in effect in the relevant
jurisdiction. 
 “Unfunded Pension Liability” of any Plan shall mean the amount, if any, by
which the value of the accumulated plan benefits under the Plan determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC for purposes of Section 4044 of ERISA,
exceeds the fair market value of all plan assets of such Plan; and with respect to a Canadian Pension Plan shall mean the amount, if any, by which a Canadian Pension Plan’s liabilities, calculated on a wind-up basis, exceed the market value of
such Canadian Pension Plan’s assets. 
 “United States” and “U.S.” shall
each mean the United States of America. 
 “Unpaid Drawing” shall have the meaning provided in
Section 3.05(a). 
 “Unrestricted Subsidiary” means (i) each Subsidiary of the
U.S. Borrower listed on Schedule 1.01 and (ii) any Subsidiary of the U.S. Borrower designated by the board of directors of the U.S. Borrower as an Unrestricted Subsidiary pursuant to Section 9.17 subsequent to the Initial
Borrowing Date. 
 “Unutilized Canadian Borrower Revolving Loan Commitment” with respect to any
Canadian Borrower RL Lender, at any time, shall mean such Canadian Borrower RL Lender’s Canadian Borrower Revolving Loan Commitment at such time, if any, less such Canadian Borrower RL Lender’s Individual Canadian Borrower RL
Exposure at such time. 
 “Unutilized U.S. Borrower Revolving Loan Commitment” with respect to
any U.S. Borrower RL Lender, at any time, shall mean such U.S. Borrower RL Lender’s U.S. Borrower Revolving Loan Commitment at such time, if any, less such U.S. Borrower Lender’s Individual U.S. RL Exposure at such time. 

“U.S. Borrower” shall have the meaning provided in the first paragraph of this Agreement. 

“U.S. Borrower Incremental Term Loans” shall mean Incremental Term Loans incurred by the U.S. Borrower.

 “U.S. Borrower Letter of Credit” shall mean each Letter of Credit issued to the U.S.
Borrower pursuant to Section 3.01 and designated as such by the U.S. Borrower in the respective Letter of Credit Request. 

“U.S. Borrower Letter of Credit Exposure” shall mean, at any time, the aggregate amount of all U.S.
Borrower Letter of Credit Outstandings at such time. The U.S. Borrower Letter of Credit Exposure of any U.S. Borrower RL Lender at any time shall be its U.S. Borrower RL Percentage of the total U.S. Borrower Letter of Credit Exposure at such time.

  

 -62- 

 “U.S. Borrower Letter of Credit Outstandings” shall mean,
at any time, the sum of (i) the aggregate Stated Amount of all outstanding U.S. Borrower Letters of Credit and (ii) the aggregate amount of all Unpaid Drawings in respect of all U.S. Borrower Letters of Credit. 

“U.S. Borrower Revolving Loan” shall have the meaning provided in Section 2.01(d).

 “U.S. Borrower Revolving Loan Commitment” shall mean, for each Lender, the amount set forth
opposite such Lender’s name in Schedule 2.01 directly below the column entitled “U.S. Borrower Revolving Loan Commitment”, as same may be (x) reduced from time to time or terminated pursuant to Sections 4.02,
4.03 and/or 11, as applicable, (y) increased by the amount of any Incremental RL Commitment of such Lender pursuant to Section 2.16 or (z) adjusted from time to time as a result of assignments to or from such
Lender pursuant to Section 2.13 or 13.04(b). In addition, the U.S. Borrower Revolving Loan Commitment of each Lender shall include each of its Initial U.S. Borrower Revolving Loan Commitment and, subject to the consent of such
Lender, any Extended U.S. Borrower Revolving Loan Commitment of such Lender. 
 “U.S. Borrower Revolving
Note” shall have the meaning provided in Section 2.05(a). 
 “U.S. Borrower RL
Lender” shall mean any Lender with a U.S. Borrower Revolving Loan Commitment (without giving effect to any termination of the Total U.S. Borrower Revolving Loan Commitment if any Swingline Loans or U.S. Borrower Letter of Credit
Outstandings remain outstanding) or outstanding U.S. Borrower Revolving Loans (or any participation in any Swingline Loans or U.S. Borrower Letter of Credit Outstandings). 

“U.S. Borrower RL Percentage” of any U.S. Borrower RL Lender at any time shall mean that percentage
which is equal to a fraction (expressed as a percentage) the numerator of which is the U.S. Borrower Revolving Loan Commitment of such U.S. Borrower RL Lender at such time and the denominator of which is the Total U.S. Borrower Revolving Loan
Commitment at such time, provided that if any such determination is to be made after the Total U.S. Borrower Revolving Loan Commitment (and the related U.S. Borrower Revolving Loan Commitments of the Lenders) has (or have) terminated, the
determination of such percentages shall be made immediately before giving effect to such termination (but giving effect to assignments made thereafter in accordance with the terms hereof); provided, further, that in the case of
Section 2.18 when a Defaulting Lender shall exist, “U.S. Borrower RL Percentage” shall mean the percentage of the Total U.S. Borrower Revolving Loan Commitments (disregarding any Defaulting Lender’s U.S. Borrower Revolving
Loan Commitment) represented by such Lender’s U.S. Borrower Revolving Loan Commitment. 
 “U.S.
Borrower Term Loans” shall mean the B Term Loans and each Tranche (if any) of U.S. Borrower Incremental Term Loans. 

“U.S. Credit Party” shall mean Holdings, the U.S. Borrower and each U.S. Subsidiary Guarantor.

  

 -63- 

 “U.S. Dollar Equivalent” of an amount denominated in a
currency other than U.S. Dollars shall mean, at any time for the determination thereof, the amount of U.S. Dollars which could be purchased with the amount of such currency involved in such computation at the spot exchange rate therefor as quoted by
the Administrative Agent as of 11:00 A.M. (New York City time) on the date two Business Days prior to the date of any determination thereof for purchase on such date (or, in the case of any determination pursuant to the definitions of “Required
Lenders” or Section 13.22 or Section 19 (or any analogous provision) of any Subsidiaries Guaranty, on the date of determination); provided that, for purposes of (x) determining compliance with Sections
2.01(e), 3.02(a), 3.02(b) and 5.02(a)(i) and (y) calculating Fees pursuant to Section 4.01 (except Fees which are expressly required to be paid in Canadian Dollars pursuant to Section 4.01), the
U.S. Dollar Equivalent of any amounts denominated in a currency other than U.S. Dollars shall be revalued on a monthly basis using the spot exchange rates therefor as quoted in Reuters ECB Page 37 (or, if same does not provide such
exchange rates, on such other basis as is reasonably satisfactory to the Administrative Agent) on the last Business Day of each calendar month. Notwithstanding anything to the contrary contained in this definition, at any time that a Default or an
Event of Default then exists, the Administrative Agent may revalue the U.S. Dollar Equivalent of any amounts outstanding under the Credit Documents in a currency other than U.S. Dollars in its sole discretion. 

“U.S. Dollars” and the sign “$” shall each mean freely transferable lawful money
(expressed in dollars) of the United States. 
 “U.S. GAAP” shall mean generally accepted
accounting principles in the United States of America as in effect from time to time; provided that determinations made pursuant to this Agreement in accordance with U.S. GAAP are subject (to the extent provided therein) to
Section 13.07(a). 
 “U.S. Security Agreement” shall have the meaning provided in
Section 6.11(a). 
 “U.S. Security Documents” shall mean and include the U.S.
Security Agreement, the Pledge Agreement, each Mortgage covering a Mortgaged Property located in the United States or any State or territory thereof and each other Security Document covering assets of a U.S. Credit Party situated in the United
States or any State or territory thereof. 
 “U.S. Subsidiaries Guaranty” shall have the
meaning provided in Section 6.13. 
 “U.S. Subsidiary Guarantor” shall mean each
Domestic Subsidiary of Holdings (other than the U.S. Borrower) in existence on the Initial Borrowing Date (after giving effect to the Transaction), as well as each Domestic Subsidiary of Holdings established, created or acquired after the Initial
Borrowing Date which becomes a party to the U.S. Subsidiaries Guaranty in accordance with the requirements of this Agreement or the provisions of the U.S. Subsidiaries Guaranty. 

“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number
of years obtained by dividing (i) the then outstanding principal amount of such Indebtedness into (ii) the product obtained by multiplying (x) the amount of each then remaining installment or other required scheduled payments of
principal, including payment at final maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment. 

“Wholly-Owned Canadian Subsidiary” shall mean, as to any Person, any Wholly-Owned Subsidiary of such
Person which is a Canadian Subsidiary of such Person. 
  

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 “Wholly-Owned Domestic Subsidiary” shall mean, as to any
Person, any Wholly-Owned Subsidiary of such Person which is a Domestic Subsidiary of such person. 

“Wholly-Owned Foreign Subsidiary” shall mean, as to any Person, any Wholly-Owned Subsidiary of such
Person which is a Foreign Subsidiary of such Person. 
 “Wholly-Owned Restricted Subsidiary”
shall mean, as to any Person, any Wholly-Owned Subsidiary of such Person which is a Restricted Subsidiary of such Person. 

“Wholly-Owned Subsidiary” shall mean, as to any Person, (i) any corporation 100% of whose capital
stock is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person and (ii) any partnership, association, joint venture or other entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such
Person owns 100% of the Equity Interests at such time (other than, in the case of a Foreign Subsidiary with respect to preceding clauses (i) or (ii), director’s qualifying shares and/or other nominal amounts of shares required to be held
by Persons other than Holdings and its Subsidiaries under applicable law). 
 “Will be able to pay their
Stated Liabilities and Identified Contingent Liabilities as they mature” means for the period from the date hereof through the stated maturity of all New Financing, the U.S. Borrower and its Subsidiaries taken as a whole will have
sufficient assets and cash flow to pay their respective Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the case of contingent liabilities) otherwise become payable. 

1.02 Terms Generally. The definitions in Section 1.01 shall apply equally to both 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”; and the words “asset” and “property” shall be construed as
having 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. The words “herein”, “hereof” and “hereunder”, and
words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision of this Agreement unless the context shall otherwise require. All references herein to Articles, Sections, paragraphs,
clauses, subclauses, Exhibits and Schedules shall be deemed references to Articles, Sections, paragraphs, clauses and subclauses of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Unless otherwise expressly
provided herein, (a) all references to documents, instruments and other agreements (including the Credit Documents and organizational documents) shall be deemed to include all subsequent amendments, restatements, amendments and restatements,
supplements and other modifications thereto, but only to the extent that such amendments, restatements, amendments and restatements, supplements and other modifications are not prohibited by any Credit Document and (b) references to any law,
statute, rule or regulation shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law. Unless otherwise specified, all references herein to times of day shall be references to
Eastern time (daylight or standard, as applicable). 
  

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 Section 2. Amount and Terms of Credit. 

2.01 The Commitments. (a) Subject to and upon the terms and conditions set forth herein, each Lender with a B
Term Loan Commitment severally agrees to make a term loan or term loans (each, a “B Term Loan” and, collectively, the “B Term Loans”) to the U.S. Borrower, which B Term Loans (i) shall be incurred by the U.S.
Borrower pursuant to a single drawing on the Initial Borrowing Date, (ii) shall be denominated in U.S. Dollars, (iii) except as hereinafter provided, shall, at the option of the U.S. Borrower, be incurred and maintained as, and/or
converted into, Base Rate Loans or LIBO Rate Loans, provided that (A) except as otherwise specifically provided in Section 2.10(b), all B Term Loans comprising the same Borrowing shall at all times be of the same Type, and
(B) unless the Administrative Agent otherwise agrees in its sole discretion or the Syndication Date has occurred (at which time this clause (B) shall no longer be applicable), prior to the 90th day following the Initial Borrowing Date, B
Term Loans may be incurred and maintained as, and/or converted into, LIBO Rate Loans only so long as all such outstanding LIBO Rate Loans, together with all outstanding C Term Loans and Revolving Loans that are maintained as LIBO Rate Loans, are
subject to an Interest Period of one month which begins and ends on the same day (with the first such Interest Period to begin no earlier than three Business Days and no later than 5 Business Days following the Initial Borrowing Date), and
(iv) shall be made by each such Lender in that aggregate principal amount which does not exceed the B Term Loan Commitment of such Lender on the Initial Borrowing Date (before giving effect to the termination thereof pursuant to
Section 4.03(b)). Once repaid, B Term Loans incurred hereunder may not be reborrowed. 
 (b) Subject
to and upon the terms and conditions set forth herein, each Lender with a C Term Loan Commitment severally agrees to make a term loan or term loans (each, a “C Term Loan” and, collectively, the “C Term Loans”) to
the Canadian Borrower, which C Term Loans (i) shall be incurred by the Canadian Borrower pursuant to a single drawing on the Initial Borrowing Date, (ii) shall be denominated in U.S. Dollars, (iii) except as hereinafter provided,
interest thereon shall, at the option of the Canadian Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or LIBO Rate Loans, provided that (A) except as otherwise specifically provided in
Section 2.10(b), all C Term Loans comprising the same Borrowing shall at all times be of the same Type, and (B) unless the Administrative Agent otherwise agrees in its sole discretion or the Syndication Date has occurred (at which
time this clause (B) shall no longer be applicable), prior to the 90th day following the Initial Borrowing Date, C Term Loans may be incurred and maintained as, and/or converted into, LIBO Rate Loans only so long as all such outstanding LIBO
Rate Loans, together with all outstanding B Term Loans and Revolving Loans that are maintained as LIBO Rate Loans, are subject to an Interest Period of one month which begins and ends on the same day (with the first such Interest Period to begin no
earlier than three Business Days and no later than 5 Business Days following the Initial Borrowing Date), and (iv) shall be made by each such Lender in that aggregate principal amount which does not exceed the C Term Loan Commitment of such
Lender on the Initial Borrowing Date (before giving effect to the termination thereof pursuant to Section 4.03(b)). Once repaid, C Term Loans incurred hereunder may not be reborrowed. 

(c) Subject to and upon the terms and conditions set forth herein, (i) each Lender with an Incremental Term Loan
Commitment for a given Tranche of Incremental Term Loans severally agrees to make a term loan (each, an “Incremental Term Loan” and, collectively, the “Incremental Term Loans”) to the Incremental Term Loan Borrower
for such Tranche, which Incremental Term Loans (i) shall be incurred pursuant to a single drawing on the respective Incremental Term Loan Borrowing Date, (ii) shall be denominated in U.S. Dollars or, if the Incremental Term Loan Borrower
is the Canadian Borrower and so elects in accordance with the terms of Section 2.15, Canadian Dollars, (iii) in the case of Incremental Term Loans denominated in U.S. Dollars, shall, except as hereinafter provided, at the option of
the Incremental Term Loan Borrower for such Tranche, be incurred and maintained as, and/or converted into one or more Borrowings of Base Rate Loans or LIBO Rate Loans, provided that except as otherwise specifically provided in
Section 2.10(b), all such Incremental Term Loans of a given Tranche made as part of the same Borrowing shall at all times consist of Incremental Term Loans of the same Type, (iv) in the case of Incremental Term Loans denominated in
Canadian Dollars, interest thereon shall, except as hereafter provided, at the option of the Canadian Borrower, be accrued at the Canadian Prime Rate or B/A Discount Rate plus the margins described in Section 2.08 and (v) shall not
exceed for any such Incremental Term Loan Lender at any time of any incurrence thereof, the Incremental Term Loan Commitment of such Incremental Term Loan Lender for such Tranche on the respective Incremental Term Loan Borrowing Date (before giving
effect to the termination thereof on such date pursuant to Section 4.03(e)). Once repaid, Incremental Term Loans may not be reborrowed. 
  

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 (d) Subject to and upon the terms and conditions set forth herein, each U.S.
Borrower RL Lender severally agrees to make, at any time and from time to time on or after the Initial Borrowing Date and prior to the Revolving Loan Maturity Date, a revolving loan or revolving loans (each, a “U.S. Borrower Revolving
Loan” and, collectively, the “U.S. Borrower Revolving Loans”) to the U.S. Borrower, which U.S. Borrower Revolving Loans (i) shall be denominated in U.S. Dollars, (ii) shall, at the option of the U.S. Borrower, be
incurred and maintained as, and/or converted into, Base Rate Loans or LIBO Rate Loans, provided that (A) except as otherwise specifically provided in Section 2.10(b), all U.S. Borrower Revolving Loans comprising the same
Borrowing shall at all times be of the same Type, and (B) unless the Administrative Agent otherwise agrees in its sole discretion or the Syndication Date has occurred (at which time this clause (B) shall no longer be applicable), prior to
the 90th day following the Initial Borrowing Date, U.S. Borrower Revolving Loans may be incurred and maintained as, and/or converted into, LIBO Rate Loans only so long as all such outstanding LIBO Rate Loans, together with all outstanding Term Loans
and Canadian Borrower Revolving Loans that are maintained as LIBO Rate Loans, are subject to an Interest Period of one month which begins and ends on the same day (with the first such Interest Period to begin no earlier than three Business Days and
no later than 5 Business Days following the Initial Borrowing Date), (iii) may be repaid and reborrowed in accordance with the provisions hereof, (iv) shall not be made (and shall not be required to be made) by any U.S. Borrower RL Lender
in any instance where the incurrence thereof (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore outstanding pursuant to this Agreement) would cause the Individual U.S. RL
Exposure of such U.S. Borrower RL Lender to exceed the amount of its U.S. Borrower Revolving Loan Commitment at such time, and (v) shall not be made (and shall not be required to be made) by any U.S. Borrower RL Lender if the making of same
would cause the Aggregate U.S. RL Exposure (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore outstanding pursuant to this Agreement) to exceed the Total U.S. Borrower
Revolving Loan Commitment as then in effect. 
 (e) Subject to and upon the terms and conditions set forth
herein, each Canadian Borrower RL Lender severally agrees to make, at any time and from time to time on or after the Initial Borrowing Date and prior to the Revolving Loan Maturity Date, a revolving loan or revolving loans (each, a “Canadian
Borrower Revolving Loan” and, collectively, the “Canadian Borrower Revolving Loans” and, together with the U.S. Borrower Revolving Loans, collectively, the “Revolving Loans” and each, a “Revolving
Loan”) to the Canadian Borrower, which Canadian Borrower Revolving Loans (i) shall be made and maintained in the respective Available Currency elected by the Canadian Borrower; (ii) except as hereafter provided, shall, at the
option of the Canadian Borrower, be incurred and maintained as, and/or converted into, one or more Borrowings (with the following Types of Loans specified in clauses (w) and (x) available only in the case of Canadian Borrower Revolving
Loans denominated in U.S. Dollars, and the following Types of Loans specified in clauses (y) and (z) available only in the case of Canadian Borrower Revolving Loans denominated in Canadian Dollars) of (w) Base Rate Loans,
(x) LIBO Rate Loans, (y) Canadian Prime Rate Loans, or (z) (i) in the case of a B/A Lender, the creation of Bankers’ Acceptances on the terms and conditions provided for herein and in Schedule 2.17 hereto or
(ii) in a case of a Non-B/A Lender, the creation and purchase of completed Drafts in Canadian Dollars and the exchange of such Drafts for B/A Equivalent Notes, in each case on the terms and conditions provided for herein and in Schedule
2.17 hereto, provided that (A) except as otherwise specifically provided in Section 2.10(b), all Canadian Borrower Revolving Loans made as part of the same Borrowing shall at all times consist of Canadian Borrower
Revolving Loans of the same Type, and (B) unless the Administrative Agent otherwise agrees in its sole discretion or the Syndication Date has occurred (at which time this clause (B) shall no longer be applicable), prior to the 90th day
following the Initial Borrowing Date, (x) Canadian Borrower Revolving Loans may be incurred and maintained as, and/or converted into, LIBO Rate Loans only so long as all such outstanding LIBO Rate Loans, together with all outstanding Term Loans
and U.S. Borrower Revolving Loans that are maintained as LIBO Rate Loans, are subject to an Interest Period of one month which begins and ends on the same day (with the first such Interest Period to begin no earlier than three Business Days and no
later than 5 Business Days following the Initial Borrowing Date) and (y) Canadian Borrower Revolving Loans may be incurred and maintained as and/or converted into, Bankers’ Acceptance Loans only so long as such outstanding Bankers’
Acceptance Loans have a term to maturity of 30 days; (iii) may be repaid and reborrowed in accordance with the provisions hereof; (iv) shall not be made (and shall not be required to be made) by any Canadian Borrower RL Lender in any
instance where the incurrence thereof (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore outstanding pursuant to this Agreement) would cause the Individual Canadian Borrower
RL Exposure of such Canadian Borrower RL Lender to exceed the amount of its Canadian Borrower Revolving Loan Commitment at such time; and (v) shall not be made (and shall not be required to be made) by any Canadian Borrower RL Lender if the
making of same would cause the Aggregate Canadian Borrower RL Exposure (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore outstanding pursuant to this Agreement) to exceed
the Total Canadian Borrower Revolving Loan Commitment as then in effect. 
  

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 (f) Subject to and upon the terms and conditions set forth herein, the
Swingline Lender agrees to make, at any time and from time to time on or after the Initial Borrowing Date and prior to the Swingline Expiry Date, a revolving loan or revolving loans (each, a “Swingline Loan” and, collectively, the
“Swingline Loans”) to the U.S. Borrower, which Swingline Loans (i) shall be incurred and maintained as Base Rate Loans, (ii) shall be denominated in U.S. Dollars, (iii) may be repaid and reborrowed in accordance with
the provisions hereof, (iv) shall not be made (and shall not be required to be made) if the making of same would cause the Aggregate U.S. RL Exposure (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof
to repay any amounts theretofore outstanding pursuant to this Agreement) to exceed the Total U.S. Borrower Revolving Loan Commitment as then in effect, and (v) shall not exceed in aggregate principal amount at any time outstanding the Maximum
Swingline Amount. Notwithstanding anything to the contrary contained in this Section 2.01(f), the Swingline Lender shall not make any Swingline Loan after it has received written notice from the U.S. Borrower, any other Credit Party or
the Required Lenders stating that a Default or an Event of Default exists and is continuing until such time as the Swingline Lender shall have received written notice (A) of rescission of all such notices from the party or parties originally
delivering such notice or notices or (B) of the waiver of such Default or Event of Default by the Required Lenders. 
  

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 (g) On any Business Day, the Swingline Lender may, in its sole discretion,
give notice to the U.S. Borrower RL Lenders that the Swingline Lender’s outstanding Swingline Loans shall be funded with one or more Borrowings of U.S. Borrower Revolving Loans (provided that such notice shall be deemed to have been
automatically given upon the occurrence of a Default or an Event of Default under Section 11.05 or upon the exercise of any of the remedies provided in the last paragraph of Section 11), in which case one or more Borrowings
of U.S. Borrower Revolving Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory U.S. RL Borrowing”) shall be made on the immediately succeeding Business Day by all U.S. Borrower RL Lenders pro rata
based on each such U.S. Borrower RL Lender’s U.S. Borrower RL Percentage (determined before giving effect to any termination of the U.S. Borrower Revolving Loan Commitments pursuant to the last paragraph of Section 11) and the
proceeds thereof shall be applied directly by the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each U.S. Borrower RL Lender hereby irrevocably agrees to make U.S. Borrower Revolving Loans upon one Business
Day’s notice pursuant to each Mandatory U.S. RL Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified in writing by the Swingline Lender notwithstanding (i) the amount of the Mandatory U.S.
RL Borrowing may not comply with the Minimum Borrowing Amount otherwise required hereunder, (ii) whether any conditions specified in Section 7 are then satisfied, (iii) whether a Default or an Event of Default then exists,
(iv) the date of such Mandatory U.S. RL Borrowing, and (v) the amount of the Total U.S. Borrower Revolving Loan Commitment at such time. In the event that any Mandatory U.S. RL Borrowing cannot for any reason be made on the date otherwise
required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code with respect to the U.S. Borrower), then each U.S. Borrower RL Lender hereby agrees that it shall forthwith purchase (as of
the date the Mandatory U.S. RL Borrowing would otherwise have occurred, but adjusted for any payments received from the U.S. Borrower on or after such date and prior to such purchase) from the Swingline Lender such participations in the outstanding
Swingline Loans as shall be necessary to cause the U.S. Borrower RL Lenders to share in such Swingline Loans ratably based upon their respective U.S. Borrower RL Percentages (determined before giving effect to any termination of the Revolving Loan
Commitments pursuant to the last paragraph of Section 11), provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender until the date as of which the respective participation
is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant from and after such date and (y) at the time any purchase of participations pursuant to this sentence is actually
made, the purchasing U.S. Borrower RL Lender shall be required to pay the Swingline Lender interest on the principal amount of participation purchased for each day from and including the day upon which the Mandatory U.S. RL Borrowing would otherwise
have occurred to but excluding the date of payment for such participation, at the overnight Federal Funds Rate for the first three days and at the interest rate otherwise applicable to U.S. Borrower Revolving Loans maintained as Base Rate Loans
hereunder for each day thereafter. 
 (h) If the Initial Revolving Loan Maturity Date shall have occurred at a
time when Extended U.S. Borrower Revolving Loan Commitments or Extended Canadian Borrower Revolving Loan Commitments are in effect, then on the Initial Revolving Loan Maturity Date all then outstanding Swingline Loans shall be repaid in full on such
date (and there shall be no adjustment to the participations in such Swingline Loans as a result of the occurrence of such Initial Revolving Loan Maturity Date); provided that, if on the occurrence of the Initial Revolving Loan Maturity Date
(after giving effect to any repayments of Revolving Loans and any reallocation of Letter of Credit participations as contemplated in Section 3.07), there shall exist sufficient unutilized Extended U.S. Borrower Revolving Loan Commitments
or Extended Canadian Borrower Revolving Loan Commitments, as the case may be, so that the respective outstanding Swingline Loans could be incurred pursuant to the Extended U.S. Borrower Revolving Loan Commitments or Extended Canadian Borrower
Revolving Loan Commitments, as the case may be, which will remain in effect after the occurrence of the Initial Revolving Loan Maturity Date, then there shall be an automatic adjustment on such date of the participations in such Swingline Loans and
same shall be deemed to have been incurred solely pursuant to the Extended U.S. Borrower Revolving Loan Commitments or Extended Canadian Borrower Revolving Loan Commitments, as the case may be, and such Swingline Loans shall not be so required to be
repaid in full on the Initial Revolving Loan Maturity Date. 
  

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 2.02 Minimum Amount of Each Borrowing. The aggregate principal amount
of each Borrowing of Loans under a respective Tranche shall not be less than the Minimum Borrowing Amount applicable to such Tranche; provided that Mandatory U.S. RL Borrowings shall be made in the amounts required by
Section 2.01(g). More than one Borrowing may occur on the same date, but at no time shall there be outstanding more than (x) fifteen (15) Borrowings of LIBO Rate Loans and B/A Discount Rate Loans in the aggregate for all
Tranches of Loans or (y) ten (10) different maturity dates in the aggregate for all outstanding Bankers’ Acceptance Loans. 

2.03 Notice of Borrowing. (a) Whenever a Borrower desires to make a Borrowing of Loans hereunder (excluding
(x) Borrowings of Swingline Loans, (y) Mandatory U.S. RL Borrowings and (z) Borrowings of Canadian Prime Rate Loans that are Canadian Borrower Revolving Loans to the extent resulting from automatic conversions of Bankers’
Acceptance Loans as provided in Schedule 2.17), such Borrower shall give the Administrative Agent at its Notice Office at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) of each Base
Rate Loan or Canadian Prime Rate Loan to be made hereunder and at least three Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of each LIBO Rate Loan, B/A Discount Rate Loan or Bankers’ Acceptance
Loan to be made hereunder, provided that (in each case) any such notice shall be deemed to have been given on a certain day only if given before 12:00 Noon (New York City time) on such day. Each such notice (each, a “Notice of
Borrowing”), except as otherwise expressly provided in Section 2.10, shall be irrevocable and shall be in writing, or by telephone promptly confirmed in writing by or on behalf of the respective Borrower, in the form of
Exhibit A-1, appropriately completed to specify: (i) the aggregate principal amount or Face Amount, as the case may be, of the Loans to be made pursuant to such Borrowing (stated in the Applicable Currency), (ii) the date of such
Borrowing (which shall be a Business Day), (iii) whether the respective Borrowing shall consist of B Term Loans, C Term Loans, U.S. Borrower Incremental Term Loans, Canadian Borrower Incremental Term Loans, Canadian Borrower Revolving Loans or
U.S. Borrower Revolving Loans, (iv) in the case of Dollar Denominated Loans, whether the Dollar Denominated Loans being made pursuant to such Borrowing are to be initially maintained as Base Rate Loans or LIBO Rate Loans, (v) in the case
of Canadian Borrower Incremental Term Loans funded in Canadian Dollars, whether the Canadian Borrower Incremental Term Loans shall consist of Canadian Prime Rate Loans or B/A Discount Loans, (vi) in the case of LIBO Rate Loans and B/A Discount
Rate Loans, the Interest Period to be initially applicable thereto and (vii) in the case of Canadian Dollar Denominated Revolving Loans, whether the respective Borrowing shall consist of Canadian Prime Rate Loans or Bankers’ Acceptance
Loans and, if Bankers’ Acceptance Loans, the term thereof (which shall comply with the requirements of Schedule 2.17). The Administrative Agent shall promptly give each Lender which is required to make Loans of the Tranche specified in
the respective Notice of Borrowing, notice of such proposed Borrowing, of such Lender’s proportionate share thereof (determined in accordance with Section 2.07) and of the other matters required by the immediately preceding sentence
to be specified in the Notice of Borrowing. 
  

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 (b) (i) Whenever the U.S. Borrower desires to incur Swingline Loans
hereunder, the U.S. Borrower shall give the Swingline Lender no later than 11:00 A.M. (New York City time) on the date that a Swingline Loan is to be incurred, written notice or telephonic notice promptly confirmed in writing of each Swingline Loan
to be incurred hereunder. Each such notice shall be irrevocable and specify in each case (A) the date of Borrowing (which shall be a Business Day), and (B) the aggregate principal amount of the Swingline Loans to be incurred pursuant to
such Borrowing. 
 (ii) Mandatory U.S. RL Borrowings shall be made upon the notice specified in
Section 2.01(g), with the U.S. Borrower irrevocably agreeing, by its incurrence of any Swingline Loan, to the making of the Mandatory U.S. RL Borrowings as set forth in Section 2.01(g). 

(c) Without in any way limiting the obligation of either Borrower to confirm in writing any telephonic notice of any
Borrowing or prepayment of Loans, the Administrative Agent or the Swingline Lender, as the case may be, may act without liability upon the basis of telephonic notice of such Borrowing or prepayment, as the case may be, believed by the Administrative
Agent or the Swingline Lender, as the case may be, in good faith to be from the Chief Executive Officer, the Chief Financial Officer, the Treasurer or the General Counsel of such Borrower, or from any other authorized officer of such Borrower
designated in writing by such Borrower to the Administrative Agent as being authorized to give such notices, prior to receipt of written confirmation. In each such case, each Borrower hereby waives the right to dispute the Administrative
Agent’s or Swingline Lender’s record of the terms of such telephonic notice of such Borrowing or prepayment of Loans, as the case may be, absent manifest error. 

2.04 Disbursement of Funds. No later than 1:00 P.M. (New York time) on the date specified in each Notice of
Borrowing (or (x) in the case of Swingline Loans, no later than 12:00 Noon. (New York City time) on the date specified pursuant to Section 2.03(b)(i) or (y) in the case of Mandatory U.S. RL Borrowings, no later than 1:00
P.M. (New York City time) on the date specified in Section 2.01(g)), each Lender with a Commitment of the respective Tranche will make available its pro rata portion (determined in accordance with Section 2.07
or, if then applicable, its Other Allocable Share) of each such Borrowing requested to be made on such date (or in the case of Swingline Loans, the Swingline Lender will make available the full amount thereof). All such amounts will be made
available in U.S. Dollars (in the case of Dollar Denominated Loans) or in Canadian Dollars (in the case of Canadian Dollar Denominated Loans), as the case may be, and in immediately available funds at the Payment Office, and the Administrative Agent
will, except in the case of U.S. Borrower Revolving Loans made pursuant to a Mandatory U.S. RL Borrowing, make available to the relevant Borrower at the Payment Office the aggregate of the amounts so made available by the Lenders. Unless the
Administrative Agent shall have been notified by any Lender prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of any Borrowing to be made on such date, the
Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available
to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from
such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the relevant Borrower and the relevant Borrower shall immediately pay
such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover on demand from such Lender or the U.S. Borrower or the Canadian Borrower, as the case may be, interest on such corresponding amount in
respect of each day from the date such corresponding amount was made available by the Administrative Agent to the relevant Borrower until the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to
(i) if recovered from such Lender, the overnight Federal Funds Rate (or, in the case of Canadian Dollar Denominated Loans, the cost to the Administrative Agent of acquiring overnight funds in Canadian Dollars) for the first three days and at
the interest rate otherwise applicable to such Loans for each day thereafter and (ii) if recovered from the relevant Borrower, the rate of interest applicable to the respective Borrowing, as determined pursuant to Section 2.08.
Nothing in this Section 2.04 shall be deemed to relieve any Lender from its obligation to make Loans hereunder or to prejudice any rights which the relevant Borrower may have against any Lender as a result of any failure by such Lender
to make Loans hereunder. 
  

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 2.05 Notes. (a) The Canadian Borrower’s (in the case of C
Term Loans, Canadian Borrower Incremental Term Loans and Canadian Borrower Revolving Loans) and the U.S. Borrower’s (in the case of B Term Loans, U.S. Borrower Incremental Term Loans, U.S. Borrower Revolving Loans and Swingline Loans)
obligation to pay the principal of, and interest on, the Loans made by each Lender shall be evidenced in the Register maintained by the Administrative Agent pursuant to Section 13.15 and shall, if requested by such Lender, also be
evidenced (i) in the case of B Term Loans, by a promissory note duly executed and delivered by the U.S. Borrower substantially in the form of Exhibit B-1, with blanks appropriately completed in conformity herewith (each, a “B
Term Note” and, collectively, the “B Term Notes”), (ii) in the case of C Term Loans, by a promissory note duly executed and delivered by the Canadian Borrower substantially in the form of Exhibit B-2, with
blanks appropriately completed in conformity herewith (each, a “C Term Note” and, collectively, the “C Term Notes”), (iii) in the case of U.S. Borrower Revolving Loans, by a promissory note duly executed and
delivered by the U.S. Borrower substantially in the form of Exhibit B-3, with blanks appropriately completed in conformity herewith (each, a “U.S. Borrower Revolving Note” and, collectively, the “U.S. Borrower
Revolving Notes”), (iv) in the case of Canadian Borrower Revolving Loans, by a promissory note duly executed and delivered by the Canadian Borrower substantially in the form of Exhibit B-4, with blanks appropriately completed in
conformity herewith (each, a “Canadian Borrower Revolving Note” and, collectively, the “Canadian Borrower Revolving Notes”), (v) in the case of Swingline Loans, by a promissory note duly executed and delivered
by the U.S. Borrower substantially in the form of Exhibit B-5, with blanks appropriately completed in conformity herewith (the “Swingline Note”) and (vi) in the case of Incremental Term Loans, by a promissory note duly
executed and delivered by the Incremental Term Loan Borrower for such Tranche substantially in the form of Exhibit B-6 (with such modifications thereto as may be necessary to reflect differing classes of Incremental Term Loans), with blanks
appropriately completed in conformity herewith (each, an “Incremental Term Note “ and, collectively, the “Incremental Term Notes”). 

(b) The B Term Note issued to each requesting Lender with a B Term Loan Commitment or outstanding B Term Loans shall
(i) be executed by the U.S. Borrower, (ii) be payable to such Lender or its registered assigns and be dated the Initial Borrowing Date (or, if issued after the Initial Borrowing Date, be dated the date of issuance thereof), (iii) be
in a stated principal amount equal to the B Term Loans made by such Lender on the Initial Borrowing Date (or, if issued after the Initial Borrowing Date, be in a stated principal amount equal to the outstanding B Term Loans of such Lender at such
time) and be payable in the outstanding principal amount of B Term Loans evidenced thereby, (iv) mature on the respective Term Loan Maturity Date for B Term Loans, (v) bear interest as provided in the appropriate clause of
Section 2.08 in respect of the Base Rate Loans and LIBO Rate Loans, as the case may be, evidenced thereby, (vi) be subject to voluntary prepayment as provided in Section 5.01, and mandatory repayment as provided in
Section 5.02, and (vii) be entitled to the benefits of this Agreement and the other Credit Documents. 
  

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 (c) The C Term Note issued to each requesting Lender with a C Term Loan
Commitment or outstanding C Term Loans shall (i) be executed by the Canadian Borrower, (ii) be payable to such Lender (or an affiliate designated by such Lender) or its registered assigns and be dated the Initial Borrowing Date (or, in the
case of any C Term Note issued after the Initial Borrowing Date, the date of issuance thereof), (iii) be in a stated principal amount (expressed in U.S. Dollars) equal to the C Term Loans made by such Lender on the Initial Borrowing Date (or,
in the case of any C Term Note issued after the Initial Borrowing Date, in a stated principal amount (expressed in U.S. Dollars) equal to the outstanding principal amount of the C Term Loan of such Lender at such time), (iv) be payable (in U.S.
Dollars) in the principal amount of the C Term Loan evidenced thereby from time to time, (v) mature on the respective Term Loan Maturity Date for C Term Loans, (vi) bear interest as provided in the appropriate clause of
Section 2.08 in respect of the Base Rate Loans and LIBO Rate Loans, as the case may be, evidenced thereby, (vii) be subject to voluntary repayment as provided in Section 5.01 and mandatory repayment as provided in
Section 5.02 and (viii) be entitled to the benefits of this Agreement and the other Credit Documents. 

(d) The Incremental Term Note issued to each requesting Lender with an Incremental Term Loan Commitment or outstanding
Incremental Term Loans under a given Tranche shall (i) be executed by the Incremental Term Loan Borrower for such Tranche, (ii) be payable to such Lender (or an affiliate designated by such Lender) or its registered assigns and be dated
the date of issuance thereof, (iii) be in a stated principal amount (expressed in U.S. Dollars or Canadian Dollars, as applicable) equal to the Incremental Term Loan Commitment of such Lender on the respective Incremental Term Loan Borrowing
Date (prior to the incurrence of any Incremental Term Loans pursuant thereto on such date) (or, if issued thereafter, be in a stated principal amount (expressed in U.S. Dollars or Canadian Dollars, as applicable) equal to the outstanding principal
amount of the Incremental Term Loans of such Lender on the date of issuance thereof) and be payable (in U.S. Dollars or Canadian Dollars, as applicable) in the principal amount of the Incremental Term Loans evidenced thereby from time to time,
(iv) mature on the respective Term Loan Maturity Date for such Incremental Term Loans, (v) bear interest as provided in the appropriate clause of Section 2.08 in respect of Base Rate Loans, Canadian Prime Rate Loans, B/A
Discount Rate Loans or LIBO Rate Loans, as the case may be, evidenced thereby, (vi) be subject to voluntary prepayment as provided in Section 5.01 and mandatory repayment as provided in Section 5.02 and (vii) be
entitled to the benefits of this Agreement and the other Credit Documents. 
  

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 (e) The Canadian Borrower Revolving Note issued to each requesting Canadian
Borrower RL Lender shall (i) be executed by the Canadian Borrower, (ii) be payable to such Canadian Borrower RL Lender (or an affiliate designated by such Canadian Borrower RL Lender) or its registered assigns and be dated the Initial
Borrowing Date (or, if issued after the Initial Borrowing Date, be dated the date of the issuance thereof), (iii) be in a stated principal amount (expressed in U.S. Dollars) equal to the Canadian Borrower Revolving Loan Commitment of such
Canadian Borrower RL Lender (or, if issued after the termination thereof, be in a stated principal amount (expressed in U.S. Dollars) equal to the outstanding Canadian Borrower Revolving Loans of such Canadian Borrower RL Lender at such time) and be
payable in the outstanding principal amount of the Canadian Borrower Revolving Loans evidenced thereby, provided that if, because of fluctuations in exchange rates after the date of issuance thereof, the Canadian Borrower Revolving Note of
any Canadian Borrower RL Lender would not be at least as great as the outstanding principal amount (taking the U.S. Dollar Equivalent of all Canadian Dollar Denominated Revolving Loans evidenced thereby) of the Canadian Borrower Revolving Loans
made by such Canadian Borrower RL Lender at any time outstanding, the respective Canadian Borrower RL Lender may request (and in such case the Canadian Borrower shall promptly execute and deliver) a new Canadian Borrower Revolving Note in an amount
equal to the aggregate principal amount (taking the U.S. Dollar Equivalent of all Canadian Dollar Denominated Revolving Loans evidenced thereby) of the Canadian Borrower Revolving Loans of such Canadian Borrower RL Lender outstanding on the
date of the issuance of such new Canadian Borrower Revolving Note, (iv) with respect to each Canadian Borrower Revolving Loan evidenced thereby, be payable in the respective Available Currency in which such Canadian Borrower Revolving Loan was
made, (v) mature on the respective Revolving Loan Maturity Date, (vi) bear interest as provided in the appropriate clause of Section 2.08 in respect of the Base Rate Loans, Canadian Prime Rate Loans, B/A Discount Rate Loans,
Bankers’ Acceptance Loans and/or LIBO Rate Loans, as the case may be, evidenced thereby, (vii) be subject to voluntary prepayment as provided in Section 5.01, and mandatory repayment as provided in Section 5.02, and
(viii) be entitled to the benefits of this Agreement and the other Credit Documents. 
 (f) The U.S.
Borrower Revolving Note issued to each requesting Lender that has a U.S. Borrower Revolving Loan Commitment or outstanding U.S. Borrower Revolving Loans shall (i) be executed by the U.S. Borrower, (ii) be payable to such Lender or its
registered assigns and be dated the Initial Borrowing Date (or, if issued after the Initial Borrowing Date, be dated the date of the issuance thereof), (iii) be in a stated principal amount equal to the U.S. Borrower Revolving Loan Commitment
of such Lender (or, if issued after the termination thereof, be in a stated principal amount equal to the outstanding U.S. Borrower Revolving Loans of such Lender at such time) and be payable in the outstanding principal amount of the U.S. Borrower
Revolving Loans evidenced thereby, (iv) mature on the respective Revolving Loan Maturity Date, (v) bear interest as provided in the appropriate clause of Section 2.08 in respect of the Base Rate Loans and/or LIBO Rate Loans, as
the case may be, evidenced thereby, (vi) be subject to voluntary prepayment as provided in Section 5.01, and mandatory repayment as provided in Section 5.02, and (vii) be entitled to the benefits of this Agreement
and the other Credit Documents. 
 (g) The Swingline Note issued to the requesting Swingline Lender shall
(i) be executed by the U.S. Borrower, (ii) be payable to the Swingline Lender or its registered assigns and be dated the Initial Borrowing Date, (iii) be in a stated principal amount equal to the Maximum Swingline Amount and be
payable in the outstanding principal amount of the Swingline Loans evidenced thereby from time to time, (iv) mature on the Swingline Expiry Date, (v) bear interest as provided in the appropriate clause of Section 2.08 in
respect of the Base Rate Loans evidenced thereby, (vi) be subject to voluntary prepayment as provided in Section 5.01, and mandatory repayment as provided in Section 5.02, and (vii) be entitled to the benefits of
this Agreement and the other Credit Documents. 
 (h) Each Lender will note on its internal records the amount
of each Loan made by it and each payment in respect thereof and prior to any transfer of any of its Notes will endorse on the reverse side thereof the outstanding principal amount of Loans evidenced thereby. Failure to make any such notation or any
error in such notation shall not affect the relevant Borrower’s obligations in respect of such Loans. 
  

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 (i) Notwithstanding anything to the contrary contained above in this
Section 2.05 or elsewhere in this Agreement, Notes shall only be delivered to Lenders which at any time specifically request the delivery of such Notes. No failure of any Lender to request or obtain a Note evidencing its Loans to either
Borrower shall affect or in any manner impair the obligations of the respective Borrower to pay the Loans (and all related Obligations) incurred by such Borrower which would otherwise be evidenced thereby in accordance with the requirements of this
Agreement, and shall not in any way affect the security or guaranties therefor provided pursuant to the various Credit Documents. Any Lender which does not have a Note evidencing its outstanding Loans shall in no event be required to make the
notations otherwise described in preceding clause (e). At any time when any Lender requests the delivery of a Note to evidence any of its Loans, the relevant Borrower shall promptly execute and deliver to the respective Lender the requested Note in
the appropriate amount or amounts to evidence such Loans. 
 2.06 Interest Rate Conversions. (a) The
respective Borrower shall have the option to convert, on any Business Day, all or a portion equal to at least the Minimum Borrowing Amount of the outstanding principal amount of Dollar Denominated Loans of a given Tranche (other than Swingline
Loans, which may not be converted pursuant to this Section 2.06) or Canadian Dollar Denominated Loans, in each case made pursuant to one or more Borrowings (so long as of the same Tranche) of one or more Types of Loans, into a Borrowing
(of the same Tranche) of another Type of Loan (with the Type to be consistent with the Tranche and relevant Applicable Currency of the respective Loan), provided that (i) except as otherwise provided in Section 2.10(b),
(x) LIBO Rate Loans may be converted into Base Rate Loans and (y) B/A Discount Rate Loans may be converted into Canadian Prime Rate Loans, in each case, only on the last day of an Interest Period applicable to the Loans being converted and
no such partial conversion of LIBO Rate Loans or B/A Discount Rate Loans, as the case may be, shall reduce the outstanding principal amount of such LIBO Rate Loans or B/A Discount Rate Loans, as the case may be, made pursuant to a single Borrowing
to less than the Minimum Borrowing Amount applicable thereto, (ii) unless the Required Lenders otherwise agree, (x) Base Rate Loans may only be converted into LIBO Rate Loans and (y) Canadian Prime Rate Loans may only be converted
into B/A Discount Rate Loans, in each case, if no Default or Event of Default is in existence on the date of the conversion, (iii) unless the Administrative Agent otherwise agrees in its sole discretion or the Syndication Date has occurred (at
which time this clause (iii) shall no longer be applicable), prior to the 90th day following the Initial Borrowing Date, conversions of Base Rate Loans into LIBO Rate Loans shall be subject to the provisions of clause (B) of the proviso in
each of Sections 2.01(a)(iii), Sections 2.01(b)(iii), 2.01(d)(ii) and 2.01(e)(ii), and (iv) no conversion pursuant to this Section 2.06 shall result in a greater number of Borrowings of LIBO Rate Loans or
B/A Discount Rate Loans than is permitted under Section 2.02. Each such conversion shall be effected by the respective Borrower by giving the Administrative Agent at the Notice Office prior to 12:00 Noon (New York City time) at least
three Business Days’ prior notice (each, a “Notice of Conversion/Continuation”) in the form of Exhibit A-2, appropriately completed to specify the Dollar Denominated Loans or Canadian Dollar Denominated Loans of a given
class to be so converted, the Borrowing or Borrowings pursuant to which such Dollar Denominated Loans or Canadian Dollar Denominated Loans were incurred and, if to be converted into LIBO Rate Loans (in the case of Dollar Denominated Loans) or B/A
Discount Rate Loans (in the case of Canadian Dollar Denominated Loans), the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Dollar
Denominated Loans and/or Canadian Dollar Denominated Loans. Notwithstanding any provisions hereof, any conversion pursuant to this Section 2.06(a) or Section 2.09 of one Type of Canadian Borrower Term Loan into another Type
of Canadian Borrower Term Loan shall be deemed to be a change in the interest method applicable to such Loan and shall not constitute a repayment of or reborrowing of any Canadian Borrower Term Loan being so converted. 

 

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 (b) Mandatory and voluntary conversions of Bankers’ Acceptance Loans
into Canadian Prime Rate Loans shall be made in the circumstances, and to the extent, provided in Schedule 2.17. Bankers’ Acceptance Loans shall not be permitted to be converted into any other Type of Loan prior to the maturity date of
the respective Bankers’ Acceptance or B/A Equivalent Note, as the case may be. 
 (c) The Canadian Borrower
shall have the option to convert on any Business Day occurring on or after the Initial Borrowing Date, all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of Canadian Prime Rate Loans made
pursuant to one or more Borrowings of Canadian Borrower Revolving Loans into a Borrowing or Borrowings of Bankers’ Acceptance Loans under such Tranche; provided that (i) Canadian Prime Rate Loans may not be converted into
Bankers’ Acceptance Loans if an Event of Default is in existence on the date of such conversion and the Administrative Agent (on behalf of the Required Lenders) has given notice to the Canadian Borrower that no such conversion shall be
permitted while such Event of Default is continuing and (ii) Borrowings of Bankers’ Acceptance Loans resulting from this Section 2.06 shall be limited in number as provided in Section 2.02. Each such conversion
shall be effected by the Canadian Borrower by giving the Administrative Agent at its Notice Office, prior to 12:00 Noon (New York City time), at least three Business Days prior to the date of the proposed conversion, a Notice of
Conversion/Continuation specifying the Canadian Borrower Revolving Loans to be so converted into Bankers’ Acceptance Loans, the Borrowing or Borrowings pursuant to which such Canadian Borrower Revolving Loans were made and the term of the
proposed Borrowing of Bankers’ Acceptance Loans (which, in each case, shall comply with the requirements of Schedule 2.17). The Administrative Agent shall give each Canadian Borrower RL Lender prompt notice of any such proposed
conversion affecting any of its Canadian Borrower Revolving Loans maintained as Canadian Prime Rate Loans. Upon any such conversion, the proceeds thereof will be deemed to be applied directly on the day of such conversion to prepay the outstanding
principal amount of the Canadian Revolving Loans being converted. 
 2.07 Pro Rata Borrowings. All
Borrowings of B Term Loans, C Term Loans, Incremental Term Loans, Canadian Borrower Revolving Loans and U.S. Borrower Revolving Loans (including Mandatory U.S. RL Borrowings) under this Agreement shall be incurred from the Lenders pro
rata on the basis of such Lenders’ B Term Loan Commitments, C Term Loan Commitments, Incremental Term Loan Commitments, Canadian Borrower RL Percentages or U.S. Borrower RL Percentages, as the case may be. All Borrowings of Swingline
Loans shall be incurred from the Swingline Lender. It is understood that no Lender shall be responsible for any default by any other Lender of its obligation to make Loans hereunder and that each Lender shall be obligated to make the Loans provided
to be made by it hereunder, regardless of the failure of any other Lender to make its Loans hereunder. 
  

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 2.08 Interest. (a) Each Borrower agrees to pay interest in
respect of the unpaid principal amount of each Base Rate Loan and Canadian Prime Rate Loan (including with respect to any (x) LIBO Rate Loan converted into a Base Rate Loan pursuant to Section 2.06 or 2.09, (y) B/A
Discount Rate Loan converted into a Canadian Prime Rate Loan pursuant to Section 2.06 or 2.09, or (z) Bankers’ Acceptance Loan converted into a Canadian Prime Rate Loan pursuant to Schedule 2.17) made to such
Borrower hereunder from the date of Borrowing thereof (or, in the circumstances described in the immediately preceding parenthetical, from the date of conversion of the respective LIBO Rate Loan into a Base Rate Loan or the respective B/A Discount
Rate Loan or Bankers’ Acceptance Loan into a Canadian Prime Rate Loan, as the case may be) until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such Base Rate Loan to a LIBO
Rate Loan or such Canadian Prime Rate Loan to a B/A Discount Rate Loan or Bankers’ Acceptance Loan, as the case may be, pursuant to Section 2.06, 2.09 or Schedule 2.17, as applicable, (which conversion shall, in the
case of a conversion contemplated by Schedule 2.17, be deemed to occur on the date upon which a maturing B/A Equivalent Note or Bankers’ Acceptance is converted into a Canadian Prime Rate Loan pursuant to Schedule 2.17, with the
proceeds thereof to be equal to the full Face Amount of such maturing Bankers’ Acceptance or B/A Equivalent Note), at a rate per annum which shall be equal to (x) in the case of Dollar Denominated Loans, the sum of the Applicable Margin
plus the Base Rate and (y) in the case of Canadian Prime Rate Loans, the sum of the Applicable Margin plus the Canadian Prime Rate, in each case, as in effect from time to time. 

(b) Each Borrower agrees to pay interest in respect of the unpaid principal amount of each LIBO Rate Loan and B/A
Discount Rate Loan made to such Borrower from the date of Borrowing thereof until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) (A) in the case of Dollar Denominated Loans, the conversion of
such LIBO Rate Loan to a Base Rate Loan pursuant to Section 2.06, 2.09 or 2.10, as applicable, and (B) in the case of Canadian Dollar Denominated Loans, the conversion of a B/A Discount Rate Loan to a Canadian Prime
Rate Loan pursuant to Section 2.06, 2.09 or 2.10, as applicable, at a rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of the Applicable Margin as in effect from time to time
during such Interest Period plus (x) in the case of LIBO Rate Loans, the applicable LIBO Rate for such Interest Period or (y) in the case of B/A Discount Rate Loans, the applicable B/A Discount Rate for such Interest Period. 

(c) Overdue principal and, to the extent permitted by law, overdue interest in respect of each Loan and any other overdue
amount payable hereunder shall, in each case, bear interest at a rate per annum (1) in the case of overdue principal of, and interest on, Canadian Dollar Denominated Loans and any other amounts owing in Canadian Dollars, equal to 2% per
annum in excess of the Applicable Margin for Canadian Prime Rate Loans plus the Canadian Prime Rate, each as in effect from time to time and (2) in the case of overdue principal of, and interest on, Dollar Denominated Loans and any other
amounts (except as otherwise expressly subject to preceding clause (1)), equal to 2% per annum in excess of the Applicable Margin for Base Rate Loans plus the Base Rate, each as in effect from time to time, in each case with such interest to be
payable on demand. 
 (d) Accrued (and theretofore unpaid) interest shall be calculated daily and payable
(i) in respect of each Base Rate Loan and each Swingline Loan, quarterly in arrears on each Quarterly Payment Date, (ii) in respect of each Canadian Prime Rate Loan, quarterly in arrears on each Quarterly Payment Date, (iii) in
respect of each LIBO Rate Loan and each B/A Discount Rate Loan, on (x) the date of any conversion thereof into a Base Rate Loan or a Canadian Prime Rate Loan, as the case may be, pursuant to Sections 2.06, 2.09 or 2.10(b),
as applicable (on the amount converted) and (y) the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three month intervals after the first day of
such Interest Period and (iv) in respect of each Loan (other than Bankers’ Acceptance Loans), on (x) the date of any prepayment or repayment thereof (on the amount prepaid or repaid), (y) at maturity (whether by acceleration or
otherwise) and (z) after such maturity, on demand. 
  

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 (e) Upon each Interest Determination Date, the Administrative Agent shall
determine the LIBO Rate for each Interest Period applicable to the respective LIBO Rate Loans and shall promptly notify the U.S. Borrower and the Lenders thereof. Each such determination shall, absent manifest error, be final and conclusive and
binding on all parties hereto. 
 (f) Any interest paid by a Canadian Borrower shall be deemed to have been paid
first to satisfy any interest accrued on overdue interest. 
 2.09 Interest Periods. At the time a
Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Loan or B/A Discount Rate Loan (in the case of the initial Interest Period applicable thereto) or prior
to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Loan or B/A Discount Rate Loan, as the case may be, (in the case of any subsequent Interest Period), the
respective Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Loan or B/A Discount Rate Loan, as the case may be, which Interest Period shall, at the option of the
U.S. Borrower or the Canadian Borrower, as the case may be (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 2.01(a)(iii), Sections 2.01(b)(iii), 2.01(d)(ii)
and 2.01(e)(ii)), be a one, two, three or six month period or, to the extent agreed to by all Lenders with LIBO Rate Loans or B/A Discount Rate Loans under the relevant Tranche, a nine or twelve month period; provided that (in each
case): 
 (i) all LIBO Rate Loans and B/A Discount Rate Loans comprising a Borrowing shall at all
times have the same Interest Period; 
 (ii) the initial Interest Period for any LIBO Rate Loan
or B/A Discount Rate Loan shall commence on the date of Borrowing of such LIBO Rate Loan or B/A Discount Rate Loan (including, (x) in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of Base Rate Loans and
(y) in the case of B/A Discount Rate Loans, the date of any conversion thereto from a Borrowing of Canadian Prime Rate Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Loan or B/A Discount Rate Loan shall
commence on the day on which the next preceding Interest Period applicable thereto expires; 

(iii) if any Interest Period for a LIBO Rate Loan or B/A Discount Rate Loan begins on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; 

(iv) if any Interest Period for a LIBO Rate Loan or B/A Discount Rate Loan would otherwise expire on a day
which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Loan would otherwise expire on a day which is not a Business Day but is
a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; 

(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan or a B/A Discount
Rate Loan may be selected at any time when a Default or an Event of Default is then in existence; and 
  

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 (vi) no Interest Period in respect of any Borrowing of any
Tranche of Loans shall be selected which extends beyond the respective Maturity Date therefor. 
 With respect to any LIBO Rate
Loans, at the end of any Interest Period applicable to a Borrowing thereof, the U.S. Borrower or the Canadian Borrower, as applicable, may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of
different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the relevant Borrower give notice thereof together with its election of
one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less
than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day
prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Loans or B/A Discount Rate Loans, the U.S. Borrower or the Canadian Borrower, as applicable, has failed to elect, or is not permitted to elect, a new Interest
Period to be applicable to such LIBO Rate Loans or B/A Discount Rate Loans as provided above, such Borrower shall be deemed to have elected (x) in the case of LIBO Rate Loans, to convert such LIBO Rate Loans into Base Rate Loans and (y) in
the case of B/A Discount Rate Loans, to convert such B/A Discount Rate Loans into Canadian Prime Rate Loans, with any such conversion to be effective as of the expiration date of such current Interest Period. 

2.10 Increased Costs, Illegality, etc. (a) In the event that any Lender shall have determined (which determination
shall, absent manifest error, be final and conclusive and binding upon all parties hereto but, with respect to clause (i) or (iv) below, may be made only by the Administrative Agent): 

(i) on any Interest Determination Date that, by reason of any changes arising after the date of this
Agreement affecting the interbank Eurodollar market, adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for in the definition of LIBO Rate; 

(ii) at any time, that such Lender shall incur increased costs or reductions in the amounts received or
receivable hereunder with respect to any LIBO Rate Loan because of any change since the Effective Date in any applicable law or governmental rule, regulation, order, guideline or request (whether or not having the force of law) or in the
interpretation or administration thereof and including the introduction of any new law or governmental rule, regulation, order, guideline or request, such as, but not limited to: (A) a change in the basis of taxation of payment to any Lender of
the principal of or interest on the Loans or the Notes or any other amounts payable hereunder (except for changes in any Excluded Taxes) or (B) a change in official reserve requirements, but, in all events, excluding reserves required under
Regulation D to the extent included in the computation of the LIBO Rate; 
 (iii) at any time,
that the making or continuance of any LIBO Rate Loan has been made (x) unlawful by any law or governmental rule, regulation or order, (y) impossible by compliance by any Lender in good faith with any governmental request (whether or not
having force of law) or (z) impracticable as a result of a contingency occurring after the Effective Date which materially and adversely affects the interbank Eurodollar market; or 

 

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 (iv) at any time that there is no market for Bankers’
Acceptances by reason of circumstances affecting the Canadian money market generally, as determined in good faith by the Administrative Agent, acting reasonably; 

then, and in any such event, such Lender (or the Administrative Agent, in the case of clauses (i) or (iv) above) shall promptly
give notice (by telephone promptly confirmed in writing) to the affected Borrower and, except in the case of clauses (i) and (iv) above, to the Administrative Agent of such determination (which notice the Administrative Agent shall
promptly transmit to each of the other Lenders). Thereafter (w) in the case of clause (i) above, LIBO Rate Loans shall no longer be available until such time as the Administrative Agent notifies the affected Borrower and the Lenders that
the circumstances giving rise to such notice by the Administrative Agent no longer exist, and any Notice of Borrowing or Notice of Conversion/Continuation given by the relevant Borrower with respect to LIBO Rate Loans which have not yet been
incurred (including by way of conversion) shall be deemed rescinded by such Borrower, (x) in the case of clause (ii) above, the respective Borrower (or Borrowers) agrees (or agree) to pay to such Lender, upon such Lender’s written
request therefor, such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender in its sole discretion shall determine) as shall be required to compensate such Lender for
such increased costs or reductions in amounts received or receivable hereunder (a written notice setting forth the additional amounts owed to such Lender, showing in reasonable detail the basis for the calculation thereof, shall be submitted to the
respective Borrower or Borrowers by such Lender and shall, absent manifest error, be final and conclusive and binding on all the parties hereto), (y) in the case of clause (iii) above, the respective Borrower or Borrowers shall take one of
the actions specified in Section 2.10(b) as promptly as possible and, in any event, within the time period required by law and (z) in the case of clause (iv) above, Bankers’ Acceptance Loans (exclusive of Bankers’
Acceptance Loans which have theretofore been funded) shall no longer be available until such time as the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no
longer exist, and any Notice of Borrowing given by the Canadian Borrower with respect to such Bankers’ Acceptance Loans which have not been incurred shall be deemed rescinded by the Canadian Borrower. 

(b) At any time that any LIBO Rate Loan is affected by the circumstances described in Section 2.10(a)(ii),
the affected Borrower may, and in the case of a LIBO Rate Loan affected by the circumstances described in Section 2.10(a)(iii), the affected Borrower shall, either (x) if the affected LIBO Rate Loan is then being made initially or
pursuant to a conversion, cancel such Borrowing by giving the Administrative Agent telephonic notice (confirmed in writing) on the same date that such Borrower was notified by the affected Lender or the Administrative Agent pursuant to
Section 2.10(a)(ii) or (iii) or (y) if the affected LIBO Rate Loan is then outstanding, upon at least three Business Days’ written notice to the Administrative Agent, require the affected Lender to convert
such LIBO Rate Loan into a Base Rate Loan, provided that if more than one Lender is affected at any time, then all affected Lenders must be treated the same pursuant to this Section 2.10(b). 

(c) If any Lender determines that after the Effective Date the introduction of or any change in any applicable law or
governmental rule, regulation, order, guideline, directive or request (whether or not having the force of law) concerning capital adequacy, or any change in interpretation or administration thereof by the NAIC or any Governmental Authority, central
bank or comparable agency, will have the effect of increasing the amount of capital required or expected to be maintained by such Lender or any corporation controlling such Lender based on the existence of such Lender’s Commitments hereunder or
its obligations hereunder, then the respective Borrower agrees to pay to such Lender, upon its written demand therefor, such additional amounts as shall be required to compensate such Lender or such other corporation for the increased cost to such
Lender or such other corporation or the reduction in the rate of return to such Lender or such other corporation as a result of such increase of capital. In determining such additional amounts, each Lender will act reasonably and in good faith and
will use averaging and attribution methods which are reasonable, provided that such Lender’s determination of compensation owing under this Section 2.10(c) shall, absent manifest error, be final and conclusive and binding on
all the parties hereto. Each Lender, upon determining that any additional amounts will be payable pursuant to this Section 2.10(c), will give prompt written notice thereof to the relevant Borrower, which notice shall show in reasonable
detail the basis for calculation of such additional amounts. 
  

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 2.11 Compensation. Each Borrower severally agrees to compensate each
Lender, upon its written request (which request shall set forth in reasonable detail the basis for requesting such compensation and the calculation of the amount of such compensation), for all losses, expenses and liabilities (including, without
limitation, any loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund its LIBO Rate Loans or B/A Discount Rate Loans, as applicable but excluding loss of
anticipated profits) which such Lender may sustain: (i) if for any reason (other than a default by such Lender or the Administrative Agent) a Borrowing of, or conversion from or into, LIBO Rate Loans or B/A Discount Rate Loans, as applicable
does not occur on a date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn by such Borrower or deemed withdrawn pursuant to Section 2.10(a)); (ii) if any prepayment or
repayment (including any prepayment or repayment made pursuant to Section 5.01, Section 5.02 or as a result of an acceleration of the Loans pursuant to Section 11) or conversion of any of its LIBO Rate Loans or
B/A Discount Rate Loans, as applicable occurs on a date which is not the last day of an Interest Period with respect thereto; (iii) if any prepayment or repayment (including any prepayment or repayment made pursuant to Section 5.01,
Section 5.02 or as a result of an acceleration of the Loans pursuant to Section 11) of any Bankers’ Acceptance Loan occurs on a date which is not the maturity date of the respective Bankers’ Acceptance Loan, as the
case may be; (iv) if any prepayment of any LIBO Rate Loans or B/A Discount Rate Loans is not made on any date specified in a notice of prepayment given by the respective Borrower or Borrowers; or (v) as a consequence of (x) any other
default by such Borrower to repay its Loans when required by the terms of this Agreement or any Note held by such Lender or (y) any election made pursuant to Section 2.10(b). 

2.12 Change of Lending Office. (a) Each Lender may at any time or from time to time designate, by written
notice to the Administrative Agent to the extent not already reflected on Schedule 13.03, one or more lending offices (which, for this purpose, may include Affiliates of the respective Lender) for the various Loans made, and Letters of Credit
participated in, by such Lender (including, without limitation, by designating a separate lending office (or Affiliate) to act as such with respect to Obligations owing by the U.S. Borrower versus Obligations owing by the Canadian Borrower);
provided that, for designations made after the Effective Date, to the extent such designation shall result in increased costs under Sections 2.10, 3.06 or 5.04 in excess of those which would be charged in the absence of
the designation of a different lending office (including a different Affiliate of the respective Lender), then the Borrowers shall not be obligated to pay such excess increased costs (although if such designation results in increased costs, the
Borrowers shall be obligated to pay the costs which would have applied in the absence of such designation and any subsequent increased costs of the type described above resulting from changes after the date of the respective designation). Except as
provided in the immediately preceding sentence, each lending office and Affiliate of any Lender designated as provided above shall, for all purposes of this Agreement, be treated in the same manner as the respective Lender (and shall be entitled to
all indemnities and similar provisions in respect of its acting as such hereunder). 
  

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 (b) Each Lender agrees that on the occurrence of any event giving rise to
the operation of Section 2.10(a)(ii) or (iii), Section 2.10(c), Section 3.06 or Section 5.04 with respect to such Lender, it will, if requested by the applicable Borrower, use reasonable efforts
(subject to overall policy considerations of such Lender) to designate another lending office for any Loans or Letters of Credit affected by such event, provided that such designation is made on such terms that such Lender and its lending
office suffer no economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of such Section. Nothing in this Section 2.12 shall affect or postpone any of the
obligations of either Borrower or the right of any Lender provided in Sections 2.10, 3.06 and 5.04. 

2.13 Replacement of Lenders. (x) If any Lender becomes a Defaulting Lender, (y) upon the occurrence of
an event giving rise to the operation of Section 2.10(a)(ii) or (iii), Section 2.10(c), Section 3.06 or Section 5.04 with respect to such Lender or (z) in the case of a refusal by a Lender
to consent to certain proposed changes, waivers, discharges or terminations with respect to this Agreement which have been approved by the Required Lenders as (and to the extent) provided in Section 13.12(b), the U.S. Borrower shall have
the right, if no Default or Event of Default then exists (or, in the case of preceding clause (z), will exist immediately after giving effect to such replacement), to replace such Lender (the “Replaced Lender”) with one or more
other Eligible Transferees, none of whom shall constitute a Defaulting Lender at the time of such replacement (collectively, the “Replacement Lender”) and each of whom shall be required to be reasonably acceptable to the
Administrative Agent; provided that (i) at the time of any replacement pursuant to this Section 2.13, the Replacement Lender shall enter into one or more Assignment and Assumption Agreements pursuant to
Section 13.04(b) (and with all fees payable pursuant to said Section 13.04(b) to be paid by the Replacement Lender and/or the Replaced Lender (as may be agreed to at such time by and among the U.S. Borrower, the Replacement
Lender and the Replaced Lender) pursuant to which the Replacement Lender shall acquire all of the Commitments and outstanding Loans (other than Bankers’ Acceptances and B/A Equivalent Notes) of, and in each case participations in Letters of
Credit by, the Replaced Lender and, in connection therewith, shall pay to (x) the Replaced Lender in respect thereof an amount equal to the sum of (I) an amount equal to the principal of, and all accrued interest on, all outstanding Loans
(including the Face Amount of any outstanding Bankers’ Acceptances and B/A Equivalent Notes) of the respective Replaced Lender under each Tranche with respect to which such Replaced Lender is being replaced, (II) an amount equal to the Face
Amount of any outstanding B/A Instrument of the respective Replaced Lender in satisfaction of the obligations of the Canadian Borrower to repay the B/A Instrument on the maturity thereof, (III) an amount equal to all Unpaid Drawings (if any) under
each Tranche with respect to which the respective Replaced Lender is being replaced, in each case that have been funded by (and not reimbursed to) such Replaced Lender, together with all then unpaid interest with respect thereto at such time, and
(IV) an amount equal to all accrued, but theretofore unpaid, Fees owing to the Replaced Lender pursuant to Section 4.01, (y) in the case of the replacement of any Canadian Borrower Revolving Loan Commitment and/or U.S. Borrower
Revolving Loan Commitment, the respective Issuing Lender amounts equal to such Replaced Lender’s Canadian Borrower RL Percentage and/or U.S. Borrower RL Percentage, as the case may be, of any Unpaid Drawings pursuant to Letters of Credit issued
pursuant to the respective Tranche evidenced by such Commitments (which at such time remain Unpaid Drawings) with respect to Letters of Credit issued by such Issuing Lender to the extent such amount was not theretofore funded by such Replaced
Lender, and (z) in the case of any replacement of U.S. Revolving Loan Commitments, the Swingline Lender, an amount equal to such Replaced Lender’s pro rata share of any Mandatory U.S. RL Borrowing (as appropriate)
(determined in accordance with Sections 2.01(g), 2.01(h) and 2.07), to the extent such amount was not theretofore funded by such Replaced Lender, without duplication, (ii) all obligations of the Borrowers due and
owing to the Replaced Lender at such time (other than those specifically described in clause (i) above in respect of which the assignment purchase price has been, or is concurrently being, paid) shall be paid in full to such Replaced Lender
concurrently with such replacement and (iii) if the respective Replaced Lender has a related Canadian Borrower RL Lender, or if the Replaced Lender is a Canadian Borrower RL Lender which has a related Lender, all of the actions specified above
in this Section 2.13 shall be taken with respect to both the respective Lender and Canadian Borrower RL Lender (who shall be treated collectively as a Replaced Lender). Upon receipt by the Replaced Lender of all amounts required to be
paid to it pursuant to this Section 2.13, the Administrative Agent shall be entitled (but not obligated) and authorized to execute an Assignment and Assumption Agreement on behalf of such Replaced Lender, and any such Assignment and
Assumption Agreement so executed by the Administrative Agent and the Replacement Lender shall be effective for purposes of this Section 2.13 and Section 13.04. Upon the execution of the respective Assignment and Assumption
Agreement, the payment of amounts referred to in clauses (i) and (ii) above, recordation of the assignment on the Register pursuant to Section 13.15 and, if so requested by the Replacement Lender, delivery to the Replacement
Lender of the appropriate Note or Notes executed by the respective Borrower, (x) the Replacement Lender shall become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder, except with respect to indemnification
provisions under this Agreement (including, without limitation, Sections 2.10, 2.11, 3.06, 5.04, 12.07 and 13.01), which shall survive as to such Replaced Lender and (y) in the case of the replacement
of any Canadian Borrower Revolving Loan Commitment or U.S. Borrower Revolving Loan Commitment pursuant to this Section 2.13, the Canadian Borrower RL Percentages and/or U.S. Borrower RL Percentages, as the case may be, of the Lenders
shall be automatically adjusted at such time to give effect to such replacement. In connection with any replacement of Lenders pursuant to, and as contemplated by, this Section 2.13, each of the U.S. Borrower and the Canadian Borrower
hereby irrevocably authorizes Holdings to take all necessary action, in the name of the U.S. Borrower or the Canadian Borrower, as the case may be, as described above in this Section 2.13 in order to effect the replacement of the
respective Lender or Lenders in accordance with the preceding provisions of this Section 2.13. 
  

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 2.14 Extended Loans. (a) Notwithstanding anything to the
contrary in this Agreement, subject to the terms of this Section 2.14, the U.S. Borrower may at any time and from time to time when no Default or Event of Default then exists request that all or a portion of any initial Tranche of the B
Term Loans, C Term Loans, Incremental Term Loans, U.S. Borrower Revolving Loans or Canadian Borrower Revolving Loans (each, an “Existing B Term Loan Tranche”, “Existing C Term Loan Tranche”, “Existing
Incremental Term Loan Tranche”, “Existing U.S. Borrower Revolving Loan Tranche” and “Existing Canadian Borrower Revolving Loan Tranche”, respectively), together with any related outstandings, be converted
to extend the scheduled maturity date(s) of any payment of principal with respect to all or any portion of the principal amount (and related outstandings) of such B Term Loans, C Term Loans, Incremental Term Loans, U.S. Borrower Revolving Loans or
Canadian Borrower Revolving Loans (any such Loans which have been so converted, “Extended B Term Loans”, “Extended C Term Loans”, “Extended Incremental Term Loans”, “Extended U.S. Borrower
Revolving Loans” and “Extended Canadian Borrower Revolving Loans”, respectively) and to provide for other terms consistent with this Section 2.14. In order to establish any Extended Loans, the U.S. Borrower
shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Tranche) (each, an “Extension Request”) setting forth the proposed terms of the
Extended Loans to be established, which shall (x) be identical as offered to each Lender under the relevant Existing Tranche (including as to the proposed interest rates and fees payable) and (y) be identical to the Loans under the
relevant Existing Tranche from which such Extended Loans are to be converted, except that: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled
amortization payments of principal of the Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; (ii) repayments of principal of the Extended U.S. Borrower Revolving Loans and Extended Canadian
Borrower Revolving Loans may be delayed to later dates than the Initial Revolving Loan Maturity Date; (iii) the Effective Yield with respect to the Extended Loans (whether in the form of interest rate margin, upfront fees, original issue
discount or otherwise) may be different than the Effective Yield for the Loans of such Existing Tranche to the extent provided in the applicable Extension Amendment; provided that if at the time of the effectiveness of any Extension Amendment
with respect any new Extended Loans, Extended Loans of another Extension Series converted from the same Existing Tranche remain outstanding, then if the Effective Yield in respect of such new Extended Loans shall at any time (over the life of such
Extended Loans) exceed by more than 0.50% the Effective Yield on the then outstanding Extended Loans pursuant to such other Extension Series, the Applicable Margin applicable thereto shall be increased to the extent necessary so that at all times
thereafter the Extended Loans of each such existing Extension Series do not receive less than the Effective Yield with respect to such new Extended Loans less 0.50%; (iv) the Extension Amendment may provide for other covenants and terms that
apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Loans); (v) Extended Term Loans may have mandatory prepayment
terms which provide for the application of proceeds from mandatory prepayment events to be made first to prepay the Loans under the relevant Existing Tranche from which such Extended Loans have been converted before applying any such proceeds to
prepay such Extending Term Loans; and (vi) Extended Term Loans may have optional prepayment terms (including call protection and terms which allow Loans under the relevant Existing Tranche from which such Extended Term Loans have been converted
to be optionally prepaid prior to the prepayment of such Extended Term Loans) as may be agreed by the Borrowers and the Lenders thereof; provided that no Extended Term Loans may be optionally prepaid prior to the date on which all Term Loans
with an earlier final stated maturity (including Term Loans under the Existing Term Loan Tranche from which such Term Loans were converted) are repaid in full, unless such optional prepayment is accompanied by a pro rata optional
prepayment of such other Term Loans; provided, however, that (A) in no event shall the final maturity date of any Extended Loans of a given Extension Series at the time of establishment thereof be earlier than the then Latest Maturity
Date of any other Loans hereunder and (B) the Weighted Average Life to Maturity of any Extended Loans of a given Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of
any other Loans then outstanding. Any Extended Loans converted pursuant to any Extension Request shall be designated a series (each, an “Extension Series”) of Extended Loans, as applicable, for all purposes of this Agreement;
provided that any Extended Loans converted from an Existing Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Extension Series with respect to such Existing
Tranche. 
  

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 (b) With respect to (i) any Extended U.S. Borrower Revolving Loan
Commitment, subject to the provisions of Sections 3.07 and 2.01(h) to the extent dealing with Swingline Loans and U.S. Borrower Letters of Credit which mature or expire after the Initial Revolving Loan Maturity
Date, all Swingline Loans and U.S. Borrower Letters of Credit shall be participated in on a pro rata basis by all U.S. Borrower RL Lenders with Initial U.S. Borrower Revolving Loan Commitments and/or Extended U.S. Borrower Revolving
Loan Commitments in accordance with their U.S. Borrower RL Percentages (and, except as provided in Sections 3.07 and 2.01(h), without giving effect to changes thereto on the Initial Revolving Loan Maturity Date with respect to
Swingline Loans and U.S. Borrower Letters of Credit theretofore incurred or issued) and all borrowings under U.S. Borrower Revolving Loan Commitments and repayments thereunder shall be made on a pro rata basis (except for
(x) payments of interest and fees at different rates on Extended U.S. Borrower Revolving Loan Commitments (and related outstandings) and (y) repayments required upon any Revolving Loan Maturity Date of any Tranche of Initial U.S. Borrower
Revolving Loan Commitments or Extended U.S. Borrower Revolving Loan Commitments) and (ii) any Extended Canadian Borrower Revolving Loan Commitment, subject to the provisions of Section 3.07 to the extent dealing with Canadian
Borrower Letters of Credit which mature or expire after the Initial Revolving Loan Maturity Date, all Canadian Borrower Letters of Credit shall be participated in on a pro rata basis by all Canadian Borrower RL Lenders with Initial
Canadian Borrower Revolving Loan Commitments and/or Extended Canadian Borrower Revolving Loan Commitments in accordance with their Canadian Borrower RL Percentages (and, except as provided in Section 3.07, without giving effect to
changes thereto on the Initial Revolving Loan Maturity Date with respect to Canadian Borrower Letters of Credit theretofore issued) and all borrowings under Canadian Borrower Revolving Loan Commitments and repayments thereunder shall be made on a
pro rata basis (except for (x) payments of interest and fees at different rates on Extended Canadian Borrower Revolving Loan Commitments (and related outstandings) and (y) repayments required upon any Revolving Loan Maturity
Date of any Tranche of Initial Canadian Borrower Revolving Loan Commitments or Extended Canadian Borrower Revolving Loan Commitments). 
  

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 (c) The U.S. Borrower shall provide the applicable Extension Request at
least ten (10) Business Days prior to the date on which Lenders under the Existing Term Loan Tranche, Existing U.S. Borrower Revolving Loan Tranche or Existing Canadian Borrower Revolving Loan Tranche, as applicable, are requested to respond,
and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this Section 2.14. No Lender shall have any obligation to
agree to have any of its Loans of any Existing Tranche converted into Extended Loans pursuant to any Extension Request. Any Lender (i) (each, an “Extending Term Loan Lender”) wishing to have all or a portion of its Term Loans
under the Existing Term Loan Tranche subject to such Extension Request converted into Extended Term Loans, (ii) (each, an “Extending U.S. Borrower RL Lender”) wishing to have all or a portion of its U.S. Borrower Revolving
Loans under the Existing U.S. Borrower Revolving Loan Tranche subject to such Extension Request converted into Extended U.S. Borrower Revolving Loans or (iii) (each, an “Extending Canadian Borrower RL Lender”) wishing to have
all or a portion of its Canadian Borrower Revolving Loans under the Existing Canadian Borrower Revolving Loan Tranche subject to such Extension Request converted into Extended Canadian Borrower Revolving Loans, shall notify the Administrative Agent
(each, an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Loans under the applicable Existing Tranche which it has elected to request be converted into Extended Loans (subject
to any minimum denomination requirements imposed by the Administrative Agent). Any Lender that does not respond to the Extension Request on or prior to the date specified therein shall be deemed to have rejected such Extension. In the event that the
aggregate principal amount of (A) Term Loans under the respective Existing Term Loan Tranche, (B) U.S. Borrower Revolving Loans under the Existing Revolving Loan Tranche or (C) Canadian Borrower Revolving Loans under the Existing
Revolving Loan Tranche, in each case subject to Extension Elections relating to a particular Extension Request, exceeds the amount of Extended Term Loans, Extended U.S. Borrower Revolving Loans and Extended Canadian Borrower Revolving Loans,
respectively, requested pursuant to such Extension Request, Term Loan of such Existing Term Loan Tranche, U.S. Borrower Revolving Loans or Canadian Borrower Revolving Loans, as applicable, subject to such Extension Elections shall either (i) be
converted to Extended Term Loan of such Existing Term Loan Tranche, Extended U.S. Borrower Revolving Loans and Extended Canadian Borrower Revolving Loans, respectively, on a pro rata basis based on the aggregate principal amount of
Term Loan of such Existing Term Loan Tranche, U.S. Borrower Revolving Loans or Canadian Borrower Revolving Loans, as applicable, included in each such Extension Elections or (ii) to the extent such option is expressly set forth in the
respective Extension Request, the U.S. Borrower shall have the option to increase the amount of Extended Term Loans so that such excess does not exist. 
  

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 (d) Extended Term Loans, Extended U.S. Borrower Revolving Loans and Extended
Canadian Borrower Revolving Loans shall be established pursuant to an amendment (each, a “Extension Amendment”) to this Agreement among the Borrowers, the Administrative Agent and each Extending Term Loan Lender, Extending U.S. RL
Lender or Extending Canadian RL Lender, as applicable, providing an Extended Term Loan, Extended U.S. Borrower Revolving Loans or Extended Canadian Borrower Revolving Loans thereunder which shall be consistent with the provisions set forth in
Section 2.14(a) above (but which shall not require the consent of any other Lender). The Administrative Agent shall promptly notify each relevant Lender as to the effectiveness of each Extension Amendment. After giving effect to the
Extension, the B Term Loan Commitments, the C Term Loan Commitments, the U.S. Borrower Revolving Loan Commitments and Canadian Borrower Revolving Loan Commitments so extended shall cease to be a part of the Tranche they were a part of immediately
prior to the Extension and shall be a new Tranche hereunder. 
 (e) With respect to any Extension consummated by
a Borrower pursuant to this Section 2.14, (i) such Extension shall not constitute voluntary or mandatory payments or prepayments for purposes of this Agreement, (ii) with respect to Extended U.S. Borrower Revolving Loan
Commitments, if the aggregate amount extended is less than (A) the Maximum U.S. Borrower Letter of Credit Amount, the Maximum U.S. Borrower Letter of Credit Amount shall be reduced upon the date that is five (5) Business Days prior to the
Initial Revolving Loan Maturity Date (to the extent needed so that the Maximum U.S. Borrower Letter of Credit Amount does not exceed the aggregate U.S. Borrower Revolving Loan Commitment which would be in effect after the Initial Revolving Loan
Maturity Date), and, if applicable, the Borrowers under such Tranche shall cash collateralize obligations under any issued U.S. Borrower Letters of Credit in an amount equal to 100% of the Stated Amount of such U.S. Borrower Letters of Credit, or
(B) the Maximum Swingline Amount, the Maximum Swingline Amount shall be reduced upon the date that is five (5) Business Days prior to the Initial Revolving Loan Maturity Date (to the extent needed so that the Maximum Swingline Amount does
not exceed the aggregate U.S. Borrower Revolving Loan Commitment which would be in effect after the Initial Revolving Loan Maturity Date), and, if applicable, the U.S. Borrower shall prepay any outstanding Swingline Loans, and (iii) with
respect to Extended U.S. Canadian Revolving Loan Commitments, if the aggregate amount extended is less than the Maximum Canadian Borrower Letter of Credit Amount, the Maximum Canadian Borrower Letter of Credit Amount shall be reduced upon the date
that is five (5) Business Days prior to the Initial Revolving Loan Maturity Date (to the extent needed so that the Maximum Canadian Borrower Letter of Credit Amount does not exceed the aggregate Canadian Borrower Revolving Loan Commitment which
would be in effect after the Initial Revolving Loan Maturity Date), and, if applicable, the Canadian Borrower shall cash collateralize obligations under any issued Canadian Borrower Letters of Credit in an amount equal to 100% of the Stated Amount
of such Canadian Borrower Letters of Credit. The Administrative Agent and the Lenders hereby consent to each Extension and the other transactions contemplated by this Section 2.14 (including, for the avoidance of doubt, payment of any
interest or fees in respect of any Extended Term Loans, Extended U.S. Borrower Revolving Loan Commitments and Extended Canadian Borrower Revolving Loan Commitments on such terms as may be set forth in the Extension Request) and hereby waive the
requirements of any provision of this Credit Agreement (including, without limitation, Sections 5.01, 5.02, 5.03, 13.02 or 13.06) or any other Credit Document that may otherwise prohibit any Extension or any other
transaction contemplated by this Section 2.14, provided that such consent shall not be deemed to be an acceptance of the Extension Request. 
  

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 (f) Each of the parties hereto hereby agrees that this Agreement and the
other Credit Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of any Extended Loans incurred pursuant
thereto, (ii) modify the scheduled repayments set forth in Section 5.02(c) and/or 5.02(d), as applicable, with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal
amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans converted pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Loans
required pursuant to Section 5.02(c) and/or 5.02(d), as applicable), (iii) make such other changes to this Agreement and the other Credit Documents consistent with the provisions and intent of Section 13.12(d)(i),
(iv) establish new Tranches or sub-Tranches in respect of B Term Loans, C Term Loans, U.S. Borrower Revolving Loan Commitments and Canadian Borrower Revolving Loan Commitments so extended and such technical amendments as may be necessary in
connection with the establishment of such new Tranches or sub-Tranches, in each case on terms consistent with this Section 2.14, and (iv) effect such other amendments to this Agreement and the other Credit Documents as may be
necessary or appropriate, in the reasonable opinion of the Administrative Agent and the U.S. Borrower, to effect the provisions of this Section, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such
Extension Amendment. Notwithstanding the foregoing, the Administrative Agent shall have the right (but not the obligation) to seek the advice or concurrence of the Required Lenders with respect to any matter contemplated by this
Section 2.14 and, if the Administrative Agent seeks such advice or concurrence, the Administrative Agent shall be permitted to enter into such amendments with the Borrowers in accordance with any instructions actually received by such
Required Lenders and shall also be entitled to refrain from entering into such amendments with the Borrowers unless and until it shall have received such advice or concurrence; provided, however, that whether or not there has been a
request by the Administrative Agent for any such advice or concurrence, all such amendments entered into with the Borrowers by the Administrative Agent hereunder shall be binding and conclusive on the Lenders. Without limiting the foregoing, in
connection with any Extension, the respective Credit Parties shall (at their expense) amend (and the Administrative Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the Latest Maturity Date so that such maturity date
is extended to the Latest Maturity Date (or such later date as may be advised by local counsel to the Administrative Agent). 
  

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                2.15 Incremental Term Loan
Commitments. (a) So long as no Default or Event of Default is then in existence, each Borrower shall have the right, in consultation and coordination with the Administrative Agent as to all of the matters set forth below in this
Section 2.15, but without requiring the consent of any of the Lenders, to request at any time and from time to time after the date on which the Syndication Date has occurred, and prior to the date which is 12 months prior to the Initial
B Term Loan Maturity Date, that one or more Lenders (and/or one or more other Persons which are Eligible Transferees and which will become Lenders) provide Incremental Term Loan Commitments to such Borrower and, subject to the terms and conditions
contained in this Agreement and in the respective Incremental Term Loan Commitment Agreement, make Incremental Term Loans pursuant thereto; it being understood and agreed, however, that (i) no Lender shall be obligated to provide an Incremental
Term Loan Commitment as a result of any such request by such Borrower, and until such time, if any, as such Lender has agreed in its sole discretion to provide an Incremental Term Loan Commitment and executed and delivered to the Administrative
Agent an Incremental Term Loan Commitment Agreement as provided in clause (b) of this Section 2.15, such Lender shall not be obligated to fund any Incremental Term Loans, (ii) any Lender (including any Eligible Transferee who
will become a Lender) may so provide an Incremental Term Loan Commitment without the consent of any other Lender, (iii) each Tranche of Incremental Term Loan Commitments shall be made available to a single Incremental Term Loan Borrower and
shall be denominated in U.S. Dollars or, if extended to the Canadian Borrower and it has so elected, Canadian Dollars, (iv) the amount of Incremental Term Loan Commitments made available pursuant to a given Incremental Term Loan Commitment
Agreement shall be in a minimum aggregate amount for all Lenders which provide an Incremental Term Loan Commitment thereunder (including Eligible Transferees who will become Lenders) of at least U.S. $25,000,000 (or, U.S. $5,000,000 in the case of
Incremental Term Loan Commitments to the Canadian Borrower denominated in U.S. Dollars or CDN $5,000,000, in the case of Incremental Term Loan Commitments to the Canadian Borrower denominated in Canadian Dollars), (v) the aggregate amount of
all Incremental Term Loan Commitments provided pursuant to this Section 2.15 (taking the U.S. Dollar Equivalent of any Incremental Term Loan Commitment denominated in Canadian Dollars at the time of the borrowing thereof), when
combined with the aggregate amount of all Incremental RL Commitments provided pursuant to Section 2.16 and the aggregate principal (face) amount of Permitted Junior Debt issued or incurred after the Initial Borrowing Date, shall not
exceed $150,000,000 (although, in no event shall the aggregate amount of Canadian Borrower Incremental Term Loans provided pursuant to this Section 2.15 exceed CDN $40,000,000 (or the U.S. Dollar Equivalent thereof rounded to the
nearest $1,000,000 increment)); provided that the U.S. Borrower may incur additional Incremental Term Loans and/or obtain Incremental RL Commitments (a “Ratio-Based Incremental Facility”) so long as the Senior Secured Net
Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended Calculation Period for which Section 9.01 Financials were required to have been delivered (or, if no Calculation Period has passed, as
of the last four quarters ended), in each case, as if such Ratio-Based Incremental Facility (and Revolving Credit Loans in an amount equal to the full amount of any such Incremental RL Commitments) had been outstanding on the last day of such
four-quarter period, shall not exceed 3.50 to 1.00, (vi) the proceeds of all Incremental Term Loans incurred by the U.S. Borrower shall be used for working capital and other general corporate purposes (including, without limitation, to finance
one or more Permitted Acquisitions, to pay fees and expenses in connection therewith and/or to prepay then outstanding Revolving Loans (with no corresponding reduction in Revolving Loan Commitments), (vii) the proceeds of all Incremental Term
Loans incurred by the Canadian Borrower shall be used to finance one or more Permitted Acquisitions and to pay fees and expenses in connection therewith, (viii) each Incremental Term Loan Commitment Agreement shall specifically designate, with
the approval of the Administrative Agent, the Tranche of the Incremental Term Loan Commitments being provided thereunder (which Tranche shall be a new Tranche (i.e., not the same as any existing Tranche of Incremental Term Loans, Incremental
Term Loan Commitments or other Term Loans), unless the requirements of Section 2.15(c) are satisfied), (ix) if to be incurred as a new Tranche of Incremental Term Loans, such Incremental Term Loans shall have the same terms as each
other Tranche of Term Loans as in effect immediately prior to the effectiveness of the applicable Incremental Term Loan Agreement, except as to purpose (which is subject to the requirements of preceding clauses (vi) and (vii)) and mandatory
repayment application provisions (which are governed by Section 5.02); provided, however, that (I) the maturity and amortization of such Tranche of Incremental Term Loans may differ, so long as such Tranche of
Incremental Term Loans shall have (a) an Initial Incremental Term Loan Maturity Date of no earlier than the then latest maturing Tranche of outstanding Term Loans and (b) a Weighted Average Life to Maturity of no less than the Weighted
Average Life to Maturity as then in effect for the Tranche of then outstanding Term Loans with the then longest Weighted Average Life to Maturity, (II) the Effective Yield applicable to such Tranche of Incremental Term Loans may differ from that
applicable to the then outstanding Tranches of Term Loans, with the Effective Yield applicable thereto to be specified in the respective Incremental Term Loan Commitment Agreement; provided however, that if the Effective Yield for such
Incremental Term Loans as of the date of incurrence of such Tranche of Incremental Term Loans exceeds the Effective Yield then applicable to any Tranche of then outstanding Term Loans by more than 0.50% per annum, the Applicable Margins for all
then outstanding Term Loans shall be increased as of such date in accordance with the requirements of the definition of “Applicable Margin” and (III) such Tranche of Incremental Term Loans may have other terms (other than those described
in preceding clauses (I) and (II)) that may differ than those of other Tranches of Term Loans as may be agreed to by the Administrative Agent, (x) all Incremental Term Loans (and all interest, fees and other amounts payable thereon)
incurred by a given Incremental Term Loan Borrower shall be Obligations of such Incremental Term Loan Borrower under this Agreement and the other applicable Credit Documents and shall be secured by the relevant Security Agreements, and guaranteed
under each relevant Guaranty, on a pari passu basis with all other Loans secured by each such Security Agreement and guaranteed under each such Guaranty and (xi) each Lender (including any Eligible Transferee who will become a
Lender) agreeing to provide an Incremental Term Loan Commitment pursuant to an Incremental Term Loan Commitment Agreement shall, subject to the satisfaction of the relevant conditions set forth in this Agreement, make Incremental Term Loans under
the Tranche specified in such Incremental Term Loan Commitment Agreement as provided in Section 2.01(c) and such Loans shall thereafter be deemed to be Incremental Term Loans under such Tranche for all purposes of this Agreement and the
other applicable Credit Documents. 
  

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 (b) At the time of the provision of Incremental Term Loan Commitments
pursuant to this Section 2.15, the respective Incremental Term Loan Borrower, the Administrative Agent and each such Lender or other Eligible Transferee which agrees to provide an Incremental Term Loan Commitment (each, an
“Incremental Term Loan Lender”) shall execute and deliver to the Administrative Agent an Incremental Term Loan Commitment Agreement substantially in the form of Exhibit M (appropriately completed), with the effectiveness of
the Incremental Term Loan Commitment provided therein to occur on the date on which (w) a fully executed copy of the respective Incremental Term Loan Commitment Agreement shall have been delivered to the Administrative Agent, (x) all fees
required to be paid in connection therewith at the time of such effectiveness shall have been paid (including, without limitation, any agreed upon up-front or arrangement fees owing to the Administrative Agent), (y) all Incremental Loan
Commitment Requirements are satisfied, and (z) all other conditions set forth in this Section 2.15 shall have been satisfied. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental
Term Loan Commitment Agreement, and at such time, (i) Schedule 2.01 shall be deemed modified to reflect the revised Incremental Term Loan Commitments of the affected Lenders and (ii) to the extent requested by any Incremental Term
Loan Lender, Incremental Term Notes will be issued at the respective Incremental Term Loan Borrower’s expense, to such Incremental Term Loan Lender, to be in conformity with the requirements of Section 2.05 (with appropriate
modification) to the extent needed to reflect the new Incremental Term Loans made by such Incremental Term Loan Lender. 
  

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 (c) Notwithstanding anything to the contrary contained above in this
Section 2.15, the Incremental Term Loan Commitments provided by an Incremental Term Loan Lender or Incremental Term Loan Lenders, as the case may be, pursuant to each Incremental Term Loan Commitment Agreement shall constitute a new
Tranche, which shall be separate and distinct from the existing Tranches pursuant to this Agreement (with a designation which may be made in letters (i.e., A, B, C, etc.), numbers (1, 2, 3, etc.) or a combination thereof
(i.e., A-1, A-2, B-1, B-2, C-1, C-2, etc.), provided that, with the consent of the Administrative Agent, the parties to a given Incremental Term Loan Commitment Agreement may specify therein that the respective Incremental Term
Loans made pursuant thereto shall constitute part of, and be added to, an existing Tranche of Term Loans, in any case so long as the following requirements are satisfied: 

(i) the Incremental Term Loans to be made pursuant to such Incremental Term Loan Commitment Agreement
shall have the same Borrower, the same Maturity Date, the same Applicable Margins and the same currency denomination as the Tranche of Term Loans to which the new Incremental Term Loans are being added; 

(ii) the new Incremental Term Loans shall have the same Scheduled Repayment dates as then remain with
respect to the Tranche to which such new Incremental Term Loans are being added (with the amount of each Scheduled Repayment applicable to such new Incremental Term Loans to be the same (on a proportionate basis) as is theretofore applicable to the
Tranche to which such new Incremental Term Loans are being added, thereby increasing the amount of each then remaining Scheduled Repayment of the respective Tranche proportionately; 

(iii) on the date of the making of such new Incremental Term Loans, and notwithstanding anything to the
contrary set forth in Section 2.09, such new Incremental Term Loans shall be added to (and form part of) each Borrowing of outstanding Term Loans of the respective Tranche on a pro rata basis (based on the relative sizes of
the various outstanding Borrowings), so that each Lender holding Loans under the respective Tranche of Term Loans participates in each outstanding Borrowing of Term Loans of the respective Tranche (after giving effect to the incurrence of such new
Incremental Term Loans pursuant to Section 2.01(c)) on a pro rata basis; and 

(iv) Incremental Term Loans may not be added to an existing Tranche of Term Loans borrowed by the Canadian
Borrower. 
 To the extent the provisions of preceding clause (iii) require that Lenders making new Incremental Term Loans
add such Incremental Term Loans to the then outstanding Borrowings of LIBO Rate Loans or B/A Discount Rate Loans of such Tranche, it is acknowledged that the effect thereof may result in such new Incremental Term Loans having short Interest Periods
(i.e., an Interest Period that began during an Interest Period then applicable to outstanding LIBO Rate Loans or B/A Discount Rate Loans of such Tranche and which will end on the last day of such Interest Period). In connection therewith, it
is hereby agreed that, to the extent the Incremental Term Loans are to be so added to the then outstanding Borrowings of Term Loans of such Tranche which are maintained as LIBO Rate Loans or B/A Discount Rate Loans, the Lenders that have made such
Incremental Term Loans shall be entitled to receive from the relevant Borrower such amounts, as reasonably determined by the respective Lenders, to compensate them for funding the new Incremental Term Loans of the respective Tranche during an
existing Interest Period (rather than at the beginning of the respective Interest Period based upon rates then applicable thereto). All determinations by any Lender pursuant to the immediately preceding sentence shall, absent manifest error, be
final and conclusive and binding on all parties hereto. 
  

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 2.16 Incremental RL Commitments. (a) So long as no Default or
Event of Default is then in existence, the U.S. Borrower shall have the right, in consultation and coordination with the Administrative Agent as to all of the matters set forth below in this Section 2.16, but without requiring the
consent of any of the Lenders, to request at any time after the date on which the Syndication Date has occurred, and prior to the date which is 12 months prior to the Initial Revolving Loan Maturity Date, that one or more Lenders (and/or one or more
other Persons which are Eligible Transferees and which will become Lenders) provide Incremental RL Commitments to the U.S. Borrower and, subject to the terms and conditions contained in this Agreement and in the respective Incremental RL Commitment
Agreement, make U.S. Borrower Revolving Loans pursuant thereto; it being understood and agreed, however, that (i) no Lender shall be obligated to provide an Incremental RL Commitment as a result of any such request by the U.S. Borrower, and
until such time, if any, as such Lender has agreed in its sole discretion to provide an Incremental RL Commitment and executed and delivered to the Administrative Agent an Incremental RL Commitment Agreement as provided in clause (b) of this
Section 2.16, such Lender shall not be obligated to fund any U.S. Borrower Revolving Loans in excess of its U.S. Borrower Revolving Loan Commitment as in effect prior to giving effect to such Incremental RL Commitment provided pursuant
to this Section 2.16, (ii) any Lender (including any Eligible Transferee who will become a Lender) may so provide an Incremental RL Commitment without the consent of any other Lender, (iii) the provision of Incremental RL
Commitments on a given date pursuant to this Section 2.16 shall only be permitted on a single occasion on such date, shall be in a minimum aggregate amount for all Lenders (including Eligible Transferees who will become Lenders) of at
least U.S. $10,000,000 and shall be in a maximum aggregate amount of U.S. $20,000,000, (iv) the aggregate amount of all Incremental RL Commitments provided pursuant to this Section 2.16, when combined with the aggregate amount of
all Incremental Term Loan Commitments provided pursuant to Section 2.15 (taking the U.S. Dollar Equivalent of any Incremental Term Loan Commitment denominated in Canadian Dollars at the time of the borrowing thereof) and the
aggregate principal (face) amount of Permitted Junior Debt issued or incurred after the Initial Borrowing Date, shall not exceed $150,000,000; provided that the U.S. Borrower may obtain Incremental RL Commitments so long as the Senior Secured
Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended Calculation Period for which Section 9.01 Financials were required to have been delivered (or, if no Calculation Period has passed,
as of the last four quarters ended), in each case, as if such Ratio-Based Incremental Facility (and Revolving Credit Loans in an amount equal to the full amount of any such Incremental RL Commitments) had been outstanding on the last day of such
four-quarter period, shall not exceed 3.50 to 1.00, (v) the proceeds of all U.S. Borrower Revolving Loans made pursuant to any Incremental RL Commitment Agreement shall be used only for the purpose of consummating one or more Permitted
Acquisitions and/or providing for any increased working capital needs as reasonably determined by the U.S. Borrower resulting therefrom, (vi) all Incremental RL Commitments shall constitute part of, and be added to the Tranche constituting the
Initial U.S. Borrower Revolving Loan Commitments and (vii) all U.S. Borrower Revolving Loans provided pursuant to an Incremental RL Commitment (and all interest, fees and other amounts payable thereon) shall be Obligations of the U.S. Borrower
under this Agreement and the other applicable Credit Documents and shall be secured by the relevant Security Agreements, and guaranteed under each relevant Guaranty, on a pari passu basis with all other Loans secured by each such
Security Agreement and guaranteed under each such Guaranty. 
  

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 (b) At the time of the provision of Incremental RL Commitments pursuant to
this Section 2.16, the U.S. Borrower, the Administrative Agent and each such Lender or other Eligible Transferee which agrees to provide an Incremental RL Commitment (each, an “Incremental RL Lender”) shall execute and
deliver to the Administrative Agent an Incremental RL Commitment Agreement substantially in the form of Exhibit N (appropriately completed), with the effectiveness of the Incremental RL Commitment provided therein to occur on the date on
which (w) a fully executed copy of the respective Incremental RL Commitment Agreement shall have been delivered to the Administrative Agent, (x) all fees required to be paid in connection therewith at the time of such effectiveness shall
have been paid (including, without limitation, any agreed upon up-front or arrangement fees owing to the Administrative Agent), (y) all Incremental Loan Commitment Requirements are satisfied, and (z) all other conditions set forth in this
Section 2.16 shall have been satisfied. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental RL Commitment Agreement, and at such time (i) the Total Initial U.S. Borrower Revolving
Loan Commitment under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such Incremental RL Commitments, (ii) Schedule 2.01 shall be deemed modified to reflect the revised Initial U.S. Borrower
Revolving Loan Commitments of the affected Lenders and (iii) to the extent requested by any Incremental RL Lender, U.S. Borrower Revolving Notes will be issued at the U.S. Borrower’s expense, to such Incremental RL Lender, to be in
conformity with the requirements of Section 2.05. 
 (c) At the time of any provision of Incremental
RL Commitments pursuant to this Section 2.16, the U.S. Borrower shall, in coordination with the Administrative Agent, repay outstanding Initial U.S. Borrower Revolving Loans of certain of the U.S. Borrower RL Lenders, and incur
additional Initial U.S. Borrower Revolving Loans from certain other U.S. Borrower RL Lenders (including the Incremental RL Lenders), in each case to the extent necessary so that all of the U.S. Borrower RL Lenders participate in each outstanding
Borrowing of Initial U.S. Borrower Revolving Loans pro rata on the basis of their respective Initial U.S. Borrower Revolving Loan Commitments (after giving effect to any increase in the Total Initial U.S. Borrower Revolving Loan
Commitment pursuant to this Section 2.15) and with the U.S. Borrower being obligated to pay to the respective U.S. Borrower RL Lenders any costs of the type referred to in Section 2.11 in connection with any such repayment
and/or Borrowing (and in any event including any amounts, as reasonably determined by the respective Lenders, to compensate them for funding any Initial U.S. Borrower Revolving Loans during an existing Interest Period (rather than at the beginning
at the respective Interest Period based on rates then applicable thereto)). All determinations by any Lender pursuant to the immediately preceding sentence shall, absent manifest error, be final and conclusive and binding on all parties hereto.

 2.17 Provisions Regarding Bankers’ Acceptances, Drafts, etc. The parties hereto agree that the
provisions of Schedule 2.17 shall apply to all Bankers’ Acceptances, Bankers’ Acceptance Loans, Drafts and B/A Equivalent Notes created hereunder, and that the provisions of Schedule 2.17 shall be deemed incorporated by
reference into this Agreement as if such provisions were set forth in their entirety herein. 
  

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 2.18 Defaulting Lenders. Notwithstanding any provision of this
Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) if any Swingline Loan Exposure or U.S. Borrower Letter of Credit Exposure exists at the time a Lender
becomes a Defaulting Lender then: 
 (i) all or any part of such Swingline Loan Exposure and U.S.
Borrower Letter of Credit Exposure shall be reallocated among the U.S. Borrower RL Lenders that are Non-Defaulting Lenders in accordance with their respective Individual U.S. Borrower RL Percentages but only to the extent (x) the sum of all
Non-Defaulting Lenders’ Individual U.S. RL Exposures plus such Defaulting Lender’s Swingline Loan Exposure and U.S. Borrower Letter of Credit Exposure does not exceed the total of all Non-Defaulting Lenders’ U.S. Borrower Revolving
Loan Commitments, (y) immediately following the reallocation to a U.S. Borrower RL Lender that is a Non-Defaulting Lender, the Individual U.S. RL Exposure of such U.S. Borrower RL Lender does not exceed its U.S. Borrower Revolving Loan
Commitment at such time and (z) the conditions set forth in Section 7 are satisfied at such time; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected,
the U.S. Borrower shall within five (5) Business Days following notice by the Administrative Agent (x) first, prepay such Swingline Loan Exposure and (y) second, cash collateralize in a manner reasonably satisfactory to the applicable
Issuing Lender such Defaulting Lender’s U.S. Borrower Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in aggregate amount equal to 100% of such Defaulting Lender’s U.S. Borrower
Letter of Credit Exposure for so long as such U.S. Borrower Letter of Credit Exposure is outstanding (such arrangements, together with the arrangements set forth in Section 2.18(b)(ii) (the “Letter of Credit Back-Stop
Arrangements”); 
 (iii) the applicable Borrowers shall not be required to pay any fees
to such Defaulting Lender pursuant to Section 4.01(b) with respect to such Defaulting Lender’s U.S. Borrower Letter of Credit Exposure; 

(iv) if the U.S. Borrower Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated pursuant
to this Section 2.18(a), then the fees payable to the Lenders pursuant to Section 4.01(b) shall be adjusted in accordance with such Non-Defaulting Lenders’ Individual U.S. RL Percentages; and 

(v) if any Defaulting Lender’s U.S. Borrower Letter of Credit Exposure is neither cash collateralized
nor reallocated pursuant to this Section 2.18(a), then, without prejudice to any rights or remedies of any Issuing Lender or any Lender hereunder, all letter of credit fees payable under Section 4.01(b) with respect to such
Defaulting Lender’s U.S. Borrower Letter of Credit Exposure shall be payable to each Issuing Lender until such U.S. Borrower Letter of Credit Exposure is cash collateralized and/or reallocated; 

(b) if any Canadian Borrower Letter of Credit Exposure exists at the time a Lender becomes a Defaulting
Lender then: 
 (i) all or any part of such Canadian Borrower Letter of Credit Exposure shall be
reallocated among the Canadian Borrower RL Lenders that are Non-Defaulting Lenders in accordance with their respective Individual Canadian Borrower RL Percentages but only to the extent (x) the sum of all Non-Defaulting Lenders’ Individual
U.S. RL Exposures plus such Defaulting Lender’s Canadian Borrower Letter of Credit Exposure does not exceed the total of all Non-Defaulting Lenders’ Canadian Borrower Revolving Loan Commitments, (y) immediately following the
reallocation to a Canadian Borrower RL Lender that is a Non-Defaulting Lender, the Individual Canadian RL Exposure of such Canadian Borrower RL Lender does not exceed its Canadian Borrower Revolving Loan Commitment at such time and (z) the
conditions set forth in Section 7 are satisfied at such time; 
  

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 (ii) if the reallocation described in clause (i) above
cannot, or can only partially, be effected, the Canadian Borrower shall within five (5) Business Days following notice by the Administrative Agent cash collateralize in a manner reasonably satisfactory to the applicable Issuing Lender such
Defaulting Lender’s Canadian Borrower Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in aggregate amount equal to 100% of such Defaulting Lender’s Canadian Borrower Letter of
Credit Exposure for so long as such Canadian Borrower Letter of Credit Exposure is outstanding; 

(iii) the applicable Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to
Section 4.01(b) with respect to such Defaulting Lender’s Canadian Facility Letter of Credit Exposure; 

(iv) if the Canadian Facility Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated
pursuant to this Section 2.18(b), then the fees payable to the Lenders pursuant to Section 4.01(b) shall be adjusted in accordance with such Non-Defaulting Lenders’ Canadian Facility RL Percentages; and 

(v) if any Defaulting Lender’s Canadian Facility Letter of Credit Exposure is neither cash
collateralized nor reallocated pursuant to this Section 2.18(b), then, without prejudice to any rights or remedies of any Issuing Lender or any Lender hereunder, all letter of credit fees payable under Section 4.01(b) with
respect to such Defaulting Lender’s Canadian Facility Letter of Credit Exposure shall be payable to each Issuing Lender until such Canadian Facility Letter of Credit Exposure is cash collateralized and/or reallocated; 

(c) notwithstanding anything to the contrary contained in Section 2.01(f) or
Section 3, so long as any U.S. Borrower RL Lender is a Defaulting Lender (i) the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Lender shall be required to issue, amend or increase any U.S. Borrower
Letter of Credit, unless the related exposure has been 100% covered by the U.S. Borrower Revolving Loan Commitments of the Non-Defaulting Lenders and/or cash collateral provided by the applicable Borrowers, in each case in accordance with
Section 2.18(a), and (ii) participating interests in any such newly issued or increased U.S. Borrower Letter of Credit or newly made Swingline Loan shall be allocated among U.S. Borrower RL Lenders that are Non-Defaulting Lenders in
a manner consistent with Section 2.18(a)(i) (and Defaulting Lenders shall not participate therein); and 

(d) notwithstanding anything to the contrary contained in Section 3, so long as any Canadian
Borrower RL Lender is a Defaulting Lender (i) no Issuing Lender shall be required to issue, amend or increase any Canadian Borrower Letter of Credit, unless the related exposure has been 100% covered by the Canadian Borrower RL Commitments of
the Non-Defaulting Lenders and/or cash collateral provided by the applicable Borrowers, in each case in accordance with Section 2.18(b), and (ii) participating interests in any such newly issued or increased Canadian Borrower Letter
of Credit shall be allocated among Canadian Borrower RL Lenders that are Non-Defaulting Lenders in a manner consistent with Section 2.18(b)(i) (and Defaulting Lenders shall not participate therein. 

 

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 In the event that the Administrative Agent, the Borrowers, each Issuing Lender and the
Swingline Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Loan Exposure, the U.S. Borrower Letter of Credit Exposure and the Canadian Borrower
Letter of Credit Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Loan Commitments and on such date such Lender shall purchase at par such of the Revolving Loans of the other Lenders (other than
Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Revolving Loans in accordance with its U.S. Borrower RL Percentage or Canadian Borrower RL Percentage, as the case may be.

 2.19 Reverse Dutch Auction Repurchases. (a) Notwithstanding anything to the contrary contained in
this Credit Agreement or any other Credit Document, the U.S. Borrower (in the case of a Auction in respect of B Term Loans) or the Canadian Borrower (in the case of a Auction in respect of C Term Loans) may, at any time and from time to time after
the latest to occur of the Initial Borrowing Date and the Syndication Date, conduct reverse Dutch auctions in order to purchase B Term Loans (in the case of the U.S Borrower) or C Term Loans (in the case of the Canadian Borrower) of a particular
Tranche of Lenders (each, an “Auction”) (each such Auction to be managed exclusively by DBTCA or another investment bank of recognized standing selected by the applicable Borrower following consultation with the Administrative Agent
(in such capacity, the “Auction Manager”)), so long as the following conditions are satisfied: 

(i) each Auction shall be conducted in accordance with the procedures, terms and conditions set forth in
this Section 2.19 and Schedule 2.19(a); 
 (ii) no Event of Default shall have
occurred and be continuing on the date of the delivery of each Auction Notice and at the time of purchase of the respective Term Loans in connection with any Auction; 

(iii) the maximum principal amount (calculated on the face amount thereof) of all Term Loans that the
applicable Borrower offers to purchase in any such Auction shall be no less than $10,000,000 (unless another amount is agreed to by the Administrative Agent); 

(iv) after giving effect to any purchase of Term Loans pursuant to this Section 2.19, the
Total Unutilized Revolving Loan Commitment shall not be less than $37,500,000; 
 (v) the
aggregate principal amount (calculated on the face amount thereof) of all Term Loans so purchased by either Borrower shall automatically be cancelled and retired by such Borrower on the settlement date of the relevant purchase (and may not be
resold); 
 (vi) prior to commencing an Auction, Holdings and the U.S. Borrower shall have
discussed same with each of S&P and Moody’s; 
 (vii) no more than one Auction may be
ongoing at any one time; 
 (viii) the aggregate principal amount of all Term Loans purchased
pursuant to Sections 2.19, 2.20 and 2.21 shall not exceed $75,000,000; and 
  

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 (ix) at the time of each purchase of Term Loans through an
Auction, the applicable Borrower shall have delivered to the Auction Manager an officer’s certificate of a Responsible Officer certifying as to compliance with preceding clauses (ii), (iii) and (iv). 

(b) The applicable Borrower must terminate an Auction if it fails to satisfy one or more of the conditions set forth
above which are required to be met at the time which otherwise would have been the time of purchase of B Term Loans or C Term Loans, as the case may be, pursuant to the respective Auction. If any Borrower commences any Auction (and all relevant
requirements set forth above which are required to be satisfied at the time of the commencement of the respective Auction have in fact been satisfied), and if at such time of commencement the applicable Borrower believes in good faith that all
required conditions set forth above which are required to be satisfied at the time of the purchase of B Term Loans or C Term Loans, as the case may be, pursuant to such Auction shall be satisfied, then such Borrower shall have no liability to any
Lender for any termination of the respective Auction as a result of its failure to satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise would have been the time of purchase of B Term Loans or
C Term Loans, as the case may be, pursuant to the respective Auction, and any such failure shall not result in any Default or Event of Default hereunder. With respect to all purchases of B Term Loans or C Term Loans, as the case may be, made by the
applicable Borrower pursuant to this Section 2.19, (x) such Borrower shall pay on the settlement date of each such purchase all accrued and unpaid interest (except to the extent otherwise set forth in the relevant offering
documents), if any, on the purchased Term Loans up to the settlement date of such purchase and (y) such purchases (and the payments made by the applicable Borrower and the cancellation of the purchased Term Loans, in each case in connection
therewith) shall not constitute voluntary or mandatory payments or prepayments for purposes of Sections 5.01, 5.02 or 13.06. At the time of purchases of B Term Loans pursuant to an Auction, the then remaining Scheduled
B Repayments shall be reduced by the aggregate principal amount (taking the face amount thereof) of B Term Loans repurchased pursuant to such Auction, with such reduction to be applied to such Scheduled B Repayments on a pro
rata basis (based on the then remaining principal amount of each such Scheduled B Repayments). At the time of purchases of C Term Loans pursuant to an Auction, the then remaining Scheduled C Repayments shall be reduced by the aggregate
principal amount (taking the face amount thereof) of C Term Loans repurchased pursuant to such Auction, with such reduction to be applied to such Scheduled C Repayments on a pro rata basis (based on the then remaining principal amount
of each such Scheduled C Repayments). 
 (c) The Administrative Agent and the Lenders hereby consent to the
Auctions and the other transactions contemplated by this Section 2.19 (provided that no Lender shall have an obligation to participate in any such Auctions) and hereby waive the requirements of any provision of this Agreement (including,
without limitation, Sections 5.01, 5.02 and 13.06 (it being understood and acknowledged that purchases of the B Term Loans or C Term Loans, as the case may be, by the applicable Borrower contemplated by this
Section 2.19 shall not constitute Investments by such Borrower)) or any other Credit Document that may otherwise prohibit any Auction or any other transaction contemplated by this Section 2.19. The Auction Manager acting in
its capacity as such hereunder shall be entitled to the benefits of the provisions of Section 12 and Section 13.01 mutatis mutandis as if each reference therein to the “Administrative Agent” were a
reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Auction.

  

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 2.20 Open Market Purchases. (a) Notwithstanding anything to the
contrary contained in this Credit Agreement or any other Credit Document, the U.S. Borrower (in the case of open market purchases of B Term Loans) and the Canadian Borrower (in the case of open market purchases of C Term Loans) may, at any time and
from time to time after the latest to occur of the Initial Borrowing Date and the Syndication Date, make open market purchases of B Term Loans (in the case of the U.S. Borrower) and C Term Loans (in the case of the Canadian Borrower) (each, an
“Open Market Purchase”), so long as the following conditions are satisfied: 

(i) no Event of Default shall have occurred and be continuing on the date of such Open Market Purchase;

 (ii) after giving effect to any purchase of Term Loans pursuant to this
Section 2.20, the sum of the Total Unutilized Revolving Loan Commitment, shall not be less than $37,500,000; 

(iii) the aggregate principal amount (calculated on the face amount thereof) of all Term Loans so
purchased by either Borrower shall automatically be cancelled and retired by the such Borrower on the settlement date of the relevant purchase (and may not be resold); 

(iv) the aggregate principal amount of all Term Loans purchased pursuant to Sections 2.19,
2.20 and 2.21 shall not exceed $75,000,000; and 
 (v) at the time of each purchase
of Term Loans through Open Market Purchases, the U.S. Borrower shall have delivered to the Administrative Agent an officer’s certificate of a Responsible Officer certifying as to compliance with clauses (i) and (iv). 

(b) With respect to all purchases of B Term Loans and C Term Loans, as the case may be, made by the applicable Borrower
pursuant to this Section 2.20, (x) such Borrower shall pay on the settlement date of each such purchase all accrued and unpaid interest, if any, on the purchased Term Loans up to the settlement date of such purchase (except to the
extent otherwise set forth in the relevant purchase documents as agreed by the respective selling Lender) and (y) such purchases (and the payments made by the applicable Borrower and the cancellation of the purchased Term Loans, in each case in
connection therewith) shall not constitute voluntary or mandatory payments or prepayments for purposes of Sections 5.01, 5.02 or 13.06. At the time of purchases of B Term Loans pursuant to any Open Market Purchase, the then
remaining Scheduled B Repayments shall be reduced by the aggregate principal amount (taking the face amount thereof) of B Term Loans repurchased pursuant to such Open Market Purchase, with such reduction to be applied to such Scheduled
B Repayments on a pro rata basis (based on the then remaining principal amount of each such Scheduled B Repayments). At the time of purchases of C Term Loans pursuant to any Open Market Purchase, the then remaining Scheduled
C Repayments shall be reduced by the aggregate principal amount (taking the face amount thereof) of C Term Loans repurchased pursuant to such Open Market Purchase, with such reduction to be applied to such Scheduled C Repayments on a pro
rata basis (based on the then remaining principal amount of each such Scheduled C Repayments). 
 (c) The
Administrative Agent and the Lenders hereby consent to the Open Market Purchases contemplated by this Section 2.20 and hereby waive the requirements of any provision of this Agreement (including, without limitation, Sections 5.01,
5.02 and 13.06 (it being understood and acknowledged that purchases of the Term Loans by the U.S. Borrower contemplated by this Section 2.20 shall not constitute Investments by the U.S. Borrower)) or any other Credit
Document that may otherwise prohibit any Open Market Purchase by this Section 2.20. 
  

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 2.21 Sponsor and Affiliate Term Loan Purchases. Notwithstanding
anything to the contrary in this Credit Agreement, any Affiliate of the Sponsor (other than a Borrower or any Subsidiary) may be an assignee in respect of Term Loans (and to such extent shall constitute an “Eligible Transferee”);
provided that: 
 (a) the aggregate principal amount of Term Loans held by the Sponsor and
Affiliates thereof at any time shall not exceed 15% of the aggregate outstanding principal amount of the Term Loans; 

(b) notwithstanding anything to the contrary in the definition of “Required Lenders”, or in
Section 13.12, the holder of any Term Loans acquired pursuant to this Section 2.21(b) shall not be entitled to vote such Term Loans in any “Required Lender” vote pursuant to the terms of this Agreement or any other
Credit Document (it being understood that the holder of such Term Loans shall have the right to consent to votes requiring the consent of “all Lenders” or “all Lenders directly and affected thereby” pursuant to
Section 13.12 or otherwise), and for purposes of any such vote such Term Loans shall be deemed not to be outstanding; 

(c) the Sponsor and Affiliates thereof shall be prohibited from being appointed as, or succeeding to the
rights and duties of, Administrative Agent or Collateral Agent under this Agreement and the other Credit Documents until such time (if any) as when all Obligations (other than those held by the Sponsor or any of its Affiliates) have been paid in
full in cash; 
 (d) by acquiring a Term Loan hereunder, each of the Sponsor and each Affiliate
thereof shall be deemed to have (I) waived its right to receive information prepared by Administrative Agent or any Lender (or any advisor, agent or counsel thereof) under or in connection with the Credit Documents (in each case to the extent
not provided to the Credit Agreement Parties) and attend any meeting or conference call with Administrative Agent or any Lender, (II) agreed that it is prohibited from making or bringing any claim, in its capacity as a Lender, against Administrative
Agent or any Lender with respect to the duties and obligations of such Persons under the Credit Documents, and (III) agreed, without limiting its rights as a Lender described in Section 2.21(b), that it will have no right whatsoever to
require Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to this Agreement or any other Credit Document; and 

(e) the Sponsor or such affiliate identifies itself as an Affiliate of the Credit Agreement Parties prior
to the assignment of Term Loans to it pursuant to the respective Assignment and Assumption Agreement. 
  

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 Section 3. Letters of Credit. 

3.01 Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, a Borrower may
request that an Issuing Lender issue, at any time and from time to time on and after the Initial Borrowing Date and prior to the tenth day prior to the Revolving Loan Maturity Date, for the account of the U.S. Borrower (in the case of requests made
by it) or the account of the Canadian Borrower (in the case of requests made by it) and for the benefit of (x) any holder (or any trustee, agent or other similar representative for any such holders) of L/C Supportable Obligations, an
irrevocable standby letter of credit, in a form customarily used by such Issuing Lender or in such other form as is reasonably acceptable to such Issuing Lender, and (y) sellers of goods to the respective Borrower or any of its Restricted
Subsidiaries, an irrevocable trade letter of credit, in a form customarily used by such Issuing Lender or in such other form as has been approved by such Issuing Lender (each such letter of credit, a “Letter of Credit” and,
collectively, the “Letters of Credit”). All Letters of Credit shall be issued on a sight basis only. Each Letter of Credit shall constitute either (x) if issued for the account of the Canadian Borrower, a Canadian Borrower
Letter of Credit, in which case such Letter of Credit shall be deemed to constitute a utilization of the Canadian Borrower Revolving Loan Commitments and shall be participated in (as more fully described in following Section 3.04(a)) by
the Canadian Borrower RL Lenders in accordance with their respective Canadian Borrower RL Percentages or (y) if issued for the account of the U.S. Borrower, a U.S. Borrower Letter of Credit, in which case such Letter of Credit shall be deemed
to constitute a utilization of the U.S. Borrower Revolving Loan Commitments and shall be participated in (as more fully described in following Section 3.04(a)) by the U.S. Borrower RL Lenders in accordance with their respective U.S.
Borrower RL Percentages. All Canadian Borrower Letters of Credit shall be denominated in U.S. Dollars or Canadian Dollars and shall be issued for the account of the Canadian Borrower. All U.S. Borrower Letters of Credit shall be denominated in U.S.
Dollars and shall be issued for the account of the U.S. Borrower. Schedule 3.01(a) contains a description of letters of credit (the “Existing Letters of Credit”) that were originally issued by DBTCA pursuant to the Existing
Credit Agreement and which remain outstanding on the Initial Borrowing Date. Such Schedule 3.01(a) sets forth, with respect to each such letter of credit, (i) the letter of credit number, (ii) the name(s) of the account party or
account parties, (iii) the stated amount, (iv) the currency in which the letter of credit is denominated, (v) the name of the beneficiary, (vi) the expiry date and (vii) whether such letter of credit constitutes a standby
letter of credit or a trade letter of credit. It is hereby acknowledged and agreed that each of the Existing Letters of Credit shall constitute a “Letter of Credit” for all purposes of this Agreement and shall be deemed issued under this
Agreement on the Initial Borrowing Date. 
 (b) Subject to and upon the terms and conditions set forth herein,
each Issuing Lender agrees that it will, at any time and from time to time on and after the Initial Borrowing Date and prior to the tenth day prior to the Revolving Loan Maturity Date, following its receipt of the respective Letter of Credit
Request, issue for account of the respective Borrower, one or more Letters of Credit as are permitted to remain outstanding hereunder without giving rise to a Default or an Event of Default; provided that no Issuing Lender shall be under any
obligation to issue any Letter of Credit of the types described above if at the time of such issuance: 

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

 

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 (ii) such Issuing Lender shall have received from the
respective Borrower, any other Credit Party or the Required Lenders prior to the issuance of such Letter of Credit notice of the type described in the second sentence of Section 3.03(b). 

3.02 Maximum Letter of Credit Outstandings; Final Maturities. Notwithstanding anything to the contrary contained
in this Agreement, (i) no Canadian Borrower Letter of Credit shall be issued the Stated Amount of which, when added to the sum of the Canadian Borrower Letter of Credit Outstandings (exclusive of Unpaid Drawings which are repaid on the date of,
and prior to the issuance of, the respective Canadian Borrower Letter of Credit) at such time, would exceed U.S. $5,000,000 (the “Maximum Canadian Borrower Letter of Credit Amount”), (ii) no U.S. Borrower Letter of Credit shall
be issued the Stated Amount of which, when added to the U.S. Borrower Letter of Credit Outstandings (exclusive of Unpaid Drawings which are repaid on the date of, and prior to the issuance of, the respective U.S. Borrower Letter of Credit) at such
time, would exceed U.S. $25,000,000 (the “Maximum U.S. Borrower Letter of Credit Amount”), (iii) no Canadian Borrower Letter of Credit shall be issued at any time when the Aggregate Canadian Borrower RL Exposure exceeds (or
would after giving effect to such issuance exceed) the Total Canadian Borrower Revolving Loan Commitment at such time, (iv) no U.S. Borrower Letter of Credit shall be issued at any time when the Aggregate U.S. RL Exposure exceeds (or would
after giving effect to such issuance exceed) the Total U.S. Borrower Revolving Loan Commitment at such time, and (v) each Letter of Credit shall by its terms terminate (x) in the case of standby Letters of Credit, on or before the earlier
of (A) the date which occurs 12 months after the date of the issuance thereof (although any such standby Letter of Credit shall be extendible for successive periods of up to 12 months, but, in each case, not beyond the tenth Business Day prior
to the Revolving Loan Maturity Date on terms acceptable to the respective Issuing Lender) and (B) ten Business Days prior to the Revolving Loan Maturity Date, and (y) in the case of trade Letters of Credit, on or before the earlier of
(A) the date which occurs 180 days after the date of issuance thereof and (B) 30 days prior to the Revolving Loan Maturity Date; provided that Letters of Credit may have termination dates that occur later than ten Business Days
prior to the Revolving Loan Maturity Date (in the case of standby Letters of Credit) or 30 Business Days prior to the Revolving Loan Maturity Date (in the case of trade Letters of Credit) to the extent that prior to the issuance any such Letter of
Credit, the U.S. Borrower or the Canadian Borrower, as the case may be, shall have (i) deposited cash and/or Cash Equivalents, in an amount equal to at least 102.5% of the Stated Amount of such Letter of Credit, into a cash collateral account
established by (and subject to the control of) the Administrative Agent pursuant to written arrangements reasonably satisfactory to the Administrative Agent or (ii) delivered to the Administrative Agent a letter of credit issued for its benefit
in a stated amount equal to at least 102.5% of the Stated Amount of such Letter of Credit and having terms and conditions, and issued by an issuer, satisfactory to the Administrative Agent. 

3.03 Letter of Credit Requests; Minimum Stated Amount. (a) Whenever a Borrower desires that a Letter of
Credit be issued for its account, such Borrower shall give the Administrative Agent and the respective Issuing Lender at least five Business Days’ (or such shorter period as is acceptable to such Issuing Lender) written notice thereof
(including by way of facsimile). Each notice shall be in the form of Exhibit C, appropriately completed, including, without limitation, by specifying whether the requested Letter of Credit shall constitute a Canadian Borrower Letter of Credit or a
U.S. Borrower Letter of Credit and the Available Currency (in the case of Canadian Borrower Letters of Credit) in which the requested Letter of Credit is to be denominated (each, a “Letter of Credit Request”). 

 

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 (b) The making of each Letter of Credit Request shall be deemed to be a
representation and warranty by the U.S. Borrower or the Canadian Borrower, as the case may be, to the Lenders of the respective Tranche that such Letter of Credit may be issued in accordance with, and will not violate the requirements of,
Section 3.02. Unless the respective Issuing Lender has received notice from any Borrower, any other Credit Party or the Required Lenders before it issues a Letter of Credit that one or more of the conditions specified in
Section 6 or 7 are not then satisfied, or that the issuance of such Letter of Credit would violate Section 3.02, then such Issuing Lender shall, subject to the terms and conditions of this Agreement, issue the
requested Letter of Credit for the account of the respective Borrower in accordance with such Issuing Lender’s usual and customary practices. Upon the issuance of or modification or amendment to any standby Letter of Credit, each Issuing Lender
shall promptly notify the respective Borrower and the Administrative Agent, in writing of such issuance, modification or amendment and such notice shall be accompanied by a copy of such Letter of Credit or the respective modification or amendment
thereto, as the case may be. Promptly after receipt of such notice the Administrative Agent shall notify the Participants, in writing, of such issuance, modification or amendment. On the first Business Day of each week, each Issuing Lender shall
furnish the Administrative Agent with a written (including via facsimile) report of the daily aggregate outstandings of trade Letters of Credit issued by such Issuing Lender for the immediately preceding week. 

(c) The Stated Amount of each Letter of Credit upon issuance shall be not less than (x) in the case of a Dollar
Denominated Letter of Credit, U.S. $50,000 and (y) in the case of a Canadian Dollar Denominated Letter of Credit, CDN $60,000, or in each case such lesser amount as is acceptable to the respective Issuing Lender. 

3.04 Letter of Credit Participations. (a) Immediately upon the issuance by any Issuing Lender of any Letter
of Credit under a Tranche, such Issuing Lender shall be deemed to have sold and transferred to (i) in the case of a Canadian Borrower Letter of Credit, each Canadian Borrower RL Lender and (ii) in the case of a U.S. Borrower Letter of
Credit, each U.S. Borrower RL Lender (each such Lender with respect to any Letter of Credit, in its capacity under this Section 3.04, a “Participant”), and each such Participant shall be deemed irrevocably and
unconditionally to have purchased and received from such Issuing Lender, without recourse or warranty, an undivided interest and participation, in a percentage equal to (x) in the case of a Canadian Borrower Letter of Credit, such
Participant’s Canadian Borrower RL Percentage or (y) in the case of a U.S. Borrower Letter of Credit, such Participant’s U.S. Borrower RL Percentage, in such Canadian Borrower Letter of Credit or U.S. Borrower Letter of Credit, as the
case may be, each drawing or payment made thereunder (each, a “Drawing”) and the obligations of the respective Borrower under this Agreement with respect thereto (although Letter of Credit Fees shall be payable directly to the
Administrative Agent for the account of the Canadian Borrower RL Lenders or U.S. Borrower RL Lenders, as the case may be, as provided in Section 4.01(b) and the Participants shall have no right to receive any portion of any Facing Fees
with respect to any such Letters of Credit) and any security therefor or guaranty pertaining thereto. Upon any change in (x) the Canadian Borrower Revolving Loan Commitments and, as a result thereof the Canadian Borrower RL Percentages, of the
Canadian Borrower RL Lenders pursuant to Sections 2.13 or 13.04, it is hereby agreed that, with respect to all outstanding Canadian Borrower Letters of Credit and Unpaid Drawings relating thereto, there shall be an automatic adjustment
to the participations pursuant to this Section 3.04 to reflect the new Canadian Borrower RL Percentages of the Canadian Borrower RL Lenders and (y) the U.S. Borrower Revolving Loan Commitments and, as a result thereof the U.S.
Borrower RL Percentages, of the U.S. Borrower RL Lenders pursuant to Sections 2.13, 2.16 or 13.04, it is hereby agreed that with respect to all outstanding U.S. Borrower Letters of Credit and Unpaid Drawings relating thereto,
there shall be an automatic adjustment to the participations pursuant to this Section 3.04 to reflect the new U.S. Borrower RL Percentages of the U.S. Borrower RL Lenders. With respect to each Letter of Credit from time to time
outstanding, the percentage participations therein of the various Canadian Borrower RL Lenders (in the case of a Canadian Borrower Letter of Credit) or U.S. Borrower RL Lenders (in the case of a U.S. Borrower Letter of Credit) calculated as provided
above in this Section 3.04(a) are herein called the “L/C Participation Percentages” of the various Canadian Borrower RL Lenders or U.S. Borrower RL Lenders, as the case may be, in such Letters of Credit. All calculations
of the L/C Participation Percentages shall be made from time to time by the Administrative Agent, which calculations shall be conclusive absent manifest error. 
  

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 (b) In determining whether to pay under any Letter of Credit under a
Tranche, no Issuing Lender shall have any obligation relative to the other Lenders under such Tranche other than to confirm that any documents required to be delivered under such Letter of Credit appear to have been delivered and that they appear to
substantially comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by an Issuing Lender under or in connection with any Letter of Credit issued by it shall not create for such Issuing Lender
any resulting liability to the respective Borrower, any other Credit Party, any Lender or any other Person unless such action is taken or omitted to be taken with gross negligence or willful misconduct on the part of such Issuing Lender (as
determined by a court of competent jurisdiction in a final and non-appealable decision). 
 (c) In the event
that an Issuing Lender makes any payment under any Letter of Credit under a Tranche issued by it and the U.S. Borrower or the Canadian Borrower, as applicable, shall not have reimbursed such amount in full to such Issuing Lender pursuant to
Section 3.05(a), such Issuing Lender shall promptly notify the Administrative Agent, which shall promptly notify each Participant under such Tranche (i.e., either (x) the Canadian Borrower RL Lenders in the case of a Canadian
Borrower Letter of Credit or (y) the U.S. Borrower RL Lenders in the case of a U.S. Borrower Letter of Credit) of such failure, and each Participant shall promptly and unconditionally pay to such Issuing Lender the amount of such
Participant’s L/C Participation Percentage (as relates to the respective Letter of Credit) of such unreimbursed payment in U.S. Dollars (or, to the extent the unreimbursed payment is, in accordance with Section 3.05(a), to be
reimbursed in Canadian Dollars, in Canadian Dollars) and in same day funds. If the Administrative Agent so notifies, prior to 12:00 Noon (New York City time) on any Business Day, any Participant under a Tranche required to fund a payment under a
Letter of Credit under such Tranche, such Participant shall make available to the respective Issuing Lender in U.S. Dollars (or in Canadian Dollars to the extent such amount is required to be paid in Canadian Dollars pursuant to
Section 3.05) such Participant’s L/C Participation Percentage (as relates to the respective Letter of Credit) of the amount of such payment on such Business Day in same day funds. If and to the extent such Participant shall not have
so made its L/C Participation Percentage of the amount of such payment available to the respective Issuing Lender, such Participant agrees to pay to such Issuing Lender, forthwith on demand such amount, together with interest thereon, for each day
from such date until the date such amount is paid to such Issuing Lender at the overnight Federal Funds Rate (or, in the case of amounts owed in Canadian Dollars, the cost to the Administrative Agent of acquiring overnight funds in Canadian Dollars)
for the first three days and at the interest rate applicable to Revolving Loans that are maintained as Base Rate Loans for each day thereafter. The failure of any Participant under a Tranche to make available to an Issuing Lender its relevant L/C
Participation Percentage of any payment under any Letter of Credit under such Tranche issued by such Issuing Lender shall not relieve any other Participant under such Tranche of its obligation hereunder to make available to such Issuing Lender its
relevant L/C Participation Percentage of any payment under any Letter of Credit under such Tranche on the date required, as specified above, but no Participant under such Tranche shall be responsible for the failure of any other Participant under
such Tranche to make available to such Issuing Lender such other Participant’s relevant L/C Participation Percentage of any such payment. 
  

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 (d) Whenever an Issuing Lender receives a payment of a reimbursement
obligation as to which it has received any payments from the Participants pursuant to clause (c) above, such Issuing Lender shall pay to each such Participant which has paid its RL Percentage thereof, in U.S. Dollars (or, in Canadian Dollars in
the case of payments to be made in Canadian Dollars pursuant to Section 3.05(a)) and in same day funds, an amount equal to such Participant’s share (based upon the proportionate aggregate amount originally funded by such Participant
to the aggregate amount funded by all Participants) of the principal amount of such reimbursement obligation and interest thereon accruing after the purchase of the respective participations. 

(e) Upon the request of any Participant under a Tranche, each Issuing Lender shall furnish to such Participant copies of
any standby Letter of Credit under such Tranche issued by it and such other documentation as may reasonably be requested by such Participant. 

(f) The obligations of the Participants under a Tranche to make payments to each Issuing Lender with respect to Letters
of Credit under such Tranche shall be irrevocable and not subject to any qualification or exception whatsoever (except in the case of an Issuing Lender’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction
in a final and non-appealable decision)) and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including, without limitation, any of the following circumstances: 

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

 (ii) the existence of any claim, setoff, defense or other right which a Borrower or any of its
Restricted Subsidiaries may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Participant, or any
other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the respective Borrower or any Restricted Subsidiary of
the respective Borrower and the beneficiary named in any such Letter of Credit); 
 (iii) any
draft, certificate or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(iv) the surrender or impairment of any security for the performance or observance of any of the terms of
any of the Credit Documents; or 
 (v) the occurrence of any Default or Event of Default.

  

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 3.05 Agreement to Repay Letter of Credit Drawings. (a) The U.S.
Borrower hereby agrees (in the case of U.S. Borrower Letters of Credit), and the Canadian Borrower hereby agrees (in the case of Canadian Borrower Letters of Credit), to reimburse the respective Issuing Lender, by making payment in U.S. Dollars (in
the case of all Dollar Denominated Letters of Credit) or Canadian Dollars (in the case of Canadian Dollar Denominated Letters of Credit) to the Administrative Agent in immediately available funds at the Payment Office, for any payment or
disbursement made by such Issuing Lender under any Letter of Credit issued by it (each such amount, so paid until reimbursed, an “Unpaid Drawing”), not later than one Business Day following receipt by the respective Borrower of
notice of such payment or disbursement (provided that no such notice shall be required to be given if a Default or an Event of Default under Section 11.05 shall have occurred and be continuing, in which case the Unpaid Drawing
shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by the respective Borrower to the fullest extent permitted under law)), with interest on the amount so paid or disbursed
by such Issuing Lender, to the extent not reimbursed prior to 12:00 Noon (New York City time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date such Issuing Lender was reimbursed by
the U.S. Borrower or the Canadian Borrower, as the case may be, therefor at a rate per annum (x) in the case of Dollar Denominated Letters of Credit, the Base Rate in effect from time to time plus the Applicable Margin for Canadian
Borrower Revolving Loans (in the case of Canadian Borrower Letters of Credit) or U.S. Borrower Revolving Loans (in the case of U.S. Borrower Letters of Credit) in each case maintained as Base Rate Loans, as in effect from time to time and
(y) in the case of Canadian Dollar Denominated Letters of Credit, the Canadian Prime Rate in effect from time to time plus the Applicable Margin for Canadian Dollar Denominated Revolving Loans as in effect from time to time;
provided, however, to the extent such amounts are not reimbursed prior to 12:00 Noon (New York City time) on the third Business Day following notice to the respective Borrower by the Administrative Agent or the respective Issuing
Lender of such payment or disbursement or following the occurrence of a Default or an Event of Default under Section 11.05, interest shall thereafter accrue on the amounts so paid or disbursed by such Issuing Lender (and until reimbursed
by the respective Borrower) at a rate per annum which shall be (x) in the case of Dollar Denominated Letters of Credit, the Base Rate in effect from time to time plus the Applicable Margin for Canadian Borrower Revolving Loans (in the
case of Canadian Borrower Letters of Credit) or U.S. Borrower Revolving Loans (in the case of U.S. Borrower Letters of Credit) in each case maintained as Base Rate Loans, as in effect from time to time plus 2% and (y) in the case of
Canadian Dollar Denominated Letters of Credit, the Canadian Prime Rate in effect from time to time plus the Applicable Margin for Canadian Borrower Revolving Loans maintained as Canadian Prime Rate Loans as in effect from time to time
plus 2%, in each such case, with such interest to be payable on demand. Each Issuing Lender shall give the respective Borrower prompt written notice of each Drawing under any Letter of Credit issued by it, provided that the failure to
give any such notice shall in no way affect, impair or diminish the respective Borrower’s obligations hereunder. 

(b) The obligations of the U.S. Borrower (with respect to the U.S. Borrower Letters of Credit) and the obligations of the
Canadian Borrower (with respect to the Canadian Borrower Letters of Credit) under this Section 3.05 to reimburse each Issuing Lender with respect to Unpaid Drawings (including, in each case, interest thereon) shall be absolute and
unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the respective Borrower or any Restricted Subsidiary of the respective Borrower may have or have had against any Lender under the
respective Tranche (including in its capacity as an Issuing Lender or as a Participant under such Tranche), including, without limitation, any defense based upon the failure of any drawing under a Letter of Credit to conform to the terms of the
Letter of Credit or any nonapplication or misapplication by the beneficiary of the proceeds of such Drawing; provided, however, that no Borrower shall be obligated to reimburse any Issuing Lender for any wrongful payment made by such
Issuing Lender under a Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of such Issuing Lender (as determined by a court of competent jurisdiction in a final and
non-appealable decision). 
  

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 3.06 Increased Costs. If at any time after the Effective Date, the
introduction of or any change in any applicable law, rule, regulation, order, guideline or request or in the interpretation or administration thereof by the NAIC or any Governmental Authority charged with the interpretation or administration
thereof, or compliance by any Issuing Lender or any Participant with any request or directive by the NAIC or by any such Governmental Authority (whether or not having the force of law), shall either (i) impose, modify or make applicable any
reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Issuing Lender or participated in by any Participant, or (ii) impose on any Issuing Lender or any Participant any other conditions relating,
directly or indirectly, to this Agreement or any Letter of Credit; and the result of any of the foregoing is to increase the cost to any Issuing Lender or any Participant of issuing, maintaining or participating in any Letter of Credit, or reduce
the amount of any sum received or receivable by any Issuing Lender or any Participant hereunder or reduce the rate of return on its capital with respect to Letters of Credit (except for changes in any Excluded Taxes), then, upon the delivery of the
certificate referred to below to the U.S. Borrower or the Canadian Borrower, as the case may be, by any Issuing Lender or any Participant (a copy of which certificate shall be sent by such Issuing Lender or such Participant to the
Administrative Agent), the respective Borrower agrees to pay to such Issuing Lender or such Participant such additional amount or amounts as will compensate such Issuing Lender or such Participant for such increased cost or reduction in the amount
receivable or reduction on the rate of return on its capital. Any Issuing Lender or any Participant, upon determining that any additional amounts will be payable pursuant to this Section 3.06, will give prompt written notice thereof to
the respective Borrower, which notice shall include a certificate submitted to the respective Borrower by such Issuing Lender or such Participant (a copy of which certificate shall be sent by the Issuing Lender or such Participant to the
Administrative Agent), setting forth in reasonable detail the basis for the calculation of such additional amount or amounts necessary to compensate such Issuing Lender or such Participant. The certificate required to be delivered pursuant to this
Section 3.06 shall, absent manifest error, be final and conclusive and binding on the respective Borrower. 

3.07 Extended Commitments. If the Initial Revolving Loan Maturity Date shall have occurred at a time when Extended
U.S. Borrower Revolving Loan Commitments or Extended Canadian Borrower Revolving Loan Commitments are in effect, then such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders
under the applicable Tranche to purchase participations therein and to make payments in respect thereof pursuant to Section 3.04 ) under (and ratably participated in by Lenders under the applicable Tranche pursuant to) the Extended U.S.
Borrower Revolving Loan Commitments or Extended Canadian Borrower Revolving Loan Commitments, as applicable, up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Extended U.S. Borrower Revolving Loan Commitments
or Extended Canadian Borrower Revolving Loan Commitments, as the case may be, thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated). Except to the extent of reallocations of
participations pursuant to the prior sentence, the occurrence of the Initial Revolving Loan Maturity Date with respect to a given Tranche of Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Lenders
under a Tranche in any Letter of Credit under such Tranche issued before the Initial Revolving Loan Maturity Date. 
  

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 Section 4. Commitment Commission; Fees; Reductions of
Commitment. 
 4.01 Fees. (a) (x) The Canadian Borrower agrees to pay to the Canadian
Sub-Agent for distribution to each Non-Defaulting Lender with a Canadian Borrower Revolving Loan Commitment a commitment commission, in U.S. Dollars, for the period from and including the Effective Date to and including the Revolving Loan Maturity
Date (or such earlier date on which the Total Canadian Borrower Revolving Loan Commitment has been terminated), computed at a rate for each day equal to the Applicable Commitment Fee Percentage on the daily average of the Unutilized Canadian
Borrower Revolving Loan Commitment of such Non-Defaulting Lender as in effect from time to time and (y) the U.S. Borrower agrees to pay to the Administrative Agent for distribution to each Non-Defaulting Lender with a U.S. Borrower Revolving
Loan Commitment a commitment commission, in U.S. Dollars, for the period from and including the Effective Date to and including the Revolving Loan Maturity Date (or such earlier date on which the Total U.S. Borrower Revolving Loan Commitment has
been terminated), computed at a rate for each day equal to the Applicable Commitment Fee Percentage on the daily average of the Unutilized U.S. Borrower Revolving Loan Commitment of such Non-Defaulting Lender as in effect from time to time (with all
commitment commissions payable as described in this clause (a) being herein referred to as the “Commitment Commission”). Accrued Commitment Commission shall be due and payable, in. U.S. Dollars, quarterly in arrears on each
Quarterly Payment Date and on the Revolving Loan Maturity Date or (i) in the case of Commitment Commission payable pursuant to preceding clause (x), such earlier date upon which the Total Canadian Borrower Revolving Loan Commitment is
terminated and (ii) in the case of Commitment Commission payable pursuant to preceding clause (y), such earlier date upon which the Total U.S. Borrower Revolving Loan Commitment is terminated. 

(b) (x) The Canadian Borrower agrees to pay to the Canadian Sub-Agent for distribution to each Canadian Borrower RL
Lender that is not a Defaulting Lender (based on their respective L/C Participation Percentages as from time to time in effect in the outstanding Canadian Borrower Letters of Credit) in U.S. Dollars (or, in the case of Canadian Dollar Denominated
Letters of Credit, in Canadian Dollars) a fee in respect of each Canadian Borrower Letter of Credit issued hereunder, and (y) the U.S. Borrower agrees to pay to the Administrative Agent for distribution to each U.S. Borrower RL Lender that is
not a Defaulting Lender (based on their respective L/C Participation Percentages in the outstanding U.S. Borrower Letters of Credit) in U.S. Dollars a fee in respect of each U.S. Borrower Letter of Credit issued hereunder (with all fees payable as
described in this clause (b) being herein referred to as “Letter of Credit Fees”), in each case, for the period from and including the date of issuance of such Letter of Credit to and including the date of termination or
expiration of such Letter of Credit, computed at a rate per annum equal to the Applicable Margin for Canadian Borrower Revolving Loans (in the case of determinations pursuant to preceding clause (x)) or U.S. Borrower Revolving Loans (in the case of
determination pursuant to preceding clause (y)), in either case as in effect from time to time during such period with respect to Revolving Loans that are maintained as LIBO Rate Loans on (i) the daily Stated Amount of each such Letter of
Credit (in the case of a Dollar Denominated Letter of Credit) and (ii) the daily Canadian Dollar L/C Stated Amount of such Letter of Credit (in the case of a Canadian Dollar Denominated Letter of Credit). Accrued Letter of Credit Fees shall be
due and payable quarterly in arrears on each Quarterly Payment Date and, in the case of Letter of Credit Fees owing pursuant to preceding clause (x), on the first day on or after the termination of the Total Canadian Borrower Revolving Loan
Commitment upon which no Canadian Borrower Letters of Credit remain outstanding and, in the case of Letter of Credit Fees payable pursuant to preceding clause (y), on the first day on or after the termination of the Total U.S. Borrower Revolving
Loan Commitment upon which no U.S. Borrower Letters of Credit remain outstanding. 
  

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 (c) Each Borrower agrees to pay to the respective Issuing Lender, for its
own account, in U.S. Dollars (in the case of each Dollar Denominated Letter of Credit) or in Canadian Dollars (in the case of Canadian Dollar Denominated Letters of Credit), a facing fee in respect of each Letter of Credit issued by it (the
“Facing Fee”) for the period from and including the date of issuance of such Letter of Credit to and including the date of termination or expiration of such Letter of Credit, computed at a rate per annum equal to 1/4 of 1% on
(x) the daily Stated Amount of such Letter of Credit (in the case of a Dollar Denominated Letter of Credit) and (y) the daily Canadian Dollar L/C Stated Amount of such Letter of Credit (in the case of a Canadian Dollar Denominated Letter
of Credit), provided that in any event the minimum amount of Facing Fees payable in any twelve-month period for each Letter of Credit shall be not less than $500; it being agreed that, on the day of issuance of any Letter of Credit and on
each anniversary thereof prior to the termination or expiration of such Letter of Credit, if $500 (or the Canadian Dollar Equivalent thereof in the case of Facing Fees payable pursuant to preceding clause (y)) will exceed the amount of Facing Fees
that will accrue with respect to such Letter of Credit for the immediately succeeding twelve-month period, the full $500 (or, in the case of a Canadian Denominated Letter of Credit, the Canadian Dollar Equivalent thereof) shall be payable on the
date of issuance of such Letter of Credit and on each such anniversary thereof. Except as otherwise provided in the proviso to the immediately preceding sentence, accrued Facing Fees shall be due and payable quarterly in arrears on each Quarterly
Payment Date and upon the first day on or after the termination of the Total Revolving Loan Commitment upon which no Letters of Credit remain outstanding. 

(d) The respective Borrower agrees to pay to the respective Issuing Lender, in U.S. Dollars (or if charged in Canadian
Dollars with respect to any Canadian Dollar Denominated Letter of Credit, in Canadian Dollars), for its own account, upon each payment under, issuance of, or amendment to, any Letter of Credit issued by it, such amount as shall at the time of such
event be the administrative charge and the reasonable expenses which such Issuing Lender is generally imposing in connection with such occurrence with respect to letters of credit. 

(e) The relevant Borrower shall pay to the Administrative Agent for distribution to each Incremental Lender such fees and
other amounts, if any, as are specified in the relevant Incremental Commitment Agreement, with the fees and other amounts, if any, to be payable on the respective Incremental Term Loan Borrowing Date or Incremental RL Commitment Dates as the case
may be. 
 (f) Each Borrower agrees to pay to the Administrative Agent such fees as may be agreed to in writing
from time to time by such Borrower or any of its Subsidiaries and the Administrative Agent. 
 (g) The
applicable Drawing Fee shall be paid by the Canadian Borrower at the time of the incurrence of each Bankers’ Acceptance Loan. 
  

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 4.02 Voluntary Termination of Unutilized Revolving Loan Commitments.
(a) Upon at least one Business Day prior written notice to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the U.S. Borrower shall have the right, at any time or
from time to time, without premium or penalty to terminate the Total Unutilized Revolving Loan Commitment in whole, or reduce it in part, pursuant to this Section 4.02(a), in an integral multiple of $500,000 in the case of partial
reductions to the Total Unutilized Revolving Loan Commitment, with the amount of each reduction pursuant to this Section 4.02(a) to apply to reduce the Total Canadian Borrower Revolving Loan Commitment or the Total U.S. Borrower
Revolving Loan Commitment, as specified by the U.S. Borrower, provided that no such reduction shall be permitted to be made pursuant to this Section 4.02(a) if the effect thereof is to cause either (x) the Aggregate Canadian
Borrower RL Exposure to exceed the Total Canadian Borrower Revolving Loan Commitment after giving effect to the reduction thereto pursuant to this Section 4.02(a) or (y) the Aggregate U.S. RL Exposure to exceed the Total U.S.
Borrower Revolving Loan Commitment after giving effect to the reduction thereto pursuant to this Section 4.02(a). Each reduction to (x) the Total Canadian Borrower Revolving Loan Commitment pursuant to this
Section 4.02(a) shall apply to proportionately and permanently reduce the Canadian Borrower Revolving Loan Commitment of each Canadian Borrower RL Lender (based on their respective Canadian Borrower RL Percentages) and (y) the Total
U.S. Borrower Revolving Loan Commitment pursuant to this Section 4.02(a) shall apply to proportionally and permanently reduce the U.S. Borrower Revolving Loan Commitment of each U.S. Borrower RL Lender (based on their respective U.S.
Borrower RL Percentages). 
 (b) In the event (i) of a refusal by a Lender to consent to certain proposed
changes, amendments, waivers, discharges or terminations with respect to this Agreement which have been approved by the Required Lenders as (and to the extent) provided in Section 13.12(b), the U.S. Borrower may, subject to its
compliance with the requirements of Section 13.12(b), or (ii) any Lender becomes a Defaulting Lender, the U.S. Borrower may, in each case, upon five Business Days’ prior written notice to the Administrative Agent at the Notice
Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders) terminate all of the Canadian Borrower Revolving Loan Commitment, if any, and/or the U.S. Borrower Revolving Loan Commitment, if any, of such Lender, so
long as (x) all Loans, together with accrued and unpaid interest, Fees and all other amounts, owing to such Lender are repaid concurrently with the effectiveness of such termination pursuant to Section 5.01(b) (at which time
Schedule 2.01 shall be deemed modified to reflect such changed amounts) and (y) after giving effect to such termination (and the adjustments to the Canadian Borrower RL Percentages, U.S. Borrower RL Percentages and/or related L/C
Participation Percentages of the remaining Lenders as contemplated below), neither the Individual Canadian Borrower RL Exposure nor the Individual U.S. RL Exposure of any remaining Lender shall exceed its Canadian Borrower Revolving Loan Commitment
or U.S. Borrower Revolving Loan Commitment, as the case may be. After giving effect to the termination of the Commitments of any Lender pursuant to the provisions of this Section 4.02(b), unless the respective Lender continues to have
outstanding Term Loans or other Commitments (if any) hereunder, such Lender shall no longer constitute a “Lender” for purposes of this Agreement, except with respect to indemnifications under this Agreement (including, without limitation,
Sections 2.10, 2.11, 3.06, 5.04, 12.07 and 13.01), which shall survive as to such repaid Lender. In cases where the Canadian Borrower Revolving Loan Commitment and/or the U.S. Borrower Revolving Loan
Commitment of any Lender is terminated pursuant to this Section 4.02(b), except in cases where the respective Commitments are replaced in full, after giving effect to the termination of any such Commitments of a given Lender pursuant to
this Section 4.02(b), there shall occur automatic adjustments (as determined by the Administrative Agent) in the Canadian Borrower RL Percentages and/or U.S. Borrower RL Percentages, as the case may be (and as a result thereof in the
related L/C Participation Percentages) of the remaining Canadian Borrower RL Lenders and/or U.S. Borrower RL Lenders, as the case may be. 
  

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 4.03 Mandatory Reduction of Commitments. (a) The Total
Commitment (and the B Term Loan Commitment, the C Term Loan Commitment, the Canadian Borrower Revolving Loan Commitment and the U.S. Borrower Revolving Loan Commitment of each Lender with such a Commitment) shall terminate in its entirety on
October 7, 2010 unless the Initial Borrowing Date has occurred on or before such date. 
 (b) In addition
to any other mandatory commitment reductions pursuant to this Section 4.03, the Total B Term Loan Commitment (and the B Term Loan Commitment of each Lender with such a Commitment) shall terminate in its entirety on the Initial Borrowing
Date (after giving effect to the incurrence of B Term Loans on such date). 
 (c) In addition to any other
mandatory commitment reductions pursuant to this Section 4.03, the Total C Term Loan Commitment (and the C Term Loan Commitment of each Lender with such a Commitment) shall terminate in its entirety on the Initial Borrowing Date (after
giving effect to the incurrence of C Term Loans on such date). 
 (d) In addition to any other mandatory
commitment reductions pursuant to this Section 4.03, the Total Revolving Loan Commitment (and the Canadian Borrower Revolving Loan Commitment and the U.S. Borrower Revolving Loan Commitment of each Lender with such a Commitment) shall
terminate in its entirety on the Revolving Loan Maturity Date. 
 (e) In addition to any other mandatory
commitment reductions pursuant to this Section 4.03, the Total Incremental Term Loan Commitment pursuant to an Incremental Term Loan Commitment Agreement (and the Incremental Term Loan Commitment of each Lender with such a Commitment)
shall terminate in its entirety on the respective Incremental Term Loan Borrowing Date for such Total Incremental Term Loan Commitment (after giving effect to the incurrence of Incremental Term Loans on such date). 

(f) Except as otherwise provided in Section 4.02(b), each reduction to the Total B Term Loan Commitment, the
Total C Term Loan Commitment, the Total Incremental Term Loan Commitment under a given Tranche, the Total Canadian Borrower Revolving Loan Commitment and the Total U.S. Borrower Revolving Loan Commitment pursuant to this Section 4.03 as
provided above (or pursuant to Section 5.02) shall be applied proportionately to reduce the B Term Loan Commitment, the C Term Loan Commitment, the Incremental Term Loan Commitment under such Tranche, the Canadian Borrower Revolving Loan
Commitment or the U.S. Borrower Revolving Loan Commitment, as the case may be, of each Lender with such a Commitment. 
  

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 Section 5. Prepayments; Payments; Taxes. 

5.01 Voluntary Prepayments. (a) Each Borrower shall have the right to prepay the Loans, without premium or
penalty, in whole or in part at any time and from time to time on the following terms and conditions: (i) the relevant Borrower shall give the Administrative Agent at its Notice Office written notice (or telephonic notice promptly confirmed in
writing) of its intent to prepay the Loans, whether such Loans are B Term Loans, C Term Loans, U.S. Borrower Incremental Term Loans under a given Tranche, Canadian Borrower Incremental Term Loans under a given Tranche, Canadian Borrower Revolving
Loans, U.S. Borrower Revolving Loans and/or Swingline Loans, the amount and currency (or currencies) of the Loans to be prepaid, the Types of Loans to be repaid, in the case of any Term Loans, the manner in which such prepayment shall apply to
reduce the respective Scheduled Repayments of such Term Loans and, in the case of LIBO Rate Loans, Bankers’ Acceptance Loans and/or B/A Discount Rate Loans, the specific Borrowing or Borrowings pursuant to which made, which notice shall be
given by such Borrower (x) prior to 12:00 Noon (New York City time) at least one Business Day prior to the date of such prepayment in the case of Loans maintained as Base Rate Loans (other than Swingline Loans) or Canadian Prime Rate Loans,
(y) prior to 12:00 Noon (New York City time) on the date of such prepayment in the case of Swingline Loans and (z) prior to 12:00 Noon (New York City time) at least three Business Days prior to the date of such prepayment in the case of
LIBO Rate Loans, Bankers’ Acceptance Loans and B/A Discount Rate Loans and shall, except in the case of Swingline Loans, be promptly transmitted by the Administrative Agent to each of the Lenders; (ii) (x) each partial prepayment of
Term Loans pursuant to this Section 5.01(a) shall be in an aggregate principal amount of at least $1,000,000 (or CDN $1,000,000 in the case of any amounts to be prepaid in Canadian Dollars) or such lesser amount as is acceptable to the
Administrative Agent, (y) each partial prepayment of Revolving Loans pursuant to this Section 5.01(a) shall be in an aggregate principal amount of at least $500,000 (or CDN $500,000 in the case of prepayments to be made with respect
to Canadian Dollar Denominated Revolving Loans) or such lesser amount as is acceptable to the Administrative Agent in any given case and (z) each partial prepayment of Swingline Loans pursuant to this Section 5.01(a) shall be in an
aggregate principal amount of at least $100,000 (or such lesser amount as is acceptable to the Administrative Agent in any given case), provided that if any partial prepayment of LIBO Rate Loans or B/A Discount Rate Loans made pursuant to any
Borrowing shall reduce the outstanding principal amount of LIBO Rate Loans or B/A Discount Rate Loans made pursuant to such Borrowing to an amount less than the Minimum Borrowing Amount applicable thereto, then (A) if such Borrowing is a
Borrowing of LIBO Rate Loans, such Borrowing may not be continued as a Borrowing of LIBO Rate Loans (and same shall automatically be converted into a Borrowing of Base Rate Loans) and any election of an Interest Period with respect thereto given by
such Borrower shall have no force or effect, and (B) if such Borrowing is a Borrowing of B/A Discount Rate Loans, such Borrowing may not be continued as a Borrowing of B/A Discount Rate Loans (and same shall automatically be converted into a
Borrowing of Canadian Prime Rate Loans) and any election of an Interest Period with respect thereto given by such Borrower shall have no force or effect; (iii) each prepayment pursuant to this Section 5.01(a) in respect of any Loans
made pursuant to a Borrowing shall be applied pro rata among such Loans, provided that (x) at the relevant Borrower’s election in connection with any prepayment of Canadian Borrower Revolving Loans or U.S. Borrower
Revolving Loans pursuant to this Section 5.01(a), such prepayment shall not, so long as no Default or Event of Default then exists, be applied to any Revolving Loan of a Defaulting Lender; and (y) it is understood and agreed that
this clause (iii) may be modified as expressly provided in Section 2.14 in connection with an Extension Amendment; (iv) prepayments of Bankers’ Acceptance Loans may not be made prior to the maturity date of the respective
underlying Bankers’ Acceptances or B/A Equivalent Notes, as the case may be; and (v) each prepayment of principal of B Term Loans, C Term Loans and Incremental Term Loans of a given Tranche pursuant to this Section 5.01 shall
be applied as directed by the applicable Borrower in the respective notice of prepayment delivered pursuant to Section 5.01(a) or, if no such direction is given (1) first, to reduce the Scheduled Repayments of the respective
Tranche which will become due within twelve months after the date of such repayment in direct order of maturity of the dates of such Scheduled Repayments, and (2) second, to the extent in excess of the amount applied as provided in the
preceding clause (1), to reduce the then remaining Scheduled Repayments of the respective Tranche of Term Loans on a pro rata basis (based upon the then remaining unpaid principal amounts of the Scheduled Repayments of such Tranche of
Term Loans after giving effect to all prior reductions thereto) (or, if applicable, Other Allocable Share). 
  

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 (b) In the event (i) of a refusal by a Lender to consent to certain
proposed changes, amendments, waivers, discharges or terminations with respect to this Agreement which have been approved by the Required Lenders as (and to the extent) provided in Section 13.12(b), or (ii) any Lender becomes a
Defaulting Lender, the relevant Borrower may, upon five Business Days’ prior written notice to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders) repay all Loans,
together with accrued and unpaid interest, Fees, and other amounts owing to such Lender in accordance with, and subject to the requirements of, said Section 13.12(b) so long as (I) in the case of the repayment of Canadian Borrower
Revolving Loans of any Lender pursuant to this clause (b), the Canadian Borrower Revolving Loan Commitment of such Lender is terminated concurrently with such repayment pursuant to Section 4.02(b) (at which time Schedule 2.01
shall be deemed modified to reflect the changed Canadian Borrower Revolving Loan Commitments) and such Lender’s Canadian Borrower RL Percentage of all outstanding Canadian Borrower Letters of Credit is cash collateralized in a manner
satisfactory to the Administrative Agent and the respective Issuing Lenders, (II) in the case of the repayment of U.S. Borrower Revolving Loans of any Lender pursuant to this clause (b), the U.S. Borrower Revolving Loan Commitment of such Lender is
terminated concurrently with such repayment pursuant to Section 4.02(b) (at which time Schedule 2.01 shall be deemed modified to reflect the changed U.S. Borrower Revolving Loan Commitments) and such Lender’s U.S. Borrower RL
Percentage of all outstanding U.S. Borrower Letters of Credit is cash collateralized in a manner satisfactory to the Administrative Agent and the respective Issuing Lenders and (III) the consents, if any, required under Section 13.12(b)
in connection with the repayment pursuant to this clause (b) have been obtained. Each prepayment of any Term Loan pursuant to this Section 5.01(b) shall reduce the then remaining Scheduled Repayments of the respective Tranche on a
pro rata basis (based upon the then remaining unpaid principal amounts of Scheduled Repayments of the respective Tranche after giving effect to all prior reductions thereto). 

5.02 Mandatory Repayments. (a) (i) If on any date the Aggregate Canadian Borrower RL Exposure exceeds
the Total Canadian Borrower Revolving Loan Commitment as then in effect, the Canadian Borrower shall prepay on the first Business Day after such date the principal of outstanding Canadian Borrower Revolving Loans (other than Bankers’ Acceptance
Loans where the underlying Bankers’ Acceptances or B/A Equivalent Notes, as the case may be, have not matured), in an amount (in the case of payments made with respect to Canadian Dollar Denominated Revolving Loans, taking the U.S. Dollar
Equivalent of the amounts paid in Canadian Dollars in which payments on such Loans are owing) equal to such excess. If, after giving effect to the prepayment of all outstanding Canadian Borrower Revolving Loans (other than Bankers’ Acceptance
Loans where the underlying Bankers’ Acceptances or B/A Equivalent Notes, as the case may be, have not matured), the sum of (x) the Face Amount of outstanding Canadian Borrower Revolving Loans maintained as Bankers’ Acceptance Loans
(for this purpose, using the U.S. Dollar Equivalent of the Face Amounts thereof) plus (y) the aggregate amount of the Canadian Borrower Letter of Credit Outstandings exceeds the Total Canadian Borrower Revolving Loan Commitment as
then in effect, the Canadian Borrower agrees to pay to the Administrative Agent at the Payment Office on the first Business Day after such date an amount of cash and/or Cash Equivalents (in Canadian Dollars) equal to the amount of such excess (or,
if less, the aggregate amount described in preceding clause (x)), such cash or Cash Equivalents to be held as security for the obligations of the Canadian Borrower to the Canadian Borrower RL Lenders in respect of an equivalent Face Amount of
outstanding Bankers’ Acceptances accepted, and outstanding B/A Equivalent Notes held, by the Canadian Borrower RL Lenders and which shall be paid to and applied by the Canadian Borrower RL Lenders, in satisfaction of the obligations of the
Canadian Borrower to the Canadian Borrower RL Lenders in respect of such Bankers’ Acceptances and B/A Equivalent Notes, on the respective maturity dates thereof. If, after giving effect to the prepayment of outstanding Canadian Borrower
Revolving Loans and the cash collateralization of the obligations of the Canadian Borrower in respect of outstanding Canadian Borrower Revolving Loans maintained as Bankers’ Acceptance Loans as contemplated by the preceding two sentences, the
aggregate amount of the Canadian Borrower Letter of Credit Outstandings exceeds the Total Canadian Borrower Revolving Loan Commitment as then in effect (for such purposes, determined as if all outstanding Canadian Borrower Revolving Loans maintained
as Bankers’ Acceptance Loans had been repaid in full), the Canadian Borrower agrees to pay to the Administrative Agent at the Payment Office on the first Business Day after such date an amount of cash and/or Cash Equivalents (in U.S. Dollars or
in the respective currencies in which the Canadian Borrower Letter of Credit Outstandings are denominated) equal to the amount of such excess (up to a maximum amount equal to the Canadian Borrower Letter of Credit Outstandings at such time), such
cash and/or Cash Equivalents to be held as security for all obligations of the Canadian Borrower hereunder, in each case, in a cash collateral account to be established by the Administrative Agent. 

 

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 (b) If on any date the Aggregate U.S. RL Exposure exceeds the Total U.S.
Borrower Revolving Loan Commitment as then in effect, the U.S. Borrower shall prepay on the first Business Day after such date the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline Loans are
outstanding, U.S. Borrower Revolving Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and U.S. Borrower Revolving Loans, the aggregate amount of the U.S. Borrower Letter of Credit
Outstandings exceeds the Total U.S. Borrower Revolving Loan Commitment as then in effect, the U.S. Borrower agrees to pay to the Administrative Agent at the appropriate Payment Office on the first Business Day after such date an amount of cash
and/or Cash Equivalents (in U.S. Dollars) equal to the amount of such excess (up to a maximum amount equal to the U.S. Borrower Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all obligations
of the U.S. Borrower hereunder in a cash collateral account to be established by the Administrative Agent. 

(c) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date set forth below
(each, a “Scheduled B Repayment Date”), the U.S. Borrower shall be required to repay that principal amount of B Term Loans, to the extent then outstanding, as is set forth opposite each such date below (each such repayment, as the
same may be reduced as provided in Section 2.19(b), 2.20(b), 5.01(a), 5.01(b) or 5.02(k), or as a result of the application of prepayments in connection with any Extension as provided in
Section 2.14, a “Scheduled B Repayment”): 
  

				
	 Scheduled B Repayment Date
	  	Amount
	 September 30, 2010
	  	$	1,120,000
	 December 31, 2010
	  	$	1,120,000
	 March 31, 2011
	  	$	1,120,000
	 June 30, 2011
	  	$	1,120,000
	 September 30, 2011
	  	$	1,120,000
	 December 31, 2011
	  	$	1,120,000
	 March 31, 2012
	  	$	1,120,000
	 June 30, 2012
	  	$	1,120,000
	 September 30, 2012
	  	$	1,120,000
	 December 31, 2012
	  	$	1,120,000
	 March 31, 2013
	  	$	1,120,000
	 June 30, 2013
	  	$	1,120,000
	 September 30, 2013
	  	$	1,120,000
	 December 31, 2013
	  	$	1,120,000
	 March 31, 2014
	  	$	1,120,000
	 June 30, 2014
	  	$	1,120,000
	 September 30, 2014
	  	$	1,120,000
	 December 31, 2014
	  	$	1,120,000
	 March 31, 2015
	  	$	1,120,000
	 June 30, 2015
	  	$	1,120,000
	 September 30, 2015
	  	$	1,120,000
	 December 31, 2015
	  	$	1,120,000
	 March 31, 2016
	  	$	1,120,000
	 June 30, 2016
	  	$	1,120,000
	 September 30, 2016
	  	$	1,120,000
	 December 31, 2016
	  	$	1,120,000
	 March 31, 2017
	  	$	1,120,000
	 Initial B Term Loan Maturity Date
	  	$	417,760,000

  

 -112- 

 Notwithstanding anything to the contrary contained above, if any Incremental
Term Loans are incurred as B Term Loans, the then remaining Scheduled B Repayments shall be proportionately increased (by the aggregate principal amount of new Incremental Term Loans so incurred) as contemplated by Section 2.15(c)(ii).

 (d) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date set
forth below (each, a “Scheduled C Repayment Date”), the Canadian Borrower shall be required to repay that principal amount of C Term Loans, to the extent then outstanding, as is set forth opposite each such date below (each such
repayment, as the same may be reduced as provided in Sections 2.19(b), 2.20(b), 5.01(a), 5.01(b) or 5.02(k), or as a result of the application of prepayments in connection with any Extension as provided in
Section 2.14, a “Scheduled C Repayment”): 
  

				
	 Scheduled C Repayment Date
	  	Amount
	 September 30, 2010
	  	$	105,000
	 December 31, 2010
	  	$	105,000
	 March 31, 2011
	  	$	105,000
	 June 30, 2011
	  	$	105,000
	 September 30, 2011
	  	$	105,000
	 December 31, 2011
	  	$	105,000
	 March 31, 2012
	  	$	105,000
	 June 30, 2012
	  	$	105,000
	 September 30, 2012
	  	$	105,000
	 December 31, 2012
	  	$	105,000
	 March 31, 2013
	  	$	105,000
	 June 30, 2013
	  	$	105,000
	 September 30, 2013
	  	$	105,000
	 December 31, 2013
	  	$	105,000
	 March 31, 2014
	  	$	105,000
	 June 30, 2014
	  	$	105,000
	 September 30, 2014
	  	$	105,000
	 December 31, 2014
	  	$	105,000
	 March 31, 2015
	  	$	105,000
	 June 30, 2015
	  	$	105,000
	 September 30, 2015
	  	$	105,000
	 December 31, 2015
	  	$	105,000
	 March 31, 2016
	  	$	105,000
	 June 30, 2016
	  	$	105,000
	 September 30, 2016
	  	$	105,000
	 December 31, 2016
	  	$	105,000
	 March 31, 2017
	  	$	105,000
	 Initial C Term Loan Maturity Date
	  	$	39,165,000

  

 -113- 

 (e) In addition to any other mandatory repayments pursuant to this
Section 5.02, each Incremental Term Loan Borrower shall be required to make, with respect to each new Tranche (i.e., other than B Term Loans, which are addressed above) of Incremental Term Loans of such Incremental Term Loan Borrower, to
the extent then outstanding, scheduled amortization payments of such Tranche of Incremental Term Loans on the dates and in the principal amounts set forth in the respective Incremental Term Loan Commitment Agreement (each such repayment, as the same
may be reduced as provided in Sections 4.02, 5.01 and 5.02(k), a “Scheduled Incremental TL Repayment”); provided that, if any Incremental Term Loans are incurred which will be added to (and form part of)
an existing Tranche of Incremental Term Loans (other than B Term Loans, which are addressed above) as contemplated and permitted by Section 2.15(c), the amount of the then remaining Scheduled Incremental TL Repayments of the respective
Tranche shall be proportionally increased (with the aggregate amount of increases to the then remaining Scheduled Incremental TL Repayments to equal the aggregate principal amount of such new Incremental Term Loans then being incurred) in accordance
with the requirements of clause (ii) of Section 2.15(c). 
 (f) [Reserved.] 

(g) In addition to any other mandatory repayments pursuant to this Section 5.02, within five Business Days
following each date on or after the Initial Borrowing Date upon which either Borrower or any of its respective Restricted Subsidiaries receives any cash proceeds from any issuance or incurrence by such Borrower or any of its Restricted Subsidiaries
of Indebtedness (other than Indebtedness permitted to be incurred pursuant to Section 10.04), an amount equal to 100% of the Net Debt Proceeds of the respective incurrence of Indebtedness shall be applied as a mandatory repayment in
accordance with the requirements of Sections 5.02(k) and (l). 
 (h) In addition to any other
mandatory repayments pursuant to this Section 5.02, within five Business Days following each date on or after the Initial Borrowing Date upon which the U.S. Borrower or any of its Restricted Subsidiaries receives any cash proceeds from
any Asset Sale, an amount equal to 100% of the Net Sale Proceeds therefrom shall be applied as a mandatory repayment in accordance with the requirements of Sections 5.02(k) and (l); provided, however, with respect to no more
than $7,500,000 in the aggregate of such Net Sale Proceeds received by Holdings and its Restricted Subsidiaries in any fiscal year of such Borrower, such Net Sale Proceeds shall not be required to be so applied or used to make mandatory repayments
of Term Loans if no Event of Default then exists and the U.S. Borrower shall deliver within 45 days of the date of receipt of such Net Sale Proceeds a certificate to the Administrative Agent setting forth that portion of such Net Sale Proceeds that
the U.S. Borrower and/or its Restricted Subsidiaries, as the case may be, intends to reinvest in the purchase of Equipment, other fixed assets or other tangible assets (but, in the case of tangible assets which do not constitute Equipment or fixed
assets, only to the extent replacing the respective such tangible assets subject to such Asset Sale), in each case to be used in the business of the U.S. Borrower and its Restricted Subsidiaries within 12 months following the date of receipt of such
proceeds (or, if within such 12 month period, the U.S. Borrower or any of its Restricted Subsidiaries enters into a binding commitment to so reinvest in such Net Sale Proceeds, within 18 months following the date of receipt of such proceeds);
provided, further, that if within 12 months (or, to the extent applicable 18 months) after the date of receipt by the U.S. Borrower or its Restricted Subsidiaries of such Net Sale Proceeds, the U.S. Borrower or its Restricted
Subsidiaries have not so used all or a portion of such Net Sale Proceeds not required to be applied as a mandatory repayment pursuant to the preceding proviso, the remaining portion of such Net Sale Proceeds shall be applied as a mandatory repayment
in accordance with the requirements of Sections 5.02(k) and (l) on the last day of such 12 month (or, to the extent applicable, 18 month) period. 
  

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 (i) In addition to any other mandatory repayments pursuant to this
Section 5.02, on each Excess Cash Flow Payment Date, an amount equal to the remainder of (i) the Applicable Prepayment Percentage of the Excess Cash Flow for the related Excess Cash Flow Payment Period less (ii) the
aggregate amount of all voluntary prepayments of Term Loans and, so long as accompanied by a contemporaneous permanent reduction in Revolving Loan Commitments in a like or greater amount, Revolving Loans, in each case made pursuant to
Section 5.01(a) during such Excess Cash Flow Payment Period with Internally Generated Cash or with proceeds of Excluded Contributions shall be applied as a mandatory repayment in accordance with the requirements of Sections 5.02(k) and
(l). 
 (j) In addition to any other mandatory repayments pursuant to this Section 5.02, within 10
days following each date on or after the Initial Borrowing Date upon which the U.S. Borrower or any of its Restricted Subsidiaries receives any cash proceeds from any Recovery Event, an amount equal to 100% of the Net Insurance Proceeds from such
Recovery Event shall be applied as a mandatory repayment in accordance with the requirements of Section 5.02(k) and (l); provided, however, with respect to no more than $10,000,000 in the aggregate of such Net
Insurance Proceeds received by Holdings and its Restricted Subsidiaries in any fiscal year of Holdings, such Net Insurance Proceeds shall not give rise to a mandatory repayment within such ten day period to the extent that no Default or Event of
Default then exists and the U.S. Borrower shall deliver within 90 days of the date of receipt of such Net Insurance Proceeds a certificate to the Administrative Agent setting forth (x) that portion of such Net Insurance Proceeds that the U.S.
Borrower and/or its Restricted Subsidiaries, as the case may be, intends to reinvest in the purchase of Equipment, other fixed assets or other tangible assets (but, in the case of tangible assets which do not constitute Equipment or fixed assets,
only to the extent replacing the respective such tangible assets subject to such Recovery Event), in each case to be used in the business of the U.S. Borrower and its Restricted Subsidiaries within two (2) years following the date of receipt of
such proceeds and (y) the proposed use of such portion of such Net Insurance Proceeds (and, in connection therewith, shall thereafter promptly provide such other information with respect to such reinvestment as the Administrative Agent may from
time to time reasonably request); provided, further, that if (x) within 365 days after the date of receipt by the U.S. Borrower or any of its Restricted Subsidiaries of such Net Insurance Proceeds, the U.S. Borrower or its
Restricted Subsidiaries have not used such Net Insurance Proceeds, or in the alternative have not delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent that the U.S. Borrower or its Restricted
Subsidiaries have entered into one or more binding contractual commitments to so use such Net Insurance Proceeds, or, in any event (y) if within two (2) years after the date of receipt by the U.S. Borrower or any of its Restricted
Subsidiaries of such Net Insurance Proceeds, the U.S. Borrower or any of its Restricted Subsidiaries have not so used all or a portion of such Net Insurance Proceeds not required to be applied as a mandatory repayment pursuant to the preceding
proviso, the remaining portion of such Net Insurance Proceeds shall be applied as a mandatory repayment in accordance with the requirements of Sections 5.02(k) and (l) on the last day of such 365 day period or two (2) year
period, as the case may be. 
  

 -115- 

 (k) Each amount required to be applied pursuant to Sections 5.02(g),
(h), (i) and (j) in accordance with this Section 5.02(k) shall be applied to repay the outstanding principal amount of Term Loans, with each Tranche of then outstanding Term Loans to be allocated its Term
Loan Percentage of each amount so required to be applied; provided that with respect to repayments to be made pursuant to Sections 5.02(h) and (j), if such amounts are required to be used to make a mandatory repayment hereunder
are (x) received by the U.S. Borrower or any of its Restricted Subsidiaries that are not Canadian Subsidiaries, then such amounts shall first be applied by the U.S. Borrower to repay outstanding U.S. Borrower Term Loans (with their Term Loan
Percentages determined as provided above except that for purposes of such determinations there shall be deemed to be no Canadian Borrower Term Loans then outstanding) and, only to the extent the proceeds to be applied exceed the aggregate principal
amount of U.S. Borrower Term Loans then outstanding, to repay principal of then outstanding Canadian Borrower Term Loans, or (y) received by the Canadian Borrower or any of the Canadian Subsidiaries, then such amounts shall be applied by the
Canadian Borrower to repay outstanding Canadian Borrower Term Loans (with their Term Loan Percentages determined as provided above except that for purposes of such determinations there shall be deemed to be no U.S. Borrower Term Loans then
outstanding) and, to the extent the proceeds to be applied exceed the aggregate principal amount of Canadian Borrower Term Loans then outstanding, the U.S. Borrower shall, subject to such proceeds having been repatriated pursuant to
Section 5.02(o), be required to apply an amount equal to such excess (although the Canadian Borrower shall have no obligation to pay such amounts) to repay principal of then outstanding U.S. Borrower Term Loans in accordance with the
requirements of this Section 5.02(k)). With respect to amounts required to be applied pursuant to Section 5.02(g), (h), (i) and (j), the amounts to be applied to each Tranche of outstanding Term
Loans shall be determined as provided above; provided that such provision shall determine only the amount each Borrower is required to repay with respect to outstanding Tranche of Term Loans, and nothing in this Section 5.02(k)
(or elsewhere in this Agreement) shall require the Canadian Borrower to utilize any proceeds received by it to repay outstanding Term Loans of the U.S. Borrower. Except as otherwise provided below, all repayments of outstanding Term Loans of a given
Tranche pursuant to Sections 5.02(g), (h), (i) and (j) (and applied pursuant to this clause (k)) shall be applied (1) first, to reduce the Scheduled Repayments of the respective Tranche which will
become due within twelve months after the date of such repayment in direct order of maturity of the dates of such Scheduled Repayments, and (2) second, to the extent in excess of the amount applied as provided in the preceding clause
(1), to reduce the then remaining Scheduled Repayments of the respective Tranche of Term Loans on a pro rata basis (based upon the then remaining unpaid principal amounts of the Scheduled Repayments of such Tranche of Term Loans after
giving effect to all prior reductions thereto). 
  

 -116- 

 (l) With respect to each repayment of Loans required by this
Section 5.02, the respective Borrower may (subject to the priority payment requirements of Section 5.02(k)) designate the Types of Loans of the respective Tranche which are to be repaid and, in the case of LIBO Rate Loans or
B/A Discount Rate Loans, the specific Borrowing or Borrowings of the respective Tranche pursuant to which such LIBO Rate Loans or B/A Discount Rate Loans were made, provided that: (i) repayments of LIBO Rate Loans and B/A Discount Rate Loans
pursuant to this Section 5.02 may only be made on the last day of an Interest Period applicable thereto unless all such LIBO Rate Loans or B/A Discount Rate Loans of the respective Tranche with Interest Periods ending on such date of
required repayment and all Base Rate Loans or Canadian Prime Rate Loans (as applicable) of the respective Tranche have been paid in full; (ii) if any repayment of LIBO Rate Loans or B/A Discount Rate Loans made pursuant to a single Borrowing
shall reduce the outstanding LIBO Rate Loans or B/A Discount Rate Loans made pursuant to such Borrowing to an amount less than the Minimum Borrowing Amount applicable thereto, (x) in the case of LIBO Rate Loans, such Borrowing shall be
automatically converted into a Borrowing of Base Rate Loans and (y) in the case of B/A Discount Rate Loans, such Borrowing shall be automatically converted into a Borrowing of Canadian Prime Rate Loans; and (iii) each repayment of any
Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In the absence of a designation by the respective Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such
designation in its sole discretion. 
 (m) In addition to any other mandatory repayments pursuant to this
Section 5.02, all then outstanding Loans of any Tranche of Loans shall be repaid in full on the respective Maturity Date for such Tranche of Loans. 

(n) Notwithstanding anything to the contrary contained above, all payments owing with respect to each Tranche of Loans
pursuant to this Section 5.02 shall be made in the respective currency or currencies in which the respective obligations are owing in accordance with the terms of this Agreement. For purposes of making calculations pursuant to this
Section 5.02, the Administrative Agent shall be entitled to use the U.S. Dollar Equivalent or Canadian Dollar Equivalent, as the case may be, of any such amounts required to be converted into other currencies for purposes of making
determinations pursuant to this Section 5.02. 
 (o) Notwithstanding any other provisions of this
Section 5.02, (i) to the extent that any or all of the Net Sale Proceeds of any Asset Sale by a Foreign Subsidiary (“Foreign Asset Sale”), the Net Insurance Proceeds of any Recovery Event incurred by a Foreign
Subsidiary (“Foreign Recovery Event”) or Excess Cash Flow attributable to Foreign Subsidiaries are prohibited or delayed by applicable local law or applicable organizational documents of such Foreign Subsidiary from being
repatriated to the United States, the portion of such Net Sale Proceeds, Net Insurance Proceeds or Excess Cash Flow so affected will not be required to be applied to repay B Term Loans at the times provided in this Section 5.02 but may
be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law or applicable organizational documents of such Foreign Subsidiary will not permit repatriation to the United States (the U.S. Borrower hereby
agreeing to use all commercially reasonable efforts to overcome or eliminate any such restrictions on repatriation and/or minimize any such costs of prepayment and/or use the other cash sources of Holdings and its Restricted Subsidiaries to make the
relevant prepayment), and if within one year following the date on which the respective prepayment would otherwise have been required such repatriation of any of such affected Net Sale Proceeds, Net Insurance Proceeds or Excess Cash Flow is
permitted under the applicable local law or applicable organizational documents of such Foreign Subsidiary, such repatriation will be immediately effected and such repatriated Net Proceeds or Excess Cash Flow will be promptly (and in any event not
later than two Business Days after such repatriation) applied (net of additional taxes payable or reserved against as a result thereof and additional costs relating to such repatriation) to the repayment of the B Term Loans pursuant to this
Section 5.02 or (ii) to the extent that the U.S. Borrower has determined in good faith that repatriation of any of or all the Net Sale Proceeds of any Foreign Asset Sale, Net Insurance Proceeds of any Foreign Asset Sale or Foreign
Recovery Event or Foreign Subsidiary Excess Cash Flow would have adverse tax cost consequences with respect to such Net Sale Proceeds, Net Insurance Proceeds or Excess Cash Flow, such Net Sale Proceeds, Net Insurance Proceeds or Excess Cash Flow so
affected may be retained by the applicable Foreign Subsidiary. 
  

 -117- 

 5.03 Method and Place of Payment. Except as otherwise specifically
provided herein, all payments under this Agreement and under any Note shall be made to the Administrative Agent (except that with respect to Canadian Borrower Revolving Loans such payments shall be made to the Canadian Sub-Agent) for the account of
the Lender or Lenders entitled thereto not later than 12:00 Noon (New York City time) on the date when due and shall be made in (x) U.S. Dollars in immediately available funds at the Payment Office of the Administrative Agent in respect of any
obligation of the Borrowers under this Agreement except as otherwise provided in the immediately following clause (y) and (y) Canadian Dollars in immediately available funds at the Payment Office of the Administrative Agent, if such
payment is made in respect of (i) principal of, or Face Amount of, or interest on Canadian Dollar Denominated Loans, (ii) Letter of Credit Fees, Facing Fees and Unpaid Drawings (and interest thereon) in respect of Canadian Dollar
Denominated Letters of Credit, or (iii) any increased costs, indemnities or other amounts owing with respect to Canadian Dollar Denominated Loans (or Commitments relating thereto), in the case of this clause (iii) to the extent the
respective Lender or Issuing Lender which is charging same denominates the amounts owing in Canadian Dollars. Whenever any payment to be made hereunder or under any Note shall be stated to be due on a day which is not a Business Day, the due date
thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable at the applicable rate during such extension. 

5.04 Net Payments. (a) All payments made by each Credit Agreement Party hereunder and under any Note will be
made free and clear of, and without deduction or withholding for, any Indemnified Taxes or Other Taxes; provided, that if any Indemnified Taxes are required to be withheld or deducted from such payments, then the Credit Agreement Parties (other
than, with respect to any Loans or Obligations (other than Obligations constituting U.S. Borrower guarantees of Obligations of the Canadian Borrower) of the U.S. Borrower, the Canadian Credit Parties) jointly and severally agree that (i) the
sum payable shall be increased as necessary so that after making all required deductions or withholding (including deduction or withholdings applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case
may be) receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) such Credit Agreement Party will make such deductions or withholdings, and (iii) such Credit Agreement Party shall
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law However, no such additional sums shall be payable by the Canadian Borrower with respect to a payment by or on account of any obligation
of the Canadian Borrower hereunder to a person (x) with which the Canadian Borrower does not deal with at arm’s length (within the meaning of the Income Tax Act (Canada)) at the time of making such payment or (y) which is subject to
such Indemnified Taxes by reason of its failure to comply with any certification, identification, information, documentation or other reporting requirements if compliance is required by law, regulation, administrative practice or an applicable
treaty as a precondition to exemption from, or a reduction in the rate of deduction of withholding of, such Indemnified Taxes. In addition, the Credit Agreement Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable law. Holdings, the U.S. Borrower or the Canadian Borrower, as the case may be, will furnish to the Administrative Agent within 45 days after the date the payment of any Indemnified Taxes or Other Taxes is due pursuant to applicable
law certified copies of tax receipts evidencing such payment by Holdings, the U.S. Borrower or the Canadian Borrower, as the case may be. The Credit Agreement Parties (other than, with respect to any Loans or Obligations (other than Obligations
constituting U.S. Borrower guarantees of Obligations of the Canadian Borrower) of the U.S. Borrower, the Canadian Credit Parties) jointly and severally agree to indemnify and hold harmless each Lender, and reimburse such Lender upon its written
request, for the amount of any Indemnified Taxes or Other Taxes so levied or imposed and paid by such Lender. 
  

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 (b) To the extent legally entitled to do so, each Lender to the U.S.
Borrower that is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for U.S. Federal income tax purposes agrees to deliver to the U.S. Borrower and the Administrative Agent on or prior to the Effective Date
or, in the case of a Lender that is a Lender to the U.S. Borrower and that is an assignee or transferee of an interest under this Agreement pursuant to Section 2.13 or 13.04(b) (unless the respective Lender was already a Lender
hereunder immediately prior to such assignment or transfer), on the date of such assignment or transfer to such Lender, (i) two accurate and complete original signed copies of Internal Revenue Service Form W-8ECI or Form W-8BEN (with respect to
a complete exemption under an income tax treaty) (or successor forms) certifying to such Lender’s entitlement as of such date to a complete exemption from or reduction in United States withholding tax with respect to payments to be made under
this Agreement and under any Note, or (ii) if the Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code and cannot deliver either Internal Revenue Service Form W-8ECI or Form W-8BEN (with respect to a
complete exemption under an income tax treaty) (or any successor forms) pursuant to clause (i) above, (x) a certificate substantially in the form of Exhibit D (any such certificate, a “Section 5.04(b)(ii)
Certificate”) and (y) two accurate and complete original signed copies of Internal Revenue Service Form W-8BEN (with respect to the portfolio interest exemption) (or successor form) certifying to such Lender’s entitlement as
of such date to a complete exemption from United States withholding tax with respect to payments of interest to be made under this Agreement and under any Note. In addition, each Lender that is a Lender to the U.S. Borrower agrees that from time to
time after the Effective Date, when a lapse in time or change in circumstances renders the previous certification obsolete or inaccurate in any material respect, such Lender will deliver to the U.S. Borrower and the Administrative Agent two new
accurate and complete original signed copies of Internal Revenue Service Form W-8ECI, Form W-8BEN (with respect to the benefits of any income tax treaty), or Form W-8BEN (with respect to the portfolio interest exemption) and a
Section 5.04(b)(ii) Certificate, as the case may be, and such other forms as may be required in order to confirm or establish the entitlement of such Lender to a continued exemption from or reduction in United States withholding tax with
respect to payments under this Agreement and any Note, or such Lender shall immediately notify the U.S. Borrower and the Administrative Agent of its inability to deliver any such Form or Certificate, in which case such Lender shall not be required
to deliver any such Form or Certificate pursuant to this Section 5.04(b). Notwithstanding anything to the contrary contained in Section 5.04(a), but subject to Section 13.04(b) and the immediately succeeding
sentence, the U.S. Borrower shall be entitled, to the extent it is required to do so by law, to deduct or withhold income or similar taxes imposed by the United States (or any political subdivision or taxing authority thereof or therein) from
interest, Fees or other amounts payable by it hereunder for the account of any Lender which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for U.S. Federal income tax purposes to the extent that such
Lender has not provided to the U.S. Borrower the Internal Revenue Service Forms that establish a complete exemption from such deduction or withholding. For the avoidance of doubt, the Credit Agreement Parties (other than, with respect to any Loans
or Obligations of the U.S. Borrower, the Canadian Credit Parties) jointly and severally agree to pay any additional amounts and to indemnify each Lender with respect to Indemnified Taxes or Other Taxes in the manner set forth in
Section 5.04(a) (without regard to the identity of the jurisdiction requiring the deduction or withholding) in respect of any Indemnified Taxes or Other Taxes deducted or withheld by them as described in the immediately preceding
sentence as a result of any changes that are effective after the Effective Date in any applicable law, treaty, governmental rule, regulation, guideline or order, or in the interpretation thereof, relating to the deducting or withholding of such
Indemnified Taxes or Other Taxes. 
  

 -119- 

 (c) Each Lender to the U.S. Borrower that is a United States Person, as
defined in Section 7701(a)(30) of the Code, shall (unless such Lender may be treated as an exempt recipient based on the indicators described in Treasury Regulation Section 1.6049-4(c)(1)(ii)(A)(1)) deliver to the U.S. Borrower and the
Administrative Agent, at the times specified in Section 5.04(b), two accurate and complete original signed copies of Internal Revenue Service Form W-9, or any successor form that such Person is entitled to provide at such time, in order to
qualify for an exemption from United States back-up withholding requirements. 
 (d) If the Administrative Agent
or any Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Credit Agreement Parties or with respect to which a Credit Agreement Party has paid
additional amounts pursuant to Section 5.04(a), it shall pay to the relevant Credit Agreement Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Credit Agreement Party
under Section 5.04(a) with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or such Lender, as the case may be, and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the relevant Credit Agreement Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such
Credit Agreement Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or such Issuing Bank in the event the Administrative Agent or such Lender is required to
repay such refund to such Governmental Authority. Nothing in this Section 5.04(d) shall be construed to obligate the Administrative Agent or any Lender to disclose its Tax returns or any other information regarding its Tax affairs or
computations to any Person or otherwise to arrange its Tax affairs in any manner other than as it determines in its sole discretion. 

Section 6. Conditions Precedent to Credit Events on the Initial Borrowing Date. The obligation of each Lender
to make Loans, and the obligation of each Issuing Lender to issue Letters of Credit, on the Initial Borrowing Date, is subject at the time of the making of such Loans or the issuance of such Letters of Credit to the satisfaction of the following
conditions: 
 6.01 Effective Date; Credit Documents; Notes. On or prior to the Initial Borrowing Date,
(i) the Effective Date shall have occurred and (ii) there shall have been delivered to the Administrative Agent for the account of each of the Lenders that has requested same the appropriate B Term Note, C Term Note, U.S. Borrower
Revolving Note and/or Canadian Borrower Revolving Note and to the Swingline Lender, if so requested by it, the Swingline Note, in each case executed by the relevant Borrower and in the amount and maturity and as otherwise provided herein.

 6.02 Officer’s Certificate. On the Initial Borrowing Date, the Administrative Agent shall have
received a certificate, dated the Initial Borrowing Date and signed on behalf of the U.S. Borrower (and not in any individual capacity) by a Responsible Officer of the U.S. Borrower, certifying on behalf of the U.S. Borrower that all of the
conditions in Sections 6.06, 6.07, 6.08, 6.09 and 6.18 have been satisfied on such date. 
  

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 6.03 Opinions of Counsel. On the Initial Borrowing Date, the
Administrative Agent shall have received (i) from Kirkland & Ellis LLP, special counsel to Holdings and the U.S. Borrower, an opinion addressed to the Administrative Agent and each of the Lenders and dated the Initial Borrowing Date
covering the matters set forth in Exhibit E-1, (ii) from Goodmans LLP, special Canadian counsel to the Canadian Borrower, opinions addressed to the Administrative Agent and each of the Lenders and dated the Initial Borrowing Date covering the
matters set forth in Exhibit E-2 and (iii) from local counsel to the Credit Parties reasonably satisfactory to the Administrative Agent practicing in those jurisdictions in which the Credit Parties are organized (if organized other than under
the laws of Delaware or New York) or, in the case of the Canadian Credit Parties, where their assets are located, which opinions shall be in form and substance reasonably satisfactory to the Administrative Agent and the Joint Lead Arrangers.

 6.04 Corporate Documents; Proceedings; etc. (a) On the Initial Borrowing Date, the Administrative
Agent shall have received a certificate from each Credit Party, dated the Initial Borrowing Date, signed by a Responsible Officer of such Credit Party, and attested to by the Secretary or any Assistant Secretary of such Credit Party, in the form of
Exhibit F (or, in respect of each Canadian Credit Party, with such modification thereto as may be reasonably acceptable to the Administrative Agent) with appropriate insertions, together with copies of the certificate or articles of
incorporation and by-laws (or equivalent organizational documents), as applicable, of such Credit Party, any shareholder agreements of such Credit Party (in the case of Canadian Credit Parties) and the resolutions of such Credit Party referred to in
such certificate, and each of the foregoing shall be in form and substance reasonably acceptable to the Administrative Agent and the Joint Lead Arrangers. 

(b) On the Initial Borrowing Date, the Administrative Agent shall have received good standing certificates and bring-down
telegrams or facsimiles, if any, for the Credit Parties which the Administrative Agent or either Joint Lead Arranger reasonably may have requested, certified by proper governmental authorities. 

6.05 Existing Credit Agreement. Holdings and its Subsidiaries shall have repaid in full all Indebtedness
outstanding under the Existing Credit Agreement, together with all accrued but unpaid interest, fees and other amounts owing thereunder (other than (A) contingent indemnification obligations not yet due and payable and (B) obligations with
respect to Existing Letters of Credit) and (i) all commitments to lend or make other extensions of credit thereunder shall have been terminated, (ii) all security interests in respect of, and Liens securing, the Indebtedness and other
obligations thereunder created pursuant to the security documentation relating thereto shall have been terminated and released, and the Administrative Agent shall have received all such releases as may have been reasonably requested by the
Administrative Agent, which releases shall be in form and substance reasonably satisfactory to Administrative Agent, including, without limiting the foregoing, (a) proper termination statements (Form UCC-3 or the appropriate equivalent) for
filing under the UCC or equivalent statute or regulation of each jurisdiction where a financing statement or application for registration (Form UCC-1 or the appropriate equivalent) was filed with respect to BWAY Holding or any of its Subsidiaries in
connection with the security interests created with respect to the Existing Credit Agreement and (b) terminations or reassignments of any security interest in, or Lien on, any patents, trademarks, copyrights, or similar interests of BWAY
Holding or any of its Subsidiaries and (iii) other than with respect to Existing Letters of Credit, Holdings and its Subsidiaries shall have made arrangements reasonably satisfactory to the Administrative Agent and the Joint Lead Arrangers for
the cancellation of any letters of credit outstanding thereunder. 
  

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 6.06 Consummation of Senior Note Issuance. (a) On or before the
Initial Borrowing Date, the U.S. Borrower shall have received gross cash proceeds of at least $205,000,000 (calculated before initial purchasers’ discounts, original issue discount and commissions) from the issuance by it of a like principal
amount of Senior Notes. 
 (b) On the Initial Borrowing Date, the Administrative Agent shall have received true
and correct copies of the Senior Notes Indenture (together with the exhibits and schedules thereto) in the form so executed, in each case certified as such by a Responsible Officer of the U.S. Borrower. 

6.07 Matters Relating to Existing Indebtedness. (a) On the Initial Borrowing Date and after giving effect to
the Transaction, neither Holdings nor any of its Subsidiaries shall have any preferred Equity Interests (including preferred stock) Capitalized Lease Obligations or Indebtedness for borrowed money outstanding except for (i) the Loans and
Letters of Credit, (ii) the Senior Notes, (iii) the Existing Senior Subordinated Notes permitted to remain outstanding after giving effect to the refinancing transactions described in Section 6.07(b) and (iv) certain other
indebtedness for borrowed money and Capitalized Lease Obligations of the U.S. Borrower and its Subsidiaries as is listed on Schedule 8.21 in an aggregate outstanding principal amount not to exceed $12,000,000 (with the Indebtedness described
in this clause (iv) being herein called the “Existing Other Indebtedness” and, together with the Existing Senior Subordinated Notes described in the preceding clause (iii), the “Existing Indebtedness”).

 (b) On the Initial Borrowing Date, the U.S. Borrower shall have consummated the Tender Offer, and either
(i)(x) at least 80% of the aggregate principal amount of the outstanding Existing Senior Subordinated Notes shall have been validly tendered and not withdrawn pursuant to the Tender Offer and, substantially concurrently with the initial Borrowing of
Loans, shall be repurchased pursuant to the Tender Offer Notes Repurchase and (y) the Existing Note Indenture Amendment shall have been entered into (and be in full force and effect), all to the reasonable satisfaction of the Agents or
(ii) the U.S. Borrower, substantially concurrently with the initial Borrowing of Loans, shall defease or satisfy and discharge all of the Non-Tendered Notes in accordance with the terms of the Existing Senior Subordinated Notes Indenture (the
“Notes Defeasance”) such that, in the case of this clause (ii), after giving effect thereto, all outstanding Existing Notes shall have been repurchased pursuant to the Tender Offer Notes Repurchase or defeased or satisfied and
discharged in accordance with the terms of the Existing Senior Subordinated Notes Indenture. 
 6.08 Common
Equity Financing; Consummation of the Merger. (a) On the Initial Borrowing Date, (i) Holdings shall have received indirectly from the Sponsor and/or the Sponsor Affiliates, certain co-investors reasonably satisfactory to the Joint Lead
Arrangers and certain management of the Target, a cash common equity contribution (the “Common Equity Financing”) in an amount not less than 29% of the sum of (x) the total amount of funds required to consummate the
Merger and Refinancing and to pay the Transaction Costs (other than existing of cash on hand of BWAY Holding and its Restricted Subsidiaries) and (y) the aggregate principal amount of all indebtedness for borrowed money and Capital Lease
Obligations, if any (other than Existing Other Indebtedness and the aggregate principal amount of the Existing Senior Subordinated Notes that have been defeased or satisfied and discharged pursuant to the Notes Defeasance), that is to remain
outstanding after giving effect to the Transactions, and (ii) Holdings shall have contributed the full amount of the Common Equity Financing to the U.S. Borrower. 
  

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 (b) Substantially concurrently with the occurrence of the Initial Borrowing
Date, the Merger shall have been consummated pursuant to, and in accordance with, the terms and conditions of the Merger Agreement. None of the Merger Agreement nor any schedules or exhibits thereto shall have been altered, amended or otherwise
changed, supplemented or any provision or condition therein waived, and neither Holdings nor any of its Affiliates party thereto shall have consented to any action which would require the consent of Holdings or any such Affiliate under the Merger
Agreement or any schedule or exhibit thereto, without the prior written consent of the Administrative Agent if such alteration, amendment, change, supplement, waiver or consent would be adverse to the interest of the Lenders in any material respect.

 (c) On the Initial Borrowing Date, (x) the Administrative Agent shall have received true and correct
copies of all material Merger Documents, certified as such by an appropriate officer of Holdings, and (y) the Merger Agreement (including all schedules and exhibits thereto) shall be in full force and effect. 

6.09 Company Material Adverse Effect Adverse Change. Since September 27, 2009, there shall not have
occurred a Company Material Adverse Effect. 
 6.10 Pledge Agreement. On the Initial Borrowing Date, each
U.S. Credit Party shall have duly authorized, executed and delivered the Pledge Agreement in the form of Exhibit G (as amended, modified, restated and/or supplemented from time to time, the “Pledge Agreement”) and shall have
delivered to the Collateral Agent, as Pledgee thereunder, all of the Pledge Agreement Collateral (in the case of Equity Interests), if any, referred to therein and then owned by such U.S. Credit Party together with executed and undated endorsements
for transfer in the case of Equity Interests constituting certificated Pledge Agreement Collateral, along with evidence that all other actions necessary, to perfect (to the extent provided in the Pledge Agreement) the security interests in Equity
Interests purported to be created by the Pledge Agreement have been taken. 
 6.11 Security Agreements.
(a) On the Initial Borrowing Date, each U.S. Credit Party shall have duly authorized, executed and delivered the U.S. Security Agreement in the form of Exhibit H-1 (as amended, modified, restated and/or supplemented from time to time,
the “U.S. Security Agreement”) covering all of such Credit Party’s present and future Collateral referred to therein, and shall have delivered: 

(i) proper financing statements (Form UCC-1 or the equivalent) authorized for filing under the UCC or
other appropriate filing offices of each jurisdiction as may be reasonably necessary or desirable to perfect the security interests purported to be created by the U.S. Security Agreement; and 

(ii) certified copies of (x) requests for information or copies (Form UCC-11), or equivalent reports
as of a recent date, listing all effective financing statements that name Holdings, BWAY Holding or any of their respective Restricted Subsidiaries as debtor and that are filed in the jurisdictions referred to in clause (i) above, together with
copies of such other financing statements that name Holdings, BWAY Holding or any of their respective Restricted Subsidiaries as debtor (none of which shall cover any of the Collateral except to the extent evidencing Permitted Liens and
(y) reports as of a recent date listing all effective tax and judgment liens with respect to Holdings, BWAY Holding or any of their respective Subsidiaries in each jurisdiction as the Agents may reasonably require. 

 

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 (b) In addition to the requirements of the preceding clause (a), the U.S.
Borrower will have used commercially reasonable efforts to deliver: 
 (i) evidence of the
completion of all other recordings and filings of, or with respect to, the U.S. Security Agreement as may be reasonably necessary or desirable, to perfect (to the extent provided in the U.S. Security Agreement) the security interests purported to be
created by the U.S. Security Agreement; and 
 (ii) evidence that all other actions reasonably
necessary or desirable (including the receipt of the respective control agreements referred to in the U.S. Security Agreement) to perfect (to the extent provided in the U.S. Security Agreement) and protect the security interests purported to be
created by the U.S. Security Agreement have been taken. 
 (c) On the Initial Borrowing Date, each Canadian
Credit Party shall have duly authorized, executed and delivered a Canadian Security Agreement in the form of Exhibit H-2 and, where applicable, Quebec Security (collectively, as amended, amended and restated, modified and/or supplemented from
time to time, the “Canadian Security Agreement”) covering all of such Canadian Credit Party’s present and future Collateral referred to therein, together with: 

(i) proper financing statements (PPSA Form 1-C or such other financing statements or similar notices as
shall be required by local law), registered under the PPSA in Ontario and each other jurisdiction as may be reasonably necessary or advisable to perfect the security interests purported to be created by the Canadian Security Agreement; and

 (ii) PPSA inquiry response certificates certified by the Ontario Registrar of Personal
Property or any other equivalent certificate or search report in any other province or territory, listing all effective financing statements that name any Canadian Credit Party, or a division or other operating unit of any such Person, as debtor and
that are filed in the jurisdictions referred to in said clause (i), together with evidence of the discharge (by a PPSA Form 2-C or such other termination statements as shall be required by local law) of all Liens other than Permitted Liens and
acknowledgments and confirmations from secured creditors of such Canadian Credit Party as reasonably requested by the Collateral Agent. 

(d) In addition to the requirements of the preceding clause (c), the Canadian Borrower will have used commercially
reasonable efforts to deliver: 
 (i) all Securities (as defined in the Canadian Security
Agreement) and, to the extent obtainable on or prior to the Initial Borrowing Date after using commercially reasonable efforts, Instruments (in each case, as defined in the Canadian Security Agreement) then owned by such Canadian Credit Party and
evidenced by certificates or notes (x) endorsed in blank in the case of promissory notes constituting such Instruments, and (y) together with executed and undated endorsements for transfer in the case of Equity Interests constituting
certificated Securities; and 
  

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 (ii) to the extent obtainable on or prior to the Initial
Borrowing Date after using commercially reasonable efforts, evidence of the completion of all other recordings and filings of, or with respect to, the Canadian Security Agreement as may be necessary or, in the reasonable opinion of the Collateral
Agent, advisable to perfect the security interests intended to be created by the Canadian Security Agreement. 

6.12 [Reserved.] 

6.13 Subsidiaries Guaranties. On the Initial Borrowing Date, each U.S. Subsidiary Guarantor shall have duly
authorized, executed and delivered the U.S. Subsidiaries Guaranty in the form of Exhibit I-1 (as amended, modified or supplemented from time to time, the “U.S. Subsidiaries Guaranty”), guaranteeing all of the obligations of
the U.S. Borrower as more fully provided therein. 
 6.14 Financial Statements; Pro forma Balance Sheets;
Projections. On or prior to the Initial Borrowing Date, the Agents and the Lenders shall have received (i) unaudited consolidated balance sheets and related statements of income and cash flows for BWAY Holding for each fiscal quarter of
BWAY Holding ended after the close of its December 31, 2009 fiscal quarter and at least 40 days prior to the Initial Borrowing Date and (ii) a pro forma consolidated balance sheet of Holdings and its Subsidiaries as of the
last day of the most recently ended fiscal quarter ended at least 40 days prior to the Initial Borrowing Date (after giving effect to the Transaction), and related pro forma consolidated income statement for Holdings and its
Subsidiaries for the most recently ended four fiscal quarter periods ended at least 40 days prior to the Initial Borrowing Date prepared as if the Transaction had occurred at the beginning of such period, which pro forma financial
statements shall meet the requirements of Regulation S-X of the Securities Act (other than rules 3-10 and 3-16 thereof and to the extent of such other adjustments as may be reasonably satisfactory to the Agents) for a registered public offering of
non-convertible debt securities of Holdings and its Subsidiaries. The ratio of (x) Consolidated Debt for Borrowed Money (as defined in the Merger Agreement) of BWAY Holding and its Subsidiaries (determined on a pro forma basis
after giving effect to the Transaction) to (y) Consolidated EBITDA (as defined in the Merger Agreement) of BWAY Holding and its Subsidiaries for the most recently ended four fiscal quarter period ended at least 40 days prior to the Initial
Borrowing Date shall not exceed 5.40:1.00, and the Agents shall have received evidence in reasonable detail demonstrating satisfaction with such requirement. 

6.15 Solvency Certificate; Insurance Certificates, etc. On the Initial Borrowing Date, the Administrative Agent
shall have received: 
 (i) a solvency certificate from the chief financial officer of the U.S.
Borrower in the form of Exhibit J hereto; and 
 (ii) customary certificates of insurance for the
business and properties of Holdings and its Subsidiaries. 
 6.16 Fees, etc. On the Initial Borrowing
Date, the Borrowers shall have paid to the Agents and each Lender all costs, fees and expenses (including, without limitation, legal fees and expenses to the extent invoiced) and other compensation payable to the Agents or such Lender or otherwise
payable in respect of the Transaction to the extent then due. 
 6.17 Credit Facility Rating. Holdings
shall have used commercially reasonable efforts to cause S&P and Moody’s to provide (a) credit ratings for each of the Indebtedness to be incurred pursuant to this Agreement and the Senior Notes and (b) a corporate rating and
corporate family rating, as applicable, with respect to the Credit Agreement Parties, in each case, which ratings (if obtained) shall be in full force and effect on the Initial Borrowing Date. 

 

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 6.18 Initial Borrowing Date Representation and Warranties. All Merger
Agreement Representations shall be true and correct on the Initial Borrowing Date, and all Specified Representations made by any Credit Party shall be true and correct in all material respects, on the Initial Borrowing Date. 

6.19 Patriot Act. The Agents shall have received from the Credit Parties all documentation and other information
required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, in each case to the extent requested in writing at least 10 days prior to the Initial
Borrowing Date. 
 6.20 Borrowing Notice. Prior to (i) the making of a Loan on the Initial Borrowing
Date, the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.03(a) and (ii) the issuance of each Letter of Credit (other than any Existing Letter of Credit) on the Initial Borrowing Date,
the Administrative Agent and the respective Issuing Lender shall have received a Letter of Credit Request meeting the requirements of Section 3.03(a). 

Section 7. Conditions Precedent to all Credit Events after the Initial Borrowing Date. The obligation of each
Lender to make Loans after the Initial Borrowing Date, and the obligation of each Issuing Lender to issue Letters of Credit after the Initial Borrowing Date, is subject, at the time of each such Credit Event (except as hereinafter indicated), to the
satisfaction of the following conditions: 
 7.01 No Default; Representations and Warranties. At the time
of each such Credit Event and also after giving effect thereto (i) no Default or Event of Default shall have occurred and be continuing and (ii) all representations and warranties contained herein and in the other Credit Documents shall be
true and correct in all material respects with the same effect as though such representations and warranties had been made on the date of such Credit Event (it being understood and agreed that any representation or warranty which by its terms is
made as of a specified date shall be required to be true and correct in all material respects only as of such specified date). 

7.02 Notice of Borrowing; Letter of Credit Request. (a) Prior to the making of each Loan after the Initial
Borrowing Date (other than a Swingline Loan or a U.S. Borrower Revolving Loan made pursuant to a Mandatory U.S. RL Borrowing), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of
Section 2.03(a). Prior to the making of each Swingline Loan after the Initial Borrowing Date, the Swingline Lender shall have received the notice referred to in Section 2.03(b)(i). 

(b) Prior to the issuance of each Letter of Credit after the Initial Borrowing Date, the Administrative Agent and the
respective Issuing Lender shall have received a Letter of Credit Request meeting the requirements of Section 3.03(a). 

7.03 Incremental Term Loans. Prior to the incurrence of any Incremental Term Loans on a given Incremental Term
Loan Borrowing Date, Holdings shall have satisfied (or caused to be satisfied) all of the applicable conditions set forth in Section 2.15. 
  

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 The acceptance of the benefits of each Credit Event after the Initial Borrowing Date shall
constitute a representation and warranty by the respective Borrower to the Administrative Agent and each of the Lenders that all the conditions specified in this Section 7 and applicable to such Credit Event are satisfied as of that time. All
of the Notes, certificates, legal opinions and other documents and papers referred to in Section 6 and in this Section 7, unless otherwise specified, shall be delivered to the Administrative Agent at the Notice Office for the account of
each of the Lenders and, except for the Notes, in sufficient counterparts or copies for each of the Lenders. 

Section 8. Representations, Warranties and Agreements. In order to induce the Lenders to enter into this
Agreement and to make the Loans, and issue (or participate in) the Letters of Credit as provided herein, each Credit Agreement Party makes the following representations, warranties and agreements, in each case after giving effect to the Transaction,
all of which shall survive the execution and delivery of this Agreement and the Notes and the making of the Loans and the issuance of the Letters of Credit, with the occurrence of each Credit Event on or after the Initial Borrowing Date being deemed
to constitute a representation and warranty by each Credit Agreement Party that the matters specified in this Section 8 are true and correct in all material respects on and as of the Initial Borrowing Date and on the date of each such
other Credit Event (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date). 

8.01 Organizational Status. Each of Holdings and each of its Restricted Subsidiaries (i) is a duly organized
and validly existing corporation, partnership, limited liability company or unlimited liability company, as the case may be, in good standing under the laws of the jurisdiction of its organization, (ii) has the corporate, partnership, limited
liability company or unlimited holding company power and authority, as the case may be, to own its property and assets and to transact the business in which it is engaged and presently proposes to engage and (iii) is, to the extent such
concepts are applicable under the laws of the relevant jurisdiction, duly qualified and is authorized to do business and is in good standing in each jurisdiction where the ownership, leasing or operation of its property or the conduct of its
business requires such qualifications except for failures to be so qualified which, individually and in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

8.02 Power and Authority. Each Credit Party and each Restricted Subsidiary thereof has the corporate, partnership,
limited liability company or unlimited liability company power and authority, as the case may be, to execute, deliver and perform the terms and provisions of each of the Credit Documents to which it is party and has taken all necessary corporate,
partnership, limited liability company or unlimited liability company action, as the case may be, to authorize the execution, delivery and performance by it of each of such Credit Documents. Each Credit Party and each Restricted Subsidiary thereof
has duly executed and delivered each of the Credit Documents to which it is party, and each of such Credit Documents constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except to the extent that the
enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in
equity or at law). 
  

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 8.03 No Violation. Neither the execution, delivery or performance by
any Credit Party or any Restricted Subsidiary thereof of the Credit Documents to which it is a party, nor compliance by it with the terms and provisions thereof, (i) will contravene any provision of any law, statute, rule or regulation or any
order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the
creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents) upon any of the property or assets of any Credit Party or any of its respective Restricted Subsidiaries pursuant to the terms of,
any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to which any Credit Party or any of its respective Restricted Subsidiaries is a party or by which it or
any of its property or assets is bound or to which it may be subject (except, in the case of preceding clauses (i) and (ii), other than in the case of any contravention, breach, default and/or conflict, that would not reasonably be expected,
either individually or in the aggregate, to have a Material Adverse Effect or (iii) will violate any provision of the certificate or articles of incorporation, certificate of formation, limited liability company agreement or by-laws (or
equivalent organizational documents), as applicable, of any Credit Party or any of its respective Restricted Subsidiaries. 

8.04 Approvals. Except to the extent the failure to obtain or make the same would not reasonably be expected to
have a Material Adverse Effect, no order, consent, approval, license, authorization or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or prior to the Initial Borrowing
Date and which remain in full force and effect on the Initial Borrowing Date and (y) filings which are necessary to perfect the security interests created under the Security Documents), or exemption by, any governmental or public body or
authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of, any Credit Party to authorize, or is required to be obtained or made by, or on behalf of, any Credit Party in connection with, the execution, delivery and
performance of any Credit Document. 
 8.05 Financial Statements; Financial Condition; Projections.
(a) (i) The consolidated balance sheets of BWAY Holding and its consolidated Subsidiaries for each of the fiscal years ended September 30, 2007, September 28, 2008 and September 27, 2009, respectively, and the related
consolidated statements of income, cash flows and retained earnings of BWAY Holding and its consolidated Subsidiaries for each such fiscal year ended on such dates present fairly in all material respects the consolidated financial position of the
BWAY Holding and its consolidated Subsidiaries at the dates of such balance sheets and the consolidated results of the operations of the BWAY Holding and its consolidated Subsidiaries for the periods covered thereby. All of the foregoing historical
financial statements have been audited by Deloitte & Touche LLP and prepared in accordance with generally accepted accounting principles consistently applied. 

(ii) All unaudited financial statements of BWAY Holding and its Subsidiaries furnished to the Lenders on or prior to the
Initial Borrowing Date pursuant to clause (i) of Section 6.14, have been prepared in accordance with generally accepted accounting principles consistently applied by BWAY Holding, except as otherwise noted therein, subject to normal
year-end audit adjustments (all of which are of a recurring nature and none of which, individually or in the aggregate, would be material) and the absence of footnotes. 

(iii) The pro forma consolidated balance sheet of Holdings furnished to the Lenders pursuant to clause
(ii) of Section 6.14 has been prepared as of March 31, 2010 as if the Transaction and the financing therefor had occurred on such date. Such pro forma consolidated balance sheet presents a good faith estimate of
the pro forma consolidated financial position of Holdings as of March 31, 2010. The pro forma consolidated income statement of Holdings furnished to the Lenders pursuant to clause (ii) of
Section 6.14 has been prepared for the year ended March 31, 2010, as if the Transaction and the financing therefor had occurred on the first day of the year first referenced in this sentence. Such pro forma
consolidated income statement presents a good faith estimate of the pro forma consolidated income statement of Holdings as if the Transaction and the financing therefor had occurred on the first day of the year first referenced in this
sentence. 
  

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 (b) On and as of the Initial Borrowing Date, after giving effect to the
consummation of the Transaction and the related financing transactions (including the incurrence of Loans), (i) the Fair Value and Present Fair Salable Value of the assets of the U.S. Borrower and its Subsidiaries taken as a whole exceed their
Stated Liabilities and Identified Contingent Liabilities; (ii) the U.S. Borrower and its Subsidiaries taken as a whole do not have Unreasonably Small Capital; and (iii) the U.S. Borrower and its Subsidiaries taken as a whole will be able
to pay their Stated Liabilities and Identified Contingent Liabilities as they mature. 
 (c) The Projections
delivered to the Administrative Agent and the Lenders prior to the Initial Borrowing Date have been prepared in good faith and are based on assumptions that were believed by the U.S. Borrower to be reasonable at the time made and at the time
delivered to the Administrative Agent. 
 (d) After giving effect to the Transaction (but for this purpose
assuming that the Transaction and the related financing had occurred prior to September 27, 2009), since September 27, 2009 there has been no Material Adverse Effect, and there has been no change, event or occurrence that would reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 8.06
Litigation. There are no actions, suits or proceedings pending or, to the knowledge of any Credit Agreement Party, threatened (i) with respect to the Transaction or any Credit Document or (ii) that either individually or in the
aggregate, have had, or would reasonably be expected to have, a Material Adverse Effect. 
 8.07 True and
Complete Disclosure. (a) All written information (taken as a whole) furnished by or on behalf of any Credit Agreement Party in writing to the Administrative Agent or any Lender (including, without limitation, all such written information
contained in the Credit Documents) for purposes of or in connection with this Agreement, the other Credit Documents or any transaction contemplated herein or therein does not, and all other such written information (taken as a whole) hereafter
furnished by or on behalf of any Credit Agreement Party in writing to the Administrative Agent or any Lender will not, on the date as of which such written information is dated or certified, contain any material misstatement of fact or omit to state
any material fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such written information was provided. 

(b) Notwithstanding anything to the contrary in the foregoing clause (a) of this Section 8.07, none of
the Credit Parties makes any representation, warranty or covenant with respect to any information consisting of statements, estimates, forecasts and projections regarding the future performance of Holdings or any of its Subsidiaries, or regarding
the future condition of the industries in which they operate other than that such information has been (and in the case of such information furnished after the date hereof, will be) prepared in good faith based upon assumptions believed to be
reasonable at the time of preparation thereof. 
  

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 8.08 Use of Proceeds; Margin Regulations. (a) All proceeds of
the Term Loans will be used by the U.S. Borrower to finance, in part, the Merger and the Refinancing and to pay the Transaction Costs. 

(b) All proceeds of the Revolving Loans and the Swingline Loans will be used for the working capital, capital
expenditures and other general corporate purposes of the U.S. Borrower and its Restricted Subsidiaries, including, without limitation, Permitted Acquisitions; provided that no portion of such proceeds may be used to finance the Merger or the
Refinancing or to pay Transaction Costs. 
 (c) All proceeds of Incremental Term Loans will be used for the
purpose set forth in Section 2.15. 
 (d) No part of any Credit Event (or the proceeds thereof) will
be used to purchase or carry any Margin Stock or to extend credit for the purpose of purchasing or carrying any Margin Stock. Neither the making of any Loan nor the use of the proceeds thereof nor the occurrence of any other Credit Event will
violate the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System. 
 8.09
Tax Returns and Payments. Each of Holdings and each of its Subsidiaries has timely filed or caused to be timely filed with the appropriate taxing authority all material tax returns, statements, forms and reports for taxes (the
“Returns”) required to be filed by, or with respect to the income, properties or operations of, Holdings and/or any of its Subsidiaries. The Returns accurately reflect in all material respects all liability for taxes of Holdings and
its Subsidiaries for the periods covered thereby. Each of Holdings and each of its Subsidiaries have paid all material taxes and assessments payable by them, other than those that are being contested in good faith and adequately disclosed and fully
provided for as a reserve on the financial statements of Holdings and its Subsidiaries in accordance with generally accepted accounting principles. There is no material action, suit, proceeding, investigation, audit or claim now pending or, to the
best knowledge of Holdings or any of its Subsidiaries, threatened in writing by any authority regarding any taxes relating to Holdings or any of its Subsidiaries. As of the Initial Borrowing Date, neither Holdings nor any of its Subsidiaries has
entered into an agreement or waiver that is still in effect or been requested in writing to enter into an agreement or waiver extending any statute of limitations relating to the payment or collection of taxes of Holdings or any of its Subsidiaries,
or is aware of any circumstances that would cause the taxable years or other taxable periods of Holdings or any of its Subsidiaries not to be subject to the normally applicable statute of limitations with respect to a material amount of Tax. Neither
Holdings nor any of its Subsidiaries has incurred, nor will any of them incur, any material tax liability in connection with the Transaction or any other transactions contemplated hereby (it being understood that the representation contained in this
sentence does not cover any future tax liabilities of Holdings or any of its Subsidiaries arising as a result of the operation of their businesses in the ordinary course of business). 

8.10 ERISA; Canadian Welfare and Pension Plans. (a) No ERISA Event has occurred or is reasonably expected to
occur that could reasonably be expected to result in a Material Adverse Effect. Each Plan is in compliance in form and operation with its terms and with the applicable provisions of ERISA, the Code and other applicable law, except for such
non-compliance that could not reasonably be expected to have a Material Adverse Effect. Each Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter
from the Internal Revenue Service or is in the form of a prototype document that is the subject of a favorable opinion letter. 
  

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 (b) There exists no Unfunded Current Liability with respect to any Plan,
except as would not have a Material Adverse Effect. 
 (c) If each of Holdings, each Restricted Subsidiary of
Holdings and each ERISA Affiliate were to withdraw in a complete withdrawal as of the date this assurance is given, the aggregate withdrawal liability that would be incurred would not reasonably be expected to have a Material Adverse Effect.

 (d) There are no actions, suits or claims pending against or involving a Plan (other than routine claims for
benefits) or, to the knowledge of Holdings, any Restricted Subsidiary of Holdings or any ERISA Affiliate, threatened, which would reasonably be expected to be asserted successfully against any Plan and, if so asserted successfully, would reasonably
be expected, either individually or in the aggregate, to have a Material Adverse Effect. 
 (e) Holdings, any
Restricted Subsidiary of Holdings and any ERISA Affiliate have made all material contributions to or under each Plan and Multiemployer Plan required by law within the applicable time limits prescribed thereby, the terms of such Plan or Multiemployer
Plan, respectively, or any contract or agreement requiring contributions to a Plan or Multiemployer Plan except where any failure to comply, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 (f) Except as would not reasonably be expected to have a Material Adverse Effect: (i) each Foreign
Pension Plan has been maintained in substantial compliance with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable
regulatory authorities; (ii) all contributions required to be made with respect to a Foreign Pension Plan have been timely made; and (iii) neither Holdings nor any of its Restricted Subsidiaries has incurred any obligation in connection
with the termination of, or withdrawal from, any Foreign Pension Plan. 
 (g) Except to the extent that a breach
of any of the representations, warranties or agreements in this Section 8.10(g) could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect: (i) all contributions required to be made by
Holdings or a Restricted Subsidiary to any Canadian MEPP have been made when due in accordance with the terms of any applicable collective agreement, the terms of such Canadian MEPP and all Requirements of Law; (ii) each Canadian Pension Plan
is in compliance in all material respects with all applicable pension benefits and laws in respect to Taxes; (iii) all contributions (including, employee contributions made by authorized payroll deductions or other withholdings) required to be
made in respect of each Canadian Pension Plan as determined in the most recently completed and filed actuarial valuation report have been made in accordance with all Requirements of Law and the terms of each Canadian Pension Plan; and (iv) no
event has occurred and no conditions exist with respect to any Canadian Pension Plan that has resulted or could reasonably be expected to result in any Canadian Pension Plan (A) having its registration revoked or refused or (B) being
subject of an involuntary winding-up (either in whole or in part) by any relevant pension benefits regulatory authority and no Taxes or penalties under any applicable pension benefits or laws in respect to Taxes are owing or exigible. 

 

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 8.11 The Security Documents. (a) The provisions of the U.S.
Security Agreement are effective to create in favor of the Collateral Agent for the benefit of the Secured Creditors a legal, valid and enforceable security interest (except to the extent that the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law) in all right, title and interest of the
Credit Parties in the Collateral (as described in the U.S. Security Agreement), and upon (i) the timely and proper filing of financing statements listing each applicable Credit Party, as a debtor, and Collateral Agent, as secured party, in the
secretary of state’s office (or other similar governmental entity) of the jurisdiction of organization of such Credit Party, (ii) sufficient identification of commercial tort claims, (iii) execution of a control agreement establishing
the Collateral Agent’s “control” (within the meaning of the New York Uniform Commercial Code) with respect to any deposit account, (iv) the recordation of the Grant of Security Interest in U.S. Patents, if applicable, and the
Grant of Security Interest in U.S. Trademarks, if applicable, in the respective form attached to the U.S. Security Agreement, in each case in the United States Patent and Trademark Office, (v) the Grant of Security Interest in U.S. Copyrights,
if applicable, in the form attached to the U.S. Security Agreement with the United States Copyright Office and (vi) the notation of the Collateral Agent’s Lien on any goods subject to a certificate of title, the Collateral Agent, for the
benefit of the Secured Creditors, has (to the extent provided in the U.S. Security Agreement) a fully perfected security interest in all right, title and interest in all of the Collateral (as described in the U.S. Security Agreement), subject to no
other Liens other than Permitted Liens. 
 (b) The provisions of the Canadian Security Agreement are effective
to create in favor of the Collateral Agent for the benefit of the Secured Creditors a legal, valid and enforceable security interest (except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law)) in all right, title and interest of the Canadian Credit
Parties in the Collateral (as described in the Canadian Security Agreement), and upon (i) the timely and proper filing of financing statements listing each applicable Canadian Credit Party, as a debtor, and Collateral Agent, as secured party,
in the province or territory where each Canadian Credit Party has its chief executive office (within the meaning of the PPSA) and each other jurisdiction as may be necessary to perfect the security interests purported to be created by the Canadian
Security Agreement, (ii) delivery by each Canadian Credit Party of all instruments, chattel paper and certificated pledged Equity Interests to the Collateral Agent in the Province of Ontario, together with executed and undated endorsements for
transfer in the case of certificated pledged Equity Interests, (iii) execution of a control agreement establishing the Collateral Agent’s “control” with respect to any deposit account, (iv) the recordation of the
Confirmation of Security Interest in the form attached to the Canadian Security Agreement in the Canadian Intellectual Property Office, and (v) the notation of the Collateral Agent’s Lien on any goods subject to a certificate of title, the
Collateral Agent, for the benefit of the Secured Creditors, has (to the extent provided in the respective Canadian Security Agreement) a fully perfected security interest in all right, title and interest in all of the Collateral (as described in the
Canadian Security Agreement), subject to no other Liens other than Permitted Liens. 
 (c) Upon the timely and
proper filing of financing statements listing each applicable Credit Party, as a debtor, and Collateral Agent, as secured party, in the secretary of state’s office (or other similar governmental entity) of the jurisdiction of organization of
such Credit Party (or in the case of any Canadian Credit Party in the province or territory where such Canadian Credit Party has its chief executive office (within the meaning of the PPSA), the security interests created under the Pledge Agreement
in favor of the Collateral Agent, as Pledgee, for the benefit of the Secured Creditors, constitute perfected (to the extent provided in the Pledge Agreement) security interests in the Collateral (as described in the Pledge Agreement), subject to no
other Liens other than Permitted Liens. 
  

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 (d) Each Mortgage creates, as security for the obligations purported to be
secured thereby, a valid and enforceable (except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by
equitable principles (regardless of whether enforcement is sought in equity or at law) and, upon recordation in the appropriate recording office, perfected security interest in and mortgage lien on the respective Mortgaged Property in favor of the
Collateral Agent (or such other trustee as may be required or desired under local law) for the benefit of the Secured Creditors, superior and prior to the rights of all third Persons (except as may exist pursuant to the Permitted Encumbrances
related thereto) and subject to no other Liens (other than Permitted Liens related thereto). 
 8.12
Properties. All Real Property owned or leased by Holdings or any of its Subsidiaries as of the Initial Borrowing Date, and the nature of the interest therein, is correctly set forth in Schedule 8.12. Each of Holdings and each of its
Subsidiaries has good and marketable title in the case of Real Property, and good and valid title in the case of tangible personal property, to all material tangible properties owned by it, including all material property reflected in the most
recent historical balance sheets referred to in Section 8.05(a) (except as sold or otherwise disposed of since the date of such balance sheet in the ordinary course of business or as permitted by the terms of this Agreement (or, to the
extent disposed or disposed of prior to the Initial Borrowing Date, the Existing Credit Agreement)), free and clear of all Liens, other than Permitted Liens. 

8.13 Capitalization. (a) On the Initial Borrowing Date, the authorized capital stock of Holdings consists of
1,000 shares of common stock, $0.01 par value, of which 1,000 shares are issued and outstanding and owned by BWAY Parent. All outstanding shares of capital stock of Holdings have been duly and validly issued and are fully paid and non-assessable.

 (b) On the Initial Borrowing Date, the authorized capital stock of the U.S. Borrower consists of
(i) 200,000 shares of common stock, $0.01 par value per share, and (ii) the Existing Preferred Stock (none of which is then outstanding). All outstanding shares of capital stock of the U.S. Borrower have been duly and validly issued and
are fully paid and non-assessable (other than any assessment on the shareholders of the U.S. Borrower that may be imposed as a matter of law) and are owned by Holdings. The U.S. Borrower does not have outstanding any capital stock or other
securities convertible into or exchangeable for its capital stock or any rights to subscribe for or to purchase, or any options for the purchase of, or any agreement providing for the issuance (contingent or otherwise) of, or any calls, commitments
or claims of any character relating to, its capital stock. 
 (c) On the Initial Borrowing Date, the authorized
capital stock of the Canadian Borrower consists of 100,000,000 common shares without par value. All outstanding Equity Interests in the Canadian Borrower have been duly and validly issued and are fully paid and non-assessable (other than any
assessment on the shareholders of the Canadian Borrower that may be imposed as a matter of law) and are owned by Armstrong Containers, Inc., a Delaware corporation, which is a Wholly-Owned Subsidiary of the U.S. Borrower. The Canadian Borrower does
not have outstanding any Equity Interests or other securities convertible into or exchangeable for its Equity Interests or any rights to subscribe for or to purchase, or any options for the purchase of, or any agreement providing for the issuance
(contingent or otherwise) of, or any calls, commitments or claims of any character relating to, its Equity Interests. 
  

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 8.14 Subsidiaries. On and as of the Initial Borrowing Date and after
giving effect to the consummation of the Transaction, (i) Holdings has no direct Subsidiaries other than the U.S. Borrower and (ii) the U.S. Borrower and the Canadian Borrower have no Subsidiaries other than those Subsidiaries listed on
Schedule 8.14. Schedule 8.14 correctly sets forth, as of the Initial Borrowing Date and after giving effect to the Transaction, the percentage ownership (direct and indirect) of the U.S. Borrower and the Canadian Borrower in each class
of capital stock of each of its Subsidiaries and also identifies the direct owner thereof. 
 8.15 Compliance
with Statutes, etc. Each of Holdings and each of its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect of
the conduct of its business and the ownership of its property (including, without limitation, applicable statutes, regulations, orders and restrictions relating to environmental standards and controls), except such noncompliances as, individually
and in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

8.16 Investment Company Act. Neither Holdings nor any of its Restricted Subsidiaries is an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, required to be registered as such. 

8.17 [Reserved.] 

8.18 Environmental Matters. (a) Each of Holdings and each of its Restricted Subsidiaries is in compliance
with all applicable Environmental Laws and the requirements of any permits issued under such Environmental Laws. There are no pending or, to the knowledge of any Credit Agreement Party, threatened Environmental Claims against Holdings or any of its
Restricted Subsidiaries or any Real Property owned, leased or operated by Holdings or any of its Restricted Subsidiaries (including any such claim arising out of the ownership, lease or operation by Holdings or any of its Restricted Subsidiaries of
any Real Property formerly owned, leased or operated by Holdings or any of its Restricted Subsidiaries but no longer owned, leased or operated by Holdings or any of its Restricted Subsidiaries). There are no facts, circumstances, conditions or
occurrences with respect to the business or operations of Holdings or any of its Restricted Subsidiaries, or any Real Property owned, leased or operated by Holdings or any of its Restricted Subsidiaries (including any Real Property formerly owned,
leased or operated by Holdings or any of its Restricted Subsidiaries but no longer owned, leased or operated by Holdings or any of its Restricted Subsidiaries) that would be reasonably expected (i) to form the basis of an Environmental Claim
against Holdings or any of its Restricted Subsidiaries or (ii) to cause any Real Property owned, leased or operated by Holdings or any of its Restricted Subsidiaries to be subject to any restrictions on the ownership, lease, occupancy or
transferability of such Real Property by Holdings or any of its Restricted Subsidiaries under any applicable Environmental Law. 

(b) Hazardous Materials have not at any time been generated, used, treated or stored on, or transported to or from, or
Released on or from, any Real Property owned, leased or operated by Holdings or any of its Restricted Subsidiaries where such generation, use, treatment, storage, transportation or Release has (i) violated or would be reasonably expected to
violate any applicable Environmental Law, (ii) give rise to an Environmental Claim or (iii) give rise to liability under any applicable Environmental Law. 

 

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 (c) Notwithstanding anything to the contrary in this
Section 8.18, the representations and warranties made in this Section 8.18 shall be untrue only if the effect of any or all conditions, violations, claims, restrictions, failures and noncompliances of the types described
above would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

8.19 Labor Relations. Except as set forth in Schedule 8.19 and except to the extent the same has not,
either individually or in the aggregate, had and would not reasonably be expected to have a Material Adverse Effect, (a) there are no strikes, lockouts, slowdowns or other labor disputes pending against Holdings or any of its Restricted
Subsidiaries or, to the knowledge of each Credit Agreement Party, threatened against Holdings or any of its Restricted Subsidiaries, (b) to the knowledge of each Credit Agreement Party, there are no questions concerning union representation
with respect to Holdings or any of its Restricted Subsidiaries, (c) the hours worked by and payments made to employees of Holdings or any of its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other
applicable Federal, state, local, or foreign law dealing with such matters and (d) to the knowledge of each Credit Agreement Party, no wage and hour department investigation has been made of Holdings or any of its Restricted Subsidiaries.

 8.20 Intellectual Property. (a) Each Borrower or each of its Restricted Subsidiaries owns or has
the right to use all the patents, trademarks, domain names, service marks, trade names, copyrights, inventions, trade secrets, formulas, proprietary information and know-how of any type, whether or not written (including, but not limited to, rights
in computer programs and databases) (collectively, “Intellectual Property”), necessary for the present conduct of its respective business, without any known conflict with the Intellectual Property rights of others, except for such
failures to own or have the right to use and/or conflicts as have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

8.21 Indebtedness. Schedule 8.21 sets forth a true and complete list of all Existing Other Indebtedness of
each Borrower and its Subsidiaries as of the Initial Borrowing Date and which is to remain outstanding after giving effect to the Transaction, in each case showing the aggregate outstanding principal amount thereof and the name of the respective
borrower and any Credit Party or any of its Subsidiaries which directly or indirectly guarantees such debt. 

8.22 Insurance. Schedule 8.22 sets forth a true and complete listing of all insurance maintained by each
Borrower and its Subsidiaries as of the Initial Borrowing Date, with the amounts insured (and any deductibles) set forth therein. 

8.23 Representations and Warranties in Merger Documents. On the Initial Borrowing Date (and after giving effect to
the Transaction), all representations and warranties of (x) Holdings and its Subsidiaries (immediately prior to giving effect to the Merger), and (y) to the knowledge of Holdings and its Subsidiaries, all other parties to the Merger
Documents, in each case, as set forth in the Merger Agreement are true and correct in all material respects (or if any representation or warranty was made as of a specified date, such representation or warranty was true and correct as of such
specified date), except as otherwise disclosed to the Administrative Agent in writing prior to the Initial Borrowing Date. 
  

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 8.24 Subordination. 

(a) All monetary Obligations hereunder and under the other Credit Documents are within the definition of
“Senior Debt” included in the Existing Senior Subordinated Notes Indenture. This Agreement (and only this Agreement) constitutes the “Credit Facility” under, and as defined in, the Existing Senior Subordinated Notes Indenture,
and the Indebtedness pursuant to this Agreement constitutes “Designated Senior Debt” under, and as defined in, the Existing Senior Subordinated Notes Indenture. On the Initial Borrowing Date after giving effect to the Transaction, no
Indebtedness other than that pursuant to this Agreement constitutes “Designated Senior Debt” under, and as defined in, the Existing Senior Subordinated Notes Indenture. 

(b) All obligations arising pursuant to the Interest Rate Protection Agreements (to the extent such
obligations under such Interest Rate Protection Agreements constitute Indebtedness or “Interest Swap Obligations” as defined in the Existing Senior Subordinated Notes Indenture) are within the definition of “Senior Debt” included
in the Existing Senior Subordinated Notes Indenture. 
 8.25 Legal Names; Type of Organization (and Whether a
Registered Organization); Jurisdiction of Organization; etc. Schedule 8.25 attached hereto contains for each Credit Party, as of the Initial Borrowing Date, (i) the exact legal name of such Credit Party, (ii) the type of
organization of such Credit Party, (iii) whether or not such Credit Party is a registered organization, (iv) the jurisdiction of organization of such Credit Party, (v) such Credit Party’s Location, (vi) in the case of any
U.S. Credit Party, the organizational identification number (if any) of such U.S. Credit Party and in the case of any Canadian Credit Party, the chief executive office or principal place of business of such Canadian Credit Party and any jurisdiction
(country, state or province) where such Canadian Credit Party stores or maintains tangible personal property or has interests in real Property (owned or leased). To the extent that such U.S. Credit Party does not have an organizational
identification number on the date hereof and later obtains one, such U.S. Credit Party shall promptly thereafter notify the Collateral Agent of such organizational identification number and shall take all actions reasonably satisfactory to the
Collateral Agent to the extent necessary to maintain the security interest of the Collateral Agent in the Collateral intended to be granted pursuant to the Security Documents fully perfected and in full force and effect. 

Section 9. Affirmative Covenants. Holdings and each of its Restricted Subsidiaries hereby covenants and
agrees that on and after the Effective Date and until the Total Commitment and all Letters of Credit have terminated and the Loans, Notes and Unpaid Drawings (in each case together with interest thereon), Fees and all other Obligations (other than
any indemnification obligations arising hereunder which are not then due and payable) incurred hereunder and thereunder, are paid in full: 

9.01 Information Covenants. Holdings will furnish to the Administrative Agent for distribution to each Lender:

 (a) [Reserved.] 

 

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 (b) Quarterly Financial Statements. Within 45 days
after the close of each of the first three quarterly accounting periods in each fiscal year of Holdings, (i) the consolidated balance sheet of Holdings and its Subsidiaries as at the end of such quarterly accounting period and the related
consolidated statements of income and retained earnings and statement of cash flows for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly accounting period, in each case setting
forth comparative figures for the corresponding quarterly accounting period in the prior fiscal year and comparable forecasted figures for such quarterly accounting period based on the corresponding forecasts delivered pursuant to
Section 9.01(e), all of which shall be certified by the chief financial officer of Holdings that they fairly present in all material respects in accordance with generally accepted accounting principles the financial condition of Holdings
and its Subsidiaries as of the dates indicated and the results of their operations for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes, and (ii) management’s discussion and analysis of the
important operational and financial developments during such quarterly accounting period. If Holdings has filed (within the time period required above) a Form 10Q with the SEC for any fiscal quarter described above, then to the extent that such
quarterly report on Form 10 Q contains any of the foregoing items, the Lenders will accept such Form 10 Q in lieu of such items. 

(c) Annual Financial Statements. Within 90 days after the close of each fiscal year of Holdings,
(i) the consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal year and the related consolidated statements of income and retained earnings and statement of cash flows for such fiscal year setting forth
(commencing with Holdings’ fiscal year ending September 30, 2010) comparative figures for the preceding fiscal year and comparable forecasted figures for such fiscal year based on the corresponding forecasts delivered pursuant to
Section 9.01(e) or in the case of the fiscal year ending September 30, 2010, delivered to the Administrative Agent prior to the Initial Borrowing Date and certified in the case of consolidated financial statements, by
Deloitte & Touche LLP or other independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, together with an opinion of such accounting firm (which opinion shall be without a
“going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) which demonstrates that (I) in the course of its regular audit of the financial statements of Holdings and
its Subsidiaries, which audit was conducted in accordance with generally accepted auditing standards, such accounting firm obtained no knowledge of any Default or an Event of Default relating to financial or accounting matters which has occurred and
is continuing or, if in the opinion of such accounting firm such a Default or an Event of Default has occurred and is continuing, a statement as to the nature thereof, and (II) such statements fairly present in all material respects in accordance
with generally accepted accounting principles the financial condition of Holdings and its Subsidiaries as of the date indicated and the results of their operations and changes in their cash flows for the periods indicated, and
(ii) management’s discussion and analysis of the important operational and financial developments during such fiscal year. If Holdings has filed (within the time period required above) a Form 10 K with the SEC for any fiscal year described
above, then to the extent that such annual report on Form 10 K contains any of the foregoing items, the Lenders will accept such Form 10 K in lieu of such items. 

(d) Management Letters. Promptly after Holdings’ or any of its Subsidiaries’ receipt
thereof, a copy of any “management letter” received from its certified public accountants and management’s response thereto in connection with each annual audit of the financial statements of Holdings made by such accountants, subject
to such confidentiality limitations as may be required by such independent public accountants in writing. 
  

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 (e) Forecasts. No later than 60 days following the
first day of each fiscal year of Holdings, a forecast in form reasonably satisfactory to the Administrative Agent (including projected statements of income, sources and uses of cash and balance sheets for Holdings and its Subsidiaries on a
consolidated basis) for each of the twelve months of such fiscal year prepared in detail, with appropriate discussion, the principal assumptions upon which such forecast is based. 

(f) Officer’s Certificates. At the time of the delivery of the Section 9.01 Financials, a
compliance certificate from a Responsible Officer of Holdings in the form of Exhibit K certifying on behalf of Holdings that, to such Responsible Officer’s knowledge after due inquiry, no Default or Event of Default has occurred and is
continuing or, if any Default or Event of Default has occurred and is continuing, specifying the nature and extent thereof, which certificate shall (i) set forth in reasonable detail the calculations required to establish whether Holdings and
its Subsidiaries were in compliance with the provisions of (x) in the case such certificate is being delivered with Section 9.01 Financials being delivered pursuant to Section 9.01(b) or (c), Sections 10.07,
10.08 and 10.09, at the end of the respective fiscal quarter or fiscal year, as the case may be, and (y) in the case such certificate is being delivered with Section 9.01 Financials being delivered pursuant to
Section 9.01(c), Sections 5.02(g), 5.02(h), 5.02(i), 5.02(j) and 5.02(k), in each case to the extent applicable, and of Sections 10.01(xxix), 10.02(iii), 10.02(xi),
10.03(iii), 10.04(iii), 10.04(v), 10.04(viii), 10.04(xiv), 10.07, 10.08 and 10.09, at the end of each fiscal year, (ii) set forth the Consolidated Total Leverage Ratio as at the last day
of the fiscal quarter or fiscal year, as the case may be, of Holdings to which such financial statements relate, together with the calculations (in reasonable detail) required to establish such Consolidated Total Leverage Ratio, (iii) if
delivered with the financial statements required by Section 9.01(c), set forth in reasonable detail the amount of (and the calculations required to establish the amount of) Excess Cash Flow for the respective Excess Cash Flow Payment
Period, and (iv) certify that there have been no changes to Annexes A through D, Annex F and Annexes H through K, in each case of the U.S. Security Agreement, Annexes A through G of the Pledge Agreement and Schedules A through E of the Canadian
Security Agreement, in each case since the Initial Borrowing Date or, if later, since the date of the most recent certificate delivered pursuant to this Section 9.01(f), or if there have been any such changes, a list in reasonable detail
of such changes (but, in each case with respect to this clause (iv), only to the extent that such changes are required to be reported to the Collateral Agent pursuant to the terms of such Security Documents) and whether Holdings and the other Credit
Parties have otherwise taken all actions required to be taken by them pursuant to such Security Documents in connections with any such changes. 

(g) Notice of Default, Litigation and Material Adverse Effect. Promptly, and in any event within
three Business Days after any officer of Holdings or any of its Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default, (ii) any litigation or governmental
investigation or proceeding pending against Holdings or any of its Subsidiaries (x) which, either individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect or (y) with respect to any
Credit Document, or (iii) any other event, change or circumstance that has had, or would reasonably be expected to have, a Material Adverse Effect. 
  

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 (h) Other Reports and Filings. Promptly after the
filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which Holdings or any of its Subsidiaries shall publicly file with the Securities and Exchange Commission or any successor thereto (the
“SEC”) or deliver to holders (or any trustee, agent or other representative therefor) of the Senior Notes pursuant to the terms of the documentation governing the Senior Notes. 

(i) Environmental Matters. Promptly after any officer of Holdings or any of its Subsidiaries
obtains knowledge thereof, notice of one or more of the following environmental matters to the extent that such environmental matters, either individually or when aggregated with all other such environmental matters, would reasonably be expected to
have a Material Adverse Effect: 
 (i) any pending or threatened Environmental Claim against
Holdings or any of its Subsidiaries or any Real Property owned, leased or operated by Holdings or any of its Subsidiaries; 

(ii) any condition or occurrence on or arising from any Real Property owned, leased or operated by the
U.S. Borrower or any of its Subsidiaries that (a) results in noncompliance by Holdings or any of its Subsidiaries with any applicable Environmental Law or (b) would reasonably be expected to form the basis of an Environmental Claim against
Holdings or any of its Subsidiaries or any such Real Property; 
 (iii) any condition or
occurrence on any Real Property owned, leased or operated by Holdings or any of its Subsidiaries that could reasonably be expected to cause such Real Property to be subject to any restrictions on the ownership, lease, occupancy, use or
transferability by Holdings or any of its Subsidiaries of such Real Property under any Environmental Law; and 

(iv) the taking of any removal or remedial action in response to the actual or alleged presence of any
Hazardous Material on any Real Property owned, leased or operated by Holdings or any of its Subsidiaries as required by any Environmental Law or any governmental or other administrative agency and all notices received by Holdings or any of its
Subsidiaries from any government or governmental agency under, or pursuant to, CERCLA which identify Holdings or any of its Subsidiaries as potentially responsible parties for remediation costs or which otherwise notify Holdings or any of its
Subsidiaries of potential liability under CERCLA. 
 All such notices shall describe in reasonable detail the
nature of the claim, investigation, condition, occurrence or removal or remedial action and Holdings’ or such Subsidiary’s response thereto. Notwithstanding anything to the contrary contained above, notice shall not be required to be given
of the matters disclosed in the Merger Documents, except that if there are any adverse developments with respect to matters so disclosed which would rise to the standards set forth above, then a subsequent notice shall be required. 

(j) Notices to Holders of Senior Notes, Refinancing Notes and Permitted Junior Debt.
Contemporaneously with the sending or filing thereof, Holdings will provide to the Administrative Agent for distribution to each of the Lenders, any notices provided to, or received from, holders of Senior Notes, Refinancing Notes and Permitted
Junior Debt. 
  

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 (k) Notice of Intent to Cure. Within the time frame
set forth in the last paragraph of Section 11, a Notice of Intent to Cure, if a Cure Right will be exercised thereunder. 

(l) Financial Statements of Unrestricted Subsidiaries. Simultaneously with the delivery of each set
of Section 9.01 Financials, the related consolidating financial statements reflecting adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements.

(m) Other Information. From time to time, such other information or documents (financial or
otherwise) with respect to Holdings or any of its Subsidiaries as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request. 

9.02 Books, Records and Inspections. (a) Holdings will, and will cause each of its Restricted Subsidiaries
to, keep proper books of record and accounts in which full, true and correct entries in conformity with generally accepted accounting principles and all Requirements of Law shall be made of all dealings and transactions in relation to its business
and activities. Holdings will, and will cause each of its Restricted Subsidiaries to, permit officers and designated representatives of the Administrative Agent or any Lender to visit and inspect, under guidance of officers of Holdings or such
Restricted Subsidiary, any of the properties of Holdings or such Restricted Subsidiary, and to examine the books of account of Holdings or such Restricted Subsidiary and discuss the affairs, finances and accounts of Holdings or such Restricted
Subsidiary with, and be advised as to the same by, its and their officers and independent accountants, all upon reasonable prior notice and at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or any such
Lender may reasonably request; provided that the Administrative Agent shall give the U.S. Borrower an opportunity to participate in any discussions with its accountants; provided further that in the absence of the existence of
an Event of Default, (i) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this Section 9.02 and (ii) the Administrative Agent shall not exercise
its inspection rights under this Section 9.02 more often than two times during any fiscal year and only one such time shall be at the U.S. Borrower’s expense; provided, further, however, that when an Event of
Default exists, the Administrative Agent or any Lender and their respective designees may do any of the foregoing at the expense of the U.S. Borrower at any time during normal business hours and upon reasonable advance notice. 

(b) At a date to be mutually agreed upon between the Administrative Agent and Holdings occurring on or prior to the 60th
day after the close of each fiscal quarter of Holdings, Holdings will hold an informational call with all of the Lenders during which call the financial results of Holdings and its Restricted Subsidiaries for the previous fiscal quarter will be
reviewed. 
 9.03 Maintenance of Property; Insurance. (a) Holdings will, and will cause each of its
Restricted Subsidiaries to, (i) keep all tangible property necessary to the business of Holdings and its Restricted Subsidiaries in good working order and condition, ordinary wear and tear, casualty and condemnation excepted, (ii) maintain
with financially sound and reputable insurance companies insurance on all such property and against all such risks as is consistent and in accordance with industry practice for companies similarly situated owning similar properties and engaged in
similar businesses as Holdings and its Restricted Subsidiaries, and (iii) furnish to the Administrative Agent, upon its request therefor, full information as to the insurance carried. The provisions of this Section 9.03 shall be
deemed supplemental to, but not duplicative of, the provisions of any Security Documents that require the maintenance of insurance. 
  

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 (b) Holdings will, and will cause each of its Restricted Subsidiaries to, at
all times keep its property insured in favor of the Collateral Agent, and all policies or certificates (or certified copies thereof) with respect to such insurance (and any other insurance maintained by Holdings and/or such Restricted Subsidiaries)
(i) shall be endorsed to the Collateral Agent’s reasonable satisfaction for the benefit of the Collateral Agent (including, without limitation, by naming the Collateral Agent as loss payee and/or additional insured), (ii) shall state
that such insurance policies shall not be canceled without at least 30 days’ prior written notice thereof (or, with respect to non-payment of premiums, 10 days prior written notice) by the respective insurer to the Collateral Agent;
provided, that the requirements of this Section 9.03(b) shall not apply to (x) insurance policies covering (1) directors and officers, fiduciary or other professional liability, (2) employment practices liability,
(3) workers compensation liability, (4) automobile and aviation liability, (5) health, medical, dental and life insurance, and (6) such other insurance policies and programs as the Collateral Agent may approve; and
(y) self-insurance programs and (iii) shall be deposited with the Collateral Agent. 
 (c) If Holdings
or any of its respective Restricted Subsidiaries shall fail to maintain insurance in accordance with this Section 9.03, or Holdings or any of its respective Restricted Subsidiaries shall fail to so endorse and deposit all policies or
certificates with respect thereto, the Administrative Agent shall have the right (but shall be under no obligation) to procure such insurance and the Credit Agreement Parties jointly and severally agree to reimburse the Administrative Agent for all
reasonable costs and expenses of procuring such insurance. 
 9.04 Existence; Franchises. Each Credit
Agreement Party will, and will cause each of its Restricted Subsidiaries to, do or cause to be done, all things necessary to preserve and keep in full force and effect its existence and, in the case of each Borrower and its respective Restricted
Subsidiaries, its and their rights, franchises, licenses, permits, and Intellectual Property, in each case to the extent material; provided, however, that nothing in this Section 9.04 shall prevent (i) sales of assets
and other transactions by either Borrower or any of its respective Restricted Subsidiaries in accordance with Section 10.02, (ii) the abandonment by either Borrower or any of its respective Restricted Subsidiaries of any rights,
franchises, licenses, permits, or Intellectual Property that such Borrower reasonably determines are no longer material to the operations of such Borrower and its respective Restricted Subsidiaries taken as a whole or (iii) the withdrawal by
either Borrower or any of its respective Restricted Subsidiaries of its qualification as a foreign corporation, partnership, limited liability company or unlimited liability company, as the case may be, in any jurisdiction if such withdrawal would
not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 9.05
Compliance with Statutes, etc. Each Credit Agreement Party will, and will cause each of its Subsidiaries to, comply with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all governmental bodies,
domestic or foreign, in respect of the conduct of its business and the ownership of its property (including applicable statutes, regulations, orders and restrictions relating to environmental standards and controls), except such noncompliances as
would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

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 9.06 Compliance with Environmental Laws. (a) Each Credit
Agreement Party will comply, and will cause each of its Restricted Subsidiaries to comply, with all Environmental Laws and permits applicable to, or required by, the ownership, lease or use of Real Property now or hereafter owned, leased or operated
by each Credit Agreement Party or any of its Restricted Subsidiaries, except such noncompliances as would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and will promptly pay or cause to be
paid all costs and expenses incurred in connection with such compliance, and will keep or cause to be kept all such Real Property free and clear of any Liens imposed pursuant to such Environmental Laws (other than Liens imposed on leased Real
Property resulting from the acts or omissions of the owner of such leased Real Property or of other tenants of such leased Real Property who are not within the control of a Credit Agreement Party). Except as have not had, and would not reasonably be
expected to have, a Material Adverse Effect, no Credit Agreement Party nor any of its Restricted Subsidiaries will generate, use, treat, store, Release or dispose of, or permit the generation, use, treatment, storage, Release or disposal of
Hazardous Materials on any Real Property now or hereafter owned, leased or operated by such Credit Agreement Party or any of its Restricted Subsidiaries, or transport or permit the transportation of Hazardous Materials to or from any such Real
Property, except for Hazardous Materials generated, used, treated, stored, Released or disposed of at any such Real Properties or transported to or from such Real Properties in compliance with all applicable Environmental Laws and as required or
reasonable in connection with the normal operation, use and maintenance of the business or operations of Holdings or any of its Restricted Subsidiaries. 

(b) (i) After the receipt by the Administrative Agent or any Lender of any notice of the type described in
Section 9.01(i), (ii) at any time that any Credit Agreement Party or any of its Restricted Subsidiaries are not in compliance with Section 9.06(a) or (iii) at any time when an Event of Default is in existence, the
Credit Agreement Parties will (in each case) jointly and severally provide, at the written request of the Administrative Agent, an environmental site assessment report concerning any Real Property owned, leased or operated by such Borrower or any of
its Restricted Subsidiaries (in the event of (i) or (ii) that is the subject of or could reasonably be expected to be the subject of such notice or noncompliance), prepared by an environmental consulting firm reasonably approved by the
Administrative Agent, indicating the presence or absence of Hazardous Materials and the reasonable worst case cost of any removal or remedial action in connection with such Hazardous Materials on such Real Property. If the Credit Agreement Parties
fail to provide the same within 30 days after such request was made, the Administrative Agent may order the same, the reasonable cost of which shall be borne (jointly and severally) by the Borrowers, and the Credit Agreement Parties shall grant and
hereby grant to the Administrative Agent and the Lenders and their respective agents access to such Real Property and specifically grant the Administrative Agent and the Lenders an irrevocable non-exclusive license to undertake such an assessment at
any reasonable time upon reasonable notice to Holdings, all at the sole expense of the Credit Agreement Parties (who shall be jointly and severally liable therefor). 

9.07 ERISA. As soon as possible and, in any event, within ten (10) Business Days after Holdings, any
Restricted Subsidiary of Holdings or any ERISA Affiliate knows of the occurrence of any of the following, Holdings will deliver to the Administrative Agent a certificate of the chief financial officer of Holdings setting forth the full details as to
such occurrence and the action, if any, that Holdings, such Restricted Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices required or proposed to be given or filed by Holdings, such Restricted Subsidiary,
the Plan administrator or such ERISA Affiliate to or with the PBGC or any other governmental agency, or a Plan participant and any notices received by Holdings, such Restricted Subsidiary or such ERISA Affiliate from the PBGC or any other government
agency, or a Plan participant with respect thereto: that (a) an ERISA Event or Canadian Pension Event has occurred that is reasonably expected to result in material liability to Holdings or any Restricted Subsidiary of Holdings; (b) there
has been a material increase in Unfunded Pension Liabilities since the date the representations hereunder are given, or from any prior notice, as applicable; (c) there has been a material increase over the approximately $8,700,000 of estimated
withdrawal liability (as of the date hereof) under Section 4201 of ERISA, if Holdings, any Restricted Subsidiary of Holdings and the ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans, (d) Holdings, any
Restricted Subsidiary of Holdings or any ERISA Affiliate adopts, or commences contributions to, any Plan subject to Section 412 of the Code, or adopts any amendment to a Plan subject to Section 412 of the Code which results in a material
increase in contribution obligations of Holdings, any Restricted Subsidiary or any ERISA Affiliate, (e) that a contribution required to be made with respect to a Foreign Pension Plan has not been timely made which failure is reasonably likely
to result in a material liability; or (f) that a Foreign Pension Plan has been or is reasonably expected to be terminated, reorganized, partitioned or declared insolvent and such event is reasonably expected to result in material liability to
Holdings or any Restricted Subsidiary. Holdings will also deliver to the Administrative Agent, upon request by the Administrative Agent, a complete copy of the annual report (on Internal Revenue Service Form 5500-series) of each Plan (including, to
the extent required, the related financial and actuarial statements and opinions and other supporting statements, certifications, schedules and information) required to be filed with the Internal Revenue Service or other Governmental Authority.

  

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 9.08 End of Fiscal Years; Fiscal Quarters. Holdings will cause
(i) each of its, and each of its Restricted Subsidiaries’, fiscal years to end on the Sunday closest to September 30 of each year and (ii) each of its, and each of its Restricted Subsidiaries’, fiscal quarters to end on the
Sunday closest to September 30, December 31, March 31 and June 30 of each year. 
 9.09
Performance of Obligations. Holdings will, and will cause each of its Subsidiaries to, perform all of its obligations under the terms of each mortgage, indenture, security agreement, loan agreement or credit agreement and each other
agreement, contract or instrument by which it is bound, except such non-performances as, individually and in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

9.10 Payment of Taxes. Holdings will pay and discharge, and will cause each of its Subsidiaries to pay and
discharge, all material Taxes imposed upon it or upon its income or profits or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all material lawful claims which, if unpaid, might become a Lien or charge
upon any properties of either Borrower or any of its respective Subsidiaries not otherwise permitted under Section 10.01(i); provided that neither Holdings nor any of its Subsidiaries shall be required to pay any such Tax which is
being contested in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with generally accepted accounting principles. 

9.11 Use of Proceeds. Each Borrower will use the proceeds of the Loans only as provided in
Section 8.08. 
  

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 9.12 Additional Security; Further Assurances; etc. (a) Holdings will,
and will cause each of the other Credit Parties that are Restricted Subsidiaries of Holdings to, grant to the Collateral Agent for the benefit of the Secured Creditors security interests and Mortgages in such assets and properties of Holdings and
such other Credit Parties that are Restricted Subsidiaries of Holdings as are not covered by the original Security Documents and as may be reasonably requested from time to time by the Administrative Agent or the Required Lenders (collectively, as
may be amended, modified or supplemented from time to time, the “Additional Security Documents”); provided that the pledge of the outstanding capital stock of any Foreign Subsidiary directly owned by the U.S. Borrower or a
Domestic Subsidiary (other than a Canadian Subsidiary, although any pledge of outstanding capital stock of the Canadian Subsidiary in excess of the amount specified below shall be limited to securing guarantees of obligations of the Canadian
Borrower as more fully provided in the Pledge Agreement) shall be limited to (x) no more than sixty-five percent (65%) of the total combined voting power for all classes of the voting Equity Interests of such Foreign Subsidiary and
(y) one-hundred percent (100%) of the non-voting Equity Interests of such Foreign Subsidiary; provided, further, that the pledge of the outstanding capital stock of any Foreign Subsidiary other than a Canadian Subsidiary
shall be limited to securing the obligations of the Canadian Borrower. All such security interests and Mortgages shall be granted pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent and (subject to
exceptions as are reasonably acceptable to the Administrative Agent) shall constitute, upon taking all necessary perfection action (which the Credit Agreement Parties agree to promptly take) valid and enforceable perfected security interests and
Mortgages (except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless
of whether enforcement is sought in equity or at law) superior to and prior to the rights of all third Persons and subject to no other Liens except for Permitted Liens. The Additional Security Documents or instruments related thereto shall be duly
recorded or filed in such manner and in such places as are required by law to establish, perfect, preserve and protect (subject to exceptions as are reasonably acceptable to the Administrative Agent) the Liens in favor of the Collateral Agent
required to be granted pursuant to the Additional Security Documents and all taxes, fees and other charges payable in connection therewith shall be paid in full. Notwithstanding any other provision in the Credit Agreement or any other Credit
Document, no Foreign Subsidiary shall be required to pledge any of its assets to secure any obligations of the U.S. Borrower and in no event shall any Foreign Subsidiary be required to guarantee the obligations of a Borrower or any Domestic
Subsidiary. 
 (b) Holdings will, and will cause each of the other Credit Parties that are Restricted
Subsidiaries of Holdings to, at the expense of the respective Borrower, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory collateral assignments,
conveyances, financing statements, transfer endorsements, powers of attorney, certificates, real property surveys, reports, landlord waivers, bailee agreements, control agreements and other assurances or instruments and take such further steps
relating to the Collateral covered by any of the Security Documents as the Collateral Agent may reasonably require. Furthermore, Holdings will, and will cause the other Credit Parties that are Restricted Subsidiaries of Holdings to, deliver to the
Collateral Agent such opinions of counsel, title insurance and other related documents as may be reasonably requested by the Administrative Agent to assure itself that this Section 9.12 has been complied with. Notwithstanding the
foregoing, nothing in this Agreement shall require any Credit Party to make any filings or take any other actions to record or perfect the Collateral Agent’s Lien in any Intellectual Property outside the United States or Canada. 

(c) If the Administrative Agent reasonably determines that it or the Lenders are required by law or regulation to have
appraisals prepared in respect of any owned Real Property of Holdings and its Restricted Subsidiaries constituting Collateral, the relevant Borrower will, at its own expense, provide to the Administrative Agent appraisals which satisfy the
applicable requirements of the Real Estate Appraisal Reform Amendments of the Financial Institution Reform, Recovery and Enforcement Act of 1989, as amended, and which shall otherwise be in form and substance reasonably satisfactory to the
Administrative Agent. 
  

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 (d) Holdings agrees that each action required by clauses (a) through
(c) of this Section 9.12 shall be completed as soon as reasonably practicable, but in no event later than 90 days after such action is requested to be taken by the Administrative Agent or the Required Lenders, as the case may be;
provided that, in no event will Holdings or any of its Restricted Subsidiaries be required to take any action, other than using its commercially reasonable efforts, to obtain consents from third parties with respect to its compliance with
this Section 9.12. 
 9.13 Ownership of Subsidiaries; etc. (a) Notwithstanding anything to
the contrary contained in this Agreement, the U.S. Borrower or a U.S. Subsidiary Guarantor will at all times own 100% of the Equity Interests of the Canadian Borrower. 

(b) The U.S. Borrower will at all times cause each of its Restricted Subsidiaries to constitute Wholly-Owned Subsidiaries
of the U.S. Borrower, except that (i) the U.S. Borrower may acquire (and thereafter own) one or more non-Wholly-Owned Subsidiaries if, and to the extent, acquired pursuant to one or more Permitted Acquisitions effected in accordance with the
relevant requirements of Section 9.15 and the definition of Permitted Acquisition contained herein; provided that if any non-Wholly-Owned Subsidiary is acquired pursuant to a Two-Step Permitted Acquisition, the respective
Restricted Subsidiary shall be required to become (and thereafter be) a Wholly-Owned Subsidiary on the earlier to occur of (1) the date of the consummation of the subsequent merger or share acquisition or acquisitions or (2) the date
occurring 180 days after the consummation of the initial acquisition of shares in connection therewith, (ii) in addition to non-Wholly-Owned Subsidiaries acquired pursuant to preceding clause (i), after the Initial Borrowing Date, the U.S.
Borrower may create, establish or acquire one or more Restricted Subsidiaries which do not constitute Wholly-Owned Subsidiaries of the U.S. Borrower so long as all Investments therein (as well as any “deemed” Investments pursuant to
following clause (z)) are made, and are permitted to be made, pursuant to clause (xix) of Section 10.05, and (z) the U.S. Borrower may permit any Wholly-Owned Subsidiary to become a non-Wholly-Owned Subsidiary, so long as, at
the time of such occurrence, no Default under Section 11.01 or 11.05 and no Event of Default then exists, no inter-company Indebtedness is owed to or from such Person which would not be permitted if incurred on such date pursuant
to the relevant provisions of this Agreement, and the fair market value (as determined by the U.S. Borrower in good faith) of the residual Equity Interests of the U.S. Borrower and its other Restricted Subsidiaries therein (as of such date, and net
of any subsequent cash equity returns) are on such date (and at all time thereafter) deemed to constitute an Investment made pursuant to clause (xix) of Section 10.05 and are permitted under clause (xix) of
Section 10.05. It is understood and agreed that the foregoing shall not prevent (x) the sale, transfer or other disposition by the U.S. Borrower and its Restricted Subsidiaries of all Equity Interests owned by them in any Restricted
Subsidiary in accordance with the relevant requirements of Section 10.02 or (y) any liquidation or dissolution of a Restricted Subsidiary otherwise permitted in accordance with the relevant requirements of this Agreement.

 9.14 Interest Rate Protection. No later than 90 days following the Effective Date, the U.S. Borrower
will enter into (and thereafter maintain at least until the second anniversary of the Initial Borrowing Date) Interest Rate Protection Agreements on terms mutually acceptable to the U.S. Borrower and the Administrative Agent, after giving effect to
which at least 50% of the B Term Loans and the Senior Notes will bear interest at a fixed or maximum rate. 
  

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 9.15 Permitted Acquisitions. (a) Subject to the provisions of
this Section 9.15 and the requirements contained in the definition of Permitted Acquisition, the U.S. Borrower, the Canadian Borrower, each Wholly-Owned Subsidiary of the U.S. Borrower which is a Credit Party and, in the case of a
Foreign Permitted Acquisition, Wholly-Owned Restricted Subsidiaries of the U.S. Borrower that are not Credit Parties may from time to time after the Initial Borrowing Date effect Permitted Acquisitions, so long as (in each case except to the extent
the Required Lenders otherwise specifically agree in writing in the case of a specific Permitted Acquisition): (i) no Default or Event of Default shall have occurred and be continuing at the time of the consummation of the proposed Permitted
Acquisition or immediately after giving effect thereto; (ii) the U.S. Borrower shall have given to the Administrative Agent and the Lenders at least 10 Business Days’ prior written notice of any Permitted Acquisition (or such shorter
period of time as may be reasonably acceptable to the Administrative Agent), which notice shall describe in reasonable detail the principal terms and conditions of such Permitted Acquisition; (iii) calculations are made by the U.S. Borrower
with respect to the financial covenants contained in Sections 10.08 and 10.09 (or, to the extent such Permitted Acquisition occurs prior to December 31, 2010, with respect to the financial covenants applicable to the Test Period
ending December 31, 2010) for the respective Calculation Period on a Pro Forma Basis as if the respective Permitted Acquisition (as well as all other Permitted Acquisitions theretofore consummated after the first day of such
Calculation Period) had occurred on the first day of such Calculation Period, and such calculations shall show that such financial covenants would have been complied with if the Permitted Acquisition had occurred on the first day of such Calculation
Period; provided that, if the respective Permitted Acquisition is a Two-Step Permitted Acquisition, the calculations required pursuant to this clause (iii) shall be required to be made on a Pro Forma Basis as otherwise
required above, but both after giving effect to (x) first, the acquisition of shares of the Target actually acquired pursuant to the initial acquisition of shares (but not giving effect to any subsequent merger or share acquisition or
acquisitions to be effected as part of the Two-Step Permitted Acquisition) and (y) second, to the actions described in preceding clause (x) and the subsequent merger or share acquisition or acquisitions which will conclude the
respective Two-Step Permitted Acquisition, and both sets of calculations shall show that the financial covenants for such Calculation Period referenced above would have been complied with in both scenarios described in preceding clauses (x) and
(y) of this proviso (i.e., whether or not the subsequent merger or share acquisition or acquisitions is or are ever effected); (iv) [reserved], (v) the aggregate purchase price (including, without limitation, (I) the
aggregate principal amount of any Indebtedness assumed, refinanced, incurred or issued in connection therewith and (II) the aggregate amount of any deferred purchase price (excluding earn-outs, other post-closing contingent payments and working or
similar purchase price adjustments) at any time paid or payable in connection therewith) paid or payable for the proposed Permitted Acquisition, when added to the aggregate consideration paid or payable for all other Permitted Acquisitions
theretofore consummated from the Effective Date, shall not exceed $250,000,000 in the aggregate; provided that the aggregate consideration (calculated as provided above) paid by the U.S. Borrower and its Restricted Subsidiaries in connection
with Permitted Acquisitions made by one or more Foreign Subsidiaries (other than any Canadian Credit Party) of the U.S. Borrower or where the respective Acquired Entity or Business is outside, or is organized outside (or the Person that is the
target Company of the respective Permitted Acquisition owns assets which are located outside), the United States and Canada (or if only a portion the assets of such respective Acquired Entity or Business is located outside of the United States and
Canada, the fair market value of such portion of assets located outside of the United States and Canada) shall not exceed $50,000,000; provided further that, if the U.S. Borrower, the Canadian Borrower or any Wholly-Owned Subsidiary
which is a Credit Party utilizes any Available Amount to effect, in whole or in part, any Permitted Acquisition, the amount so utilized pursuant to this proviso shall not be included in determining compliance with this clause (v); (vi) on the
date of the consummation of such Permitted Acquisition (after giving effect thereto), the sum of (a) all cash and Cash Equivalents (in each case, free and clear of any Lien other than nonconsensual Liens permitted by Section 10.01
and other Liens created under any Credit Document) included in the consolidated balance sheet of Holdings and its Restricted Subsidiaries as of such date plus (b) the Total Unutilized Revolving Loan Commitment shall equal or exceed $25,000,000;
and (vii) the U.S. Borrower shall have delivered to the Administrative Agent and each Lender a certificate executed by its chief financial officer or treasurer, certifying to the best of such officer’s knowledge, compliance with the
requirements of preceding clauses (i) through (vi), inclusive, and containing the calculations (in reasonable detail) required by preceding clauses (iii), (v) and (vi). 

 

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 (b) At the time of each Permitted Acquisition involving the creation or
acquisition of a Restricted Subsidiary, or the acquisition of Equity Interests of any Person, the Equity Interests thereof created or acquired in connection with such Permitted Acquisition shall be pledged for the benefit of the Secured Creditors
pursuant to (and to the extent required by) the Pledge Agreement; provided that the pledge of the outstanding capital stock of any Foreign Subsidiary (other than a Canadian Subsidiary, although any pledge of outstanding capital stock of the
Canadian Subsidiary in excess of the amount specified below shall be limited to securing guarantees of obligations of the Canadian Borrower as more fully provided in the Pledge Agreement) directly owned by the U.S. Borrower or a Domestic Subsidiary
shall be limited to (x) no more than sixty-five percent (65%) of the total combined voting power for all classes of the voting Equity Interests of such Foreign Subsidiary and (y) one-hundred percent (100%) of the non-voting
Equity Interest of such Foreign Subsidiary. 
 (c) Each Borrower will cause each Restricted Subsidiary which is
formed to effect, or is acquired pursuant to, a Permitted Acquisition to comply with, and to execute and deliver all of the documentation as and to the extent required by, Sections 9.12 and 10.14, to the reasonable satisfaction of the
Administrative Agent. 
 (d) The consummation of each Permitted Acquisition shall be deemed to be a
representation and warranty by the respective Borrower that the certifications pursuant to this Section 9.15 are true and correct in all material respects and that all conditions thereto have been satisfied and that same is permitted in
accordance with the terms of this Agreement, which representation and warranty shall be deemed to be a representation and warranty for all purposes hereunder, including, without limitation, Sections 8 and 11. 

9.16 Credit Ratings. Holdings will use commercially reasonable efforts to maintain a corporate credit rating from
S&P and a corporate family rating in Moody’s, in each case, with respect to the Credit Agreement Parties, and a credit rating by S&P and Moody’s with respect to the Indebtedness incurred pursuant to this Agreement and with respect
to the Senior Notes. 
  

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 9.17 Designation of Subsidiaries. Holdings may at any time after the
Initial Borrowing Date designate any Restricted Subsidiary of the U.S. Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary by written notice to the Administrative Agent; provided that
(i) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing, (ii) immediately after giving effect to such designation, Holdings shall be in compliance, on a Pro
Forma Basis, with the covenants set forth in Sections 10.08 and 10.09 (it being understood that if no Test Period cited in Sections 10.08 and 10.09 has passed, the covenants in Sections 10.08 and
10.09 for the first Test Period cited in such Section shall be satisfied as of the last four quarters ended and, as a condition precedent to the effectiveness of any such designation, Holdings shall deliver to the Administrative Agent a
certificate setting forth in reasonable detail the calculations demonstrating such compliance), (iii) in the case of the designation of any Subsidiary as an Unrestricted Subsidiary, such designation shall constitute an Investment in such
Unrestricted Subsidiary (calculated as an amount equal to the sum of (x) the net worth of the Subsidiary designated immediately prior to such designation (such net worth to be calculated without regard to any Obligations of such Subsidiary
under the Subsidiaries Guaranty) and (y) the aggregate principal amount of any Indebtedness owed by the Subsidiary to the U.S. Borrower or any of its Subsidiaries immediately prior to such designation, all calculated, except as set forth in the
parenthetical to clause (x) above, on a consolidated basis in accordance with GAAP), and such Investment shall be permitted Section 10.05(xviii) or (xix), (iii) no Subsidiary may be designated as an Unrestricted
Subsidiary if it is a “Restricted Subsidiary” for the purpose of the Existing Senior Subordinated Notes Indenture, the Senior Notes Indenture, any Refinancing Notes Indenture or any Permitted Junior Notes Document, (iv) if a
Restricted Subsidiary is being designated as an Unrestricted Subsidiary hereunder, the sum of (A) the fair market value of assets of such Subsidiary as of such date of designation (the “Designation Date”), plus
(B) the aggregate fair market value of assets of all Unrestricted Subsidiaries designated as Unrestricted Subsidiaries pursuant to this Section 9.17 prior to the Designation Date (in each case measured as of the date of each such
Unrestricted Subsidiary’s designation as an Unrestricted Subsidiary) shall not exceed 1.5% of Holdings’ and its Subsidiaries’ total assets (on an aggregate basis and after giving pro forma effect to such designation) as of such
Designation Date pro forma for such designation, (v) immediately after giving effect to the designation of an Subsidiary as a Restricted Subsidiary, Holdings shall be in compliance with the provisions of Section 9.12
with respect to such designated Restricted Subsidiary, (vi) no Restricted Subsidiary may be a Subsidiary of an Unrestricted Subsidiary, and (vii) in the case of the designation of any Subsidiary as an Unrestricted Subsidiary, no recourse
whatsoever (whether by contract or by operation of law or otherwise) may be had to Holdings or any of its Restrictive Subsidiaries or any of their respective properties or assets for any obligations of such Unrestricted Subsidiary. The
designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any
Investment by Holdings in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value at the date of such designation of the U.S. Borrower’s Investment in such Subsidiary. 

Section 10. Negative Covenants. Holdings and each of its Restricted Subsidiaries hereby covenants and agrees
that on and after the Effective Date and until the Total Commitment and all Letters of Credit have terminated and the Loans, Notes and Unpaid Drawings (in each case, together with interest thereon), Fees and all other Obligations (other than any
indemnification obligations arising hereunder which are not then due and payable) incurred hereunder and thereunder, are paid in full: 

10.01 Liens. Holdings will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume
or suffer to exist any Lien upon or with respect to any property or assets (real or personal, tangible or intangible) of Holdings or any of its Restricted Subsidiaries, whether now owned or hereafter acquired, or sell any such property or assets
subject to an understanding or agreement, contingent or otherwise, to repurchase such property or assets (including sales of accounts receivable with recourse to Holdings or any of its Restricted Subsidiaries), or assign any right to receive income
or authorize the filing of any financing statement under the UCC with respect to any Lien, or any other similar notice of any Lien under any similar recording or notice statute; provided that the provisions of this Section 10.01
shall not prevent the creation, incurrence, assumption or existence of, or any filing in respect of, the following (Liens described below are herein referred to as “Permitted Liens”): 

(i) inchoate Liens for taxes, assessments or governmental charges or levies not overdue for a period of
more than 60 days or Liens for taxes, assessments or governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves have been established in accordance with generally accepted accounting
principles; 
  

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 (ii) Liens in respect of property or assets of the U.S.
Borrower or any of its Restricted Subsidiaries imposed by law, which were incurred in the ordinary course of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, contractors’,
materialmen’s and mechanics’ liens and other similar Liens arising in the ordinary course of business, and (x) which do not in the aggregate materially detract from the value of the U.S. Borrower’s or such Restricted
Subsidiary’s property or assets or materially impair the use thereof in the operation of the business of the U.S. Borrower or such Restricted Subsidiary or (y) which are being contested in good faith by appropriate proceedings, which
proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien; 

(iii) Liens in existence on the Initial Borrowing Date which are listed, and the property subject thereto
described, in Schedule 10.01(iii), plus renewals, replacements and extensions of such Liens, provided that (x) the aggregate principal amount of the Indebtedness, if any, secured by such Liens does not increase from that amount
outstanding at the time of any such renewal, replacement or extension, plus accrued and unpaid interest and cash fees and expenses (including premium) incurred in connection with such renewal, replacement or extension and (y) any such renewal,
replacement or extension does not encumber any additional assets or properties of Holdings or any of its Restricted Subsidiaries unless such Lien is permitted under the other provisions of this Section 10.01; 

(iv) Liens created pursuant to the Security Documents; 

(v) Leases, subleases, licenses or sublicenses (including licenses or sublicenses of Intellectual
Property) granted to other Persons not materially interfering with the conduct of the business of Holdings or any of its Subsidiaries; 

(vi) Liens upon assets of the U.S. Borrower or any of its Restricted Subsidiaries subject to Capitalized
Lease Obligations to the extent such Capitalized Lease Obligations are permitted by Section 10.04(iii), provided that (x) such Liens only serve to secure the payment of Indebtedness and/or other monetary obligations arising
under such Capitalized Lease Obligation and (y) the Lien encumbering the asset or assets giving rise to such Capitalized Lease Obligation does not encumber any asset of Holdings or any other asset of the U.S. Borrower or any Restricted
Subsidiary of the U.S. Borrower other than the proceeds of the assets giving rise to such Capitalized Lease Obligations; 

(vii) Liens placed upon equipment, machinery or other fixed assets acquired or constructed after the
Initial Borrowing Date and used in the ordinary course of business of the U.S. Borrower or any of its Restricted Subsidiaries and placed at the time of the acquisition or construction thereof by the U.S. Borrower or such Restricted Subsidiary or
within 270 days thereafter to secure Indebtedness incurred to pay all or a portion of the purchase or construction price thereof or to secure Indebtedness incurred solely for the purpose of financing the acquisition or construction of any such
equipment, machinery or other fixed assets or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount, provided that (x) the Indebtedness secured by such Liens is permitted by
Section 10.04(iii) and (y) in all events, the Lien encumbering any asset of Holdings or the equipment, machinery or other fixed assets so acquired or constructed does not encumber any asset of Holdings or any other asset of the U.S.
Borrower or such Restricted Subsidiary; 
  

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 (viii) (x) easements, rights-of-way, restrictions,
encroachments and other similar charges or encumbrances and minor title deficiencies, in each case not securing Indebtedness and not materially interfering with the conduct of the business of the U.S. Borrower or any of its Restricted Subsidiaries
and (y) Canadian municipal by-laws, municipal regulations or municipal agreements, and other similar charges or encumbrances, minor title deficiencies and minor adverse interests on property in Canada, in each case not securing Indebtedness and
not materially interfering with the conduct of the business of the U.S. Borrower or any of its Restricted Subsidiaries and the reservations, limitations, provisos and conditions, if any, expressed in any original grant from the Crown of any Canadian
real property or interest therein; 
 (ix) Liens arising from precautionary UCC and PPSA
financing statement filings regarding operating leases or consignments entered into in the ordinary course of business; 

(x) attachment and judgment Liens, to the extent and for so long as the underlying judgments and decrees
do not constitute an Event of Default pursuant to Section 11.09; 
 (xi) statutory
and common law landlords’ liens under leases to which the U.S. Borrower or any of its Restricted Subsidiaries is a party; 

(xii) Liens (other than Liens imposed under ERISA) incurred in the ordinary course of business in
connection with workers compensation claims, unemployment insurance and social security benefits and Liens securing the performance of bids, tenders, leases and contracts in the ordinary course of business, statutory obligations, surety or appeal
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business and consistent with past practice (exclusive of obligations in respect of the payment for borrowed money); 

(xiii) Permitted Encumbrances; 

(xiv) Liens on property or assets acquired pursuant to a Permitted Acquisition, or on property or assets
of a Restricted Subsidiary of the U.S. Borrower in existence at the time such Restricted Subsidiary is acquired pursuant to a Permitted Acquisition, provided that (x) any Indebtedness that is secured by such Liens is permitted to exist
under Section 10.04(v) or Section 10.04(xiv), and (y) such Liens are not incurred in connection with, or in contemplation or anticipation of, such Permitted Acquisition and do not attach to any asset of Holdings or any
other asset of the U.S. Borrower or any of its Restricted Subsidiaries; and any extensions, renewals and replacements thereof so long as the aggregate principal amount of the Indebtedness secured by such Liens does not increase from that amount
outstanding at the time of any such extension, renewal or replacement, plus accrued and unpaid interest and cash fees and expenses (including premium) incurred in connection with such renewal, replacement or extension, and such extension, renewal or
replacement does not encumber any asset of Holdings or any additional assets or properties of the U.S. Borrower or any of its Restricted Subsidiaries other than the proceeds of the assets subject to such Lien; 

 

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 (xv) deposits or pledges to secure bids, tenders, contracts
(other than contracts for the repayment of borrowed money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature, and as security for contested taxes or import duties or for the payment of rent, in each case
arising in the ordinary course of business; 
 (xvi) Liens on assets of Foreign Subsidiaries
(other than a Canadian Credit Party) securing Indebtedness permitted pursuant to Section 10.04(viii); 

(xvii) Liens on intellectual property to the extent such Liens arise from the granting of licenses to use
such intellectual property to any Person in the ordinary course of business; 
 (xviii) Liens on
property subject to Sale-Leaseback Transactions to the extent such Sale-Leaseback Transactions are permitted by Section 10.02(xiii); 

(xix) any encumbrances or restrictions (including, without limitation, put and call agreements) with
respect to the Equity Interests of any Joint Venture expressly permitted by the terms of this Agreement arising pursuant to the agreement evidencing such Joint Venture; 

(xx) Liens on Collateral in favor of any Credit Party securing intercompany Indebtedness permitted by
Section 10.05(vi), provided that any Liens securing Indebtedness that is required to be subordinated pursuant to Section 10.05(vi) shall be subordinated to the Liens created pursuant to the Security Documents;

 (xxi) Liens on specific items of inventory or other goods (and proceeds thereof) of any Person
securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods, and pledges or deposits in the
ordinary course of business securing inventory purchases from vendors; 
 (xxii) Liens on
insurance policies and the proceeds thereof (whether accrued or not) and rights or claims against an insurer, in each case securing insurance premium financings permitted under Section 10.04(x); 

(xxiii) Liens that may arise on inventory or equipment of the U.S. Borrower or any of its Restricted
Subsidiaries in the ordinary course of business as a result of such inventory or equipment being located on premises owned by Persons other than the U.S. Borrower and its Restricted Subsidiaries; 

(xxiv) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation of goods in the ordinary course of business; 

(xxv) Liens of a collection bank arising under Section 4-210 of the UCC on items in the course of
collection; 
  

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 (xxvi) Liens deemed to exist in connection with Investments
in repurchase agreements permitted under Section 10.05(ii); provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 

(xxvii) Liens that are contractual rights of set-off (i) relating to the establishment of depository
relations with banks not given in connection with the issuance of Indebtedness, or (ii) relating to purchase orders and other agreements entered into with customers of Holdings or any of its Restricted Subsidiaries in the ordinary course of
business; 
 (xxviii) Liens attaching solely to cash earnest money deposits in connection with
any letter of intent or purchase agreement in connection with a Permitted Acquisition or other Investment permitted hereunder; provided that in no event shall any such deposit exceed 5% of the aggregate purchase price of any such Permitted
Acquisition or Investment; 
 (xxix) Liens not otherwise permitted by the foregoing clauses
(i) through (xxviii), or by following clauses (xxx) and (xxxi), to the extent attaching to properties and assets with an aggregate fair market value not in excess of, and securing liabilities not in excess of, $10,000,000 in the
aggregate at any time outstanding; 
 (xxx) Liens on Collateral (as defined in the U.S. Security
Documents) securing obligations of U.S. Credit Parties under Permitted Junior Debt that are secured as provided in the definition thereof; and 

(xxxi) cash deposits with the Existing Senior Subordinated Notes Trustee pursuant to the refinancing
transactions described in Section 6.07(b) or with respect to any Existing Senior Subordinated Notes, any Senior Notes, any Refinancing Notes or any Permitted Junior Debt, in each case to the extent permitted by Section 10.10.

 In connection with the granting of Liens of the type described in clauses (iii), (vi), (vii), (viii), (xiv), (xv), (xviii),
(xix), (xxii), (xxiii), (xxviii) and (xxxi) of this Section 10.01 by the U.S. Borrower, or any of its Restricted Subsidiaries, the Administrative Agent and the Collateral Agent shall, and shall be authorized to, take any
actions deemed appropriate by it in connection therewith (including, without limitation, by executing appropriate lien releases or lien subordination agreements in favor of the holder or holders of such Liens, in either case solely with respect to
the item or items of equipment or other assets subject to such Liens). 
 10.02 Consolidation, Merger,
Purchase or Sale of Assets, etc. Holdings will not, and will not permit any of its Restricted Subsidiaries to, wind up, liquidate or dissolve its affairs or enter into any partnership, joint venture, or transaction of merger or consolidation, or
convey, sell, lease or otherwise dispose of all or any part of its property or assets, or enter into any sale-leaseback transactions, or purchase or otherwise acquire (in one or a series of related transactions) any part of the property or assets
(other than purchases or other acquisitions of inventory, materials and equipment in the ordinary course of business) of any Person (or agree to do any of the foregoing at any future time), except that: 

(i) Capital Expenditures by the U.S. Borrower and its Restricted Subsidiaries shall be permitted to the
extent not in violation of Section 10.07; 
 (ii) Investments may be made to the
extent permitted by Section 10.05; 
  

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 (iii) the U.S. Borrower and its Restricted Subsidiaries may
sell assets, so long as (u) no Default or Event of Default then exists or would result therefrom, (w) each such sale is on terms and conditions not less favorable to the U.S. Borrower or such Restricted Subsidiary as would reasonably be
obtained by the U.S. Borrower or such Restricted Subsidiary at that time in a comparable arm’s-length transaction with a Person other than an Affiliate and the U.S. Borrower or the respective Restricted Subsidiary receives at least fair market
value (as determined in good faith by the U.S. Borrower or such Restricted Subsidiary, as the case may be), (x) at least 75% of the consideration received by the U.S. Borrower or such Restricted Subsidiary shall be in the form of cash or Cash
Equivalents (taking into account the amount of cash and Cash Equivalents, the principal amount of any promissory notes and the fair market value, as determined by the U.S. Borrower or such Restricted Subsidiary, as the case may be, in good faith, of
any other consideration) and is paid at the time of the closing of such sale, (y) the Net Sale Proceeds therefrom are applied as (and to the extent) required by Section 5.02(h) and (z) the aggregate amount of the proceeds
received from all assets sold pursuant to this clause (iii) shall not exceed $5,000,000 in any fiscal year of Holdings; 

(iv) each of the U.S. Borrower and its Restricted Subsidiaries may lease (as lessee) or license (as
licensee) real or personal property (so long as any such lease or license does not create a Capitalized Lease Obligation except to the extent permitted by Section 10.04(iii)); 

(v) each of the U.S. Borrower and its Restricted Subsidiaries may sell or discount, in each case in the
ordinary course of business, accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof and not as part of any financing transaction; 

(vi) each of the U.S. Borrower and its Restricted Subsidiaries may grant licenses, sublicenses, leases or
subleases to other Persons not materially interfering with the conduct of the business of Holdings or any of its Restricted Subsidiaries, in each case so long as no such grant otherwise adversely affects the Collateral Agent’s security interest
in the asset or property subject thereto in any material respect; 
 (vii) (w) any Domestic
Subsidiary of the U.S. Borrower may be merged, consolidated or liquidated with or into the U.S. Borrower (so long as the surviving Person of such merger, consolidation or liquidation is a corporation, limited liability company or limited partnership
organized or existing under the laws of the United States of America, any State thereof or the District of Columbia and, if such surviving Person is not the U.S. Borrower, such Person expressly assumes, in writing, all the obligations of the U.S.
Borrower under the Credit Documents pursuant to an assumption agreement in form and substance reasonably satisfactory to the Administrative Agent) or any U.S. Subsidiary Guarantor (so long as the surviving Person of such merger, consolidation or
liquidation is a Wholly-Owned Domestic Subsidiary of the U.S. Borrower, is a corporation, limited liability company or limited partnership and is or becomes a U.S. Subsidiary Guarantor concurrently with such merger, consolidation or liquidation),
(x) any Canadian Subsidiary of the U.S. Borrower (other than the Canadian Borrower) may be merged, consolidated, amalgamated or liquidated with or into the Canadian Borrower (so long as the Canadian Borrower is the surviving corporation of such
merger, consolidation, amalgamation or liquidation) or any Canadian Subsidiary Guarantor (so long as the surviving Person of such merger, consolidation, amalgamation or liquidation is a Wholly-Owned Subsidiary of the U.S. Borrower organized or
existing under the laws of Canada or any province thereof, is not an unlimited liability company and is or becomes a Canadian Subsidiary Guarantor concurrently with such merger, consolidation or liquidation), (y) any Foreign Subsidiary of the
U.S. Borrower (other than a Canadian Credit Party) may be merged, consolidated, amalgamated or liquidated with or into any Wholly-Owned Foreign Subsidiary of the U.S. Borrower, so long as such Wholly-Owned Foreign Subsidiary is the surviving
corporation of such merger, consolidation, amalgamation or liquidation and (z) any Foreign Subsidiary (other than a Canadian Credit Party) of the U.S. Borrower may be merged, consolidated or liquidated with or into any U.S. Credit Party (so
long as such U.S. Credit Party is the surviving corporation of such merger, consolidation or liquidation); provided that any such merger, consolidation, amalgamation or liquidation shall only be permitted pursuant to this clause (vii), so
long as (I) no Default and no Event of Default then exists or would exist immediately after giving effect thereto and (II) any security interests granted to the Collateral Agent for the benefit of the Secured Creditors in the assets (and Equity
Interests) of any such Person subject to any such transaction shall remain in full force and effect and perfected and enforceable (to at least the same extent as in effect immediately prior to such merger, consolidation, amalgamation or
liquidation); 
  

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 (viii) Permitted Acquisitions may be made to the extent
permitted by Section 9.15, and either Borrower or a Subsidiary Guarantor may permit another Person to merge into or consolidate with it in order to effect a Permitted Acquisition; 

(ix) each of the U.S. Borrower and its Restricted Subsidiaries may make sales of inventory in the ordinary
course of business; 
 (x) each of the U.S. Borrower and its Restricted Subsidiaries may sell or
otherwise dispose of outdated, obsolete surplus or worn out property (other than Real Property), so long as, in each case, disposed of in the ordinary course of business; 

(xi) sales, transfers or dispositions by the U.S. Borrower or any of its Restricted Subsidiaries of
non-strategic or non-core assets purchased as part of a Permitted Acquisition, so long as (u) at the time of such sale, transfer or disposition no Event of Default then exists or would result therefrom (other than any such sale, transfer or
disposition made pursuant to a legally binding commitment entered into at a time when no Event of Default exists), (v) each such sale, transfer or disposition is on terms and conditions no less favorable to the U.S. Borrower or such Restricted
Subsidiary as would reasonably be obtained by the U.S. Borrower or such Restricted Subsidiary at that time in a comparable arm’s length transaction with a Person other than an Affiliate and, in the case of any such sale, transfer or disposition
of non-strategic or non-core assets having a fair market value in excess of $5,000,000, the U.S. Borrower or the respective Restricted Subsidiary receives at least fair market value (as determined in good faith by the U.S. Borrower or such
Restricted Subsidiary, as the case may be), (w) at least 75% of the consideration received by the U.S. Borrower and its Restricted Subsidiaries shall be in the form of cash or Cash Equivalents (taking into account the amount of cash and Cash
Equivalents, the principal amount of any promissory note and the fair market value, as determined by the U.S. Borrower or such Restricted Subsidiary, as the case may be, in good faith, of any other consideration that is paid at the time of closing
of such sale, transfer or disposition, (x) the Net Sale Proceeds therefrom are applied as (and to the extent) required by Section 5.02(h), (y) the aggregate proceeds (determined in a manner consistent with clause
(w) above) received by the U.S. Borrower or such Restricted Subsidiary) from all such sales, transfers or dispositions relating to a given Permitted Acquisition shall not exceed 30% of the aggregate consideration paid for such Permitted
Acquisition, and (z) such non-strategic or non-core assets are sold, transferred or disposed of on or prior to the first anniversary of the respective Permitted Acquisition; 

 

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 (xii) in order to effect a sale, transfer or disposition
otherwise permitted by this Section 10.02, a Restricted Subsidiary (other than the Canadian Borrower) of the U.S. Borrower may be merged or consolidated with or into another Person, or may be dissolved or liquidated; 

(xiii) each of the U.S. Borrower and its Restricted Subsidiaries may effect Sale Leaseback Transactions
involving real property acquired after the Initial Borrowing Date and not more than 180 days prior to such Sale Leaseback Transaction for cash in an amount at least equal to the cost of such property; provided that any Net Sale Proceeds
received by the U.S. Borrower or any of its Restricted Subsidiaries from any such Sale Leaseback Transaction from and after such time as when the U.S. Borrower and its Restricted Subsidiaries shall have received Net Sale Proceeds of at least
$25,000,000 from all Sale Leaseback Transactions occurring after the Initial Borrowing Date shall be applied to repay Term Loans as provided in Section 5.02(h) or reinvested or retained to the extent permitted by
Section 5.02(h); 
 (xiv) the U.S. Borrower and its Subsidiaries may consummate the
Merger; 
 (xv) any issuance or sale of Equity Interests in, or Indebtedness or other securities
of, an Unrestricted Subsidiary; 
 (xvi) transfers of property subject to casualty or
condemnation proceedings upon the occurrence of the related Recovery Event; 
 (xvii) the
abandonment of intellectual property rights in the ordinary course of business, which in the reasonable good faith determination of the U.S. Borrower or a Restricted Subsidiary are not material to the conduct of the business of the U.S. Borrower and
its Restricted Subsidiaries taken as a whole; 
 (xviii) voluntary terminations of Interest Rate
Protection Agreements and Other Hedging Agreements; 
 (xix) dispositions resulting from
foreclosures by third parties on properties of the U.S. Borrower or any of its Restricted Subsidiaries and acquisitions by the U.S. Borrower or any of its Restricted Subsidiaries resulting from foreclosures by such Persons or properties of third
parties; 
 (xx) terminations of leases and subleases, including the lease for the Canadian
leased property located at 120 Walker Drive, Brampton, Ontario, in connection with the exercise of the expansion option in the lease for the Canadian leased property located at 27 Hanson Road, Brampton, Ontario; and 

(xxi) the use of cash and Cash Equivalents to make payments that are otherwise permitted under Sections
10.03 and 10.10. 
  

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 Notwithstanding anything to the contrary contained above in this Section 10.02,
in no event shall the U.S. Borrower or any of its Restricted Subsidiaries (x) sell any Equity Interests in any Restricted Subsidiary of the U.S. Borrower unless 100% of the Equity Interests of such Restricted Subsidiary (and any of its
Restricted Subsidiaries) owned by the U.S. Borrower and its other Subsidiaries are sold or otherwise transferred pursuant thereto (in a transaction otherwise meeting the foregoing requirements of this Section 10.02) and, after giving
effect thereto, the U.S. Borrower and its Restricted Subsidiaries shall owe no Indebtedness to such Person or any of such Person’s Restricted Subsidiaries (unless the amount thereof would be permitted pursuant to Section 10.04 after
giving effect to the change in status of such Person from a Subsidiary to a non-Subsidiary) and any remaining Investments by the U.S. Borrower and its Restricted Subsidiaries and such Person and its Restricted Subsidiaries after the sale of all
Equity Interests therein shall be required to be justified on such date pursuant to clause (xiii) of Section 10.05 after giving effect to the change in status of such Person from a Subsidiary to a non-Subsidiary (to the extent the
same were not previously justified pursuant to said clause) or (y) enter into any sale-lease back transactions other than as permitted pursuant to Section 10.02(xiii). To the extent the Required Lenders waive the provisions of this
Section 10.02 with respect to the sale of any Collateral, or any Collateral is sold as permitted by this Section 10.02 (other than to Holdings or a Restricted Subsidiary thereof), such Collateral shall be sold free and clear
of the Liens created by the Security Documents, and the Administrative Agent and the Collateral Agent shall, and shall be authorized to, take any actions deemed appropriate in order to effect the foregoing. 

10.03 Dividends. Holdings will not, and will not permit any of its Restricted Subsidiaries to, authorize, declare or pay
any Dividends with respect to Holdings or any of its Restricted Subsidiaries, except that: 
 (i)
any Restricted Subsidiary of the U.S. Borrower may pay Dividends or return capital or make distributions and other similar payments with regard to its Equity Interests to the U.S. Borrower or to a Wholly-Owned Subsidiary of the U.S. Borrower which
owns equity therein; 
 (ii) any non-Wholly-Owned Subsidiary of the U.S. Borrower may declare and
pay cash Dividends to its shareholders generally so long as the U.S. Borrower or its respective Restricted Subsidiary which owns the Equity Interests in the Subsidiary paying such Dividends receives at least its proportionate share thereof (based
upon its relative holding of the Equity Interests in the Subsidiary paying such Dividends and taking into account the relative preferences, if any, of the various classes of Equity Interests of such Subsidiary); 

(iii) so long as no Default or Event of Default exists at the time of the respective Dividend, redemption
or repurchase or would exist immediately after giving effect thereto, the U.S. Borrower may pay cash Dividends to Holdings to allow Holdings to pay cash dividends to any Parent Company to redeem or repurchase, contemporaneously with such Dividend,
Equity Interests of such Parent Company from management, employees, officers and directors (and their successors and assigns) of such Parent Company and its Restricted Subsidiaries; provided, further that the aggregate amount of
Dividends made by the U.S. Borrower to Holdings pursuant to this clause (iii), and the aggregate amount paid by Holdings in respect of all such Equity Interests so redeemed or repurchased shall not (net of any cash proceeds received by Holdings (but
in no event from any Initial Public Offering) from issuances of its Equity Interests (other than to the extent included in the Available Amount or in connection with the exercise of the Cure Right) and contributed to the U.S. Borrower in connection
with such redemption or repurchase), in either case, exceed either (x) during any fiscal year of the U.S. Borrower, $10,000,000 (provided that subject to the immediately succeeding clause (y), the amount of cash Dividends permitted to be, but
not, paid in any fiscal year shall increase the amount of cash Dividends permitted to be paid in any succeeding fiscal year) or (y) for all periods after the Initial Borrowing Date (taken as a single period), $30,000,000; provided,
further, that such amount in any calendar year may be increased by an amount not to exceed: (I) the cash proceeds of key man life insurance policies received by any Parent Company, Holdings or any of its Restricted Subsidiaries after the
Effective Date; less (II) the amount of any Dividends previously made with the cash proceeds described in clause (I) of this clause (iii); provided, further, that cancellation of Indebtedness owing to Holdings or the U.S.
Borrower from members of management, officers, directors, employees of Holdings or the U.S. Borrower, any of its Subsidiaries or any Parent Company in connection with a repurchase of Equity Interests of Holdings, the U.S. Borrower or any Parent
Company will not be deemed to constitute a Dividend for purposes of this Agreement; 
  

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 (iv) the U.S. Borrower may pay cash Dividends to Holdings so
long as the proceeds thereof are promptly used by Holdings (or subsequently paid to any Parent Company) to pay expenses incurred by Holdings or any Parent Company in connection with offerings, registrations, or exchange listings of equity or debt
securities and maintenance of same (A) where the net proceeds of such offering are to be received by or contributed to the U.S. Borrower, (B) in a prorated amount of such expenses in proportion to the amount of such net proceeds intended
to be so received or contributed or loaned, or (C) otherwise on an interim basis prior to completion of such offering so long as Holdings and any Parent Company shall cause the amount of such expenses to be repaid to the U.S. Borrower or the
relevant Restricted Subsidiary of the U.S. Borrower out of the proceeds of such offering promptly if such offering is completed; 

(v) the U.S. Borrower may pay cash Dividends to Holdings so long as the proceeds thereof are promptly used
by Holdings (or subsequently paid to a Parent Company) to pay costs (including all professional fees and expenses) incurred by Holdings or any Parent Company in connection with reporting obligations under or otherwise incurred in connection with
compliance with applicable laws, applicable rules or regulations of any governmental, regulatory or self-regulatory body or stock exchange, including in respect of any reports filed with respect to the Securities Act, the Securities Exchange Act or
the respective rules and regulations promulgated thereunder; 
 (vi) the declaration and payment
of dividends or the payment of other distributions by the U.S. Borrower to, or the making of loans or advances to, any Parent Company or the equity interest holders thereof in amounts required for any Parent Company or the equity interest holders
thereof to pay, in each case without duplication: 
 (a) franchise taxes and other fees, taxes and expenses
required to maintain their corporate existence to the extent such taxes, fees and expenses are reasonably attributable to the operations of the U.S. Borrower and its Restricted Subsidiaries; 

 

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 (b) federal, foreign, state and local income or franchise taxes (or any
similar or alternative tax in lieu thereof) to the extent reasonably attributable to the ownership of Holdings and its Restricted Subsidiaries; provided that, in each fiscal year, the amount of such payments shall be equal to the amount that
Holdings and its Restricted Subsidiaries would be required to pay in respect of federal, foreign, state and local income or franchise taxes if such entities were corporations paying taxes separately from any parent entity at the highest combined
applicable federal, foreign, state, local or franchise tax rate for such fiscal year; provided that any refunds of such taxes received by Holdings (net of any costs related thereto, and calculated as if such entities were corporations paying
taxes separately from any parent entity), any Parent Company or the equity interest holder thereof to the extent reasonably attributable to the ownership or operations of Holdings and its Restricted Subsidiaries shall promptly be returned to the
U.S. Borrower; 
 (c) customary salary, bonus and other benefits payable to officers and employees of any Parent
Company to the extent such salaries, bonuses and other benefits are reasonably attributable to the ownership or operations of the U.S. Borrower and its Restricted Subsidiaries; 

(d) general corporate operating and overhead costs and expenses of any Parent Company to the extent such costs and
expenses are reasonably attributable to the ownership or operations of the U.S. Borrower and its Restricted Subsidiaries; 

(e) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Equity Interests of the U.S. Borrower, Holdings or any Parent Company; 

(vii) reasonable and customary indemnities to directors, officers and employees of any Parent Company in
the ordinary course of business, to the extent reasonably attributable to the ownership or operation of Holdings and its Restricted Subsidiaries; 

(viii) the U.S. Borrower may pay cash Dividends to Holdings (or subsequently paid to any Parent Company)
so long as the proceeds thereof are promptly used by such Parent Company to pay (x) obligations under or in respect of director and officer insurance policies to the extent reasonably attributable to the ownership or operation of Holdings and
its Restricted Subsidiaries or (y) indemnification obligations owing to the Sponsor and Sponsor Affiliates under the Sponsor Agreement (as in effect on the date hereof); 

(ix) any Dividend used to fund the Transactions and the fees, costs, and expenses related thereto;

 (x) the U.S. Borrower may pay cash Dividends to Holdings (who may subsequently pay cash
Dividends to any Parent Company) so long as the proceeds thereof are used to pay the Sponsor fees, expenses and indemnification payments that are then permitted to be paid pursuant to Sections 10.06(v) and 10.06(viii); 

(xi) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such
Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xii)
the declaration and payment of dividends on Holdings’ common stock (or a Dividend to any Parent Company to fund a payment of dividends on such Parent Company’s common stock), following an Initial Public Offering of such common stock after
the Effective Date, of up to 6% per annum of the net cash proceeds received by (or, in the case of a Dividend to a Parent Company, contributed to the capital of) Holdings in or from any such Initial Public Offering; 

 

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 (xiii) any Dividends to the extent same are made solely with
proceeds from Excluded Contributions not utilized pursuant to Sections 9.15(a), 10.04(xxxiii), 10.05(xviii), 10.07(c), 10.10(b) or 10.10(c); and 

(xiv) purchases of minority interests in non-Wholly-Owned Subsidiaries by the U.S. Borrower and the
Guarantors; provided that the aggregate amount of such purchases, when added to the aggregate amount of Investments pursuant to Section 10.05(xvii), shall not exceed $10,000,000. 

In determining compliance with this Section 10.03 (and in determining amounts paid as Dividends pursuant hereto for purposes
of the definition of Consolidated Net Income), amounts loaned or advanced to Holdings pursuant to Section 10.05(vi) hereof shall be deemed to be cash Dividends paid to Holdings to the extent provided in said
Section 10.05(vi). 
 10.04 Indebtedness. Holdings will not, and will not permit any of its
Restricted Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness, except: 

(i) Indebtedness incurred pursuant to this Agreement and the other Credit Documents; 

(ii) Indebtedness under Interest Rate Protection Agreements entered into with respect to other
Indebtedness permitted under this Section 10.04 so long as the entering into of such Interest Rate Protection Agreements are bona fide hedging activities and are not for speculative purposes; 

(iii) Indebtedness of the U.S. Borrower and its Restricted Subsidiaries evidenced by Capitalized Lease
Obligations (to the extent permitted pursuant to Section 10.07) and purchase money Indebtedness described in Section 10.01(vii); provided that in no event shall the aggregate principal amount of Capitalized Lease
Obligations and the principal amount of all such Indebtedness incurred or assumed in each case after the Effective Date permitted by this clause (iii) exceed $25,000,000 at any one time outstanding; 

 

 -159- 

 (iv) Indebtedness of the U.S. Borrower evidenced by the
Senior Notes (which may be guaranteed by Holdings and the U.S. Subsidiary Guarantors as provided in the Senior Notes Indenture) in an aggregate principal amount not to exceed $205,000,000 (as reduced by the amount of any prepayments of principal of
Senior Notes made after the Initial Borrowing Date); provided that the then outstanding Senior Notes may be refinanced in full, or at least a majority of the then outstanding aggregate principal amount of Senior Notes may be refinanced in
part through a tender offer for then outstanding Senior Notes, at any time through the issuance by the U.S. Borrower of Refinancing Notes (which may be guaranteed by Holdings and the U.S. Subsidiary Guarantors on substantially the same terms as
their guarantees of the theretofore outstanding Senior Notes), in each case so long as (x) the aggregate principal amount of outstanding Refinancing Notes, when added to the aggregate principal amount of Senior Notes then outstanding (for this
purpose disregarding (1) any Senior Notes which will be repaid with proceeds of the respective issuance of Refinancing Notes substantially concurrently therewith and (2) all Senior Notes, if the U.S. Borrower has given to the Senior Notes
Trustee a notice of redemption of all outstanding Senior Notes (with the respective redemption to occur at least 45 days but not more than 60 days after the giving of the respective notice of redemption) in accordance with the provisions of the
Senior Notes Indenture and has taken all actions necessary to terminate its obligations with respect to the Senior Notes and under the Senior Notes Indenture, in each case, except (i) in connection with any Legal Defeasance (as defined in the
Senior Notes Indenture), those obligations set forth in clauses (1) – (4) of Section 8.02 of the Senior Notes Indenture, in accordance with Sections 8.01, 8.02, 8.04 and 8.05 of the Senior Notes
Indenture, and (ii) in connection with any Covenant Defeasance (as defined in the Senior Notes Indenture), any obligation under the Senior Notes Indenture other than these obligations set forth in Section 8.03 of the Senior Notes
Indenture, in accordance with Sections 8.01, 8.03, 8.04 and 8.05 of the Senior Notes Indenture, in each case, as if same were not outstanding, so long as same are actually repaid substantially concurrently with the
respective issuance of Refinancing Notes (in the case of preceding clause (1)) or redeemed and discharged in accordance with the respective notice of redemption and, in any event, within 40 days after the date of the respective issuance of
Refinancing Notes (in the case of preceding clause (2)), does not at any time exceed $205,000,000, (y) at the time of issuance of any Refinancing Notes and immediately after giving effect thereto, no Default or Event of Default shall be in
existence and the U.S. Borrower shall be in compliance with the requirements of the Senior Notes Indenture (if any Senior Notes are to remain outstanding) and the Refinancing Notes Indenture (unless it is the initial issuance of Refinancing Notes),
in each case applicable to the respective issuance of Refinancing Notes and demonstrate that, as at the last day of the fiscal quarter most recently ended for which Section 9.01 Financials are then available, it would be in compliance on a
Pro Forma Basis with Sections 10.08 (as if the issuance of Refinancing Notes and the anticipated use of the proceeds thereof had occurred on the first day of the Test Period ended on the last day of such fiscal quarter) and
10.09 (calculated as if the issuance of Refinancing Notes and the anticipated use of the proceeds thereof had occurred on the last day of such fiscal quarter) after giving effect thereto and (z) the Refinancing Notes meet the
requirements contained in definition of “Refinancing Notes” contained herein; 
 (v)
Indebtedness of a Restricted Subsidiary of the U.S. Borrower acquired pursuant to a Permitted Acquisition (or Indebtedness assumed at the time of a Permitted Acquisition of an asset securing such Indebtedness), provided that (x) such
Indebtedness was not incurred in connection with, or in anticipation or contemplation of, such Permitted Acquisition, (y) such Indebtedness does not constitute revolving credit or working capital Indebtedness and (z) in no event shall the
aggregate principal amount of Indebtedness incurred or assumed in each case after the Effective Date permitted by this clause (v) exceed $15,000,000 at any one time outstanding; 

(vi) intercompany Indebtedness among the Borrowers and their Restricted Subsidiaries to the extent
permitted by Section 10.05(vi); 
 (vii) Existing Other Indebtedness outstanding on
the Initial Borrowing Date and listed on Schedule 8.21 and any subsequent extension, renewal or refinancing thereof, provided that the aggregate principal amount of the Indebtedness to be extended, renewed or refinanced does not
increase from that amount outstanding at the time of any such extension, renewal or refinancing, plus accrued and unpaid interest and cash fees and expenses (including premium) incurred in connection with such renewal, replacement or extension;

  

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 (viii) Indebtedness of Foreign Subsidiaries (other than a
Canadian Credit Party); provided that the aggregate principal amount of Indebtedness outstanding pursuant to this clause (viii) shall not at any time exceed $45,000,000; 

(ix) [reserved]; 

(x) Indebtedness incurred in the ordinary course of business to finance insurance premiums; 

(xi) Indebtedness incurred in the ordinary course of business in respect of netting services, overdraft
protections, employee credit card programs and other similar services in connection with cash management and deposit accounts and Indebtedness in connection with drafts payable for payroll and other ordinary course expense items; 

(xii) Indebtedness in respect of Other Hedging Agreements so long as the entering into of such Other
Hedging Agreements are bona fide hedging activities and are not for speculative purposes; 

(xiii) unsecured Indebtedness of the U.S. Borrower (which may be guaranteed on a subordinated basis by
Holdings (so long as it is a Guarantor) and any or all U.S. Subsidiary Guarantors), in an aggregate outstanding principal amount not to exceed $30,000,000 at any time, assumed or incurred in connection with any Permitted Acquisition permitted under
Section 9.15, so long as such Indebtedness (and any guarantees thereof) are subordinated to the Obligations upon terms and conditions acceptable to the Administrative Agent or the Required Lenders; 

(xiv) refinancings, renewals or extensions of any Indebtedness incurred pursuant to clause (v) above,
provided that the aggregate principal amount of the Indebtedness to be refinanced, renewed or extended does not increase from that amount outstanding at the time of any such refinancing, renewal or extension, plus accrued and unpaid interest
and cash fees and expenses (including premium) incurred in connection with such renewal, replacement or extension, and is on terms not less favorable in any material respect to the Lenders; 

(xv) additional Indebtedness of the U.S. Borrower and its Restricted Subsidiaries not to exceed
$20,000,000 in aggregate principal amount outstanding at any time; 
 (xvi) Contingent
Obligations for customs, stay, performance, appeal, judgment, replevin and similar bonds and suretyship arrangements, and completion guarantees and other obligations of a like nature, all in the ordinary course of business; 

(xvii) Contingent Obligations to insurers required in connection with worker’s compensation and other
insurance coverage incurred in the ordinary course of business; 
 (xviii) guarantees made by the
U.S. Borrower or any of its Restricted Subsidiaries of Indebtedness of the U.S. Borrower or any of its Restricted Subsidiaries permitted to be outstanding under this Section 10.04; provided that (i) Canadian Subsidiaries
shall not be permitted to guarantee obligations of the U.S. Borrower or its Domestic Subsidiaries pursuant to this clause (xviii) and (ii) such guarantees are permitted by Section 10.05(vi); 

 

 -161- 

 (xix) guarantees made by any Foreign Subsidiary (other than
a Canadian Credit Party) of Indebtedness of any other Foreign Subsidiary (other than a Canadian Credit Party) permitted to be outstanding under clause (viii) of this Section 10.04; 

(xx) guarantees made by Restricted Subsidiaries acquired pursuant to a Permitted Acquisition of
Indebtedness acquired or assumed pursuant thereto in accordance with Section 10.04(v), or any refinancing thereof pursuant to Section 10.04(xiv); provided that such guarantees may only be made by Restricted
Subsidiaries who were guarantors of the Indebtedness originally acquired or assumed pursuant to Section 10.04(v) at the time of the consummation of the Permitted Acquisition to which such Indebtedness relates; 

(xxi) customary Contingent Obligations in connection with sales, other dispositions and leases permitted
under Section 10.02 (but not in respect of Indebtedness for borrowed money or Capitalized Lease Obligations) including indemnification obligations with respect to leases, and guarantees of collectability in respect of accounts receivable
or notes receivable for up to face value; 
 (xxii) guarantees of Indebtedness of directors,
officers and employees of Holdings or any of its Restricted Subsidiaries in respect of expenses of such Persons in connection with relocations and other ordinary course of business purposes; 

(xxiii) guarantees of Indebtedness of a Person in connection with a Joint Venture, provided that
the aggregate principal amount of any Indebtedness so guaranteed, when added to the aggregate amount of unreimbursed payments theretofor made in respect of such guarantees and the amount of Investments then outstanding (and deemed outstanding) under
clause (xix) of Section 10.05, shall not exceed $20,000,000; 
 (xxiv)
[reserved]; 
 (xxv) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within two Business Days of its incurrence; 

(xxvi) severance, pension and health and welfare retirement benefits or the equivalent thereof to current
and former employees of Holdings its Restricted Subsidiaries incurred in the ordinary course of business; 

(xxvii) Indebtedness of any Credit Party supported by a Letter of Credit in a principal amount not to
exceed the face amount of such letter of credit; 
 (xxviii) guarantees made by Holdings or any
of its Restricted Subsidiaries of obligations (not constituting debt for borrowed money) of the U.S. Borrower or any of its Restricted Subsidiaries owing to vendors, suppliers and other third parties incurred in the ordinary course of business;
provided that Canadian Subsidiaries shall not be permitted to guarantee obligations of Holdings or its Domestic Subsidiaries pursuant to this clause (xxviii); 

 

 -162- 

 (xxix) Permitted Junior Debt of the U.S. Borrower incurred
under Permitted Junior Debt Documents, and of Holdings and U.S. Subsidiary Guarantors under guarantees of the obligations of the U.S. Borrower under the Permitted Junior Debt Documents, so long as (i) all such Indebtedness is incurred in
accordance with the requirements of the definition of Permitted Junior Notes or Permitted Junior Loans, as the case may be, (ii) no Default or Event of Default then exists or would result therefrom, (iii) 100% of the Net Debt Proceeds
therefrom shall be used for working capital or other general corporate purchases (including without limitation, to finance one or more Permitted Acquisitions, to pay fees in connection therewith and/or to prepay then outstanding Revolving Loans
(with no corresponding reduction in Revolving Loan Commitments), (iv) calculations are made by the U.S. Borrower demonstrating compliance, on a Pro Forma Basis, with the covenants contained in Sections 10.08 and 10.09 for
the Calculation Period most recently ended prior to the date of the respective issuance of Permitted Junior Notes for which Section 9.01 Financials are available, and (v) the aggregate principal amount of Permitted Junior Debt issued or
incurred after the Initial Borrowing Date shall not, when added to the aggregate amount of Incremental RL Commitments and Incremental Term Loans obtained pursuant to Sections 2.15 and 2.16, exceed $150,000,000; provided that the
U.S. Borrower may issue or incur additional Permitted Junior Debt so long as the Senior Secured Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recently ended Calculation Period for which Section 9.01
Financials were required to have been delivered (or, if no Calculation Period has passed, as of the last four quarters ended), in each case, as if such Permitted Junior Debt had been outstanding on the last day of such four-quarter period, shall not
exceed 3.50 to 1.00, and (vi) the U.S. Borrower shall have furnished to the Administrative Agent a certificate from a responsible Officer certifying as to compliance with the requirements of preceding clauses (i), (ii), (iii), (iv) and
(v) and containing the calculations required by preceding clause (iv); 
 (xxx) Indebtedness
arising out of Sale-Leaseback Transactions permitted by Section 10.01(xviii); 

(xxxi) [reserved]; 

(xxxii) Indebtedness under Refinancing Notes, 100% of the Net Debt Proceeds of which are applied to repay
outstanding Term Loans so long as (i) no Default of Event of Default exists at the time of the issuance thereof and (ii) calculations are made by Holdings demonstrating compliance on a Pro Forma Basis (determined as of the last day of the
most recently ended fiscal quarter for which Section 9.01 Financials are available) with the covenants contained in Sections 10.08 and 10.09; and the U.S Borrower shall have furnished to Administrative Agent a certificate from a
responsible officer certifying as to compliance with the requirements of this clause (ii); 

(xxxiii) Indebtedness of the Loan Parties in an amount equal to the lesser of (x) 100% of the net
cash proceeds received by Holdings since immediately after the Initial Borrowing Date from Excluded Contributions not utilized pursuant to Sections 9.15(a), 10.03(xiii), 10.05(xviii), 10.07(c), 10.10(a),
10.10(b), or 10.10(c) and (y) $50,000,000. 
  

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 10.05 Advances, Investments and Loans. Holdings will not, and will
not permit any of its Restricted Subsidiaries to, directly or indirectly, lend money or credit or make advances to any Person, or purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution
to, any other Person, or purchase or own a futures contract or otherwise become liable for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract, or hold any cash or Cash Equivalents or designate
a Subsidiary as an Unrestricted Subsidiary (each of the foregoing, an “Investment” and, collectively, “Investments” and with the value of each Investment being measured at the time made and without giving effect to
subsequent changes in value or any write-ups, write-downs or write-offs thereof but giving effect to any cash return or cash distributions received by the U.S. Borrower and its Restricted Subsidiaries with respect thereto), except that the following
shall be permitted: 
 (i) the U.S. Borrower and its Restricted Subsidiaries may acquire and hold
accounts receivables owing to any of them, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms of the U.S. Borrower or such Restricted Subsidiary; 

(ii) Holdings and its Restricted Subsidiaries may acquire and hold cash and Cash Equivalents; 

(iii) the U.S. Borrower and its Restricted Subsidiaries may hold the Investments held by them on the
Initial Borrowing Date and described on Schedule 10.05(iii), provided that any additional Investments made with respect thereto shall be permitted only if permitted under the other provisions of this Section 10.05;

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

(v) the U.S. Borrower and its Restricted Subsidiaries may enter into Interest Rate Protection Agreements
to the extent permitted by Section 10.04(ii), and Other Hedging Arrangements to the extent permitted by Section 10.04(xii); 

(vi)(a) the U.S. Credit Parties (other than Holdings) may make intercompany loans to and other investments
in other U.S. Credit Parties, (b) the Canadian Credit Parties may make intercompany loans to, guarantees on behalf of, and other investments in, any other Canadian Credit Party, (c) any Foreign Subsidiary may make intercompany loans to and
other investments in any the U.S. Borrower or any of its Restricted Subsidiaries so long as in the case of such intercompany loans to Credit Parties (other than Holdings), all payment obligations of the respective Credit Parties are subordinated to
their obligations under the Credit Documents on terms reasonably satisfactory to the Administrative Agent, (d) the U.S. Credit Parties may make intercompany loans to, guarantees on behalf of, and other investments in, Foreign Subsidiaries in
order to effect Foreign Permitted Acquisitions in accordance with Section 9.15 so long as the aggregate amount of loans, guarantees and other investments made pursuant to this subclause (d) does not exceed $50,000,000, (e) the
U.S. Credit Parties may make intercompany loans to, guarantees on behalf of, and other investments in, Foreign Subsidiaries (other than Canadian Credit Parties) so long as the aggregate amount of outstanding loans made pursuant to this subclause
(e) does not exceed $7,500,000 and (f) U.S. Credit Parties (other than Holdings) may make intercompany loans to, guarantees on behalf of, and other investments in, Canadian Credit Parties so long as the aggregate amount of outstanding
loans made pursuant to this subclause (f) does not exceed $7,500,000 (any such intercompany loans made pursuant to this clause (vi), “Intercompany Loans”), so long as any note held by a Credit Party and evidencing any such
Intercompany Loan is pledged, promptly upon the Administrative Agent’s request, to the Collateral Agent pursuant to, and to the extent required by, the Pledge Agreement; provided if, and to the extent that any such Intercompany Loan is
made to Holdings, the amount so loaned or advanced would be permitted to be paid by the U.S. Borrower to Holdings at such time as a cash Dividend pursuant to Section 10.03 (and which loan or advance shall not be in duplication of any
amounts permitted to be so paid as cash Dividends pursuant to said Section 10.03); provided that all amounts advanced or loaned, guaranteed or to or otherwise invested in Holdings pursuant to this Section 10.05(vi)
shall be deemed to constitute cash Dividends paid by the U.S. Borrower to Holdings pursuant to the relevant clause(s) of Section 10.03 for purposes of determining compliance with Section 10.03 and for purposes of the
definition of Consolidated Net Income contained herein; 
  

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 (vii) Permitted Acquisitions shall be permitted in
accordance with Section 9.15; 
 (viii) loans and advances by Holdings and its
Restricted Subsidiaries to employees of Holdings and its Restricted Subsidiaries in connection with relocations and other ordinary course of business purposes (including travel and entertainment expenses) shall be permitted; 

(ix) [reserved]; 

(x) non-cash consideration received in connection with any Asset Sale permitted pursuant to
Section 10.02(iii) or (xi); 
 (xi) [reserved]; 

(xii) extensions of trade credit in the ordinary course of business; 

(xiii) earnest money deposits required in connection with Permitted Acquisitions and other Investments to
the extent permitted under Section 10.01(xxviii); 
 (xiv) Investments in deposit accounts
or securities accounts opened in the ordinary course of business; 
 (xv) Investments in the
nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business; 

(xvi) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for
collection or deposit; 
 (xvii) purchases of minority interests in non-Wholly-Owned Subsidiaries
by the U.S. Borrower and the Guarantors; provided that the aggregate amount of such purchases, when added to the aggregate amount of Dividends pursuant to Section 10.03(xiv), shall not exceed $10,000,000; 

(xviii) Investments to the extent same are made solely with proceeds from Excluded Contributions not
utilized pursuant to Sections 9.15(a), 10.03(xiii), 10.04(xxxiii), 10.07(c), 10.10(b) or 10.10(c); and 
  

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 (xix) in addition to investments permitted by clauses
(i) through (xviii) of this Section 10.05, Holdings and its Restricted Subsidiaries may make additional loans, advances and other Investments to or in a Person (including a Joint Venture) in an aggregate amount for all loans,
advances and other Investments made pursuant to this clause (xix) (including without any limitation any Investments deemed made pursuant to this Section 10.05(xix)) pursuant to Section 9.13(b) or the penultimate sentence
of Section 10.02), not to exceed, when added to the aggregate amount then guaranteed under clause (xxiii) of Section 10.04 and all unreimbursed payments theretofore made in respect of guarantees pursuant to clause
(xxiii) of Section 10.04, $20,000,000. 
 10.06 Transactions with Affiliates. Holdings
will not, and will not permit any of its Restricted Subsidiaries to, enter into any transaction or series of related transactions with any Affiliate of the U.S. Borrower or any of its Subsidiaries, other than on terms and conditions not less
favorable to Holdings or such Restricted Subsidiary as would reasonably be obtained by Holdings or such Restricted Subsidiary at that time in a comparable arm’s-length transaction with a Person other than an Affiliate, except: 

(i) Dividends may be paid to the extent provided in Section 10.03; 

(ii) loans and other transactions among Holdings and its Restricted Subsidiaries (and any Parent Company)
to the extent otherwise expressly permitted under Section 10; 
 (iii) customary fees
and indemnifications (including the reimbursement of out-of-pocket expenses) may be paid to directors of Holdings, the U.S. Borrower and its Restricted Subsidiaries; 

(iv) Holdings and its Restricted Subsidiaries may enter into, and may make payments under, employment
agreements, employee benefits plans, stock option plans, indemnification provisions, stay bonuses, severance and other similar compensatory arrangements with officers, employees and directors of Holdings, the U.S. Borrower and its Restricted
Subsidiaries in the ordinary course of business; 
 (v) so long as no Event of Default shall
exist (both before and immediately after giving effect thereto), Holdings and/or the U.S. Borrower may pay fees to the Sponsor (or dividend such funds to any Parent Company (through Holdings) to be paid to Sponsor) and perform its other obligations
pursuant to the terms of the Sponsor Agreement as in effect on the Effective Date; 
 (vi) the
Transaction (including Transaction Costs) shall be permitted; 
 (vii) to the extent not
otherwise prohibited by this Agreement, transactions between or among Holdings and any of its Restricted Subsidiaries shall be permitted (including equity issuances); 

(viii) Holdings or the U.S. Borrower may make payments (or make dividends to a Parent Company (through
Holdings) to make payments) to reimburse the Sponsor for its reasonable out-of-pocket expenses, and to indemnify it, pursuant to the terms of the Sponsor Agreement and the registration rights agreement and subscription agreement entered into in
connection with the Transaction, in each case as in effect on the Effective Date, subject to amendments not adverse to the Lenders in any material respect; 
  

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 (ix) payments by Holdings and its Restricted Subsidiaries to
each other pursuant to tax sharing agreements or arrangements among any Parent Company and its subsidiaries on customary terms (including, without limitation, transfer pricing initiatives); and 

(x) transactions described on Schedule 10.06(x). 

Notwithstanding anything to the contrary contained above in this Section 10.06, in no event shall the U.S. Borrower or any of
its Restricted Subsidiaries pay any management, consulting or similar fee to the Sponsor or any Affiliate of the Sponsor except as specifically provided in clauses (v) and (viii) of this Section 10.06. 

10.07 Capital Expenditures. (a) Holdings will not, and will not permit any of its Restricted Subsidiaries to,
make any Capital Expenditures, except that during any fiscal year of Holdings (beginning with its fiscal year ending closest to September 30, 2010), the U.S. Borrower and its Restricted Subsidiaries may make Capital Expenditures so long as the
aggregate amount of all such Capital Expenditures does not exceed (x) for the period from the Effective Date to September 30, 2010, $20,000,000 and (y) for each fiscal year thereafter, $45,000,000. 

(b) In addition to the foregoing, in the event that the amount of Capital Expenditures permitted to be made by the U.S.
Borrower and its Restricted Subsidiaries pursuant to clause (a) above in any fiscal year of the U.S. Borrower (beginning with the fiscal year of the U.S. Borrower ending closest to September 30, 2011) (before giving effect to any increase
in such permitted Capital Expenditure amount pursuant to this clause (b)) is greater than the amount of Capital Expenditures actually made by the U.S. Borrower and its Restricted Subsidiaries during such fiscal year (or such period, as the case may
be), such excess may be carried forward and utilized to make Capital Expenditures in the immediately succeeding fiscal year, provided that no amounts once carried forward pursuant to this Section 10.07(b) may be carried forward to
any fiscal year of the U.S. Borrower thereafter. 
 (c) In addition to the foregoing, the U.S. Borrower or any
of its Restricted Subsidiaries may make Capital Expenditures not otherwise permitted under this Section 10.07 in an amount not to exceed the then Available Amount. 

10.08 Consolidated Interest Coverage Ratio. Holdings will not permit the Consolidated Interest Coverage Ratio for
any Test Period ending on the last day of a fiscal quarter of the U.S. Borrower described below to be less than the ratio set forth opposite such fiscal quarter below: 
  

			
	 Fiscal Quarter Ending Closest to
	  	Ratio
	 December 31, 2010
	  	2.00:1.00
		
	 March 31, 2011
	  	2.00:1.00
	 June 30, 2011
	  	2.00:1.00
	 September 30, 2011
	  	2.00:1.00
	 December 31, 2011
	  	2.25:1.00
		
	 March 31, 2012
	  	2.25:1.00
	 June 30, 2012
	  	2.25:1.00
	 September 30, 2012
	  	2.25:1.00
	 December 31, 2012
	  	2.25:1.00
		
	 March 31, 2013
	  	2.25:1.00
	 June 30, 2013
	  	2.25:1.00
	 September 30, 2013
	  	2.25:1.00
	 December 31, 2013
	  	2.50:1.00
		
	and thereafter	  	

  

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 Notwithstanding anything to the contrary contained in this
Section 10.08, all calculations of compliance with this Section 10.08 shall be made on a Pro Forma Basis. 

10.09 Maximum Consolidated Total Net Leverage Ratio. Holdings will not permit the Consolidated Total Net Leverage
Ratio for any Test Period ending on the last day of a fiscal quarter of the U.S. Borrower described below to be greater than the ratio set forth opposite such fiscal quarter below: 

 

			
	 Fiscal Quarter Ending Closest to
	  	Ratio
	 December 31, 2010
	  	6.75:1.00
		
	 March 31, 2011
	  	6.75:1.00
	 June 30, 2011
	  	6.75:1.00
	 September 30, 2011
	  	6.75:1.00
	 December 31, 2011
	  	6.25:1.00
		
	 March 31, 2012
	  	6.25:1.00
	 June 30, 2012
	  	6.25:1.00
	 September 30, 2012
	  	6.25:1.00
	 December 31, 2012
	  	5.75:1.00
		
	 March 31, 2013
	  	5.75:1.00
	 June 30, 2013
	  	5.75:1.00
	 September 30, 2013
	  	5.75:1.00
	 December 31, 2013
	  	5.25:1.00
		
	 March 31, 2014
	  	5.25:1.00
	 June 30, 2014
	  	5.25:1.00
	 September 30, 2014
	  	5.25:1.00
	 December 31, 2014
	  	4.75:1.00
		
	 March 31, 2015
	  	4.75:1.00
	 June 30, 2015
	  	4.75:1.00
	 September 30, 2015
	  	4.75:1.00
	 December 31, 2015 and thereafter
	  	4.25:1.00

  

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 Notwithstanding anything to the contrary contained in this
Section 10.09, all calculations of compliance with this Section 10.09 shall be made on a Pro Forma Basis. 

10.10 Limitations on Payments of Senior Notes, Existing Senior Subordinated Notes; Modifications of Senior Note
Documents, Existing Senior Subordinated Note Documents, Certificate of Incorporation, By-Laws and Certain Other Agreements, etc. Holdings will not, and will not permit any of its Restricted Subsidiaries to: 

(a) [reserved]; 

(b) make (or give any notice (other than any such notice that is expressly contingent upon the repayment
in full in cash of all Obligations other than any indemnification obligations arising hereunder which are not due and payable) in respect of) any voluntary or optional payment or prepayment on or redemption or acquisition for value of, or any
prepayment or redemption as a result of any asset sale, Change of Control or similar event of (including, in each case without limitation, by way of depositing with the trustee with respect thereto or any other Person money or securities before due
for the purpose of paying when due), any Senior Notes or Refinancing Notes, except that so long as no Default under Section 11.01 or 11.05 and no Event of Default then exists or would exist immediately after giving effect to the
respective repayment, redemption or repurchase, Senior Notes and Refinancing Notes may be repaid, redeemed, repurchased or defeased (so long as then retired or the required deposit under the applicable indenture is then made) or the applicable
indenture is discharged (so long as the Senior Notes or any such Refinancing Notes will be paid in full within the time period set forth in the applicable indenture) with (i) proceeds of Refinancing Notes issued as contemplated by
Section 10.04(iv) and/or (ii) the proceeds of substantially concurrent Excluded Contributions; 

(c) make (or give any notice (other than any such notice that is expressly contingent upon the repayment
in full in cash of all Obligations other than any indemnification obligations arising hereunder which are not due and payable) in respect of) any voluntary or optional payment or prepayment on or redemption or acquisition for value of, or any
prepayment or redemption as a result of any asset sale, Change of Control or similar event of (including, in each case without limitation, by way of depositing with the trustee with respect thereto or any other Person money or securities before due
for the purpose of paying when due), any Permitted Junior Debt, except that so long as no Default under Section 11.01 or 11.05 and no Event of Default then exists or would exist immediately after giving effect to the respective
repayment, redemption or repurchase, Permitted Junior Debt may be repaid, redeemed, repurchased or defeased (so long as then retired or the required deposit under the applicable indenture is then made) or the applicable indenture is discharged (so
long as the Permitted Junior Debt will be paid in full within the time period set forth in the applicable indenture) with proceeds of Excluded Contributions; 

(d) [reserved]; 
  

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 (e) amend or modify, or permit the amendment or modification
of any provision of, any Senior Note Document or Refinancing Note Document (after the entering into thereof) other than any amendment or modification that is not adverse to the interests of the Lenders in any material respect; 

(f) amend or modify, or permit the amendment or modification of any provision of, any Permitted Junior
Debt Document (after the entering into thereof) other than any amendment or modification that is not adverse to the interests of the Lenders in any material respect; 

(g) amend, modify or change its certificate or articles of incorporation (including, without limitation,
by the filing or modification of any certificate or articles of designation), certificate of formation, limited liability company agreement or by-laws (or the equivalent organizational documents), as applicable, or any agreement entered into by
it with respect to its Equity Interests, or enter into any new agreement with respect to its Equity Interests, unless such amendment, modification, change or other action contemplated by this clause (iii) could not reasonably be expected to be
adverse in any material respect to the interests of the Lenders; or 
 (h) amend, modify or
change any provision of (x) any Sponsor Agreement, unless such amendment, modification or change could not reasonably be expected to be adverse to the interests of the Lenders in any material respect (although no amendment, modification or
change may be made to any monetary term thereof) or (y) any tax sharing agreement, tax allocation agreement or similar agreement of Holdings and its Subsidiaries in effect on the Initial Borrowing Date or enter into any new tax sharing
agreement, tax allocation agreement or similar agreement without the prior written consent of the Administrative Agent. 

10.11 Limitation on Certain Restrictions on Subsidiaries. Holdings will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any such Restricted Subsidiary to (a) pay dividends or make any
other distributions on its capital stock or any other interest or participation in its profits owned by the U.S. Borrower or any of its Restricted Subsidiaries, or pay any Indebtedness owed to the U.S. Borrower or any of its Restricted Subsidiaries,
(b) make loans or advances to the U.S. Borrower or any of its Restricted Subsidiaries or (c) transfer any of its properties or assets to the U.S. Borrower or any of its Restricted Subsidiaries, except for such encumbrances or restrictions
existing under or by reason of: 
 (i) applicable law; 

(ii) this Agreement and the other Credit Documents; 

(iii) the Senior Note Documents and any Refinancing Note Documents; 

(iv) customary provisions restricting subletting or assignment of any lease governing any leasehold
interest of the U.S. Borrower or any of its Restricted Subsidiaries; 
 (v) customary provisions
restricting assignment of any licensing agreement (in which the U.S. Borrower or any of its Restricted Subsidiaries is the licensee) or other contract entered into by the U.S. Borrower or any of its Restricted Subsidiaries in the ordinary course of
business; 
  

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 (vi) restrictions on the transfer of any asset pending the
close of the sale of such asset; 
 (vii) any agreement or instrument governing Indebtedness
assumed in connection with a Permitted Acquisition, to the extent the relevant encumbrance or restriction was not agreed to or adopted in connection with, or in anticipation of, the respective Permitted Acquisition and does not apply to Holdings or
any Restricted Subsidiary of Holdings, or the properties of any such Person, other than the Persons or the properties acquired in such Permitted Acquisition; 

(viii) encumbrances or restrictions on cash or other deposits or net worth imposed by customers under
agreements entered into in the ordinary course of business; 
 (ix) any agreement or instrument
relating to Indebtedness of a Foreign Subsidiary incurred pursuant to clause (viii) of Section 10.04 to the extent such encumbrance or restriction only applies to such Foreign Subsidiary; 

(x) an agreement effecting a refinancing, replacement or substitution of Indebtedness issued, assumed or
incurred pursuant to an agreement or instrument referred to in clause (vii) above, provided, that the provisions relating to such encumbrance or restriction contained in any such refinancing, replacement or substitution agreement are no less
favorable to the U.S. Borrower or the Lenders in any material respect than the provisions relating to such encumbrance or restriction contained in the agreements or instruments referred to in such clause (vii); 

(xi) restrictions on the transfer of any asset subject to a Lien permitted by Section 10.01;

 (xii) restrictions and conditions imposed by the terms of the documentation governing any
Indebtedness of a Restricted Subsidiary of Holdings that is not a Credit Party, which Indebtedness is permitted by Section 10.04; 

(xiii) customary provisions in joint venture agreements and other similar agreements applicable to joint
ventures permitted under Section 10.05 and applicable solely to such joint venture; 

(xiv) on or after the execution and delivery thereof, the Permitted Junior Debt Documents; and 

(xv) negative pledges and restrictions on Liens in favor of any holder of Indebtedness for borrowed money
permitted under Section 10.04 but only if such negative pledge or restriction expressly permits Liens for the benefit of the Administrative Agent and/or the Collateral Agent and the Lenders with respect to the credit facilities
established hereunder and the Obligations under the Credit Documents on a senior basis and without a requirement that such holders of such Indebtedness be secured by such Liens equally and ratably or on a junior basis. 

 

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 10.12 Limitation on Issuance of Capital Stock. (a) Holdings will
not issue (i) any preferred stock or other preferred Equity Interests (other than Qualified Preferred Stock) or (ii) any redeemable common stock or other redeemable common Equity Interests other than common stock or other redeemable common
Equity Interests that are redeemable at the sole option of Holdings. 
 (b) Holdings will not permit any of its
Restricted Subsidiaries to issue any Equity Interests (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, Equity Interests, except (i) for transfers and replacements of then
outstanding shares of Equity Interests, (ii) for stock splits, stock dividends and issuances which do not decrease the percentage ownership of Holdings or any of its Restricted Subsidiaries in any class of the Equity Interests of such
Restricted Subsidiary, (iii) to qualify directors to the extent required by applicable law, (iv) issuances to the U.S. Borrower or any Wholly-Owned Subsidiary that is a Subsidiary Guarantor, to the extent any additional Equity Interests
are pledged pursuant to and in accordance with the Pledge Agreement or the Canadian Security Agreement (in the case of issuances to a Canadian Credit Party) to the extent required by the terms thereof or (v) for issuances by Restricted
Subsidiaries of Holdings which are newly created or acquired in accordance with the terms of this Agreement. 

10.13 Business. (a) Holdings will not permit at any time the business activities taken as a whole conducted
by the U.S. Borrower and its Restricted Subsidiaries to be materially different from the business activities taken as a whole conducted by the U.S. Borrower and its Restricted Subsidiaries on the Initial Borrowing Date (after giving effect to the
Transaction) and Similar Business. 
 (b) Holdings will not engage in any business other than its ownership of
the capital stock of, and the management of, the U.S. Borrower and, indirectly, its Subsidiaries and activities incidental thereto; provided that Holdings may engage in those activities that are incidental to (i) the maintenance of its
corporate existence in compliance with applicable law, (ii) legal, tax and accounting matters in connection with any of the foregoing or following activities, (iii) the entering into, and performing its obligations under, this Agreement
and the Sponsor Agreement, (iv) the issuance, sale or repurchase of its Equity Interests to the extent permitted under this Agreement and the receipt of capital contributions, (v) dividends or distributions on its Equity Interests,
(vi) the filing of registration statements, and compliance with applicable reporting and other obligations, under federal, state or other securities laws, (vii) the listing of its equity securities and compliance with applicable reporting
and other obligations in connection therewith, (viii) the retention of (and the entry into, and exercise of rights and performance of obligations in respect of, contracts and agreements with) transfer agents, private placement agents,
underwriters, counsel, accountants and other advisors and consultants, (ix) the performance of obligations under and compliance with its certificate of incorporation and by-laws, or any applicable law, ordinance, regulation, rule, order,
judgment, decree or permit, including, without limitation, as a result of or in connection with the activities of its Subsidiaries, (x) the incurrence and payment of its operating and business expenses and any taxes for which it may be liable
(including reimbursement to Affiliates for such expenses paid on its behalf), and (xi) making loans to or other Investments in, or incurrence of Indebtedness from, the U.S. Borrower (or in the case of incurrence of Indebtedness from any
Wholly-Owned Domestic Subsidiary which is a Subsidiary Guarantor) as and to the extent not prohibited by this Agreement. 
  

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 10.14 Limitation on Creation of Subsidiaries. Holdings will not, and
will not permit any of its Restricted Subsidiaries to, establish, create or acquire after the Initial Borrowing Date any Subsidiary, provided that (A) the U.S. Borrower and its Wholly-Owned Domestic Subsidiaries that are, or are to
become, U.S. Subsidiary Guarantors may create and/or acquire Wholly-Owned Domestic Subsidiaries so long as (i) all of the Equity Interests of such new Subsidiary are pledged to the Collateral Agent pursuant to the terms and conditions of the
Pledge Agreement, (ii) such new Subsidiary enters into the U.S. Subsidiaries Guaranty and executes and delivers to the Collateral Agent counterparts of the U.S. Security Agreement and the Pledge Agreement, (iii) such new Subsidiary enters
into such Additional Security Documents as the Administrative Agent or the Required Lenders may require pursuant to Section 9.12 and (iv) such new Subsidiary executes and delivers all other relevant documentation (including opinions
of counsel) of the type described in Section 6 as (x) such new Subsidiary would have had to deliver if it were a Credit Party on the Initial Borrowing Date or (y) as reasonably requested by the Administrative Agent,
(B) the Canadian Borrower and its Wholly-Owned Subsidiaries that are, or are to become, Canadian Subsidiary Guarantors may create and/or acquire new Canadian Subsidiaries that are Wholly-Owned Subsidiaries so long as such new Canadian
Subsidiary executes a Canadian Subsidiaries Guarantee and the Canadian Security Agreement substantially in the forms attached hereto as Exhibit I-2 and Exhibit H-2, respectively, (and, if such Subsidiary is organized under the laws of the Province
of Quebec, has its chief executive office or principal place of business in the province of Quebec, or has at any time tangible or intangible personal or real property in Quebec the fair market value of which exceeds $5,000,000, execute Quebec
Security in form and substance reasonably satisfactory to the Collateral Agent), (C) the U.S. Borrower and its Wholly-Owned Restricted Subsidiaries may acquire Wholly-Owned Foreign Subsidiaries pursuant to Foreign Permitted Acquisitions
consummated in accordance with the requirements of Section 9.15 and the definition of Permitted Acquisitions so long as each such Wholly-Owned Subsidiary that is a Canadian Subsidiary takes all actions described in preceding clause
(C) applicable to acquired new Canadian Subsidiaries and (D) Subsidiaries which are not Wholly-Owned Subsidiaries as described in preceding clauses (A), (B) or (C) may be created, established and acquired in accordance with the
requirements set forth in Section 9.13(b), so long as any Equity Interests therein owned by one or more Credit Parties are pledged pursuant to the Pledge Agreement or the Canadian Security Agreement (in the case of Equity Interests owned
by a Canadian Credit Party) to the extent required by the terms thereof and Section 9.12. 
 10.15
Negative Pledges. Holdings shall not, and shall not permit any of its Restricted Subsidiaries to, agree or covenant with any Person to restrict in any way its ability to grant any Lien on its assets in favor of the Lenders or grant a Lien on
its assets (whether now owned or hereafter acquired) to any Person other than the Lenders, except that this Section 10.15 shall not apply to 

(i) any covenants contained in this Agreement or any other Credit Documents or exist on the date hereof; 

(ii) the covenants contained in the Senior Note Documents or any Refinancing Note Documents (in each case so long as same
do not restrict the granting of Liens to secure Indebtedness pursuant to this Agreement); 
 (iii) covenants and
agreements made in connection with any agreement relating to secured Indebtedness permitted by this Agreement but only if such covenant or agreement applies solely to the specific asset or assets to which such Lien relates; 

(iv) customary provisions in leases, subleases, licenses or sublicenses and other contracts restricting the right of
assignment thereof; 
  

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 (v) customary provisions in joint venture agreements and other similar
agreements applicable to joint ventures that are applicable solely to such joint venture; 
 (vi) restrictions
imposed by law; 
 (vii) customary restrictions and conditions contained in agreements relating to any sale of
assets or Equity Interests pending such sale, provided such restrictions and conditions apply only to the Person or property that is to be sold; 

(viii) contractual obligations binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a
Restricted Subsidiary, so long as such contractual obligations were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary; 

(ix) negative pledges and restrictions on Liens in favor of any holder of Indebtedness borrowed money entered into after
the date hereof and otherwise permitted under Section 10.04 but only if such negative pledge or restriction expressly permits Liens for the benefit of the Administrative Agent and/or the Collateral Agent and the Lenders with respect to
the credit facilities established hereunder and the Obligations under the Credit Documents on a senior basis and without a requirement that such holders of such Indebtedness be secured by such Liens equally and ratably or on a junior basis;

 (x) restrictions on any Foreign Subsidiary pursuant to the terms of any Indebtedness of such Foreign
Subsidiary permitted to be incurred hereunder; 
 (xi) restrictions on cash or other deposits imposed by
customers under contracts entered into in the ordinary course of business; and 
 (xii) any restrictions on
Liens imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (xi) above; provided
that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the U.S. Borrower, no more restrictive with respect to such encumbrance and other
restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

10.16 Additional Holdings Covenants. (a) Indebtedness. Holdings will not contract, create, incur,
assume or suffer to exist any Indebtedness, except (i) Indebtedness of Holdings incurred pursuant to this Agreement and the other Credit Documents and (ii) Indebtedness owed to the U.S. Borrower or any of its Wholly-Owned Domestic
Subsidiaries which is a U.S. Subsidiary Guarantor, so long as the respective loan or advance was made in accordance with the requirements of clause (vi) of Section 10.05 and (iii) any other Indebtedness (including Contingent
Obligations) expressly permitted to be incurred by Holdings pursuant to Section 10.04; and 
 (b)
Investments. Holdings will not, directly or indirectly, lend money or credit or make advances to any Person, or purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any
other Person, except for capital contributions to, and purchases of Equity Interests in, the U.S. Borrower and other Investments expressly permitted to be made by Holdings pursuant to Section 10.05. 

 

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 Section 11. Events of Default. Upon the occurrence of any of the
following specified events (each, an “Event of Default”): 
 11.01 Payments. Either
Borrower shall (i) default in the payment when due of any principal of (or Face Amount of in the case of any B/A Instrument) any Loan or any Note or (ii) default, and such default shall continue unremedied for three or more Business Days,
in the payment when due of any interest on any Loan or Note, any Unpaid Drawing or any Fees or any other amounts owing hereunder or under any other Credit Document; or 

11.02 Representations, etc. Any representation, warranty or statement made or deemed made by any Credit Party
herein or in any other Credit Document or in any certificate delivered to the Administrative Agent or any Lender pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of which made or deemed made; or 

11.03 Covenants. Holdings or any of its Restricted Subsidiaries shall (i) default in the due performance or
observance by it of any term, covenant or agreement contained in Section 9.01(g), 9.08, 9.11, 9.13 or 9.15 or Section 10 or (ii) default in the due performance or observance by it of any other term, covenant or agreement
contained in this Agreement or in any other Credit Document (other than those set forth in Sections 11.01 and 11.02) and such default shall continue unremedied for a period of 30 days after written notice thereof to the defaulting
party by the Administrative Agent or the Required Lenders; or 
 11.04 Default Under Other Agreements.
(i) Holdings or any of its Restricted Subsidiaries shall (x) default in any payment of any Indebtedness (other than the Obligations) beyond the period of grace, if any, provided in an instrument or agreement under which such Indebtedness
was created or (y) default in the observance or performance of any agreement or condition relating to any Indebtedness (other than the Obligations) or contained in any instrument or agreement evidencing, securing or relating thereto, or any
other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause (determined
without regard to whether any notice is required), any such Indebtedness to become due prior to its stated maturity, or (ii) any Indebtedness (other than the Obligations) of Holdings or any of its Restricted Subsidiaries shall be declared to be
(or shall become) due and payable, or required to be prepaid other than by a regularly scheduled required prepayment, prior to the stated maturity thereof, provided that it shall not be a Default or an Event of Default under this
Section 11.04 unless the aggregate principal amount of all Indebtedness as described in preceding clauses (i) and (ii) is at least equal to the Threshold Amount; provided that preceding clause (ii) shall not apply
to Indebtedness that becomes due as a result of a voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is otherwise permitted hereunder; or 

 

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 11.05 Bankruptcy, etc. Holdings or any of its Restricted Subsidiaries
shall commence a voluntary case concerning itself under Title 11 of the United States Code entitled “Bankruptcy”, as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is
commenced against Holdings or any of its Restricted Subsidiaries, and the petition is not controverted within 30 days, or is not dismissed within 60 days, after commencement of the case; or a custodian (as defined in the Bankruptcy Code), receiver,
receiver-manager, trustee, monitor is appointed for, or takes charge of, all or substantially all of the property of Holdings or any of its Restricted Subsidiaries, or Holdings or any of its Restricted Subsidiaries commences any other proceeding
under any reorganization, bankruptcy, insolvency, arrangement, winding-up, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to Holdings or
any of its Restricted Subsidiaries (including without limitation with respect to the Canadian Borrower or any Canadian Subsidiary Guarantor under any Canadian Insolvency Law), or there is commenced against Holdings or any of its Restricted
Subsidiaries any such proceeding which remains undismissed for a period of 60 days, or Holdings or any of its Restricted Subsidiaries is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding
is entered; or Holdings or any of its Restricted Subsidiaries suffers any appointment of any custodian, receiver, receiver-manager, trustee, monitor or the like for it or any substantial part of its property to continue undischarged or unstayed for
a period of 60 days; or Holdings or any of its Restricted Subsidiaries makes a general assignment for the benefit of creditors; or any corporate, limited liability company or similar action is taken by any Credit Agreement Party or any of their
Restricted Subsidiaries for the purpose of effecting any of the foregoing; or 
 11.06 ERISA. (a) An
ERISA Event has occurred with respect to a Plan or Multiemployer Plan which has resulted or would reasonably be expected to result in a Material Adverse Effect; (b) there is or arises Unfunded Pension Liability which has resulted or would
reasonably be expected to result in a Material Adverse Effect, (c) there is or arises any potential withdrawal liability under Section 4201 of ERISA, if Holdings, any Restricted Subsidiary of Holdings or the ERISA Affiliates were to
withdraw completely from any and all Multiemployer Plans which has resulted or would reasonably be expected to result in a Material Adverse Effect, (d) a Foreign Pension Plan has failed to comply with, or be funded in accordance with,
applicable law which has resulted or would reasonably be expected to result in a Material Adverse Effect, or (e) Holdings or any of its Restricted Subsidiaries has incurred any obligation in connection with the termination of, or withdrawal
from, any Foreign Pension Plan that, in each case, has resulted or would reasonably be expected to result in a Material Adverse Effect; or (f) a Canadian Pension Event has occurred which has resulted or would reasonably be expected to result in
a Material Adverse Effect; or 
 11.07 Security Documents. Any of the Security Documents shall cease to
be in full force and effect, or shall cease to give the Collateral Agent for the benefit of the Secured Creditors the Liens, rights, powers and privileges purported to be created thereby (including, without limitation, (to the extent provided
therein) a perfected security interest in, and Lien on, all of the Collateral (other than Collateral with an aggregate fair market value not in excess of $2,500,000), in favor of the Collateral Agent, superior to and prior to the rights of all third
Persons (except as permitted by Section 10.01), and subject to no other Liens (except as permitted by Section 10.01)); or 

11.08 Guaranties. Any Guaranty or any provision thereof shall cease to be in full force or effect as to any
Guarantor, or any Guarantor or any Person acting for or on behalf of such Guarantor shall deny or disaffirm such Guarantor’s obligations under the Guaranty to which it is a party or any Guarantor shall default in the due performance or
observance of any term, covenant or agreement on its part to be performed or observed pursuant to the Guaranty to which it is a party; or 

11.09 Judgments. One or more judgments or decrees shall be entered against Holdings or any Restricted Subsidiary
of Holdings involving in the aggregate for Holdings and its Restricted Subsidiaries a liability or liabilities (not paid or fully covered by a reputable and solvent insurance company with respect to judgments for the payment of money) and such
judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of 30 consecutive days, and (i) the aggregate amount of all such judgments and decrees (to the
extent not so covered or paid by such insurance company) equals or exceeds the Threshold Amount or (ii) such judgments, individually and in the aggregate, have had, or would reasonably be expected to have, a Material Adverse Effect;
or 
  

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 11.10 Change of Control. A Change of Control shall occur; then, and
in any such event, and at any time thereafter, if any Event of Default shall then be continuing, the Administrative Agent, upon the written request of the Required Lenders, shall by written notice to the U.S. Borrower, take any or all of the
following actions, without prejudice to the rights of the Administrative Agent, any Lender or the holder of any Note to enforce its claims against any Credit Party (provided that, if an Event of Default specified in Section 11.05
shall occur with respect to any Credit Agreement Party, the result which would occur upon the giving of written notice by the Administrative Agent as specified in clauses (i) and (ii) below shall occur automatically without the giving of
any such notice): (i) declare the Total Commitment terminated, whereupon all Commitments of each Lender shall forthwith terminate immediately and any Commitment Commission shall forthwith become due and payable without any other notice of any
kind; (ii) declare the principal of and any accrued interest in respect of all Loans and the Notes and all Obligations owing hereunder and thereunder (including the Face Amount of all outstanding Bankers Acceptance Loans and Unpaid Drawings) to
be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Credit Party; (iii) terminate any Letter of Credit which may be terminated
in accordance with its terms; (iv) direct the U.S. Borrower or the Canadian Borrower, as the case may be, to pay (and each of the U.S. Borrower and the Canadian Borrower agrees that upon receipt of such notice, or upon the occurrence of an
Event of Default specified in Section 11.05 with respect to Holdings or either Borrower, it will pay) to the Collateral Agent at the Payment Office such additional amount of cash or Cash Equivalents, to be held as security by the
Collateral Agent, as is equal to the aggregate Stated Amount of all Letters of Credit issued for the account of the U.S. Borrower or the Canadian Borrower, as the case may be, and then outstanding; (v) enforce, as Collateral Agent, all of the
Liens and security interests created pursuant to the Security Documents; and (vi) apply any cash collateral held by the Administrative Agent pursuant to Section 5.02 to the repayment of the Obligations. 

Notwithstanding anything to the contrary contained in this Section 11, in the event that Holdings fails to
comply with the requirements of Sections 10.08 or 10.09 as of the end of any relevant fiscal quarter, Holdings shall have the right (the “Cure Right”) (at any time during such fiscal quarter or thereafter until the
date that is 10 Business Days after the date the respective Compliance Certificate with respect to such fiscal quarter is required to be delivered pursuant to Section 9.01(f)) to receive cash contributions to its common equity or cash
proceeds from issuances of common Equity Interests, Qualified Preferred Stock, or other preferred Equity Interests having terms and conditions reasonably acceptable to the Administrative Agent, in each case in an amount equal to no greater than that
needed to cause Holdings to be in compliance with the requirements of Sections 10.08 and 10.09 (the “Cure Amount”), and, provided 100% of such cash contribution, or such cash proceeds received, has been contributed to
U.S. Borrower as a cash contribution to its common equity, thereupon Holdings’ compliance with Sections 10.08 or 10.09 shall be recalculated giving effect to the following pro forma adjustments: (i) Consolidated EBITDA shall
be increased, solely for the purposes of determining compliance with Sections 10.08 or 10.09, as of the end of such fiscal quarter and applicable subsequent periods that include such fiscal quarter by an amount equal to the Cure
Amount (provided that, for such relevant fiscal quarter, Consolidated Indebtedness shall not be recalculated to give effect to any repayment of Indebtedness with the Cure Amount) and (ii) if, after giving effect to the foregoing recalculations,
the requirements of Sections 10.08 and 10.09 shall be satisfied, then the requirements of Sections 10.08 and 10.09 shall be deemed satisfied as of the end of the relevant fiscal quarter with the same effect as though
there had been no failure to comply therewith at such date, and the applicable breach of Sections 10.08 and/or 10.09 that had occurred (and any resultant Default or Event of Default) shall be deemed retroactively not to have occurred
for the purposes of this Agreement. Notwithstanding anything herein to the contrary, (a) the Cure Amount shall be no greater than the amount required for purposes of complying with Sections 10.08 and 10.09, (b) in each four
fiscal quarter period there shall be a period of at least two consecutive fiscal quarters in which the Cure Right is not exercised, (c) U.S. Borrower shall not be entitled to exercise the Cure Right more than four times during the term of this
Agreement, (d) all Cure Amounts shall be disregarded for purposes of determining the Applicable Margin, the Applicable Prepayment Percentage, the Available Amount, any financial ratio-based conditions or baskets set forth in
Section 10, and (e) upon Administrative Agent’s receipt of a notice from U.S. Borrower that it intends to exercise the Cure Right (a “Notice of Intent to Cure”), until the 10th Business Day following date of
the Compliance Certificate with respect to the fiscal quarter to which such Notice of Intent to Cure relates is acquired to be delivered pursuant to Section 9.01(f) (or if earlier, when delivered), none of Administrative Agent nor any
Lender shall exercise the right to accelerate the Loans or terminate the Commitments and none of Administrative Agent, Collateral Agent nor any other Lender or Secured Creditors shall (i) exercise any right to foreclose on or take possession of
the Collateral or (ii) exercise any other remedy pursuant to this Section 11 or applicable law solely on the basis of an Event of Default having occurred and being continuing under Section 10.08 or 10.09, and
(C) upon the delivery by the U.S. Borrower of a Notice of Intent to Cure, the Borrowers shall be permitted to incur Revolving Loans, subject to the terms and conditions of this Agreement, notwithstanding the existence of any Default or Event of
Default that is the subject of such Notice of Intent to Cure; provided that if the Cure Right is not exercised within 10 Business Days after delivery of the Notice of Intent to Cure, the Borrowers shall not be permitted to incur Revolving
Loans as otherwise provided under this clause (C). 
  

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 Section 12. The Administrative Agent. 

12.01 Appointment. (a) Each Lender hereby irrevocably designates and appoints (w) DB Canada as Canadian
Sub-Agent, (x) DBTCA as Administrative Agent for such Lender (for purposes of this Section 12, the term “Administrative Agent” shall mean DBTCA in its capacities as Administrative Agent and as Collateral Agent hereunder
and pursuant to the Security Documents and DB Canada as the Canadian Sub-Agent), (y) Deutsche Bank Securities Inc. and Banc of America Securities LLC and Barclays Capital, as Joint Lead Arrangers for such Lender and (z) Barclays Capital as
Documentation Agent for such Lender, each to act as specified herein and in the other Credit Documents, and each such Lender hereby irrevocably authorizes the Administrative Agent and each Joint Lead Arranger to take such action on its behalf under
the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to or required of the Administrative Agent or such Joint Lead Arranger, as the case may be, by the terms
of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Each of the Agents may perform any of their respective duties under this Agreement, the other Credit Documents and any other
instruments and agreements referred to herein or therein by or through its respective officers, directors, agents, employees or affiliates (it being understood and agreed, for avoidance of doubt and without limiting the generality of the foregoing,
that the Administrative Agent and/or Collateral Agent may perform any of its duties under the Security Documents by or through one or more of its affiliates). 
  

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 (b) The provisions of this Section 12 are solely for the benefit
of the Agents and the Lenders, and neither Holdings nor any of its Subsidiaries shall have any rights as a third party beneficiary of any of the provisions hereof. In performing its functions and duties under this Agreement, each Agent shall act
solely as agent for the Lenders, and each Agent assumes no (and shall not be deemed to have assumed any) obligation or relationship of agency or trust with or for Holdings or any of its Subsidiaries. 

12.02 Nature of Duties. No Agent shall have any duties or responsibilities except those expressly set forth in
this Agreement and in the other Credit Documents. Neither any Agent nor any of its officers, directors, agents, employees or affiliates shall be liable for any action taken or omitted by it hereunder or under any other Credit Document or in
connection herewith or therewith, unless caused by its or their gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). The duties of the Agents shall be mechanical and
administrative in nature; no Agent shall have by reason of this Agreement or any other Credit Document a fiduciary relationship in respect of any Lender or the holder of any Note and nothing in this Agreement or in any other Credit Document,
expressed or implied, is intended to or shall be so construed as to impose upon any Agent any obligations in respect of this Agreement or any other Credit Document except as expressly set forth herein or therein, provided that the Agents
shall be deemed to be a trustee and stand in a fiduciary relationship with respect to the Lenders and the holders of Notes for purposes of any Security Document governed by the laws of a jurisdiction located outside the United States where the
Agents shall determine, based on advice of local counsel, that same is necessary or desirable for purposes of realizing the benefits intended to be conferred pursuant to such Security Document, and the Lenders hereby irrevocably designate each of
the Agents as their trustee for such purpose and authorize each of the Agents to at any time and from time to time take all actions (including, without limitation, making demand for all amounts then due and payable and the exercise of other
remedies) on their behalf in accordance with the terms of such Security Document without the necessity of any notice to or further consent from any Lender, and the Lenders hereby agree to indemnify the Agents (and each of their respective officers,
directors, trustees, employees, representatives and agents) and hold each of them harmless against any and all liabilities, obligations (including removal or remedial actions), losses, damages, penalties, claims, actions, judgments, suits, costs,
expenses and disbursements (including reasonable attorneys’ and consultants’ fees and disbursements) incurred by, imposed on or assessed against any of them as a result of, or arising out of, or in any way related to, or by reason of, the
taking of any action or any omission to take action under any such Security Document unless such action is taken or omitted to be taken with gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision). 
 12.03 Certain Rights of the Agents. The Agents shall have the right to
request instructions from the Required Lenders at any time. If any Agent shall request instructions from the Required Lenders with respect to any act or action (including failure to act) in connection with this Agreement or any other Credit
Document, such Agent shall be entitled to refrain from such act or taking such action unless and until such Agent shall have received instructions from the Required Lenders; and such Agent shall not incur liability to any Lender by reason of so
refraining. Without limiting the foregoing, neither any Lender nor the holder of any Note shall have any right of action whatsoever against any Agent or any of its employees, directors, officers, agents or affiliates as a result of such Agent or
such other person acting or refraining from acting hereunder or under any other Credit Document in accordance with the instructions of the Required Lenders. 
  

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 12.04 Reliance by Agents. Each Agent shall be entitled to rely, and
shall be fully protected (and shall have no liability to any Person) in relying, upon any note, writing, resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram, radiogram, order, telephone message or other
document or conversation that such Agent believed, in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision), to be the proper Person, and, with respect to
all legal matters pertaining to this Agreement and any other Credit Document and its duties hereunder and thereunder, upon advice of counsel selected by such Agent (which may be counsel for the Credit Parties) and, with respect to other matters,
upon advice of independent public accountants or other experts selected by it. 
 12.05 Notice of Default,
etc. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless such Agent has actually received written notice from a Lender or either Borrower referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Agents
shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that, unless and until any Agent shall have received such directions, such Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders (as determined by such Agent in its sole discretion). 

12.06 Nonreliance on Agents and Other Lenders. Independently and without reliance upon any Agent, each Lender and
the holder of each Note, to the extent it deems appropriate, has made and shall continue to make its own independent investigation of the financial condition and affairs of Holdings and its Subsidiaries in connection with the making and the
continuance of the Loans and the taking or not taking of any action in connection herewith and, except as expressly provided in this Agreement, no Agent shall have any duty or responsibility, either initially or on a continuing basis, to provide any
Lender or the holder of any Note with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter. No Agent or their respective affiliates nor any of
their respective officers, directors, agents or employees shall be responsible to any Lender or the holder of any Note for, or be required or have any duty to ascertain, inquire or verify the accuracy of, (i) any recitals, statements,
information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, (ii) the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority
or sufficiency of this Agreement or any other Credit Document, (iii) the financial condition of Holdings and any of its Subsidiaries, (iv) the performance or observance of any of the terms, provisions or conditions of this Agreement or any
other Credit Document, (v) the satisfaction of any of the conditions precedent set forth in Section 6 or 7, or (vi) the existence or possible existence of any Default or Event of Default. 

12.07 Indemnification. (a) To the extent any Agent (or any affiliate thereof) is not reimbursed and
indemnified by the Credit Agreement Parties, the Lenders will reimburse and indemnify such Agent (and any affiliate thereof) in proportion to their respective “percentages” as used in determining the Required Lenders (determined as if
there were no Defaulting Lenders), for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against
or incurred by such Agent (or any affiliate thereof) in performing its respective duties hereunder or under any other Credit Document or in any way relating to or arising out of this Agreement or any other Credit Document, provided that no
Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct (as determined
by a court of competent jurisdiction in a final and non-appealable decision). 
  

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 (b) Any Agent shall be fully justified in failing or refusing to take any
action hereunder and under any other Credit Document (except actions expressly required to be taken by it hereunder or under the Credit Documents) unless it shall first be indemnified to its satisfaction by the Lenders pro rata against
any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 

(c) The agreements in this Section 12.07 shall survive the payment of all Obligations. 

12.08 Agents in their Individual Capacities. With respect to its obligation to make Loans, or issue or participate
in Letters of Credit, under this Agreement, each Agent shall have the rights and powers specified herein for a “Lender” and may exercise the same rights and powers as though it were not performing the duties specified herein; and the term
“Lender”, “Required Lenders”, “Supermajority Lenders”, “Majority Lenders”, “holders of Notes” or any similar terms shall, unless the context clearly otherwise indicates, include each Agent in its
individual capacity. Each Agent and its affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, investment banking, trust or other business with, or provide debt financing, equity capital or other services
(including financial advisory services) to, any Credit Party or any Affiliate of any Credit Party (or any Person engaged in a similar business with any Credit Party or any Affiliate thereof) as if they were not performing the duties specified
herein, and may accept fees and other consideration from any Credit Party or any Affiliate of any Credit Party for services in connection with this Agreement and otherwise without having to account for the same to the Lenders. 

12.09 Holders. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all
purposes hereof unless and until a written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed with the Administrative Agent. Any request, authority or consent of any Person or entity who, at the time
of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding on any subsequent holder, transferee, assignee or endorsee, as the case may be, of such Note or of any Note or Notes issued in
exchange therefor. 
 12.10 Resignation of the Agents. (a) The Administrative Agent and Canadian
Sub-Agent may resign from the performance of all its functions and duties hereunder and/or under the other Credit Documents (including, without limitation, its functions and duties as Collateral Agent) at any time by giving 30 Business Days’
prior written notice to the Lenders and, unless a Default or an Event of Default under Section 11.05 then exists, the U.S. Borrower. Any such resignation by an Agent hereunder shall also constitute its resignation (if applicable) as an
Issuing Lender and Swingline Lender, in which case the resigning Agent (x) shall not be required to issue any further Letters of Credit or make any additional Swingline Loans hereunder and (y) shall maintain all of its rights as Issuing
Lender or Swingline Lender, as the case may be, with respect to any Letter of Credit issued by it, or Swingline Loans made by it, prior to the date of such resignation. Such resignation shall take effect upon the appointment of a successor
Administrative Agent pursuant to clauses (b) and (c) below or as otherwise provided below. 
  

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 (b) Upon any such notice of resignation by the Administrative Agent, the
Required Lenders shall appoint a successor Administrative Agent and Canadian Sub-Agent hereunder and/or under the other Credit Documents who shall be a commercial bank or trust company acceptable to the U.S. Borrower, which acceptance shall not be
unreasonably withheld or delayed (provided that the U.S. Borrower’s approval shall not be required if an Event of Default then exists). 

(c) If a successor Administrative Agent and Canadian Sub-Agent shall not have been so appointed within such 30 Business
Day period, the Administrative Agent, with the consent of the U.S. Borrower (which consent shall not be unreasonably withheld or delayed, provided that the consent of the U.S. Borrower shall not be required if an Event of Default then
exists), shall then appoint a successor Administrative Agent and Canadian Sub-Agent who shall serve as Administrative Agent and Canadian Sub-Agent, respectively, hereunder and/or under the other Credit Documents until such time, if any, as the
Required Lenders appoint a successor Administrative Agent and Canadian Sub-Agent as provided above. 
 (d) If no
successor Administrative Agent and Canadian Sub-Agent have been appointed pursuant to clause (b) or (c) above by the 30th Business Day after the date such notice of resignation was given by the Administrative Agent, the Administrative
Agent’s and Canadian Sub-Agent’s resignation shall become effective and the Required Lenders shall thereafter perform all the duties of the Administrative Agent and Canadian Sub-Agent hereunder and/or under any other Credit Document until
such time, if any, as the Lenders appoint a successor Administrative Agent and Canadian Sub-Agent as provided above (except in the case of the Collateral Agent holding collateral security on behalf of the Secured Creditors, the resigning Collateral
Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed). 

(e) Upon a resignation of any Agent pursuant to this Section 12.10, such Agent shall remain indemnified to
the extent provided in this Agreement and the other Credit Documents and the provisions of this Section 12 shall continue in effect for the benefit of such Agent for all of its actions and inactions while serving as such Agent.

 12.11 Collateral Matters. (a) Each Lender authorizes and directs the Collateral Agent to enter
into the Security Documents for the benefit of the Lenders and the other Secured Creditors. Each Lender hereby agrees, and each holder of any Note or participant in Letters of Credit by the acceptance thereof will be deemed to agree, that, except as
otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Security Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with
such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent
from any Lender, from time to time prior to an Event of Default, to take any action with respect to any Collateral or Security Documents which may be necessary to perfect and maintain perfected the security interest in and liens upon the Collateral
granted pursuant to the Security Documents. 
  

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 (b) The Lenders hereby authorize the Collateral Agent, at its option and in
its discretion, to (i) release any Lien granted to or held by the Collateral Agent upon any Collateral (A) upon termination of the Commitments and payment and satisfaction of all of the Obligations at any time arising under or in respect
of this Agreement or the Credit Documents or the transactions contemplated hereby or thereby, (B) constituting property being sold or otherwise disposed of (to Persons other than Holdings and its Restricted Subsidiaries) upon the sale or other
disposition thereof in compliance with Section 10.02, (C) if approved, authorized or ratified in writing by the Required Lenders (or all of the Lenders hereunder, to the extent required by Section 13.12), (D) owned
by a Subsidiary Guarantor upon release of such Guarantor from its obligations under its Guaranty pursuant to clause (iii) below or (E) as otherwise may be expressly provided in the relevant Security Documents, (ii) at the request of
the U.S. Borrower, to subordinate any Lien on any property granted to or held by the Collateral Agent or Administrative Agent under any Credit Document to the holder of any Lien on such property that is permitted by Section 10.01 but only to
the extent Section 10.01 permits such Lien to be prior to the Liens held by the Collateral Agent and the Administrative Agent under the Credit Documents and (iii) to release any Subsidiary Guarantor from its obligations under any Credit
Document to which it is a party if such Person ceases to be a Restricted Subsidiary constituting a Guarantor as a result of a transaction or designation permitted hereunder. Upon request by the Administrative Agent at any time, the Lenders will
confirm in writing the Collateral Agent’s authority to release particular types or items of Collateral or guarantees pursuant to this Section 12.11. 

(c) The Collateral Agent shall have no obligation whatsoever to the Lenders or to any other Person to assure that the
Collateral exists or is owned by either Borrower or any of its Restricted Subsidiaries or is cared for, protected or insured or that the Liens granted to the Collateral Agent herein or pursuant hereto have been properly or sufficiently or lawfully
created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers
granted or available to the Collateral Agent in this Section 12.11 or in any of the Security Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, the Collateral Agent
may act in any manner it may deem appropriate, in its sole discretion, given the Collateral Agent’s own interest in the Collateral as one of the Lenders and that the Collateral Agent shall have no duty or liability whatsoever to the Lenders,
except for its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). 

(d) For greater certainty, and without limiting the powers of the Collateral Agent hereunder or under any of the other
Credit Documents, the Borrowers hereby acknowledge that the Collateral Agent shall, for purposes of holding any security granted by any Credit Party on property pursuant to the laws of the Province of Quebec to secure obligations of any Credit Party
under any bond or debenture (the Quebec Secured Obligations), be the holder of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) for all present and
future holders of any bond or debenture. Each Lender, for itself and for all present and future affiliates that are or may become a Lender, hereby irrevocably constitutes, to the extent necessary, the Collateral Agent as the holder of an irrevocable
power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) in order to hold security granted by each Credit Party in the Province of Quebec to secure the Quebec Secured
Obligations. Each assignee (for itself and for all present and future affiliates) of a Lender shall be deemed to have confirmed and ratified the constitution of the Collateral Agent as the holder of such irrevocable power of attorney
(fondé de pouvoir) by execution of the relevant Assignment and Assumption Agreement or other relevant documentation. The substitution or replacement of the Administrative Agent pursuant to Section 12.10 shall also
constitute the substitution or replacement of the fondé de pouvoir. Notwithstanding the provisions of Section 32 of the An Act respecting the special powers of legal persons (Quebec), the Collateral Agent may acquire and be
the holder of any bond or debenture. The Borrowers hereby acknowledge that such bond or debenture constitutes a title of indebtedness, as such term is used in Article 2692 of the Civil Code of Quebec. The fondé de pouvoir
shall (a) have the sole and exclusive right and authority to exercise, except as may be otherwise specifically restricted hereunder, all rights and remedies given to the fondé de pouvoir pursuant to any hypothec, bond, pledge,
applicable law or otherwise, (b) benefit from and be subject to all provisions hereof with respect to the Collateral Agent, mutatis mutandis, including, without limitation, all such provisions with respect to the liability or
responsibility to an indemnification by the Lender, and (c) be entitled to delegate from time to time any of its powers or duties under any hypothec, bond, or pledge on such terms and conditions as it may determine from time to time.

  

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 12.12 Delivery of Information. The Administrative Agent shall not be
required to deliver to any Lender originals or copies of any documents, instruments, notices, communications or other information received by the Administrative Agent from any Credit Party, any Subsidiary, the Required Lenders, any Lender or any
other Person under or in connection with this Agreement or any other Credit Document except (i) as specifically provided in this Agreement or any other Credit Document and (ii) as specifically requested from time to time in writing by any
Lender with respect to a specific document, instrument, notice or other written communication received by and in the possession of the Administrative Agent at the time of receipt of such request and then only in accordance with such specific
request. 
 12.13 Special Provisions Applicable to Joint Lead Arrangers and Documentation Agent.
Notwithstanding anything to the contrary contained above in this Section 12, the Lenders and Credit Agreement Parties hereby recognize and agree that the Joint Lead Arrangers and the Documentation Agent are titles given for recognition
purposes only, and no Joint Lead Arranger or Documentation Agent shall have any obligation, duty or responsibility under this Agreement or the other Credit Documents. Furthermore, each Joint Lead Arranger or the Documentation Agent may at any time
resign hereunder by providing written notice of such resignation to the Administrative Agent and the U.S. Borrower. 
  

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 Section 13. Miscellaneous. 

13.01 Payment of Expenses, etc. (a) The Credit Agreement Parties hereby jointly and severally agree to:
(i) whether or not the transactions herein contemplated are consummated, pay all reasonable documented out-of-pocket costs and expenses of the Agents (including, without limitation, the reasonable fees and disbursements of White & Case
LLP, one local counsel in each material jurisdiction and consultants of the Agents) in connection with the preparation, execution and delivery of this Agreement and the other Credit Documents and the documents and instruments referred to herein and
therein, the administration hereof and thereof and any amendment, waiver or consent relating hereto or thereto, of the Agents in connection with their syndication efforts with respect to this Agreement and of the Agents and, after the occurrence of
an Event of Default, one additional counsel for all of the Issuing Lenders and the Lenders in connection with the enforcement of this Agreement and the other Credit Documents and the documents and instruments referred to herein and therein or in
connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or pursuant to any insolvency or bankruptcy proceedings; (ii) pay and hold each of the Agents,
each of the Issuing Lenders and each of the Lenders harmless from and against any and all Other Taxes with respect to the foregoing matters and save each of the Agents, each of the Issuing Lenders and each of the Lenders harmless from and against
any and all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable to such Agent, such Issuing Lender, such Lender or the Lead Arranger) to pay such Other Taxes; and (iii) indemnify each of
the Agents, each Issuing Lender or each Lender, and each of their respective officers, directors, employees, representatives, agents, affiliates, trustees and investment advisors (each, an “Indemnified Person”) from and hold each of
them harmless against any and all liabilities, obligations (including removal or remedial actions), losses, damages, penalties, claims, actions, judgments, suits, costs, expenses and disbursements (including reasonable attorneys’ and
consultants’ fees and disbursements) (but excluding Taxes that are governed exclusively by Sections 2.10, 3.06 and 5.04) incurred by, imposed on or assessed against any of them as a result of, or arising out of, or in any
way related to, or by reason of, (a) any investigation, litigation or other proceeding (whether or not any Agent, any Issuing Lender or any Lender is a party thereto and whether or not such investigation, litigation or other proceeding is
brought by or on behalf of any Credit Party) related to the entering into and/or performance of this Agreement or any other Credit Document or the use of any Letter of Credit or the proceeds of any Loans hereunder or the consummation of the
Transaction or any other transactions contemplated herein or in any other Credit Document or the exercise of any of their rights or remedies provided herein or in the other Credit Documents, or (b) the actual or alleged presence of Hazardous
Materials in the air, surface water or groundwater or on the surface or subsurface of any Real Property at any time owned, leased or operated by any Credit Agreement Party or any of its Subsidiaries, the generation, storage, transportation, handling
or disposal of Hazardous Materials by any Credit Agreement Party or any of its Subsidiaries at any location, whether or not owned, leased or operated by any Credit Agreement Party or any of its Subsidiaries, the non-compliance by any Credit
Agreement Party or any of its Subsidiaries with any Environmental Law (including applicable permits thereunder) applicable to any Real Property, or any Environmental Claim asserted against any Credit Agreement Party, any of its Subsidiaries or any
Real Property at any time owned, leased or operated by any Credit Agreement Party or any of its Subsidiaries, including, in each case, without limitation, the reasonable fees and disbursements of counsel and other consultants incurred in connection
with any such investigation, litigation or other proceeding (but excluding in each case any losses, liabilities, claims, damages or expenses to the extent incurred by reason of (i) the gross negligence or willful misconduct of the respective
Indemnified Person, any Affiliate of such Indemnified Person or any of their respective directors, officers, employees, representatives, agents, Affiliates, trustees or investment advisors or (ii) any material breach of the obligations of such
Indemnified Person under this Credit Agreement or the other Credit Documents (in the case of each of preceding clauses (i) and (ii), as determined by a court of competent jurisdiction in a final and non-appealable decision)). To the extent that
the undertaking to indemnify, pay or hold harmless any Agent, any Issuing Lender or any Lender set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, the Credit Agreement Parties shall make the
maximum contribution to the payment and satisfaction of each of the indemnified liabilities which is permissible under applicable law. 

(b) Neither any Agent nor any Indemnified Person shall be responsible or liable to any Credit Party or any other Person
for (x) any determination made by it pursuant to this Credit Agreement or any other Credit Document in the absence of gross negligence or willful misconduct on the part of such Indemnified Person (as determined by a court of competent
jurisdiction in a final and non-appealable judgment), (y) any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems or (z) any
indirect, special, exemplary, incidental, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) which may be alleged as a result of this Credit Agreement or any other Credit Document
or the financing contemplated hereby. 
  

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 13.02 Right of Setoff. In addition to any rights now or hereafter
granted under applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent, each Issuing Lender and each Lender is hereby authorized at
any time or from time to time, without presentment, demand, protest or other notice of any kind to any Credit Party or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and apply any and all deposits
(general or special) (other than accounts used exclusively for payroll, payroll taxes, fiduciary and trust purposes, and employee benefits) and any other Indebtedness at any time held or owing by the Administrative Agent, such Issuing Lender or such
Lender (including, without limitation, by branches and agencies of the Administrative Agent, such Issuing Lender or such Lender wherever located) to or for the credit or the account of either Borrower or any of its Subsidiaries against and on
account of the Obligations and liabilities of the Credit Parties to the Administrative Agent, such Issuing Lender or such Lender under this Agreement or under any of the other Credit Documents, including, without limitation, all interests in
Obligations purchased by such Lender pursuant to Section 13.06(b), and all other claims of any nature or description arising out of or connected with this Agreement or any other Credit Document, irrespective of whether or not the
Administrative Agent, such Issuing Lender or such Lender shall have made any demand hereunder and although said Obligations, liabilities or claims, or any of them, shall be contingent or unmatured. 

13.03 Notices. (a) Except as otherwise expressly provided herein, all notices and other communications
provided for hereunder shall be in writing (including telegraphic, telex, telecopier or cable communication) and mailed, telegraphed, telexed, telecopied, cabled or delivered: if to any Credit Party, c/o BWAY Holding Company, 1515 22nd Street Suite
550, Oak Brook, Illinois 60523, Attention: Michael B. Clauer, Tel: (630) 203-4093, Facsimile: (630) 203-4110; if to any Lender, at its address specified on Schedule 13.03; and if to the Administrative Agent, at the Notice Office;
or, as to any Credit Party or the Administrative Agent, at such other address as shall be designated by such party in a written notice to the other parties hereto and, as to each Lender, at such other address as shall be designated by such Lender in
a written notice to the U.S. Borrower and the Administrative Agent. All such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by overnight courier, be effective when deposited in the mails, delivered
to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Administrative Agent and the Borrowers shall not be effective until received by the
Administrative Agent or the U.S. Borrower (with respect to the Borrowers), as the case may be. 
 (b) Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to
Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. Each of the Administrative Agent, the U.S. Borrower or BWAY Parent 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. 

 

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 13.04 Benefit of Agreement; Assignments; Participations, etc. (a)
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto; provided, however, neither Borrower may assign or transfer any of its rights,
obligations or interest hereunder without the prior written consent of the Lenders and, provided, further, that, although any Lender may transfer, assign or grant participations in its rights hereunder, such Lender shall remain a
“Lender” for all purposes hereunder (and may not transfer or assign all or any portion of its Commitments hereunder except as provided in Sections 2.13 and 13.04(b)) and the transferee, assignee or participant, as the
case may be, shall not constitute a “Lender” hereunder and, provided, further, that no Lender shall transfer or grant any participation under which the participant shall have rights to approve any amendment to or
waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the final scheduled maturity of any Loan, Note or Letter of Credit (unless such Letter of Credit is not extended beyond the
Revolving Loan Maturity Date) in which such participant is participating (it being understood and agreed that any proviso to the definition of any Maturity Date may be modified so long as the effect thereof is not to extend the respective Maturity
Date beyond the date set forth in the respective definition (before giving effect to the proviso thereto) and that no participant shall be granted any rights of approval in connection therewith), or reduce the rate or extend the time of payment of
interest or Fees thereon (except in connection with a waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof (it being understood that any amendment or modification to the financial definitions
in this Agreement or to Section 13.07(a) shall not constitute a reduction in the rate of interest or Fees payable hereunder), or increase the amount of the participant’s participation over the amount thereof then in effect (it being
understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Total Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment (or the available portion
thereof) or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by either Borrower of any of its rights and
obligations under this Agreement or (iii) except as otherwise expressly provided in the Security Documents, release all or substantially all of the Collateral under all the Security Documents supporting the Loans or Letters of Credit hereunder
in which such participant is participating. In the case of any such participation, the participant shall not have any rights under this Agreement or any of the other Credit Documents (the participant’s rights against such Lender in respect of
such participation to be those set forth in the agreement executed by such Lender in favor of the participant relating thereto) and all amounts payable by the Borrowers hereunder shall be determined as if such Lender had not sold such participation.

  

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 (b) Notwithstanding the foregoing, any Lender (or any Lender together with
one or more other Lenders) may (x) assign all or a portion of its Commitments and related outstanding Obligations (or, if the Commitments with respect to the relevant Tranche have terminated, outstanding Obligations) hereunder to (i)(A) its
parent company and/or any affiliate of such Lender which is at least 50% owned by such Lender or its parent company or (B) to one or more other Lenders or any affiliate of any such other Lender which is at least 50% owned by such other Lender
or its parent company (provided that any fund that invests in loans and is managed or advised by the same investment advisor of another fund which is a Lender (or by an Affiliate of such investment advisor) shall be treated as an affiliate of
such other Lender for the purposes of this subclause (x)(i)(B)); provided that no such assignment may be made to any such Person that is, or would at such time constitute, a Defaulting Lender, or (ii) in the case of any Lender that is a
fund that invests in loans, any other fund that invests in loans and is managed or advised by the same investment advisor of any Lender or by an Affiliate of such investment advisor or (y) assign all, or if less than all, a portion equal to at
least $1,000,000 (or, in the case of Commitments and Loans denominated in Canadian Dollars, CDN $1,000,000) in the aggregate for the assigning Lender or assigning Lenders, of such Commitments and related outstanding Obligations (or, if the
Commitments with respect to the relevant Tranche have terminated, outstanding Obligations) hereunder to one or more Eligible Transferees (treating any fund that invests in loans and any other fund that invests in loans and is managed or advised by
the same investment advisor of such fund or by an Affiliate of such investment advisor as a single Eligible Transferee), each of which assignees shall become a party to this Agreement as a Lender by execution of an Assignment and Assumption
Agreement (which Assignment and Assumption Agreement shall contain an acknowledgement and agreement by the respective assignee that, as Lender, it shall be subject to, and bound by the terms of the Intercreditor Agreement), provided that
(i) at such time, Schedule 2.01 shall be deemed modified to reflect the Commitments and/or outstanding Loans, as the case may be, of such new Lender and of the existing Lenders, (ii) upon the surrender of the relevant Notes by the
assigning Lender (or, upon such assigning Lender’s indemnifying the respective Borrower for any lost Note pursuant to a customary indemnification agreement) new Notes will be issued, at the respective Borrower’s expense, to such new Lender
and to the assigning Lender upon the request of such new Lender or assigning Lender, such new Notes to be in conformity with the requirements of Section 2.05 (with appropriate modifications) to the extent needed to reflect the revised
Commitments and/or outstanding Loans, as the case may be, (iii) the consent of the Administrative Agent and, so long as no Event of Default then exists, the consent of the U.S. Borrower shall (in either case) be required in connection with any
such assignment pursuant to clause (y) above (other than any such assignment by any Agent or any of its Affiliates prior to the Syndication Date) (which consents, in any such case, shall not be unreasonably withheld or delayed); provided
that the U.S. Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof, (iv) (A) the consent
of the Swingline Lender and each Issuing Lender set forth in clause (i) of the definition thereof shall be required in connection with any assignment of U.S. Borrower Revolving Loan Commitments and (B) the consent of each Issuing Lender
set forth in clause (ii) of the definition thereof shall be required in connection with any assignment of Canadian Borrower Revolving Loan Commitments, in each case, pursuant to this Section 13.04(b) (which consents, in any such
case, shall not be unreasonably withheld or delayed), (v) the Administrative Agent shall receive at the time of each such assignment, from the assigning or assignee Lender, the payment of a non-refundable assignment fee of $3,500 and
(vi) no such transfer or assignment will be effective until recorded by the Administrative Agent on the Register pursuant to Section 13.15. To the extent of any assignment pursuant to this Section 13.04(b), the assigning Lender
shall be relieved of its obligations hereunder with respect to its assigned Commitments and outstanding Loans. At the time of each assignment pursuant to this Section 13.04(b) (A) to a Person which is not already a Lender hereunder
and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the respective assignee Lender shall, to the extent legally entitled to do so, provide to the U.S. Borrower
the appropriate Internal Revenue Service Forms (and, if applicable, a Section 5.04(b)(ii) Certificate) described in Section 5.04(b) and (B) to a Person that is not already a Lender hereunder and that is a United States person
(as such term is defined in Section 7701(a)(30) of the Code for Federal income tax purposes, the respective assignee Lender shall, to the extent legally entitled to do so, provide to the U.S. Borrower the appropriate Internal Revenue Service
Forms described in Section 5.04(c). To the extent that an assignment of all or any portion of a Lender’s Commitments and related outstanding Obligations pursuant to Section 2.13 or this Section 13.04(b)
would, at the time of such assignment, result in increased costs under Section 2.10, 3.06 or 5.04 from those being charged by the respective assigning Lender prior to such assignment, then the Borrowers shall not be obligated to
pay such increased costs (although the Borrowers, in accordance with and pursuant to the other provisions of this Agreement, shall be obligated to pay any other increased costs of the type described above resulting from changes after the date of the
respective assignment). Notwithstanding anything to the contrary contained above, at any time after the termination of the Total Revolving Loan Commitment, if any Revolving Loans or Letters of Credit remain outstanding, assignments may be made as
provided above, except that the respective assignment shall be of a portion of the outstanding Revolving Loans of the respective RL Lender and its participation in Letters of Credit and its obligation to make Mandatory U.S. RL Borrowing, although
any such assignment effected after the termination of the Total Revolving Loan Commitment shall not release the assigning RL Lender from its obligations as a participant with respect to outstanding Letters of Credit or to fund its share of any
Mandatory U.S. RL Borrowing (although the respective assignee may agree, as between itself and the respective assigning RL Lender, that it shall be responsible for such amounts). Notwithstanding the foregoing, any sale or assignment pursuant to this
Section 13.04(b) to a Sponsor Affiliate shall be made via an assignment, in form reasonably satisfactory to the Administrative Agent (a “Sponsor Affiliate Assignment and Assumption”), in accordance with this
Section 13.04(b), and, notwithstanding any provision in this Section 13.04(b) to the contrary, with the applicable consents required pursuant to this Section 13.04(b). 

 

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 (c) The U.S. Borrower shall also be entitled to purchase (from Lenders)
outstanding principal of Term Loans in accordance with the provisions of Sections 2.19 and 2.20, which purchases shall be evidenced by assignments (in form reasonably satisfactory to the Administrative Agent) from the respective Lender
to the U.S. Borrower. No such assignment will be effective until recorded by the Administrative Agent (in a manner consistent with the following sentence) on the Register pursuant to Section 13.15. All Term Loans purchased pursuant to
Section 2.19 and 2.20 shall be immediately and automatically cancelled and retired, and the U.S. Borrower shall in no event become a Lender hereunder. To the extent of any assignment to the U.S. Borrower as described in this
clause (c), the assigning Lender shall be relieved of its obligations hereunder with respect to the assigned Term Loans. 

(d) Nothing in this Agreement shall prevent or prohibit any Lender from pledging its Loans and Notes hereunder to a
Federal Reserve Bank in support of borrowings made by such Lender from such Federal Reserve Bank and, with prior notification to the Administrative Agent (but without the consent of the Administrative Agent or the Borrowers), any Lender which is a
fund may pledge all or any portion of its Loans and Notes to its trustee or to a collateral agent providing credit or credit support to such Lender in support of its obligations to such trustee, such collateral agent or a holder of such obligations,
as the case may be. No pledge pursuant to this clause (c) shall release the transferor Lender from any of its obligations hereunder. 

(e) Each Lender acknowledges and agrees to comply with the provisions of Section 13.04 applicable to it as a
Lender hereunder. 
 (f) Each Sponsor Affiliate, solely in its capacity as a B Term Loan Lender, hereby agrees,
and each Sponsor Affiliate Assignment and Assumption shall provide a confirmation, that, if any Credit Party shall be subject to any voluntary or involuntary proceeding commenced under any Debtor Relief Law now or hereafter in effect
(“Bankruptcy Proceedings”), (A) such Sponsor Affiliate shall not take any step or action in such Bankruptcy Proceeding to object to, impede, or delay the exercise of any right or the taking of any action by the Administrative
Agent (or the taking of any action by a third party that is supported by the Administrative Agent) in relation to such Sponsor Affiliate’s claim with respect to its B Term Loans (a “Claim”) (including, without limitation,
objecting to any debtor in possession financing, use of cash collateral, grant of adequate protection, sale or disposition, compromise, or plan of reorganization) so long as such Sponsor Affiliate is treated in connection with such exercise or
action on the same or better terms as the other B Term Loan Lenders and (B) with respect to any matter requiring the vote of B Term Loan Lenders during the pendency of a Bankruptcy Proceeding (including, without limitation, voting on any plan
of reorganization), the B Term Loans held by such Sponsor Affiliate (and any Claim with respect thereto) shall be deemed to be voted by such Sponsor Affiliate in the same proportion as the allocation of voting with respect to such matter by Lenders
who are not Sponsor Affiliates, so long as such Sponsor Affiliate is treated in connection with the exercise of such right or taking of such action on the same or better terms as the other B Term Loan Lenders. For the avoidance of doubt, the
Lenders and each Sponsor Affiliate agree and acknowledge that the provisions set forth in this Section 13.04(f) constitute a “subordination agreement” as such term is contemplated by, and utilized in, Section 510(a) of the
Bankruptcy Code, and, as such, would be enforceable for all purposes in any case where a Credit Party has filed for protection under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
applicable to Credit Loan Party. Except as expressly provided in this Section 13.04(f), the provisions of this Section 13.04(f) shall not be applicable to any Sponsor Debt Fund. 

 

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 (g) If any Borrower wishes to replace the Loans or Commitments with Loans or
Commitments having different terms, it shall have the option, with the consent of the Administrative Agent and subject to at least three Business Days’ advance notice to the Lenders of such Loans or holdings such Commitments, instead of
prepaying the Loans or reducing or terminating the Commitments to be replaced, to (i) require such Lenders to assign such Loans or Commitments to the Administrative Agent or its designees and (ii) amend the terms thereof in accordance with
Section 13.12 (with such replacement, if applicable, being deemed to have been made pursuant to Section 13.12). Pursuant to any such assignment, all Loans and Commitments to be replaced shall be purchased at par (allocated
among the applicable Lenders in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrowers), accompanied by payment of any accrued interest and
fees thereon and any amounts owing pursuant to Section 2.08. By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and
Acceptance, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing security interests in the
Collateral during any such replacement. 
 13.05 No Waiver; Remedies Cumulative. No failure or delay on
the part of the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender in exercising any right, power or privilege hereunder or under any other Credit Document and no course of dealing between the Borrower or any other Credit
Party and the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or under any other Credit Document
preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder. The rights, powers and remedies herein or in any other Credit Document expressly provided are cumulative and not exclusive
of any rights, powers or remedies which the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender would otherwise have. No notice to or demand on any Credit Party in any case shall entitle any Credit Party to any other or
further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender to any other or further action in any circumstances without notice or
demand. 
 13.06 Payments Pro Rata. (a) The Administrative Agent agrees that promptly after its
receipt of each payment from or on behalf of any Credit Party in respect of any Obligations of such Credit Party, it shall, except as otherwise provided in this Agreement, distribute such payment to the Lenders (other than any Lender that has
consented in writing to waive its pro rata share of such payment) pro rata based upon their respective shares, if any, of the Obligations with respect to which such payment was received. 

 

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 (b) Each of the Lenders agrees that, if it should receive any amount
hereunder (whether by voluntary payment, by realization upon security, by the exercise of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents, or otherwise) which is
applicable to the payment of the principal of, or interest on, the Loans, Unpaid Drawings or Fees, of a sum which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such Obligation then
owed and due to such Lender bears to the total of such Obligation then owed and due to all of the Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for cash without recourse or warranty from the
other Lenders an interest in the Obligations of the respective Credit Party to such Lenders in such amount as shall result in a proportional participation by all of the Lenders in such amount; provided that if all or any portion of such
excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 

(c) Notwithstanding anything to the contrary contained herein, the provisions of the preceding Sections 13.06(a)
and (b) shall be subject to (x) the express provisions of this Agreement which require, or permit, differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting Lenders, (y) the express provisions of this
Agreement which permit disproportionate payments with respect to various of the Tranches as, and to the extent, provided herein, and (z) the express provisions of Sections 2.19, 2.20, 5.02(b) and 13.12(b), which
permit disproportionate payments with respect to the Loans as, and to the extent, provided therein. 
 13.07
Calculations; Computations. (a) The financial statements to be furnished to the Lenders pursuant hereto shall be made and prepared in accordance with U.S. GAAP consistently applied throughout the periods involved (except as set forth in
the notes thereto); provided that (i) except as otherwise specifically provided herein, all computations of Excess Cash Flow and the Applicable Margin, and all computations and all definitions (including accounting terms) used in
determining compliance with Sections 9.15 and 10.07 through 10.09, inclusive, shall utilize generally accepted accounting principles and policies in conformity with those used to prepare the audited financial statements of
Holdings referred to in Section 8.05(a)(i) for the fiscal year of Holdings ended September 27, 2009 and, (ii) to the extent expressly provided herein, certain calculations shall be made on a Pro Forma Basis;
provided further, that if the U.S. Borrower notifies the Administrative Agent that the U.S. Borrower wishes to amend the Consolidated Total Net Leverage Ratio or any financial definition used therein to implement the effect of any change in
GAAP or the application thereof occurring after the Effective Date on the operation thereof (or if the Administrative Agent notifies the U.S. Borrower that the Required Lenders wish to amend the Consolidated Total Net Leverage Ratio or any financial
definition used therein for such purpose), then the U.S. Borrower and the Administrative Agent shall negotiate in good faith to amend the Consolidated Total Net Leverage Ratio or the definitions used therein (subject to the approval of the Required
Lenders) to preserve the original intent thereof in light of such changes in GAAP; provided further that all determinations made pursuant to the Consolidated Total Net Leverage Ratio or any financial definition used therein shall be determined on
the basis of GAAP as applied and in effect immediately before the relevant change in GAAP or the application thereof became effective, until the Consolidated Total Net Leverage Ratio or such financial definition is amended. Notwithstanding any other
provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting
Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or effect). 
  

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 (b) All computations of interest (other than interest based on the Prime
Rate or the Canadian Prime Rate), Commitment Commission and other Fees (other than Drawing Fees) hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first day but excluding the last day; except
that in the case of Letter of Credit Fees and Facing Fees, the last day shall be included) occurring in the period for which such interest, Commitment Commission or Fees are payable. All computations of interest based determined by reference to the
Prime Rate or Canadian Prime Rate shall be based on a 365-day or 366-day year, as the case may be. 
 (c) For
purposes of the Interest Act (Canada), (i) whenever any interest or fee under this Agreement is calculated using a rate based on a year of 360 days or 365 days, as the case may be, the rate determined pursuant to such calculation, when
expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 360 days or 365 days, as the case may be, (y) multiplied by the actual number of days in the calendar year in which such annual rate is to be
ascertained, and (z) divided by 360 or 365, as the case may be; (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement; and (iii) the rates of interest stipulated in this
Agreement are intended to be nominal rates and not effective rates or yields. 
 (d) If any provision of this
Agreement or of any of the other Credit Documents would obligate any Canadian Credit Party to make any payment of interest with respect to the Obligations or other amount payable to any Lender in an amount or calculated at a rate which would result
in a receipt by that Lender of “interest” with respect to the Obligations at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)) then, notwithstanding such provision, such amount or rates shall be
deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not so result in a receipt by that Lender of interest with respect to the Obligations at a criminal rate, such adjustment to
be effected, to the extent necessary, as follows: (i) first, by reducing the amount or rates of interest required to be paid to the affected Lender under Section 2.08; and (ii) thereafter, by reducing any charges, fees,
commissions, expenses, premiums and other amounts required to be paid to the affected Lender which would constitute “interest” with respect to the Obligations for purposes of Section 347 of the Criminal Code (Canada). Notwithstanding
the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received an amount in excess of the maximum permitted by that Section of the Criminal Code (Canada), then the Canadian Borrower shall be
entitled, by notice in writing to the affected Lender, to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to Canadian
Borrower. Any amount or rate of interest on the Obligations referred to in this Section 13.07(d) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over
the term that the applicable Loan or Loans remain outstanding on the assumption that any charges, fees, commissions, expenses, premiums and other amounts that fall within the meaning of “interest” (as defined in the Criminal Code (Canada))
shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be prorated over the period from the Initial Borrowing Date to the applicable Maturity Date and, in the event of a dispute, a certificate of a
Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination. 
  

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 (e) The calculation of any financial ratios under this Agreement shall be
calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a
rounding-down if there is no nearest number). 
 13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE;
WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS OTHERWISE PROVIDED IN THE RELEVANT SECURITY DOCUMENT, BE CONSTRUED IN ACCORDANCE
WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE LAWS OF THE STATE OF DELAWARE SHALL GOVERN IN DETERMINING WHETHER A COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED. ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT (EXCEPT THAT, (X) IN THE CASE OF ANY MORTGAGE OR OTHER SECURITY DOCUMENT, PROCEEDINGS MAY ALSO BE BROUGHT BY THE ADMINISTRATIVE AGENT OR COLLATERAL AGENT IN THE STATE IN WHICH THE
RESPECTIVE MORTGAGED PROPERTY OR COLLATERAL IS LOCATED OR ANY OTHER RELEVANT JURISDICTION AND (Y) IN THE CASE OF ANY BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDINGS WITH RESPECT TO ANY CREDIT PARTY, ACTIONS OR PROCEEDINGS RELATED TO THIS
AGREEMENT AND THE OTHER CREDIT DOCUMENTS MAY BE BROUGHT IN SUCH COURT HOLDING SUCH BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDINGS) MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN
EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT, EACH OF THE PARTIES HERETO OR THERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. THE CANADIAN BORROWER HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS THE U.S. BORROWER AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE
FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. IF FOR ANY REASON SUCH DESIGNEE, APPOINTEE AND AGENT SHALL CEASE TO BE
AVAILABLE TO ACT AS SUCH, THE CANADIAN BORROWER AGREES TO DESIGNATE A NEW DESIGNEE, APPOINTEE AND AGENT IN NEW YORK CITY ON THE TERMS AND FOR THE PURPOSES OF THIS PROVISION REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT UNDER THIS AGREEMENT.
EACH PARTY HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER IT, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENTS
BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER IT. EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE
MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, SUCH PARTY, AS THE CASE MAY BE, AT ITS RESPECTIVE ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PARTY
HERETO IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY
WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER SUCH PARTY IN ANY OTHER JURISDICTION.

  

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 (b) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

13.09 Counterparts. This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with
the Borrower and the Administrative Agent. 
 13.10 Effectiveness. This Agreement shall become effective
on the date (the “Effective Date”) on which each Credit Agreement Party, the Administrative Agent and each of the Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered
(by electronic transmission or otherwise) the same to the Administrative Agent or, in the case of the Lenders, shall have given to the Administrative Agent telephonic (confirmed in writing), written or telex notice (actually received) at such office
that the same has been signed and mailed to it. The Administrative Agent will give the Borrowers and each Lender prompt written notice of the occurrence of the Effective Date. 

13.11 Headings Descriptive. The headings of the several Sections and subsections of this Agreement are inserted
for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 
  

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 13.12 Amendment or Waiver; etc. (a) Neither this Agreement nor any
other Credit Document nor any terms hereof or thereof may be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Credit Parties party hereto or thereto and the
Required Lenders (although additional parties may be added to (and annexes may be modified to reflect such additions) the Subsidiaries Guaranty and the Security Documents in accordance with the provisions hereof and thereof without the consent of
the other Credit Parties party thereto or the Required Lenders), provided that no such change, waiver, discharge or termination shall (i) without the prior written consent of each Lender directly and adversely affected thereby, extend
the final scheduled maturity of any Loan or Note or extend the stated expiration date of any Letter of Credit beyond the Revolving Loan Maturity Date, or reduce the rate or extend the time of payment of interest or Fees thereon (except (x) in
connection with applicability of any post-default increase in interest rates and (y) extensions expressly permitted by Section 2.14) or reduce the principal amount thereof (it being understood that any amendment or modification to the
financial definitions in this Agreement or to Section 13.07(a) shall not constitute a reduction in the rate of interest or Fees for the purposes of this clause (i)), (ii) except as otherwise expressly provided in the Security
Documents, release all or substantially all of the Collateral under all the Security Documents without the consent of each Lender, (iii) amend, modify or waive any provision of this Section 13.12(a) or Section 13.06
(except for technical amendments with respect to additional extensions of credit pursuant to this Agreement which afford the protections to such additional extensions of credit of the type provided to the B Term Loans, C Term Loans and/or the
Revolving Loan Commitments on the Effective Date), in each case, without the prior written consent of each Lender directly and adversely affected thereby, (iv) reduce the percentage specified in the definition of Required Lenders without the
consent of each Lender (it being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis as
the extensions of B Term Loans, C Term Loans and Revolving Loan Commitments are included on the Effective Date), (v) consent to the assignment or transfer by any Borrower of any of its rights and obligations under this Agreement without the
consent of each Lender or (vi) amend Section 2.14 the effect of which is to extend the maturity of any Lender without its consent; provided, further, that no such change, waiver, discharge or termination shall
(1) increase the Commitments of any Lender over the amount thereof then in effect without the consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a
mandatory reduction in the Total Commitment shall not constitute an increase of the Commitment of any Lender, and that an increase in the available portion of any Commitment of any Lender shall not constitute an increase of the Commitment of such
Lender), (2) without the consent of each Issuing Lender, amend, modify or waive any provision of Section 3 or alter its rights or obligations with respect to Letters of Credit, (3) without the consent of the Swingline Lender,
alter the Swingline Lender’s rights or obligations with respect to Swingline Loans, (4) without the consent of each Agent adversely affected thereby, amend, modify or waive any provision of Section 12 or any other provision as
same relates to the rights or obligations of such Agent, (5) without the consent of Collateral Agent, amend, modify or waive any provision relating to the rights or obligations of the Collateral Agent, (6) except in cases where additional
extensions of term loans and/or revolving loans are being afforded substantially the same treatment afforded to the Term Loans and Revolving Loans pursuant to this Agreement as originally in effect, without the consent of the Majority Lenders of
each Tranche which is being allocated a lesser prepayment, repayment or commitment reduction as a result of the actions described below, alter the required application of any prepayments or repayments (or commitment reduction), as between the
various Tranches, pursuant to Section 5.01 or 5.02 (excluding Section 5.02(b)) (although (x) the Required Lenders may waive, in whole or in part, any such prepayment, repayment or commitment reduction, so long as
the application, as amongst the various Tranches, of any such prepayment, repayment or commitment reduction which is still required to be made is not altered and (y) any conversion of any Tranche of Loans into another Tranche of Loans hereunder
in like principal amount and any other conversion of any Tranche of Loans into Extended Term Loans pursuant to an Extension Amendment shall not be considered a “prepayment” or “repayment” for purposes of this clause (6)),
(7) without the consent of each Lender directly and adversely affected thereby, amend or modify the definition of “Other Allocable Share”, (8) without the consent of the Majority Lenders of the respective Tranche affected
thereby, amend the definition of Majority Lenders (it being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Majority Lenders on
substantially the same basis as the extensions of Loans and Commitments are included on the Effective Date) or (9) without the consent of the Supermajority Lenders of the respective Tranche, reduce the amount of or extend the date of, any
Scheduled B Repayment, Scheduled C Repayment or Scheduled Incremental TL Repayment (except that, if additional Loans are made pursuant to a given Tranche, the scheduled repayments of such Tranche may be increased on a proportionate basis without the
consent otherwise required by this clause (9)), modify any proviso to the definition of the respective Maturity Date applicable to such Tranche, or amend the definition of Supermajority Lenders (it being understood that, with the consent of the
Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Supermajority Lenders on substantially the same basis as the extensions of Loans and Commitments are included on the Effective
Date). 
  

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 (b) If, in connection with any proposed change, waiver, discharge or
termination of any of the provisions of this Agreement as contemplated by clauses (i) through (v), inclusive, of the first proviso to Section 13.12(a), the consent of the Required Lenders is obtained but the consent of one or more
of such other Lenders whose consent is required is not obtained, then the Borrower shall have the right, so long as all non-consenting Lenders whose individual consent is required are treated as described in either clauses (A) or
(B) below, to either (A) replace each such non-consenting Lender or Lenders with one or more Replacement Lenders pursuant to Section 2.13 so long as at the time of such replacement, each such Replacement Lender consents to the
proposed change, waiver, discharge or termination or (B) terminate such non-consenting Lender’s Commitments and/or repay each Tranche of outstanding Loans of such Lender in accordance with Sections 4.02(b) and/or 5.01(b),
provided that, unless the Commitments that are terminated, and Loans repaid, pursuant to preceding clause (B) are immediately replaced in full at such time through the addition of new Lenders or the increase of the Commitments and/or
outstanding Loans of existing Lenders (who in each case must specifically consent thereto), then in the case of any action pursuant to preceding clause (B) the Required Lenders (determined after giving effect to the proposed action) shall
specifically consent thereto, provided, further, that in any event the Borrower shall not have the right to replace a Lender, terminate its Commitments or repay its Loans solely as a result of the exercise of such Lender’s rights
(and the withholding of any required consent by such Lender) pursuant to the second proviso to Section 13.12(a). 

(c) Notwithstanding anything to the contrary contained in clause (a) above of this Section 13.12, the
respective Borrower, the Administrative Agent and each Incremental Term Loan Lender or Incremental RL Lender, as the case may be, may, in accordance with the provisions of Sections 2.15 and 2.16, enter into an Incremental Term Loan
Commitment Agreement or Incremental RL Commitment Agreement, as the case may be, provided that after the execution and delivery by the respective Borrower, the Administrative Agent and each such Incremental Term Loan Lender or Incremental RL
Lender, as the case may be, of such Incremental Term Loan Commitment Agreement or Incremental RL Commitment Agreement, as the case may be, such Incremental Term Loan Commitment Agreement or Incremental RL Commitment Agreement, as the case may be,
may thereafter only be modified in accordance with the requirements of clause (a) above of this Section 13.12. 
  

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 (d) Notwithstanding anything to the contrary in clause (a) above of
this Section 13.12, this Agreement may be amended (or amended and restated) (i) with the written consent of the Required Lenders, the Administrative Agent and the U.S. Borrower, (x) to add one or more additional credit
facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with
the Loan and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and (ii) with the written consent of the Administrative
Agent, the U.S. Borrower and the Lenders providing the relevant Replacement Term Loans, to permit the refinancing of all outstanding Loans (“Refinanced Term Loans”) with a replacement term loan tranche denominated in Dollars
(“Replacement Term Loans”) hereunder; provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b) the Applicable
Margin for such Replacement Term Loans shall not be higher than the Applicable Margin for such Refinanced Term Loans, (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life
to Maturity of such Refinanced Term Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the Loans) and (d) all other terms
applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the extent necessary to provide for
covenants and other terms applicable to any period after the latest final maturity of the Loans in effect immediately prior to such refinancing. 

(e) Notwithstanding anything to the contrary herein, any fee letter may be amended, or rights and privileges thereunder
waived, in a writing executed only by the parties thereto. 
 (f) Anything herein to the contrary
notwithstanding, during such period as a Lender is a Defaulting Lender, to the fullest extent permitted by applicable law, such Lender will not be entitled to vote in respect of amendments, waivers and consents hereunder and the Commitment and the
outstanding Loans or other extensions of credit of such Lender hereunder will not be taken into account in determining whether the Majority Lenders, the Required Lenders or all of the Lenders, as required, have approved any such amendment, waiver or
consent (and the definitions of “Majority Lenders” and “Required Lenders” will automatically be deemed modified accordingly for the duration of such period); provided that any such amendment or waiver that would increase
or extend the term of the Commitment of such Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender,
reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, will require the consent of such Defaulting Lender.

 (g) Further, notwithstanding anything to the contrary contained in this Section 9.08, if following the
Effective Date, the Administrative Agent and any Credit Party shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of the Credit Documents, then the
Administrative Agent and the Credit Parties shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Credit Documents if the same is not objected to in
writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. 
  

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 13.13 Survival. All indemnities set forth herein including, without
limitation, in Sections 2.10, 2.11, 3.06, 5.04, 12.07 and 13.01 shall survive the execution, delivery and termination of this Agreement and the Notes and the making and repayment of the Obligations. 

13.14 Domicile of Loans. Each Lender may transfer and carry its Loans at, to or for the account of any office,
Subsidiary or Affiliate of such Lender. Notwithstanding anything to the contrary contained herein, to the extent that a transfer of Loans pursuant to this Section 13.14 would, at the time of such transfer, result in increased costs under
Section 2.10, 2.11, 3.06 or 5.04 from those being charged by the respective Lender prior to such transfer, then the Borrowers shall not be obligated to pay such increased costs (although the Borrowers shall be obligated to pay any other
increased costs of the type described above resulting from changes after the date of the respective transfer). 

13.15 Register. The Borrowers hereby designate the Administrative Agent to serve as their agent, solely for
purposes of this Section 13.15, to maintain a register (the “Register”) on which it will record the Commitments from time to time of each of the Lenders, the Loans made by each of the Lenders and each repayment in
respect of the principal amount of the Loans of each Lender. Failure to make any such recordation, or any error in such recordation, shall not affect the Borrower’s obligations in respect of such Loans. With respect to any Lender, the transfer
of the Commitments of such Lender and the rights to the principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective until such transfer is recorded on the Register maintained by the Administrative Agent with
respect to ownership of such Commitments and Loans and prior to such recordation all amounts owing to the transferor with respect to such Commitments and Loans shall remain owing to the transferor. The registration of assignment or transfer of all
or part of any Commitments and Loans shall be recorded by the Administrative Agent on the Register only upon the acceptance by the Administrative Agent of a properly executed and delivered Assignment and Assumption Agreement pursuant to
Section 13.04(b). Coincident with the delivery of such an Assignment and Assumption Agreement to the Administrative Agent for acceptance and registration of assignment or transfer of all or part of a Loan, or as soon thereafter as
practicable, the assigning or transferor Lender shall surrender the Note (if any) evidencing such Loan, and thereupon one or more new Notes in the same aggregate principal amount shall be issued to the assigning or transferor Lender and/or the new
Lender at the request of any such Lender. The registration of any provision of Incremental Term Loan Commitments pursuant to Section 2.15 or Incremental RL Commitment pursuant to Section 2.16, as the case may be, shall be
recorded by the Administrative Agent on the Register only upon the acceptance of the Administrative Agent of a properly executed and delivered Incremental Commitment Agreement. Coincident with the delivery of such Incremental Commitment Agreement
for acceptance and registration of the provision of an Incremental Term Loan Commitment or Incremental RL Commitment, as the case may be, or as soon thereafter as practicable, to the extent requested by such Incremental Lenders and Incremental Term
Notes or Revolving Notes, as the case may be, shall be issued, at the respective Borrower’s expense, to such Incremental Lenders, to be in conformity with Section 2.05 (with appropriate modification) to the extent needed to reflect
the Incremental Term Loan Commitments or Incremental RL Commitment, as the case may be, and outstanding Incremental Term Loans or Revolving Loans made by such Incremental Lender. 

 

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 13.16 Confidentiality. (a) Subject to the provisions of clause
(b) of this Section 13.16, each Agent, Joint Lead Arranger, Documentation Agent and Lender agrees that it will use its reasonable best efforts not to disclose without the prior consent of the Borrowers (other than to its employees,
auditors, advisors or counsel or to another Lender if such Lender or such Lender’s holding or parent company in its sole discretion determines that any such party should have access to such information, provided such Persons shall be subject to
the provisions of this Section 13.16 to the same extent as such Lender) any information with respect to the Borrowers or any of their Subsidiaries which is now or in the future furnished pursuant to this Agreement or any other Credit
Document, provided that any Lender may disclose any such information (i) as has become generally available to the public other than by virtue of a breach of this Section 13.16(a) by the respective Lender, (ii) as may be
required or appropriate in any report, statement or testimony submitted to any municipal, state or Federal regulatory body having or claiming to have jurisdiction over such Lender or to the Federal Reserve Board or the Federal Deposit Insurance
Corporation or similar organizations (whether in the United States or elsewhere) or their successors, (iii) as may be required or appropriate in respect to any summons or subpoena or in connection with any litigation, (iv) in order to
comply with any law, order, regulation or ruling applicable to such Lender, (v) to the Administrative Agent or the Collateral Agent, (vi) to any direct or indirect contractual counterparty in any swap, hedge or similar agreement (or to any
such contractual counterparty’s professional advisor), so long as such contractual counterparty (or such professional advisor) agrees to be bound by the provisions of this Section 13.16, and (vii) to any prospective or actual
transferee, pledgee or participant in connection with any contemplated transfer, pledge or participation of any of the Notes or Commitments or any interest therein by such Lender, provided that such prospective transferee, pledge or
participant agrees to be bound by the confidentiality provisions contained in this Section 13.16; provided, further, that, to the extent permitted pursuant to any applicable law, order, regulation or ruling, and other than
in connection with credit and other bank examinations conducted in the ordinary course with respect to such Lender, in the case of any disclosure pursuant to the foregoing clauses (ii), (iii) or (iv), such Lender will use its commercially
reasonable efforts to notify the Borrowers in advance of such disclosure so as to afford the Borrowers the opportunity to protect the confidentiality of the information proposed to be so disclosed. 

(b) The Borrowers hereby acknowledge and agree that each Lender may share with any of its affiliates, and such affiliates
may share with such Lender, any information related to the Borrowers or any of their Subsidiaries (including, without limitation, any non-public customer information regarding the creditworthiness of the Borrowers and their Subsidiaries), provided
such Persons shall be subject to the provisions of this Section 13.16 to the same extent as such Lender. 

13.17 USA Patriot Act Notice. Each Lender hereby notifies each Credit Agreement Party that pursuant to the
requirements of the USA Patriot Act (Title III of Pub.: 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify, and record information that identifies each Credit Agreement Party, which
information includes the name of each Credit Agreement Party and other information that will allow such Lender to identify each Borrower in accordance with the Patriot Act, and each Credit Agreement Party agrees to provide such information from time
to time to any Lender. 
 13.18 Designation as “Designated Senior Debt”. The parties hereto
agree and acknowledge that the Indebtedness pursuant to this Agreement and the guarantee of such Indebtedness by the Subsidiary Guarantors pursuant to the Subsidiaries Guaranty constitutes “Designated Senior Debt” under, as defined in, the
Existing Senior Subordinated Notes Indenture. 
  

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 13.19 Special Provisions Regarding Pledges of Equity Interests in Persons
Not Organized in Qualified Jurisdictions. The parties hereto acknowledge and agree that the provisions of the various Security Documents executed and delivered by the Credit Parties require that, among other things, all Equity Interests in,
various Persons owned by the respective Credit Party be pledged, and delivered for pledge, pursuant to the Security Documents. The parties hereto further acknowledge and agree that each Credit Party shall be required to take all actions under the
laws of the jurisdiction in which such Credit Party is organized to create and perfect all security interests granted pursuant to the various Security Documents and to take all actions under the laws of the United States and Canada to perfect the
security interests in the Equity Interests of any Person organized under the laws of said jurisdictions (to the extent said Equity Interests are owned by any Credit Party). Except as provided in the immediately preceding sentence, to the extent any
Security Document requires or provides for the pledge of Equity Interests in any Person organized under the laws of a jurisdiction other than those specified in the immediately preceding sentence, it is acknowledged that, as of the Initial Borrowing
Date, no actions have been required to be taken to perfect, under local law of the jurisdiction of the Person who issued the respective promissory notes or whose Equity Interests are pledged, under the Security Documents. The Credit Agreement
Parties hereby agree that, following any reasonable request by the Administrative Agent or Required Lenders to do so, each Credit Agreement Party shall, and shall cause its Restricted Subsidiaries to, take such actions (including, without
limitation, the execution of Additional Security Documents, the making of any filings and the delivery of appropriate legal opinions) under the local law of any jurisdiction with respect to which such actions have not already been taken as are
determined by the Administrative Agent or Required Lenders to be necessary or, in the reasonable opinion of the Administrative Agent, advisable in order to fully perfect, preserve or protect the security interests granted pursuant to the various
Security Documents under the laws of such jurisdictions. If requested to do so pursuant to this Section 13.19, all such actions shall be taken in accordance with the provisions of this Section 13.19 and
Section 9.12 and within the time periods set forth therein. All conditions and representations contained in this Agreement and the other Credit Documents shall be deemed modified to the extent necessary to effect the foregoing and so
that same are not violated by reason of the failure to take actions under local law (but only with respect to Equity Interests in Persons organized under laws of jurisdictions other than the United States or Canada) not required to be taken in
accordance with the provisions of this Section 13.19, provided that to the extent any representation or warranty would not be true because the foregoing actions were not taken, the respective representation of warranties shall be
required to be true and correct in all material respects at such time as the respective action is required to be taken in accordance with the foregoing provisions of this Section 13.19 or pursuant to Section 9.12. 

13.20 Powers of Attorney; etc. Each of Holdings and the U.S. Borrower is hereby authorized by, and on behalf of,
the Canadian Borrower to (x) give Notices of Borrowing, Notices of Conversion/Continuation and other notices and directions in connection with the extensions of credit and repayments thereof to be made pursuant to this Agreement to the Canadian
Borrower (including without limitation notices as to the application of proceeds of such extensions of credit) and (y) receive any notices hereunder and under any other Credit Document on its behalf. The Canadian Borrower hereby grants to each
of Holdings and the U.S. Borrower an irrevocable power-of attorney, in the Canadian Borrower’s name, to take the actions contemplated above in this Section 13.20 and in the last sentence of Section 2.13 hereof.
Furthermore, the Canadian Borrower agrees that the Agents and the Lenders may at any time rely upon any notices, instructions or other information furnished by Holdings or the U.S. Borrower. 

 

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 13.21 Waiver of Sovereign Immunity. Each of the Credit Agreement
Parties, in respect of itself, its Subsidiaries, its process agents, and its properties and revenues, hereby irrevocably agrees that, to the extent that such Credit Agreement Party, its Subsidiaries or any of its properties has or may hereafter
acquire any right of immunity, whether characterized as sovereign immunity or otherwise, from any legal proceedings, whether in the United States, Canada or elsewhere, to enforce or collect upon the Loans or any Credit Document or any other
liability or obligation of such Credit Agreement Party or any of its Subsidiaries related to or arising from the transactions contemplated by any of the Credit Documents, including, without limitation, immunity from service of process, immunity from
jurisdiction or judgment of any court or tribunal, immunity from execution of a judgment, and immunity of any of its property from attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment, such Credit
Agreement Party, for itself and on behalf of its Subsidiaries, hereby expressly waives, to the fullest extent permissible under applicable law, any such immunity, and agrees not to assert any such right or claim in any such proceeding, whether in
the United States, Canada or elsewhere. Without limiting the generality of the foregoing, each Credit Agreement Party further agrees that the waivers set forth in this Section 13.21 shall have the fullest extent permitted under the
Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for purposes of such Act. 

13.22 Judgment Currency. (a) The Credit Parties’ obligations hereunder and under the other Credit
Documents to make payments in the respective Applicable Currency (the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other
than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent, the Collateral Agent, the respective Issuing Lender or the respective Lender of the full amount of the
Obligation Currency expressed to be payable to the Administrative Agent, the Collateral Agent, such Issuing Lender or such Lender under this Agreement or the other Credit Documents. If for the purpose of obtaining or enforcing judgment against any
Credit Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount
due in the Obligation Currency, the conversion shall be made, at the Canadian Dollar Equivalent or the U.S. Dollar Equivalent thereof, as the case may be, and, in the case of other currencies, the rate of exchange (as quoted by the
Administrative Agent or if the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined, in each case, as of the day on which the judgment is given
(such day being hereinafter referred to as the “Judgment Currency Conversion Date”). 
 (b) If
there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due by any Borrower, such Borrower covenants and agrees to pay, or cause to be paid, such additional
amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation
Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate or exchange prevailing on the Judgment Currency Conversion Date. 

(c) For purposes of determining the U.S. Dollar Equivalent or the Canadian Dollar Equivalent or any other rate of
exchange for this Section, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency. If the amount of the Judgment Currency so purchased exceeds the sum originally due to the Lenders in the
Judgment Currency, the Lenders shall, except during the occurrence and continuation of an Event of Default under Sections 11.01 or 11.05 (in which case such excess shall be applied by such Lender to any outstanding Obligations owed to
such Lender by any Credit Party), remit such excess to the relevant Borrower. 
  

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 13.23 Absence of Financial Assistance by Canadian Borrower. The
parties hereto acknowledge and agree that notwithstanding anything to the contrary in this Agreement (i) the Obligations of the U.S. Borrower and of Holdings under this Agreement are solely those of the U.S. Borrower or Holdings, as the case
may be, and not the Canadian Borrower (which shall have no liability therefor), and (ii) any indemnities or other amounts owing under Section 13.01 for which the Credit Agreement Parties may be deemed to be jointly and severally
liable shall instead constitute the joint and several obligations of the U.S. Borrower and of Holdings only and shall not be obligations of the Canadian Borrower under this Agreement. 

13.24 Effectiveness of Merger. Upon the consummation of the Merger, the U.S. Borrower shall automatically succeed
to all the rights and obligations of Merger Sub under this Agreement, without any further action by any Person. 

13.25 INTERCREDITOR AGREEMENT. (a) EACH LENDER PARTY HERETO UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT IT (AND
EACH OF ITS SUCCESSORS AND ASSIGNS) AND EACH OTHER LENDER (AND EACH OF THEIR SUCCESSORS AND ASSIGNS) SHALL BE BOUND BY THE INTERCREDITOR AGREEMENT, WHICH IN CERTAIN CIRCUMSTANCES MAY REQUIRE (AS MORE FULLY PROVIDED THEREIN) THE TAKING OF CERTAIN
ACTIONS BY THE LENDERS, INCLUDING THE PURCHASE AND SALE OF PARTICIPATIONS BY VARIOUS LENDERS (OTHER THAN CANADIAN BORROWER RL LENDERS IN THEIR CAPACITIES AS SUCH) TO EACH OTHER IN ACCORDANCE WITH THE TERMS THEREOF. 

(b) THE PROVISIONS OF THIS SECTION 13.25 ARE NOT INTENDED TO SUMMARIZE OR FULLY DESCRIBE THE PROVISIONS OF THE
INTERCREDITOR AGREEMENT. REFERENCE MUST BE MADE TO THE INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE INTERCREDITOR AGREEMENT AND THE TERMS AND
PROVISIONS THEREOF, AND NO AGENT OR ANY OF AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT. A COPY OF THE INTERCREDITOR AGREEMENT MAY BE OBTAINED FROM
THE ADMINISTRATIVE AGENT. 
 (c) THE INTERCREDITOR AGREEMENT IS AN AGREEMENT SOLELY AMONGST THE LENDERS (AND
THEIR SUCCESSORS AND ASSIGNS) AND IS NOT AN AGREEMENT TO WHICH HOLDINGS OR ANY OF ITS SUBSIDIARIES IS PARTY. AS MORE FULLY PROVIDED THEREIN, THE INTERCREDITOR AGREEMENT CAN ONLY BE AMENDED BY THE PARTIES THERETO IN ACCORDANCE WITH THE PROVISIONS
THEREOF. 
  

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 13.26 Absence of Fiduciary Relationship. Notwithstanding any other
provision of this Agreement or any provision of any other Credit Document, (i) none of the Joint Lead Arrangers, the Documentation Agent or any Lender shall, solely by reason of this Agreement or any other Credit Document, have any fiduciary,
advisory or agency relationship or duty in respect of any Lender or any other Person and (ii) each Credit Agreement Party hereby waives, to the fullest extent permitted by law, any claims it may have against any Joint Lead Arranger, the
Documentation Agent or any Lender for breach of fiduciary duty or alleged breach of fiduciary duty. 

Section 14. Credit Agreement Party Guaranty. 

14.01 The Guaranty. In order to induce the Agents, the Collateral Agent, the Issuing Lenders and the Lenders to
enter into this Agreement and to extend credit hereunder, and to induce the other Guaranteed Creditors to enter into Designated Interest Rate Protection Agreements in recognition of the direct benefits to be received by each Credit Agreement Party
from the proceeds of the Loans, the issuance of the Letters of Credit and the entering into of such Designated Interest Rate Protection Agreements, each Credit Agreement Party hereby agrees with the Guaranteed Creditors as follows: each Credit
Agreement Party hereby unconditionally and irrevocably guarantees as primary obligor and not merely as surety the full and prompt payment when due, whether upon maturity, acceleration or otherwise, of any and all of its Relevant Guaranteed
Obligations to the Guaranteed Creditors. If any or all of the Relevant Guaranteed Obligations of any Credit Agreement Party to the Guaranteed Creditors becomes due and payable hereunder, such Credit Agreement Party, unconditionally and irrevocably,
promises to pay such indebtedness to the Administrative Agent and/or the other Guaranteed Creditors, or order, on demand, together with any and all expenses which may be incurred by the Administrative Agent and the other Guaranteed Creditors in
collecting any of the Relevant Guaranteed Obligations. This Credit Agreement Party Guaranty is a guaranty of payment and not of collection. This Credit Agreement Party Guaranty is a continuing one and all liabilities to which it applies or may apply
under the terms hereof shall be conclusively presumed to have been created in reliance hereon. If claim is ever made upon any Guaranteed Creditor for repayment or recovery of any amount or amounts received in payment or on account of any of the
Relevant Guaranteed Obligations and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of its property or
(ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including any Relevant Guaranteed Party), then and in such event the respective Credit Agreement Party agrees that any such judgment, decree,
order, settlement or compromise shall be binding upon such Credit Agreement Party, notwithstanding any revocation of this Credit Agreement Party Guaranty or any other instrument evidencing any liability of any Relevant Guaranteed Party, and each
Credit Agreement Party shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee. 

14.02 Bankruptcy. Additionally, each Credit Agreement Party unconditionally and irrevocably guarantees the payment
of any and all of its Relevant Guaranteed Obligations to the Guaranteed Creditors whether or not due or payable by any Relevant Guaranteed Party upon the occurrence of any of the events specified in Section 11.05, and irrevocably and
unconditionally promises to pay such indebtedness to the Guaranteed Creditors, or order, on demand, in lawful money of the United States. 
  

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 14.03 Nature of Liability. The liability of each Credit Agreement
Party hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Relevant Guaranteed Obligations, whether executed by any other guarantor or by any other party, and each Credit Agreement
Party understands and agrees, to the fullest extent permitted under law, that the liability of such Credit Agreement Party hereunder shall not be affected or impaired by (a) any direction as to application of payment by any Relevant Guaranteed
Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Relevant Guaranteed Obligations, or (c) any payment on or in reduction of any such
other guaranty or undertaking (other than payment in cash of the Relevant Guaranteed Obligations), or (d) any dissolution, termination or increase, decrease or change in personnel by any Relevant Guaranteed Party, or (e) any payment made
to any Guaranteed Creditor on the Relevant Guaranteed Obligations which any such Guaranteed Creditor repays to any Relevant Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief
proceeding, and each Credit Agreement Party waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Guaranteed Creditors as contemplated in
Section 14.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Relevant Guaranteed Obligations or of any security therefor. 

14.04 Independent Obligation. The obligations of each Credit Agreement Party hereunder are independent of the
obligations of any other guarantor, any other party or any Relevant Guaranteed Party, and a separate action or actions may be brought and prosecuted against any Credit Agreement Party whether or not action is brought against any other guarantor, any
other party or any Relevant Guaranteed Party and whether or not any other guarantor, any other party or any Relevant Guaranteed Party be joined in any such action or actions. Each Credit Agreement Party waives, to the fullest extent permitted by
law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. Any payment by any Relevant Guaranteed Party or other circumstance which operates to toll any statute of limitations as to such Relevant
Guaranteed Party shall operate to toll the statute of limitations as to the relevant Credit Agreement Party. 

14.05 Authorization. To the fullest extent permitted under law, each Credit Agreement Party authorizes the
Guaranteed Creditors without notice or demand, and without affecting or impairing its liability hereunder, from time to time to: 

(a) change the manner, place or terms of payment of, and/or change or extend the time of payment of,
renew, increase, accelerate or alter, any of the Relevant Guaranteed Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or fees thereon), any security therefor, or any liability incurred directly
or indirectly in respect thereof, and this Credit Agreement Party Guaranty shall apply to the Relevant Guaranteed Obligations as so changed, extended, renewed or altered; 

(b) take and hold security for the payment of the Relevant Guaranteed Obligations and sell, exchange,
release, impair, surrender, realize upon or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Relevant Guaranteed Obligations or any liabilities
(including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset there against; 

(c) exercise or refrain from exercising any rights against any Relevant Guaranteed Party, any other Credit
Party or others or otherwise act or refrain from acting; 
 (d) release or substitute any one or
more endorsers, guarantors, any Relevant Guaranteed Party, other Credit Parties or other obligors; 
  

 -204- 

 (e) settle or compromise any of the Relevant Guaranteed
Obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether
due or not) of any Relevant Guaranteed Party to its creditors other than the Guaranteed Creditors; 

(f) apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of any
Relevant Guaranteed Party to the Guaranteed Creditors regardless of what liability or liabilities of such Relevant Guaranteed Party remain unpaid; 

(g) consent to or waive any breach of, or any act, omission or default under, this Agreement, any other
Credit Document, any Designated Interest Rate Protection Agreement or any of the instruments or agreements referred to herein or therein, or otherwise amend, modify or supplement this Agreement, any other Credit Document, any Designated Interest
Rate Protection Agreement or any of such other instruments or agreements; and/or 
 (h) take any
other action which would, under otherwise applicable principles of common law, give rise to a legal or equitable discharge of such Credit Agreement Party from its liabilities under this Credit Agreement Party Guaranty. 

14.06 Reliance. It is not necessary for any Guaranteed Creditor to inquire into the capacity or powers of any
Relevant Guaranteed Party or the officers, directors, partners or agents acting or purporting to act on their behalf, and any Relevant Guaranteed Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed
hereunder. 
 14.07 Subordination. Any indebtedness of any Relevant Guaranteed Party now or hereafter
owing to any Credit Agreement Party is hereby subordinated to the Relevant Guaranteed Obligations of such Relevant Guaranteed Party owing to the Guaranteed Creditors; and if the Administrative Agent so requests at a time when an Event of Default
exists, all such indebtedness of such Relevant Guaranteed Party to such Credit Agreement Party shall be collected, enforced and received by such Credit Agreement Party for the benefit of the Guaranteed Creditors and be paid over to the
Administrative Agent on behalf of the Guaranteed Creditors on account of the Relevant Guaranteed Obligations of such Relevant Guaranteed Party to the Guaranteed Creditors, but without affecting or impairing in any manner the liability of any Credit
Agreement Party under the other provisions of this Credit Agreement Party Guaranty. Without limiting the generality of the foregoing, each Credit Agreement Party hereby agrees with the Guaranteed Creditors that it will not exercise any right of
subrogation which it may at any time otherwise have as a result of this Credit Agreement Party Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or otherwise) until all Relevant Guaranteed Obligations have been irrevocably
paid in full in cash. 
  

 -205- 

 14.08 Waiver. (a) Each Credit Agreement Party waives any right
(except as shall be required by applicable law and cannot be waived) any right to require any Guaranteed Creditor to (i) proceed against any Relevant Guaranteed Party, any other guarantor or any other party, (ii) proceed against or exhaust
any security held from any Relevant Guaranteed Party, any other guarantor or any other party or (iii) pursue any other remedy in any Guaranteed Creditor’s power whatsoever. Each Credit Agreement Party waives any defense (except as shall be
required by applicable statute and cannot be waived) based on or arising out of any defense of any Relevant Guaranteed Party, any other guarantor or any other party, other than payment of the Relevant Guaranteed Obligations to the extent of such
payment, based on or arising out of the disability of any Relevant Guaranteed Party, any other guarantor or any other party, or the validity, legality or unenforceability of the Relevant Guaranteed Obligations or any part thereof from any cause, or
the cessation from any cause of the liability of any Relevant Guaranteed Party other than payment of the Relevant Guaranteed Obligations to the extent of such payment. The Guaranteed Creditors may, at their election, foreclose on any security held
by the Administrative Agent, the Collateral Agent or any other Guaranteed Creditor by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by
applicable law), or exercise any other right or remedy the Guaranteed Creditors may have against any Relevant Guaranteed Party or any other party, or any security, without affecting or impairing in any way the liability of any Credit Agreement Party
hereunder except to the extent the Relevant Guaranteed Obligations have been paid. Each Credit Agreement Party waives, to the fullest extent permitted under law, any defense arising out of any such election by the Guaranteed Creditors, even though
such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of such Credit Agreement Party against any Relevant Guaranteed Party or any other party or any security. 

(b) Each Credit Agreement Party waives, to the fullest extent permitted under law, all presentments, demands for
performance, protests and notices, including, without limitation, notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Credit Agreement Party Guaranty, and notices of the existence, creation or incurring
of new or additional Relevant Guaranteed Obligations. Each Credit Agreement Party assumes all responsibility for being and keeping itself informed of each Relevant Guaranteed Party’s financial condition and assets, and of all other
circumstances bearing upon the risk of nonpayment of the Relevant Guaranteed Obligations and the nature, scope and extent of the risks which such Credit Agreement Party assumes and incurs hereunder, and agrees that neither the Administrative Agent
nor any of the other Guaranteed Creditors shall have any duty to advise any Credit Agreement Party of information known to them regarding such circumstances or risks. 

14.09 Maximum Liability. It is the desire and intent of each Credit Agreement Party and the Guaranteed Creditors
that this Credit Agreement Party Guaranty shall be enforced against such Credit Agreement Party to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If, however, and to the
extent that, the obligations of any Credit Agreement Party under this Credit Agreement Party Guaranty shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law
relating to fraudulent conveyances or transfers), then the amount of such Credit Agreement Party’s obligations under this Credit Agreement Party Guaranty shall be deemed to be reduced and such Credit Agreement Party shall pay the maximum amount
of the Relevant Guaranteed Obligations which would be permissible under applicable law. 
 14.10
Payments. All payments made by a Credit Agreement Party pursuant to this Section 14 will be made without setoff, counterclaim or other defense, and shall be subject to the provisions of Sections 5.03 and 5.04. 

* * * 
  

 -206- 

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

			
	 PICASSO INTERMEDIATE COMPANY, INC.

(which immediately following the Initial

Borrowing Date will be renamed BWAY INTERMEDIATE COMPANY, INC.)

		
	 By:
	 	 /s/ Michael B. Clauer

	 Name:
	 	 Michael B. Clauer

	 Title:
	 	 Chief Financial Officer

	
	 PICASSO MERGER SUB, INC.

		
	 By:
	 	 /s/ Michael B. Clauer

	 Name:
	 	 Michael B. Clauer

	 Title:
	 	 Chief Financial Officer

	
	 BWAY HOLDING COMPANY

		
	 By:
	 	 /s/ Michael B. Clauer

	 Name:
	 	 Michael B. Clauer

	 Title:
	 	 Chief Financial Officer

	
	 ICL INDUSTRIAL CONTAINERS ULC/ICL, CONTENANTS INDUSTRIELS ULC

		
	 By: 
	 	 /s/ Jeffrey M. O’Connell

	 Name:
	 	 Jeffrey M. O’Connell

	 Title:
	 	 Vice President

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
Individually and as Administrative Agent

		
	 By:
	 	 /s/ Erin Morrissey

	 Name:
	 	 Erin Morrissey

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Carin Keegan

	 Name:
	 	 Carin Keegan

	 Title:
	 	 Director

			
	 SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF JUNE     , 2010, AMONG PICASSO INTERMEDIATE COMPANY, INC. (WHICH
IMMEDIATELY FOLLOWING THE INITIAL BORROWING DATE WILL BE RENAMED BWAY INTERMEDIATE COMPANY, INC.), PICASSO MERGER SUB, INC. (WHICH ON THE INITIAL BORROWING DATE WILL BE MERGED WITH AND INTO BWAY HOLDING COMPANY), ICL INDUSTRIAL CONTAINERS ULC/ICL,
CONTENANTS INDUSTRIELS ULC, THE LENDERS PARTY HERETO FROM TIME TO TIME, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT, BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS DOCUMENTATION AGENT, AND DEUTSCHE BANK
SECURITIES INC., BANC OF AMERICA SECURITIES LLC AND BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS JOINT LEAD ARRANGERS

	
	 NAME OF INSTITUTION:

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS

		
	 By:
	 	 /s/ Erin Morrissey

	 Name:
	 	 Erin Morrissey

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Carin Keegan

	 Name:
	 	 Carin Keegan

	 Title:
	 	 Director

			
	 SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF JUNE     , 2010, AMONG PICASSO INTERMEDIATE COMPANY, INC. (WHICH
IMMEDIATELY FOLLOWING THE INITIAL BORROWING DATE WILL BE RENAMED BWAY INTERMEDIATE COMPANY, INC.), PICASSO MERGER SUB, INC. (WHICH ON THE INITIAL BORROWING DATE WILL BE MERGED WITH AND INTO BWAY HOLDING COMPANY), ICL INDUSTRIAL CONTAINERS ULC/ICL,
CONTENANTS INDUSTRIELS ULC, THE LENDERS PARTY HERETO FROM TIME TO TIME, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT, BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS DOCUMENTATION AGENT, AND DEUTSCHE BANK
SECURITIES INC., BANC OF AMERICA SECURITIES LLC AND BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS JOINT LEAD ARRANGERS

	
	 NAME OF INSTITUTION:

	
	 DEUTSCHE BANK AG CANADA BRANCH

		
	 By:
	 	 /s/ Rupert Gomes

	 Name:
	 	 Rupert Gomes

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Renate Engel

	 Name:
	 	 Renate Engel

	 Title:
	 	 Assistant Vice President

			
	 SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF JUNE     , 2010, AMONG PICASSO INTERMEDIATE COMPANY, INC. (WHICH
IMMEDIATELY FOLLOWING THE INITIAL BORROWING DATE WILL BE RENAMED BWAY INTERMEDIATE COMPANY, INC.), PICASSO MERGER SUB, INC. (WHICH ON THE INITIAL BORROWING DATE WILL BE MERGED WITH AND INTO BWAY HOLDING COMPANY), ICL INDUSTRIAL CONTAINERS ULC/ICL,
CONTENANTS INDUSTRIELS ULC, THE LENDERS PARTY HERETO FROM TIME TO TIME, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT, BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS DOCUMENTATION AGENT, AND DEUTSCHE BANK
SECURITIES INC., BANC OF AMERICA SECURITIES LLC AND BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS JOINT LEAD ARRANGERS

	
	 NAME OF INSTITUTION: Bank of America, N.A.

		
	 By:
	 	 /s/ James B. Meanor II

	 Name:
	 	 James B. Meanor II

	 Title:
	 	 Senior Vice President

			
	 SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF JUNE     , 2010, AMONG PICASSO INTERMEDIATE COMPANY, INC. (WHICH
IMMEDIATELY FOLLOWING THE INITIAL BORROWING DATE WILL BE RENAMED BWAY INTERMEDIATE COMPANY, INC.), PICASSO MERGER SUB, INC. (WHICH ON THE INITIAL BORROWING DATE WILL BE MERGED WITH AND INTO BWAY HOLDING COMPANY), ICL INDUSTRIAL CONTAINERS ULC/ICL,
CONTENANTS INDUSTRIELS ULC, THE LENDERS PARTY HERETO FROM TIME TO TIME, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT, BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS DOCUMENTATION AGENT, AND DEUTSCHE BANK
SECURITIES INC., BANC OF AMERICA SECURITIES LLC AND BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS JOINT LEAD ARRANGERS

	
	 NAME OF INSTITUTION:

	
	 BANK OF AMERICA, N.A. (CANADA BRANCH)

		
	 By:
	 	 /s/ Medina Sales de Andrade

	 Name:
	 	 Medina Sales de Andrade

	 Title:
	 	 Vice President

			
	 SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF JUNE     , 2010, AMONG PICASSO INTERMEDIATE COMPANY, INC. (WHICH
IMMEDIATELY FOLLOWING THE INITIAL BORROWING DATE WILL BE RENAMED BWAY INTERMEDIATE COMPANY, INC.), PICASSO MERGER SUB, INC. (WHICH ON THE INITIAL BORROWING DATE WILL BE MERGED WITH AND INTO BWAY HOLDING COMPANY), ICL INDUSTRIAL CONTAINERS ULC/ICL,
CONTENANTS INDUSTRIELS ULC, THE LENDERS PARTY HERETO FROM TIME TO TIME, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT, BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS DOCUMENTATION AGENT, AND DEUTSCHE BANK
SECURITIES INC., BANC OF AMERICA SECURITIES LLC AND BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS JOINT LEAD ARRANGERS

	
	 NAME OF INSTITUTION:

	 Barclays Bank PLC

		
	 By:
	 	 /s/ Craig J. Malloy

	 Name:
	 	 Craig J. Malloy

	 Title:
	 	 Director

			
	 SIGNATURE PAGE TO THE CREDIT AGREEMENT DATED AS OF JUNE     , 2010, AMONG PICASSO INTERMEDIATE COMPANY, INC. (WHICH
IMMEDIATELY FOLLOWING THE INITIAL BORROWING DATE WILL BE RENAMED BWAY INTERMEDIATE COMPANY, INC.), PICASSO MERGER SUB, INC. (WHICH ON THE INITIAL BORROWING DATE WILL BE MERGED WITH AND INTO BWAY HOLDING COMPANY), ICL INDUSTRIAL CONTAINERS ULC/ICL,
CONTENANTS INDUSTRIELS ULC, THE LENDERS PARTY HERETO FROM TIME TO TIME, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT, BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS DOCUMENTATION AGENT, AND DEUTSCHE BANK
SECURITIES INC., BANC OF AMERICA SECURITIES LLC AND BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, AS JOINT LEAD ARRANGERS

	
	 NAME OF INSTITUTION:

	
	 Mizuho Corporate Bank, Ltd.

		
	 By:
	 	 /s/ James R. Fayen

	 Name:
	 	 James R. Fayen

	 Title:
	 	 Deputy General Manager

 SCHEDULE 2.17 

PROVISIONS RELATING TO 

BANKERS’ ACCEPTANCES, DRAFT AND B/A EQUIVALENT NOTES 

BANKERS’ ACCEPTANCES 

Acceptances and Drafts. 

1. Each Canadian Borrower RL Lender severally agrees, on the terms and conditions of the Credit Agreement and this
Schedule 2.17 and from time to time on any Business Day prior to the Revolving Loan Maturity Date (i) in the case of a B/A Lender to create Bankers’ Acceptances by accepting Drafts and to purchase such Bankers’ Acceptances in
accordance with Section 6 of this Schedule 2.17 and the Credit Agreement and (ii) in the case of a Non-B/A Lender, to purchase completed Drafts (which have not and will not be accepted by such Lender or any other Canadian Borrower
RL Lender) in accordance with Section 6 of this Schedule 2.17 and the Credit Agreement. 
 Each
Bankers’ Acceptance shall consist of the creation and purchase of Bankers’ Acceptances or the purchase of Drafts on the same day, in each case for the B/A Discount Proceeds, and shall be effected or arranged by the Canadian Borrower RL
Lenders in accordance with Section 6 of this Schedule 2.17 and the Credit Agreement and their respective Commitments. 

If the Canadian Sub-Agent determines that the Bankers’ Acceptances to be created and purchased or Drafts to be
purchased on the making of any Bankers’ Acceptance Loan (upon a conversion or otherwise) will not be created and purchased ratably by the Canadian Borrower RL Lenders in accordance with this Schedule 2.17 and the Credit Agreement, then
(i) the requested Face Amount of Bankers’ Acceptances and Drafts shall be reduced to such lesser amount as the Canadian Sub-Agent determines will permit ratable sharing and (x) the amount by which the requested Face Amount shall have
been so reduced shall be converted or continued, as the case may be, as a Canadian Prime Rate Loan to be made contemporaneously with the making of such Bankers’ Acceptance Loan or (y) the Canadian Borrower may cancel part of, or withdraw
in its entirety, the related Notice of Borrowing, or (ii) the Canadian Sub-Agent may, acting reasonably at the request of the Canadian Borrower, deem any Notice of Borrowing delivered in such circumstances of a Bankers’ Acceptance Loan to
be, in its entirety, a Notice of Borrowing for Canadian Prime Rate Loans, and make a Canadian Prime Rate Loan to the Canadian Borrower in the full amount as originally requested as a Bankers’ Acceptance Loan in such Notice of Borrowing.

 Form of Drafts. 

Each Draft presented by the Canadian Borrower shall (i) be in a minimum Face Amount of Cdn.$l,000,000 and in an
integral multiple of Cdn.$100,000, (ii) be dated the date of the making of such Bankers’ Acceptance Loan, and (iii) mature and be payable by the Canadian Borrower (in common with all other Drafts presented in connection with such
Bankers’ Acceptance Loan) on a Business Day which occurs approximately 30, 60, 90 or 180 days (or such longer period as the Canadian Sub-Agent may agree) at the election of the Canadian Borrower after the Drawing Date and on or prior to the
Revolving Loan Maturity Date. 

 Procedure for Drawing 

Each Bankers’ Acceptance Loan shall be made on three Business Day’s prior notice given by the Canadian Borrower
by way of a Notice of Borrowing to the Canadian Sub-Agent in accordance with Section 2.03 of the Credit Agreement. 

Not later than 2:00 p.m. (Toronto time) on an applicable Drawing Date, each Canadian Borrower RL Lender shall complete
one or more Drafts in accordance with the Notice of Borrowing and either (x) accept the Drafts and purchase the Bankers’ Acceptances so created for the B/A Discount Proceeds, or (y) purchase the Drafts for the B/A Discount Proceeds.
In each case, upon receipt of the B/A Discount Proceeds and upon fulfillment of the conditions set forth in Sections 6 and 7 of the Credit Agreement, as applicable, the Canadian Sub-Agent, at the direction of the Canadian Borrower, shall apply the
B/A Discount Proceeds as follows: (i) remit to the Canadian Borrower (in the case of the making of a Canadian Revolving Loan), (ii) prepay Canadian Prime Rate Loans (which shall constitute a conversion of the Canadian Revolving Loans from
Canadian Prime Rate Loans to Bankers’ Acceptance Loans) or (iii) pay Bankers’ Acceptances maturing on such date (which shall constitute a continuation of Bankers’ Acceptance Loans to new Bankers’ Acceptance Loans),
provided that in the case of any such conversion or continuation of Loans, the Canadian Borrower shall pay to the Canadian Sub-Agent for account of the Canadian Borrower RL Lenders such additional amounts, if any, as shall be necessary to
effect the prepayment in full of the respective Canadian Prime Rate Loans being prepaid, or the Bankers’ Acceptances maturing, on such date. 

The Canadian Borrower shall, at the request of the Canadian Borrower RL Lender, issue one or more non-interest bearing
promissory notes (each a “B/A Equivalent Note”) payable on the date of maturity of the unaccepted Draft referred to below, in such form as the Canadian Borrower RL Lender may specify and in a principal amount equal to the Face Amount of,
and in exchange for, any unaccepted Drafts which the Canadian Borrower RL Lender has purchased in accordance with Section 6 of this Schedule 2.17 and the Credit Agreement. 

Bankers’ Acceptances purchased by a Canadian Borrower RL Lender may be held by it for its own account until the
contract maturity date or sold by it at any time prior to that date in any relevant Canadian market in such Person’s sole discretion. The Canadian Borrower hereby renounces, and shall not claim or request or require any Lender to claim, any
days of grace for the payment of any Bankers’ Acceptance or other B/A Instrument. 

 Presigned Draft Forms. 

To enable the Canadian Borrower RL Lenders to create Bankers’ Acceptances or complete Drafts in the manner specified
in this Schedule 2.17 and the Credit Agreement, the Canadian Borrower shall supply each Canadian Borrower RL Lender with such number of Drafts as it may reasonably request, duly endorsed and executed on behalf of the Canadian Borrower. Each
Canadian Borrower RL Lender is hereby authorized to issue such Bankers’ Acceptances endorsed in blank in such Face Amounts as may be determined by such Canadian Borrower RL Lender, provided that the aggregate amount thereof is equal to
the aggregate amount of Bankers’ Acceptances required to be accepted by such Canadian Borrower RL Lender. None of the Canadian Borrower RL Lenders and their respective directors, officers, employees or representatives (collectively,
“Canadian Borrower RL Lender Persons”) shall be responsible or liable for any such Canadian Borrower RL Lender’s failure to accept and/or purchase a B/A Instrument if the cause of such failure is, in whole or in part, due to
the failure of the Canadian Borrower to provide duly executed and endorsed B/A Instruments to such Canadian Borrower RL Lender on a timely basis nor shall any such Canadian Borrower RL Lender Person be liable for any damage, loss or other claim
arising by reason of any loss or improper use of any such instrument except loss or improper use arising by reason of the gross negligence or willful misconduct or fraud of such Canadian Borrower RL Lender Person, nor shall any such Canadian
Borrower RL Lender Person be liable for any other action taken or omitted to be taken by any of them under Section 9 or 10, except for such Canadian Borrower RL Lender Person’s own gross negligence, willful misconduct or fraud. Each
Canadian Borrower RL Lender will exercise such care in the custody and safekeeping of Drafts as it would exercise in the custody and safekeeping of similar property owned by it and will, upon request by the Canadian Borrower, promptly advise the
Canadian Borrower of the number and designations, if any, of uncompleted Drafts held by it for the Canadian Borrower. The signature of any officer of the Canadian Borrower on a Draft may be mechanically reproduced and B/A Instruments bearing
facsimile signature shall be binding upon the Canadian Borrower as if they had been manually signed. Even if the individuals whose manual or facsimile signature appears on any B/A Instrument no longer hold office at the date of signature, at the
date of its acceptance by the Canadian Borrower RL Lender or at any time after such date, any B/A Instrument so signed shall be valid and binding upon the Canadian Borrower. 

Upon the request of any Canadian Borrower RL Lender, the Canadian Borrower shall provide to such Canadian Borrower RL
Lender a power of attorney to complete, sign, endorse and issue B/A Instruments on behalf of the Canadian Borrower in form and substance satisfactory to such Canadian Borrower RL Lender. Alternatively, at the request of any Canadian Borrower RL
Lender, the Canadian Borrower shall deliver to such Lender a “depository bill” which complies with the requirements of the Depository Bills and Notes Act (Canada), and hereby consents to the deposit of any Bankers’ Acceptance in the
form of a depository bill in the book-based debt clearance systems maintained by the Canadian Depository of Securities Limited or other recognized clearing house. In such circumstances, the delivery of Bankers’ Acceptances shall be governed by
the clearance procedures established thereunder. The Canadian Borrower shall, by written notice to the Canadian Sub-Agent, designate the Persons authorized to give the Canadian Borrower RL Lenders instructions regarding the manner in which B/A
Instruments are to be completed and the times at which they are to be issued and the Canadian Borrower RL Lenders shall only complete B/A Instruments under Sections 9 and 10 in accordance with such instructions. 

Payment, Conversion or Renewal of B/A Instruments. 

Upon the maturity of a B/A Instrument, the Canadian Borrower may (i) elect to issue a replacement B/A Instrument by
giving a Notice of Borrowing in accordance with Section 2.03 of the Credit Agreement (provided that the Canadian Borrower shall pay to the Canadian Sub-Agent for the account of the Canadian Borrower RL Lenders such additional amounts, if
any, as shall be necessary to effect payment in full of the Face Amount of the B/A Instrument maturing on such day), (ii) elect to have all or a portion of the Face Amount of the B/A Instrument converted to a Canadian Prime Rate Loan by giving
a Notice of Borrowing in accordance with Section 2.03 of the Credit Agreement, or (iii) pay, on or before 10:00 a.m. (Toronto time) on the maturity date for the B/A Instrument, an amount in Canadian Dollars equal to the Face Amount of the
B/A Instrument (notwithstanding that the Canadian Borrower RL Lender may be the holder of it at maturity). Any such payment in an amount in Canadian Dollars equal to the Face Amount of the B/A Instrument shall satisfy the Canadian Borrower’s
obligations under the B/A Instrument to which it relates and the relevant Canadian Borrower RL Lender shall then be solely responsible for the payment of the B/A Instrument. 

 If the Canadian Borrower (i) fails to pay any B/A Instrument when due
or (ii) fails to issue a replacement B/A Instrument which gives rise to B/A Discount Proceeds which together with additional amounts then paid to the Canadian Sub-Agent for the account of the Canadian Borrower RL Lenders in respect of such
maturing B/A Instrument at least equal the Face Amount of such maturing B/A Instrument pursuant to Section 11 (i) hereof or (iii) fails to elect to convert all or a portion of the Face Amount of such B/A Instrument to a Canadian Prime
Loan pursuant to Section 11 (ii) hereof, then the unpaid amount due and payable shall be converted to a Canadian Prime Rate Loan made by the Canadian Borrower RL Lenders ratably under the applicable Tranche and shall bear interest
calculated and payable as provided in Section 2.08 of the Credit Agreement. This conversion shall occur as of the due date and without any necessity for the Canadian Borrower to give a Notice of Conversion/ Continuation. 

On any date on which a Bankers’ Acceptance Loan is created, purchased, converted or continued, the Canadian
Sub-Agent shall be entitled to net all amounts payable on such date by the Canadian Sub-Agent to a Canadian Borrower RL Lender against all amounts payable on such date by such Canadian Borrower RL Lender to the Canadian Sub-Agent. Similarly, on any
such date the Canadian Borrower hereby authorizes each Canadian Borrower RL Lender to net all amounts payable on such date by such Canadian Borrower RL Lender to the Canadian Sub-Agent for the account of such Canadian Borrower, against all amounts
payable on such date by such Canadian Borrower to such Canadian Borrower RL Lender in accordance with the Canadian Sub-Agent’s calculations. 

Except for the requirement to pay immediately upon acceleration of the Canadian Borrower Revolving Loans pursuant to
Section 11 of the Credit Agreement, the Canadian Borrower shall pay to the Canadian Sub-Agent an amount in Canadian Dollars equal to the Face Amount of each Bankers’ Acceptance Loan requested by the Canadian Borrower on the maturity date
thereof (notwithstanding that the Canadian Borrower RL Lender may be the holder of it at maturity). 

Circumstances Making Bankers’ Acceptances Unavailable. 

If, by reason of circumstances affecting the money market generally, as determined in good faith by the Canadian Sub-Agent
acting reasonably and in respect of which the Canadian Sub-Agent shall have given notice to the Canadian Borrower of the occurrence and particulars thereof, there is no market for Bankers’ Acceptances or Canadian Borrower RL Lenders cannot
readily sell bankers’ acceptances or perform their obligations under the Credit Agreement with respect to bankers’ acceptances (i) the right of the Canadian Borrower to request a Bankers’ Acceptance Loan shall be suspended until
the circumstances causing a suspension no longer exist, (ii) any applicable Notice of Borrowing which is outstanding shall either: (x) be cancelled and the requested Bankers’ Acceptance Loan shall not be made or (y) the Canadian
Sub-Agent may, acting reasonably and taking into account any circumstances then affecting the Canadian Borrower RL Lenders and the availability of Loans, at the direction of the Canadian Borrower, deem the aforementioned Notice of Borrowing a Notice
of Borrowing for Canadian Prime Rate Loans. 
 The Canadian Sub-Agent shall promptly notify the Canadian Borrower of the
suspension of the Canadian Borrower’s right to request a Bankers’ Acceptance Loan and of the termination of any suspension. 

 SCHEDULE 2.19(a) 

REVERSE DUTCH AUCTION PROCEDURES 

This Schedule 2.19(a) is intended to summarize certain basic terms of the reverse Dutch auction procedures pursuant to and in
accordance with the terms and conditions of Section 2.19(a) of the Credit Agreement, of which this Schedule 2.19(a) is a part. It is not intended to be a definitive statement of all of the terms and conditions of a reverse Dutch
auction, the definitive terms and conditions for which shall be set forth in the applicable offering document. None of the Administrative Agent, the Auction Manager or any of their respective Affiliates, or any officers, directors, employees, agents
or attorneys-in-fact of such Persons (together with the Administrative Agent and its Affiliates, the “Agent-Related Person”) makes any recommendation pursuant to any offering document as to whether or not any Lender should sell B
Term Loans or C Term Loans, as the case may be, to the respective Borrower pursuant to any offering documents, nor shall the decision by the Administrative Agent, the Auction Manager or any other Agent-Related Person (or any of their affiliates) in
its respective capacity as a Lender to sell its Term Loans to the respective Borrower be deemed to constitute such a recommendation. Each Lender should make its own decision on whether to sell any of its B Term Loans or C Term Loans, as the case may
be, and, if it decides to do so, the principal amount of and price to be sought for such Term Loans. In addition, each Lender should consult its own attorney, business advisor or tax advisor as to legal, business, tax and related matters concerning
each Auction and the relevant offering documents. Each Lender participating in an Auction acknowledges and agrees that in connection with such Auction, (1) the respective Borrower may have, and later may come into possession of, information
regarding the B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans), that is not known to such Lender and that may be material to a decision by such Lender to
participate in such Auction (“Excluded Information”), (2) such Lender has independently and, without reliance on the respective Borrower, any of its Subsidiaries, the Administrative Agent or any of their respective Affiliates,
has made its own analysis and determination to participate in such Auction notwithstanding such Lender’s lack of knowledge of the Excluded Information and (3) none of the respective Borrower, its Subsidiaries, the Administrative Agent or
any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the respective Borrower, its Subsidiaries, the
Administrative Agent and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information. Each Lender participating in any Auction further acknowledges that the Excluded Information may
not be available to the Administrative Agent or the other Lenders. Capitalized terms not otherwise defined in this Schedule 2.19(a) have the meanings assigned to them in the Credit Agreement. 

 (a) Notice Procedures. In connection with each Auction, the U.S.
Borrower will provide notification to the Auction Manager (for distribution to the Lenders of the Term Loans (each, an “Auction Notice”). Each Auction Notice shall contain (i) the maximum principal amount (calculated on the
face amount thereof) of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) that the U.S. Borrower or the Canadian Borrower, as the case may be, offers to
purchase in such Auction (the “Auction Amount”), which shall be no less than $10,000,000 (unless another amount is agreed to by the Administrative Agent); (ii) the range of discounts to par (the “Discount
Range”), expressed as a range of prices per $1,000 (in increments of $5), at which the respective Borrower would be willing to purchase B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an
Auction in respect of C Term Loans) in such Auction; and (iii) the date on which such Auction will conclude, on which date Return Bids (as defined below) will be due by 1:00 p.m. (as such date and time may be extended by the Auction Manager at
the request of the respective Borrower as set forth below, such time the “Expiration Time”). Such Expiration Time may be extended for a period not exceeding three (3) Business Days upon notice by the respective Borrower to the
Auction Manager received not less than 24 hours before the original Expiration Time; provided, that only one extension per offer shall be permitted. An Auction shall be regarded as a “failed auction” in the event that either
(x) the respective Borrower withdraws such Auction in accordance with the terms hereof or (y) the Expiration Time occurs with no Qualifying Bids (as defined below) having been received. In the event of a failed auction, neither Borrower
shall be permitted to deliver a new Auction Notice prior to the date occurring three (3) Business Days after such withdrawal or Expiration Time, as the case may be. Notwithstanding anything to the contrary contained herein, neither Borrower
shall initiate any Auction by delivering an Auction Notice to the Auction Manager until after the conclusion (whether successful or failed) of the previous Auction (if any), whether such conclusion occurs by withdrawal of such previous Auction or
the occurrence of the Expiration Time of such previous Auction. 
 (b) Reply Procedures. In connection
with any Auction, each Lender of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) wishing to participate in such Auction shall, prior to the Expiration Time,
provide the Auction Manager with a notice of participation, in the form included in the respective offering document (each, a “Return Bid”) which shall specify (i) a discount to par that must be expressed as a price per $1,000
(in increments of $5) in principal amount of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) (the “Reply Price”) within the Discount Range
and (ii) the principal amount of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans), in an amount not less than $1,000,000 or an integral multiple of $1,000
in excess thereof, that such Lender offers for sale at its Reply Price (the “Reply Amount”). A Lender may submit a Reply Amount that is less than the minimum amount and incremental amount requirements described above only if the
Reply Amount comprises the entire amount of the B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) held by such Lender. Lenders may only submit one Return Bid
per Auction but each Return Bid may contain up to three (3) component bids, each of which may result in a separate Qualifying Bid and each of which will not be contingent on any other component bid submitted by such Lender resulting in a
Qualifying Bid. In addition to the Return Bid, the participating Lender must execute and deliver, to be held by the Auction Manager, an assignment and acceptance in the form included in the offering document (each, an “Auction Assignment and
Assumption”). The respective Borrower will not purchase any B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) at a price that is outside of the
applicable Discount Range, nor will any Return Bids (including any component bids specified therein) submitted at a price that is outside such applicable Discount Range be considered in any calculation of the Applicable Threshold Price (as defined
below). 

 (c) Acceptance Procedures. Based on the Reply Prices and Reply
Amounts received by the Auction Manager, the Auction Manager, in consultation with the respective Borrower, will calculate the lowest purchase price (the “Applicable Threshold Price”) for such Auction within the Discount Range for
such Auction that will allow the respective Borrower to complete the Auction by purchasing the full Auction Amount (or such lesser amount of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an
Auction in respect of C Term Loans) for which the respective Borrower has received Qualifying Bids). The respective Borrower shall purchase B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an
Auction in respect of C Term Loans) from each Lender whose Return Bid is within the Discount Range and contains a Reply Price that is equal to or less than the Applicable Threshold Price (each, a “Qualifying Bid”). All B Term Loans
(in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) included in Qualifying Bids (including multiple component Qualifying Bids contained in a single Return Bid) received at a
Reply Price lower than the Applicable Threshold Price will be purchased at such applicable Reply Prices and shall not be subject to proration. 

(d) Proration Procedures. All B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans
(in the case of an Auction in respect of C Term Loans) offered in Return Bids (or, if applicable, any component thereof) constituting Qualifying Bids at the Applicable Threshold Price will be purchased at the Applicable Threshold Price;
provided that if the aggregate principal amount (calculated on the face amount thereof) of all B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) for
which Qualifying Bids have been submitted in any given Auction at the Applicable Threshold Price would exceed the remaining portion of the Auction Amount (after deducting all Term Loans to be purchased at prices below the Applicable Threshold
Price), the respective Borrower shall purchase the B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) for which the Qualifying Bids submitted were at the
Applicable Threshold Price ratably based on the respective principal amounts offered and in an aggregate amount equal to the amount necessary to complete the purchase of the Auction Amount. No Return Bids or any component thereof will be accepted
above the Applicable Threshold Price. 
 (e) Notification Procedures. The Auction Manager will calculate
the Applicable Threshold Price and post the Applicable Threshold Price and proration factor onto an internet or intranet site (including an IntraLinks, SyndTrak or other electronic workspace) in accordance with the Auction Manager’s standard
dissemination practices by 4:00 p.m. New York City time on the same Business Day as the date the Return Bids were due (as such due date may be extended in accordance with this Schedule 2.19(a)). The Auction Manager will insert the principal
amount of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) to be assigned and the applicable settlement date into each applicable Auction Assignment and
Assumption received in connection with a Qualifying Bid. Upon the request of the submitting Lender, the Auction Manager will promptly return any Auction Assignment and Assumption received in connection with a Return Bid that is not a Qualifying Bid.

 (f) Auction Assignment and Assumption. Each Auction Notice and
Auction Assignment and Assumption shall contain the following representations and warranties by the respective Borrower: 

“No Event of Default has occurred and is continuing, or would result from this Auction.” 

(g) Additional Procedures. Once initiated by an Auction Notice, the respective Borrower may withdraw an Auction
only in the event that, as of such time, (i) no Qualifying Bid has been received by the Auction Manager or (ii) the respective Borrower has failed, or believes in good faith that it will fail, to satisfy one or more of the conditions set
forth in Section 2.19(a) of the Credit Agreement which are required to be met at the time which otherwise would have been the time of purchase of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the
case of an Auction in respect of C Term Loans) pursuant to the respective Auction. Furthermore, in connection with any Auction, upon submission by a Lender of a Return Bid, such Lender will not have any withdrawal rights. Any Return Bid (including
any component bid thereof) delivered to the Auction Manager may not be modified, revoked, terminated or cancelled by a Lender. However, an Auction may become void if the conditions to the purchase of B Term Loans (in the case of an Auction in
respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C Term Loans) by the respective Borrower required by the terms and conditions of Section 2.19(a) of the Credit Agreement are not met. The purchase price in
respect of each Qualifying Bid for which purchase by the respective Borrower is required in accordance with the foregoing provisions shall be paid directly by such Borrower to the respective assigning Lender on a settlement date as determined
jointly by the respective Borrower and the Auction Manager (which shall be not later than ten (10) Business Days after the date Return Bids are due). The respective Borrower shall execute each applicable Auction Assignment and Assumption
received in connection with a Qualifying Bid. All questions as to the form of documents and validity and eligibility of B Term Loans (in the case of an Auction in respect of B Term Loans) or C Term Loans (in the case of an Auction in respect of C
Term Loans) that are the subject of an Auction will be determined by the Auction Manager, in consultation with the respective Borrower, and their determination will be final and binding so long as such determination is not inconsistent with the
terms of Section 2.19(a) of the Credit Agreement or this Schedule 2.19(a). The Auction Manager’s interpretation of the terms and conditions of the offering document, in consultation with the respective Borrower, will be final
and binding so long as such interpretation is not inconsistent with the terms of Section 2.19(a) of the Credit Agreement or this Schedule 2.19(a). None of the Administrative Agent, the Auction Manager, any other Agent-Related
Person or any of their respective affiliates assumes any responsibility for the accuracy or completeness of the information concerning either Borrower, the other Credit Parties, or any of their affiliates (whether contained in an offering document
or otherwise) or for any failure to disclose events that may have occurred and may affect the significance or accuracy of such information. This Schedule 2.19(a) shall not require either Borrower to initiate any Auction.Indenture

 EXHIBIT 4.1 

 
  

ALLY AUTO RECEIVABLES TRUST 2010-2 

Class A-1 0.58624% Asset Backed Notes 

Class A-2 0.89% Asset Backed Notes 

Class A-3 1.38% Asset Backed Notes 

Class A-4 2.09% Asset Backed Notes 

Class B 3.02% Asset Backed Notes 

Class C 3.51% Asset Backed Notes 
  

 
 INDENTURE

 Dated as of June 25, 2010 

 
  

DEUTSCHE BANK TRUST COMPANY AMERICAS 

Indenture Trustee 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	2
			
	      SECTION 1.1
	  	DEFINITIONS	  	2
	      SECTION 1.2
	  	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	  	2
		
	 ARTICLE II THE NOTES
	  	3
			
	      SECTION 2.1
	  	FORM	  	3
	      SECTION 2.2
	  	EXECUTION, AUTHENTICATION AND DELIVERY	  	3
	      SECTION 2.3
	  	TEMPORARY NOTES	  	4
	      SECTION 2.4
	  	REGISTRATION OF NOTES; REGISTRATION OF TRANSFER AND
EXCHANGE OF NOTES	  	5
	      SECTION 2.5
	  	MUTILATED, DESTROYED, LOST OR STOLEN NOTES	  	7
	      SECTION 2.6
	  	PERSONS DEEMED NOTEHOLDERS	  	8
	      SECTION 2.7
	  	PAYMENT OF PRINCIPAL AND INTEREST	  	8
	      SECTION 2.8
	  	CANCELLATION OF NOTES	  	10
	      SECTION 2.9
	  	RELEASE OF COLLATERAL	  	10
	      SECTION 2.10
	  	BOOK-ENTRY NOTES	  	10
	      SECTION 2.11
	  	NOTICES TO CLEARING AGENCY	  	11
	      SECTION 2.12
	  	DEFINITIVE NOTES	  	11
	      SECTION 2.13
	  	DEPOSITOR AS NOTEHOLDER	  	12
	      SECTION 2.14
	  	TAX TREATMENT	  	12
	      SECTION 2.15
	  	SPECIAL TERMS APPLICABLE TO THE PRIVATE NOTES	  	12
		
	 ARTICLE III COVENANTS
	  	13
			
	      SECTION 3.1
	  	PAYMENT OF PRINCIPAL AND INTEREST	  	13
	      SECTION 3.2
	  	MAINTENANCE OF AGENCY OFFICE	  	13
	      SECTION 3.3
	  	MONEY FOR PAYMENTS TO BE HELD IN TRUST	  	13
	      SECTION 3.4
	  	EXISTENCE	  	15
	      SECTION 3.5
	  	PROTECTION OF TRUST ESTATE; ACKNOWLEDGMENT OF PLEDGE	  	15
	      SECTION 3.6
	  	OPINIONS AS TO TRUST ESTATE	  	16
	      SECTION 3.7
	  	PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES	  	16
	      SECTION 3.8
	  	NEGATIVE COVENANTS	  	17
	      SECTION 3.9
	  	ANNUAL STATEMENT AS TO COMPLIANCE	  	18
	      SECTION 3.10
	  	CONSOLIDATION, MERGER, ETC., OF ISSUING ENTITY; DISPOSITION
OF TRUST ASSETS	  	18
	      SECTION 3.11
	  	SUCCESSOR OR TRANSFEREE	  	20
	      SECTION 3.12
	  	NO OTHER BUSINESS	  	21
	      SECTION 3.13
	  	NO BORROWING	  	21
	      SECTION 3.14
	  	GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES	  	21
	      SECTION 3.15
	  	SERVICER’S OBLIGATIONS	  	21
	      SECTION 3.16
	  	CAPITAL EXPENDITURES	  	21
	      SECTION 3.17
	  	REMOVAL OF ADMINISTRATOR	  	21

  

 i 

					
	      SECTION 3.18
	  	RESTRICTED PAYMENTS	  	21
	      SECTION 3.19
	  	NOTICE OF EVENTS OF DEFAULT	  	22
	      SECTION 3.20
	  	FURTHER INSTRUMENTS AND ACTS	  	22
	      SECTION 3.21
	  	INDENTURE TRUSTEE’S ASSIGNMENT OF ADMINISTRATIVE RECEIVABLES
AND WARRANTY RECEIVABLES	  	22
	      SECTION 3.22
	  	REPRESENTATIONS AND WARRANTIES BY THE ISSUING ENTITY TO
THE INDENTURE TRUSTEE	  	23
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	23
			
	      SECTION 4.1
	  	SATISFACTION AND DISCHARGE OF INDENTURE	  	23
	      SECTION 4.2
	  	APPLICATION OF TRUST MONEY	  	24
	      SECTION 4.3
	  	REPAYMENT OF MONIES HELD BY PAYING AGENT	  	24
	      SECTION 4.4
	  	DURATION OF POSITION OF INDENTURE TRUSTEE	  	25
		
	 ARTICLE V DEFAULT AND REMEDIES
	  	25
			
	      SECTION 5.1
	  	EVENTS OF DEFAULT	  	25
	      SECTION 5.2
	  	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT	  	26
	      SECTION 5.3
	  	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE	  	27
	      SECTION 5.4
	  	REMEDIES; PRIORITIES	  	29
	      SECTION 5.5
	  	OPTIONAL PRESERVATION OF THE RECEIVABLES	  	30
	      SECTION 5.6
	  	LIMITATION OF SUITS	  	30
	      SECTION 5.7
	  	UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL
AND INTEREST	  	31
	      SECTION 5.8
	  	RESTORATION OF RIGHTS AND REMEDIES	  	31
	      SECTION 5.9
	  	RIGHTS AND REMEDIES CUMULATIVE	  	31
	      SECTION 5.10
	  	DELAY OR OMISSION NOT A WAIVER	  	32
	      SECTION 5.11
	  	CONTROL BY NOTEHOLDERS	  	32
	      SECTION 5.12
	  	WAIVER OF PAST DEFAULTS	  	32
	      SECTION 5.13
	  	UNDERTAKING FOR COSTS	  	33
	      SECTION 5.14
	  	WAIVER OF STAY OR EXTENSION LAWS	  	33
	      SECTION 5.15
	  	ACTION ON NOTES	  	33
	      SECTION 5.16
	  	PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS	  	33
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	35
			
	      SECTION 6.1
	  	DUTIES OF INDENTURE TRUSTEE	  	35
	      SECTION 6.2
	  	RIGHTS OF INDENTURE TRUSTEE	  	36
	      SECTION 6.3
	  	INDENTURE TRUSTEE MAY OWN NOTES	  	37
	      SECTION 6.4
	  	INDENTURE TRUSTEE’S DISCLAIMER	  	37
	      SECTION 6.5
	  	NOTICE OF DEFAULTS	  	37
	      SECTION 6.6
	  	REPORTS BY INDENTURE TRUSTEE	  	37
	      SECTION 6.7
	  	COMPENSATION; INDEMNITY	  	38
	      SECTION 6.8
	  	REPLACEMENT OF INDENTURE TRUSTEE	  	39
	      SECTION 6.9
	  	MERGER OR CONSOLIDATION OF INDENTURE TRUSTEE	  	40
	      SECTION 6.10
	  	APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE
TRUSTEE	  	40
	      SECTION 6.11
	  	ELIGIBILITY; DISQUALIFICATION	  	41

  

 ii 

					
	      SECTION 6.12
	  	PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUING
ENTITY	  	42
	      SECTION 6.13
	  	REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE	  	42
	      SECTION 6.14
	  	INDENTURE TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
NOTES	  	43
	      SECTION 6.15
	  	SUIT FOR ENFORCEMENT	  	43
	      SECTION 6.16
	  	RIGHTS OF NOTEHOLDERS TO DIRECT INDENTURE TRUSTEE	  	43
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	43
			
	      SECTION 7.1
	  	ISSUING ENTITY TO FURNISH INDENTURE TRUSTEE NAMES AND
ADDRESSES OF NOTEHOLDERS	  	43
	      SECTION 7.2
	  	PRESERVATION OF INFORMATION, COMMUNICATIONS TO NOTEHOLDERS	  	44
	      SECTION 7.3
	  	REPORTS BY THE ISSUING ENTITY	  	44
	      SECTION 7.4
	  	REPORTS BY TRUSTEE	  	44
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	45
			
	      SECTION 8.1
	  	COLLECTION OF MONEY	  	45
	      SECTION 8.2
	  	DESIGNATED ACCOUNTS; PAYMENTS	  	45
	      SECTION 8.3
	  	GENERAL PROVISIONS REGARDING ACCOUNTS	  	47
	      SECTION 8.4
	  	RELEASE OF TRUST ESTATE	  	47
	      SECTION 8.5
	  	OPINION OF COUNSEL	  	48
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	48
			
	      SECTION 9.1
	  	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS	  	48
	      SECTION 9.2
	  	SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS	  	49
	      SECTION 9.3
	  	EXECUTION OF SUPPLEMENTAL INDENTURES	  	51
	      SECTION 9.4
	  	EFFECT OF SUPPLEMENTAL INDENTURE	  	51
	      SECTION 9.5
	  	CONFORMITY WITH THE TRUST INDENTURE ACT	  	51
	      SECTION 9.6
	  	REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES	  	51
		
	 ARTICLE X REDEMPTION OF NOTES
	  	51
			
	      SECTION 10.1
	  	REDEMPTION	  	51
	      SECTION 10.2
	  	FORM OF REDEMPTION NOTICE	  	52
	      SECTION 10.3
	  	NOTES PAYABLE ON REDEMPTION DATE	  	52
		
	 ARTICLE XI MISCELLANEOUS
	  	52
			
	      SECTION 11.1
	  	COMPLIANCE CERTIFICATES AND OPINIONS, ETC.	  	52
	      SECTION 11.2
	  	FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE	  	54
	      SECTION 11.3
	  	ACTS OF NOTEHOLDERS	  	55
	      SECTION 11.4
	  	NOTICES, ETC., TO INDENTURE TRUSTEE, ISSUING ENTITY AND
RATING AGENCIES	  	55
	      SECTION 11.5
	  	NOTICES TO NOTEHOLDERS; WAIVER	  	56
	      SECTION 11.6
	  	ALTERNATE PAYMENT AND NOTICE PROVISIONS	  	56
	      SECTION 11.7
	  	CONFLICT WITH THE TRUST INDENTURE ACT	  	57
	      SECTION 11.8
	  	EFFECT OF HEADINGS AND TABLE OF CONTENTS	  	57
	      SECTION 11.9
	  	SUCCESSORS AND ASSIGNS	  	57
	      SECTION 11.10
	  	SEVERABILITY	  	57

  

 iii 

					
	      SECTION 11.11
	  	BENEFITS OF INDENTURE	  	57
	      SECTION 11.12
	  	LEGAL HOLIDAYS	  	57
	      SECTION 11.13
	  	GOVERNING LAW	  	57
	      SECTION 11.14
	  	COUNTERPARTS	  	58
	      SECTION 11.15
	  	RECORDING OF INDENTURE	  	58
	      SECTION 11.16
	  	NO RECOURSE	  	58
	      SECTION 11.17
	  	NO PETITION	  	58
	      SECTION 11.18
	  	INSPECTION	  	59
	      SECTION 11.19
	  	INDEMNIFICATION BY AND REIMBURSEMENT OF SERVICER	  	59
	      SECTION 11.20
	  	SUBORDINATION	  	59
	      SECTION 11.21
	  	COMPLIANCE WITH APPLICABLE ANTI-TERRORISM AND ANTI-MONEY
LAUNDERING REGULATIONS	  	60
		
	 EXHIBIT A       LOCATIONS OF SCHEDULE
OF RECEIVABLES
	  	Ex. A
	 EXHIBIT B       Note Depository Agreement for the Notes
	  	Ex. B
	 EXHIBIT C-1    FORM OF CLASS A-1 Fixed Rate Asset Backed Notes
	  	Ex. C-1-1
	 EXHIBIT C-2    FORM OF CLASS A-2 Class A-3 and Class A-4 Fixed Rate Asset Backed
Notes
	  	Ex. C-2-1
	 EXHIBIT C-3    FORM OF CLASS B Fixed Rate Asset Backed Notes
	  	Ex. C-3-1
	 EXHIBIT C-4    FORM OF CLASS C Fixed Rate Asset Backed Notes
	  	Ex. C-4-1
	 EXHIBIT D       SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE
TRUSTEE’S
                      ASSESSMENT OF COMPLIANCE
	  	Ex. D-1
	 EXHIBIT E        FORM OF
CERTIFICATION
	  	Ex. E
	 APPENDIX A    ADDITIONAL REPRESENTATIONS AND
WARRANTIES
	  	APP. A

  

 iv 

 INDENTURE, dated as of June 25, 2010, between ALLY AUTO RECEIVABLES
TRUST 2010-2, a Delaware statutory trust (the “Issuing Entity”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee and not in its individual capacity (the “Indenture Trustee”).

 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the
Secured Parties (only to the extent expressly provided herein): 
 GRANTING CLAUSE 

The Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date, as trustee for the benefit of the Secured
Parties (only to the extent expressly provided herein): 
 (a)      all right,
title and interest of the Issuing Entity in, to and under the Receivables listed on the Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage
collateral protection insurance required by the Seller or the Servicer, covering any related Financed Vehicle; 

(b)      the interest of the Issuing Entity in the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 

(c)      the interest of the Issuing Entity in any proceeds from claims on any physical
damage, credit life, credit disability or other insurance policies covering Financed Vehicles or Obligors; 

(d)      the interest of the Issuing Entity in any proceeds from recourse against Dealers
on the Receivables; 
 (e)      all right, title and interest of the Issuing
Entity in, to and under the First Step Receivables Assignment; 
 (f)      all
right, title and interest of the Issuing Entity in, to and under the Second Step Receivables Assignment; 

(g)      all right, title and interest in the Reserve Account Property and all other funds
on deposit from time to time in the Collection Account and the Note Distribution Account; 

(h)      all right, title and interest of the Issuing Entity in, to and under the Trust
Sale and Servicing Agreement and any other Further Transfer and Servicing Agreements, including all rights of the “Depositor” under the Pooling and Servicing Agreement and the Custodian Agreement assigned to the Issuing Entity pursuant to
the Trust Sale and Servicing Agreement; and 
 (i)       all present and
future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the

 
conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). 

The foregoing Grant is made in trust to secure the Secured Obligations, equally and ratably without prejudice, priority
or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. This Indenture constitutes a security agreement under the UCC. 

The foregoing Grant includes all rights, powers and options (but none of the obligations, if any) of the Issuing Entity
under any agreement or instrument included in the Collateral, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Receivables included in the Collateral
and all other monies payable under the Collateral, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Issuing Entity or otherwise and
generally to do and receive anything that the Issuing Entity is or may be entitled to do or receive under or with respect to the Collateral. 

The Indenture Trustee, as trustee on behalf of the Secured Parties and (only to the extent expressly provided herein)
the Certificateholders, acknowledges such Grant and accepts the trusts under this Indenture in accordance with the provisions of this Indenture. 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1        Definitions.  Certain capitalized terms used
in this Indenture shall have the respective meanings assigned to them in Part I of Appendix A to the Trust Sale and Servicing Agreement, dated as of the date hereof (as amended from time to time, the “Trust Sale and Servicing
Agreement”), among the Issuing Entity, Ally Auto Assets LLC and Ally Financial Inc. All references in this Indenture to Articles, Sections, subsections and Exhibits are to the same contained in or attached to this Indenture unless otherwise
specified. All terms defined in this Indenture shall have the defined meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto unless otherwise defined therein. The rules of construction set forth in
Part II of Appendix A to the Trust Sale and Servicing Agreement shall be applicable to this Indenture. 

SECTION 1.2        Incorporation by Reference of Trust Indenture Act.

   Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

 

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 “indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture
securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by reference to
another statute or defined by a Commission rule have the respective meanings assigned to them by such definitions. 
 ARTICLE
II 
 THE NOTES 

SECTION 2.1        Form. 

(a)      Each of the Class A-1 Notes, together, with the Indenture Trustee’s
certificate of authentication, shall be substantially in the form set forth in Exhibit C-1, each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes together, in each case, with the Indenture Trustee’s
certificate of authentication, shall be substantially in the form set forth in Exhibit C-2, each of the Class B Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in
Exhibit C-3, and each of the Class C Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit C-4, in each case with such appropriate insertions,
omissions, substitutions and other variations as are permitted or required by this Indenture and each such Note may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof with an appropriate reference thereto on the face of the Note.

 (b)      The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

(c)      The terms of each class of Notes as provided for in Exhibits C-1,
C-2, C-3 and C-4 hereto are part of the terms of this Indenture. 
 SECTION
2.2        Execution, Authentication and Delivery. 

(a)      Each Note shall be dated the date of its authentication and shall be issuable as a
registered Note in the minimum denomination of $1,000 and in integral multiples thereof (except, if applicable, for one Note representing a residual portion of each class which may be issued in a different denomination). 

 

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 (b)      The Notes shall be executed on
behalf of the Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

(c)      Notes bearing the manual or facsimile signature of individuals who were at any
time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at
the date of such Notes. 
 (d)      The Indenture Trustee, in exchange for the
Grant of the Receivables and the other components of the Trust Estate, simultaneously with the Grant to the Indenture Trustee of the Receivables and the constructive delivery to the Indenture Trustee of the Receivables Files and the other assets and
components of the Trust Estate, shall cause to be authenticated and delivered to or upon the order of the Issuing Entity Notes for original issue in the aggregate principal amount of $1,200,900,000 comprised of (i) Class A-1 Notes in the
aggregate principal amount of $250,000,000 (ii) Class A-2 Notes in the aggregate principal amount of $257,000,000, (iii) Class A-3 Notes in the aggregate principal amount of $448,000,000, (iv) Class A-4 Notes in the
aggregate principal amount of $182,800,000, (v) Class B Notes in the aggregate principal amount of $34,700,000 and (vi) Class C Notes in the aggregate principal amount of $28,400,000. The aggregate principal amount of all Notes outstanding
at any time may not exceed $1,200,900,000, except as provided in Section 2.5. 

(e)      No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form set forth in Exhibit C-1, C-2, C-3 or C-4 as applicable, executed by the Indenture Trustee by the
manual signature of one of its Authorized Officers; such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

SECTION 2.3        Temporary Notes. 

(a)      Pending the preparation of Definitive Notes, if any, the Issuing Entity may
execute, and upon receipt of an Issuing Entity Order the Indenture Trustee shall authenticate and deliver, such Temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in
lieu of which they are issued and with such variations as are consistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b)      If Temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to
be prepared without unreasonable delay. After the preparation of Definitive Notes, the Temporary Notes shall be exchangeable for Definitive Notes upon surrender of the Temporary Notes at the Agency Office of the Issuing Entity to be maintained as
provided in Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more Temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate

  

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and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so delivered in exchange, the Temporary Notes shall in all respects be entitled to
the same benefits under this Indenture as Definitive Notes. 
 SECTION
2.4        Registration of Notes; Registration of Transfer and Exchange of Notes. 

(a)      The Issuing Entity shall cause to be kept the Note Register, comprising separate
registers for each class of Notes, in which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes.
The Indenture Trustee shall initially be the Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor
Note Registrar or, if it elects not to make such an appointment, assume the duties of the Note Registrar. 

(b)      If a Person other than the Indenture Trustee is appointed by the Issuing Entity
as Note Registrar, the Issuing Entity will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register. The Indenture Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies thereof. The Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names
and addresses of the Noteholders and the principal amounts and number of such Notes. 

(c)      Upon surrender for registration of transfer of any Note at the Corporate Trust
Office of the Indenture Trustee or the Agency Office of the Issuing Entity (and following the delivery, in the former case, of such Notes to the Issuing Entity by the Indenture Trustee), the Issuing Entity shall execute, the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations, of a like aggregate principal amount. 

(d)      At the option of the Noteholder, Notes may be exchanged for other Notes of the
same class in any authorized denominations, of a like aggregate principal amount; and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the Issuing Entity (and following the
delivery, in the former case, of such Notes to the Issuing Entity by the Indenture Trustee), the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, such Notes which
the Noteholder making the exchange is entitled to receive. 
 (e)      All Notes
issued upon any registration of transfer or exchange of other Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such
registration of transfer or exchange. 
 (f)      Every Note presented or
surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in 

 

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form satisfactory to the Indenture Trustee and the Note Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by
a commercial bank or trust company located, or having a correspondent located, in The City of New York or the city in which the Corporate Trust Office of the Indenture Trustee is located, or by a member firm of a national securities exchange, and
such other documents as the Indenture Trustee may require. 
 (g)      No service
charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer. 

(h)      By acquiring a Class A Note, Class B Note or Class C Note, each purchaser
and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note with the plan assets of a Benefit Plan or other plan that is subject to any law that is substantially similar to Title I of ERISA or
Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar
applicable law. 
 (i)      The preceding provisions of this
Section 2.4 notwithstanding, the Issuing Entity shall not be required to transfer or make exchanges, and the Note Registrar need not register transfers or exchanges, of Notes that (i) have been selected for redemption pursuant to
Article X, if applicable, or (ii) are due for repayment within fifteen (15) days of submission to the Corporate Trust Office or the Agency Office. 

(j)      (i) Sale, pledge, or transfer of a Retained Note may only be made to a Person who
is a United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor acquiring a Retained Note or an interest therein shall be deemed to have made the representations set forth in
Section 2.14; and (ii) no sale, pledge, or transfer of a Retained Note shall be made (x) to any one person in an amount less than 100% of the Note Principal Balance of that class of Retained Note or (y) to a Special Pass-Through
Entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Issuing Entity to be treated as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval; 

provided, however, that the restrictions in this Section 2.4(j) shall not continue to apply to such Notes (covered by
the opinion described in this clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion, with respect to the initial sale, pledge or transfer by the Depositor, to the effect that the Retained Notes
to be sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 2.4(j) will be void ab initio and the purported transferor will continue to be
treated as the owner of the Retained Note. 
  

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 For the purposes of this Section 2.4(j), “Special Pass-Through
Entity” means a grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Retained Note.

 SECTION 2.5        Mutilated, Destroyed, Lost or Stolen
Notes. 
 (a)      If (i) any mutilated Note is surrendered to the
Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the
Issuing Entity and the Indenture Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuing Entity shall execute and upon
the Issuing Entity’s request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of a like class and aggregate principal amount;
provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

(b)      If, after the delivery of a replacement Note or payment in respect of a
destroyed, lost or stolen Note pursuant to subsection (a), a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee
shall be entitled to recover such replacement Note (or such payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered, or (iii) any
assignee of such Person, except a protected purchaser, and the Issuing Entity and the Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Issuing Entity or the Indenture Trustee in connection therewith. 
 (c)      In
connection with the issuance of any replacement Note under this Section 2.5, the Issuing Entity may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including all fees and expenses of the Indenture Trustee) connected therewith. 

(d)      Any duplicate Note issued pursuant to this Section 2.5 in replacement
for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time or be enforced by any
Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  

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 (e)      The provisions of this
Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.6        Persons Deemed
Noteholders.    Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any
Note is registered (as of the day of determination) as the Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing
Entity, the Indenture Trustee nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.7        Payment of Principal and Interest. 

(a)      Interest on each class of Notes shall accrue in the manner set forth in Exhibit
C-1, C-2, C-3 or C-4 as applicable for such class, at the applicable Interest Rate for such class and will be due and payable on each Distribution Date in accordance with the priorities set forth in
Section 8.2(c). Any installment of interest payable on any Note shall be punctually paid or duly provided for by a deposit by or at the direction of the Issuing Entity into the Note Distribution Account on the applicable Distribution
Date and shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the applicable Record Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note
Register on such Record Date; provided, however, that, unless and until Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the applicable Record Date in the name of the Note
Depository (initially, Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by the Note Depository; provided, further, that with respect to any Private Notes (other than
Private Notes registered on the applicable Record Date in the name of the Note Depository), upon written request of the Holder thereof, payment shall be made by wire transfer of immediately available funds to the account designated by such Holder
until further written notice from such Holder. 
 (b)      Prior to the
occurrence of an Event of Default and a declaration in accordance with Section 5.2(a) that the Notes have become immediately due and payable, the principal of each class of Notes shall be payable in full on the Final Scheduled
Distribution Date for such class and, to the extent of funds available therefor, in installments on the Distribution Dates (if any) preceding the Final Scheduled Distribution Date for such class, in the amounts and in accordance with the priorities
set forth in Section 8.2(c)(ii) or 8.2(c)(iii), as applicable. All principal payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. Any installment of
principal payable on any Note shall be punctually paid or duly provided for by a deposit by or at the direction of the Issuing Entity into the Note Distribution Account on the applicable Distribution Date and shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the applicable Record Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided,
however, that (A), unless and until Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered 

 

 8 

 
on the Record Date in the name of the Note Depository, payment shall be made by wire transfer in immediately available funds to the account designated by the Note Depository and (B) with
respect to any Private Notes (other than Private Notes registered on the applicable Record Date in the name of the Note Depository), upon written request of the Holder thereof, payment shall be made by wire transfer of immediately available funds to
the account designated by such Holder until further written notice from such Holder, each case, except for: (i) the final installment of principal on any Note; and (ii) the Redemption Price for the Notes redeemed pursuant to
Section 10.1, which, in each case, shall be payable as provided herein. The funds represented by any such checks in respect of interest or principal returned undelivered shall be held in accordance with Section 3.3.

 (c)      From and after the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the Notes have become immediately due and payable, until such time as all Events of Default have been cured or waived as provided in Section 5.2(b), all interest and
principal payments shall be allocated: 
   (i)      first, an amount
equal to the Aggregate Class A Interest Distributable Amount for payment of interest on the Class A Notes; and 

  (ii)     second, an amount equal to the Note Principal Balance of the Class A
Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class A
Notes, sequentially by class, as follows: 

   (A)      to the Class A-1 Notes, until the
Outstanding Amount of the Class A-1 Notes is reduced to zero; 

   (B)      to the Class A-2 Notes, until the
Outstanding Amount of the Class A-2 Notes is reduced to zero; 

   (C)      to the Class A-3 Notes, until the
Outstanding Amount of the Class A-3 Notes is reduced to zero; and 

   (D)      to the Class A-4 Notes, until the
Outstanding Amount of the Class A-4 Notes is reduced to zero. 

  (iii)     third, an amount equal to the Aggregate Class B Interest Distributable
Amount for payment of interest on the Class B Notes; 
   (iv)     fourth,
an amount equal to the Note Principal Balance of the Class B Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior
Distribution Date) for payment of principal on the Class B Notes; 

  (v)     fifth, an amount equal to the Aggregate Class C Interest Distributable
Amount for payment of interest on the Class C Notes; and 
  

 9 

   (vi)     sixth, an amount equal to the
Note Principal Balance of the Class C Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for
payment of principal on the Class C Notes. 
 (d)      With respect to any
Distribution Date on which the final installment of principal and interest on a class of Notes is to be paid, the Indenture Trustee on behalf of the Issuing Entity shall notify each Noteholder of record of such class as of the Record Date for such
Distribution Date of the fact that the final installment of principal of and interest on such Note is to be paid on such Distribution Date. With respect to any such class of Notes, such notice shall be sent (i) on such Record Date by facsimile,
if Book-Entry Notes are outstanding; or (ii) not later than three (3) Business Days after such Record Date in accordance with Section 11.5(a) if Definitive Notes are outstanding, and shall specify that such final installment
shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment and the manner in which such payment shall be made. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. Within sixty (60) days of the surrender pursuant to this Section 2.7(d) or cancellation pursuant to Section 2.8 of all of
the Notes of a particular class, the Indenture Trustee if requested shall provide each of the Rating Agencies with written notice stating that all Notes of such class have been surrendered or canceled. 

SECTION 2.8        Cancellation of Notes.    All
Notes surrendered for payment, redemption, exchange or registration of transfer shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The
Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this Indenture. All canceled Notes may be held
or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it;
provided, however, that such Issuing Entity Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. The Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have
been duly canceled and retained or destroyed, as the case may be. 
 SECTION
2.9        Release of Collateral.    The Indenture Trustee shall not release property from the Lien of this Indenture other than as permitted by Sections 3.21, 8.2,
8.4 and 11.1, and then only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel (to the extent required by the TIA) and Independent Certificates in accordance with TIA
§§314(c) and 314(d)(1). 
 SECTION 2.10      Book-Entry
Notes.    The Notes, upon original issuance, shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, as the initial Clearing Agency, or
its custodian, by or on behalf of the Issuing Entity, or in the case of the Retained Notes, at the Depositor’s option, 
  

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as Definitive Notes delivered to the Depositor or its representative. Such Note or Notes shall be registered on the Note Register in the name of the Note Depository, and no Note Owner shall
receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have been issued to Note Owners pursuant to Section 2.12:

 (a)      the provisions of this Section 2.10 shall be in full
force and effect; 
 (b)      the Note Registrar and the Indenture Trustee shall
be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes and shall have
no obligation to the Note Owners; 
 (c)      to the extent that the provisions
of this Section 2.10 conflict with any other provisions of this Indenture, the provisions of this Section 2.10 shall control; 

(d)      the rights of the Note Owners shall be exercised only through the Clearing Agency
and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial
Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on such Notes to such Clearing Agency Participants, pursuant to the Note Depository Agreement;
and 
 (e)      whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has
(i) received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) delivered such instructions to
the Indenture Trustee. 
 SECTION 2.11      Notices to Clearing
Agency.    Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the
Indenture Trustee shall give all such notices and communications specified herein to be given to Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 

SECTION 2.12      Definitive Notes.    If (i) the
Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified successor;
(ii) the Administrator, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) after the occurrence of an Event of Default or a Servicer Default, Note
Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Controlling Class advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of the Note Owners, then the Clearing Agency 
  

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shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes
in accordance with the instructions of the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected
in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

SECTION 2.13      Depositor as Noteholder.    The Depositor in
its individual or any other capacity may become the owner or pledgee of Notes of any class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

SECTION 2.14      Tax Treatment.    The Depositor and the
Indenture Trustee, by entering into this Indenture, and the Noteholders, by acquiring any Note or interest therein (except a Note or interest therein acquired by the Depositor or other person considered for federal income tax purposes the issuer of
such Note), (i) express their intention that the Notes qualify under applicable tax law as indebtedness secured by the Collateral, and (ii) unless otherwise required by appropriate taxing authorities, agree to treat the Notes as
indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

SECTION 2.15      Special Terms Applicable to the Private Notes. 

(a)      None of the Private Notes has been or will be registered under the Securities Act
or the securities laws of any other jurisdiction. Consequently, the Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions
specified herein. 
 (b)      No sale, pledge or other transfer of the Private
Notes or an interest in the Private Notes may be made by any person other than to a person who the transferor reasonably believes is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities
Act (“Rule 144A”) and is purchasing for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “QIBs”) and is aware that the sale to it is being made in reliance on
Rule 144A. 
 (c)      Each Private Note shall bear a legend to the effect set
forth in subsection (b) above. 
 (d)      The Retained Notes shall
initially be issued as Definitive Notes at the Depositor’s option. Upon the subsequent request of the Depositor, the Retained Notes shall be issued as Book-Entry Notes, to be delivered to The Depository Trust Company. 

 

 12 

 ARTICLE III 

COVENANTS 

SECTION 3.1        Payment of Principal and Interest.  The
Issuing Entity shall duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. On each Distribution Date and on the Redemption Date (if applicable), the Issuing Entity shall
cause amounts on deposit in the Note Distribution Account to be distributed to the Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. 

SECTION 3.2        Maintenance of Agency
Office.    As long as any of the Notes remains outstanding, the Issuing Entity shall maintain in the Borough of Manhattan, The City of New York, an office (the “Agency Office”), being an office or agency
where Notes may be surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially
appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time
the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture
Trustee, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

SECTION 3.3        Money for Payments To Be Held in Trust. 

(a)      As provided in Sections 8.2(a) and 8.2(b), all payments of amounts
due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 

(b)      On or before each Distribution Date or the Redemption Date (if applicable), the
Issuing Entity shall deposit or cause to be deposited in the Note Distribution Account pursuant to Section 4.06 of the Trust Sale and Servicing Agreement an aggregate sum sufficient to pay the amounts then becoming due with respect to the
Notes, such sum to be held in trust for the benefit of the Persons entitled thereto. 

(c)      The Issuing Entity shall cause each Paying Agent other than the Indenture Trustee
to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section 3.3, that such Paying Agent shall: 
  (i)      hold all
sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such
Persons as herein provided; 
  

 13 

 (ii)        give the Indenture
Trustee notice of any default by the Issuing Entity (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

(iii)        at any time during the continuance of any such default, upon the
written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv)        immediately resign as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent in effect at the time of determination; and 

(v)        comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

(d)        The Issuing Entity may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon
the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e)        Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be
paid to the Issuing Entity on Issuing Entity Request; and the Holder of such Note shall thereafter, as a general unsecured creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing
Entity), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such
payment, may at the expense of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuing Entity. The Indenture
Trustee may also adopt and employ, at the expense of the Issuing Entity, any other reasonable means of notification of such payment (including, but not limited to, mailing notice of such payment to Holders whose Notes have been called but have not
been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

  

 14 

 SECTION
3.4        Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor
Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuing Entity shall keep in full effect its existence, rights and franchises under the laws of such other
jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each
other instrument or agreement included in the Trust Estate. 
 SECTION
3.5        Protection of Trust Estate; Acknowledgment of Pledge. 

(a)        The Issuing Entity shall from time to time execute and deliver all
such supplements and amendments hereto and authorize or execute, as applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other
action necessary or advisable to: 
 (i)        maintain or preserve
the Lien (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof, including by making the necessary filings of financing statements or amendments thereto within sixty (60) days after the occurrence of any
of the following and by promptly notifying the Indenture Trustee of any such filings: (A) any change in the Issuing Entity’s true legal name or any of its trade names, (B) any change in the location of the Issuing Entity’s
principal place of business, (C) any merger or consolidation or other change in the Issuing Entity’s identity or organizational structure or jurisdiction of organization or in which the Issuing Entity is located for purposes of the UCC and
(D) any other change or occurrence that would make any financing statement or amendment thereto seriously misleading within the meaning of the UCC; 

(ii)        perfect, publish notice of or protect the validity of any Grant made
or to be made by this Indenture and the priority thereof; 

(iii)        enforce the rights of the Indenture Trustee and the Noteholders in
any of the Collateral; or 
 (iv)        preserve and defend title to
the Trust Estate and the rights of the Indenture Trustee and the Secured Parties in such Trust Estate against the claims of all persons and parties, 

and the Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize and/or execute any financing
statement, continuation statement or other instrument required by the Indenture Trustee pursuant to this Section 3.5. 

(b)        The Indenture Trustee acknowledges the pledge by the Issuing Entity
to the Indenture Trustee, pursuant to the Granting Clause of this Indenture, of all the Issuing Entity’s right, title and interest in and to the Reserve Account Property in order to provide for the payment to the Securityholders and the
Servicer in accordance with Sections 4.06(c) and 4.06(d) 
  

 15 

 
of the Trust Sale and Servicing Agreement, to assure availability of the amounts maintained in the Reserve Account for the benefit of the Securityholders and the Servicer, and as security for the
performance by the Depositor of its obligations under the Trust Sale and Servicing Agreement. 

(c)        The Issuing Entity hereby authorizes the Indenture Trustee to file
all financing statements naming the Issuing Entity as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of this Indenture, and authorizes the Indenture Trustee to take any such action
without its signature, it being understood that the Indenture Trustee has no obligation to effect any filings of financing or continuation statements. 

SECTION 3.6        Opinions as to Trust Estate. 

(a)        On the Closing Date, the Issuing Entity shall furnish to the
Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents,
and with respect to the authorization, execution and filing of any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this Indenture and reciting the details of such action, or stating that,
in the opinion of such counsel, no such action is necessary to make such Lien effective. 

(b)        On or before March 15 (and, if such date is not a Business Day,
the next succeeding Business Day) in each calendar year, beginning March 15, 2011, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and
continuation statements as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this Indenture.
Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization, execution and filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until March 15 in the following calendar year. 

SECTION 3.7        Performance of Obligations; Servicing of Receivables.

 (a)        The Issuing Entity shall not take any action and shall use
all reasonable efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result
in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in this Indenture, the Trust Sale and Servicing
Agreement, the Pooling and Servicing Agreement, the Administration Agreement or such other instrument or agreement. 
  

 16 

 (b)        The Issuing Entity may
contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in the Basic Documents or an Officer’s Certificate of the Issuing Entity
shall be deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Servicer and the Administrator to assist the Issuing Entity in performing its duties under this Indenture. 

(c)        The Issuing Entity shall punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture, the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

(d)        If the Issuing Entity shall have knowledge of the occurrence of a
Servicer Default under the Trust Sale and Servicing Agreement, the Issuing Entity shall promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the response or action, if any, the Issuing Entity has
taken or is taking with respect of such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement with
respect to the Receivables, the Issuing Entity and the Indenture Trustee shall take all reasonable steps available to them pursuant to the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement to remedy such failure. 

(e)        Without derogating from the absolute nature of the assignment granted
to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuing Entity agrees that, except as permitted by the Basic Documents, it shall not, without the prior written consent of the Indenture Trustee or
acting at the direction of the Holders of at least a majority in Outstanding Amount of the Controlling Class, as applicable in accordance with the terms of this Indenture, amend, modify, waive, supplement, terminate or surrender, or agree to any
amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or any of the Basic Documents, or waive timely performance or observance by the Servicer or the Depositor under the Trust Sale and Servicing
Agreement, the Custodian Agreement or the Pooling and Servicing Agreement, the Administrator under the Administration Agreement or the Seller under the Pooling and Servicing Agreement. 

SECTION 3.8        Negative Covenants.    So long as
any Notes are Outstanding, the Issuing Entity shall not: 

(a)        sell, transfer, exchange or otherwise dispose of any of the properties
or assets of the Issuing Entity, except as permitted in Section 3.10(b) and except the Issuing Entity may cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of Receivables (including Warranty Receivables,
Administrative Receivables and Liquidating Receivables), (ii) make cash payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in each case as permitted by the Basic Documents;

  

 17 

 (b)        claim any credit on, or
make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason
of the payment of the taxes levied or assessed upon any part of the Trust Estate; 

(c)        voluntarily commence any insolvency, readjustment of debt, marshaling
of assets and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified in Section 5.1(f); or 

(d)        either (i) permit the validity or effectiveness of this
Indenture or any other Basic Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any
interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor),
or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate (other than with respect to any such tax, mechanics’ or other lien). 

SECTION 3.9        Annual Statement as to
Compliance.    The Issuing Entity shall deliver to the Indenture Trustee on or before March 15 (and, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning March 15, 2011, an
Officer’s Certificate signed by an Authorized Officer, dated as of December 31 of the immediately preceding year, in each case stating that: 

(a)        a review of the activities of the Issuing Entity during the preceding
12-month period (or, with respect to the first such Officer’s Certificate, such period as shall have elapsed since the Closing Date) and of performance under this Indenture has been made under such Authorized Officer’s supervision; and

 (b)        to the best of such Authorized Officer’s knowledge,
based on such review, the Issuing Entity has fulfilled all of its obligations under this Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such
Authorized Officer and the nature and status thereof. A copy of such certificate may be obtained by any Noteholder by a request in writing to the Issuing Entity addressed to the Corporate Trust Office of the Indenture Trustee. 

SECTION 3.10        Consolidation, Merger, etc., of Issuing Entity;
Disposition of Trust Assets. 
 (a)        The Issuing Entity shall
not consolidate or merge with or into any other Person, unless: 

(i)        the Person (if other than the Issuing Entity) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the laws of the 
  

 18 

 
United States of America, or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture
Trustee, the due and timely payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided
herein; 

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

        (iii)       the Rating Agency
Condition shall have been satisfied with respect to such transaction and such Person; 

        (iv)       any action as is necessary
to maintain the Lien created by this Indenture shall have been taken; and 

        (v)        the Issuing Entity
shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity, each stating: 

                 
    (A)        that such consolidation or merger and such supplemental indenture comply with this Section 3.10; 

                 
    (B)        that such consolidation or merger and such supplemental indenture shall have no material adverse tax consequence to the Issuing Entity or any Financial Party; and 

                 
    (C)        that all conditions precedent herein provided for in this Section 3.10 have been complied with, which shall include any filing required by the Exchange Act.

 (b)        Except as otherwise expressly permitted by this Indenture
or the other Basic Documents, the Issuing Entity shall not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets, including those included in the Trust Estate, to any Person, unless: 

        (i)        the Person that
acquires such properties or assets of the Issuing Entity (1) shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State and (2) by an indenture supplemental hereto,
executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee: 

                 
   (A)        expressly assumes the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on
the part of the Issuing Entity to be performed or observed, all as provided herein; 

                 
   (B)        expressly agrees that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of shall be subject and subordinate to the rights of the Secured
Parties; 
  

 19 

                 
   (C)        unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any loss, liability or expense
arising under or related to this Indenture and the Notes; and 

                 
   (D)        expressly agrees that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the
Exchange Act in connection with the Notes; 

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

        (iii)       the Rating Agency
Condition shall have been satisfied with respect to such transaction and such Person; 

        (iv)       any action as is necessary
to maintain the Lien created by this Indenture shall have been taken; and 

        (v)        the Issuing Entity
shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity, each stating that: 

                 
   (A)        such sale, conveyance, exchange, transfer or disposition and such supplemental indenture comply with this Section 3.10; 

                 
   (B)        such sale, conveyance, exchange, transfer or disposition and such supplemental indenture have no material adverse tax consequence to the Trust or to any Financial Parties; and

                 
   (C)        all conditions precedent herein provided for in this Section 3.10 have been complied with, which shall include any filing required by the Exchange Act. 

SECTION 3.11        Successor or Transferee. 

(a)        Upon any consolidation or merger of the Issuing Entity in accordance
with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this
Indenture and the other Basic Documents with the same effect as if such Person had been named as the Issuing Entity herein. 

(b)        Upon a conveyance or transfer of substantially all the assets and
properties of the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity shall be released from every covenant and agreement of this Indenture and the other Basic Documents to be observed or performed on the part of the Issuing
Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released. 

 

 20 

 SECTION 3.12        No Other
Business.    The Issuing Entity shall not engage in any business or activity other than acquiring, holding and managing the Collateral and the proceeds therefrom in the manner contemplated by the Basic Documents, issuing the
Notes and the Certificates, making payments on the Notes and the Certificates and such other activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust
Agreement. 
 SECTION 3.13        No
Borrowing.    The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness for money borrowed other than indebtedness for money borrowed in respect of
the Notes or otherwise in accordance with the Basic Documents. 
 SECTION
3.14        Guarantees, Loans, Advances and Other Liabilities.    Except as contemplated by this Indenture or the other Basic Documents, the Issuing Entity shall not make any loan or
advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently
liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make
any capital contribution to, any other Person. 
 SECTION
3.15        Servicer’s Obligations.    The Issuing Entity shall use its best efforts to cause the Servicer to comply with its obligations under Section 3.10 of the Pooling
and Servicing Agreement and Sections 4.01 and 4.02 of the Trust Sale and Servicing Agreement. 
 SECTION
3.16        Capital Expenditures.    The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or otherwise) for capital assets (either real,
personal or intangible property) other than the purchase of the Receivables and other property and rights from the Depositor pursuant to the Trust Sale and Servicing Agreement. 

SECTION 3.17        Removal of Administrator.    So
long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal. 

SECTION 3.18        Restricted Payments.    Except
for payments of principal or interest on or redemption of the Notes, so long as any Notes are Outstanding, the Issuing Entity shall not, directly or indirectly: 

(a)        pay any dividend or make any distribution (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuing Entity or otherwise, in each case with respect to any ownership or equity interest or similar
security in or of the Issuing Entity or to the Servicer; 

(b)        redeem, purchase, retire or otherwise acquire for value any such
ownership or equity interest or similar security; or 
 (c)        set
aside or otherwise segregate any amounts for any such purpose; 
  

 21 

 
provided, however, that the Issuing Entity may make, or cause to be made, distributions to the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, and the Financial
Parties as permitted by, and to the extent funds are available for such purpose under, the Trust Sale and Servicing Agreement, the Trust Agreement or the other Basic Documents. The Issuing Entity shall not, directly or indirectly, make payments to
or distributions from the Collection Account except in accordance with the Basic Documents. 
 SECTION
3.19        Notice of Events of Default.    The Issuing Entity agrees to give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder,
each Servicer Default, each default on the part of the Depositor or the Servicer of its respective obligations under the Trust Sale and Servicing Agreement and each default on the part of the Seller or the Servicer of its respective obligations
under the Pooling and Servicing Agreement. 
 SECTION
3.20        Further Instruments and Acts.    Upon request of the Indenture Trustee, the Issuing Entity shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION
3.21        Indenture Trustee’s Assignment of Administrative Receivables and Warranty Receivables.    Upon receipt of the Administrative Purchase Payment, the Warranty Payment
or the Liquidation Proceeds with respect to an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable, as the case may be, the Servicer, the Warranty Purchaser, or the purchaser and assignee of the Liquidating Receivable, as
applicable, shall thereupon own such purchased or repurchased Receivable, all monies due thereon, the security interest in the related Financed Vehicle, proceeds from any Insurance Policies, proceeds from recourse against the Dealer on such
Receivable and the interests in certain rebates of premiums and other amounts relating to the Insurance Policies and any documents relating thereto. Any such Administrative Receivable, Warranty Receivable or Liquidating Receivable shall be deemed to
be automatically released from the Lien of this Indenture without any action being taken by the Indenture Trustee upon payment of the Administrative Purchase Payment or Warranty Payment or upon receipt of the Liquidation Proceeds, as applicable, and
the Servicer, Warranty Purchaser, or purchaser or assignee of the Liquidating Receivable, as applicable, shall own, such Administrative Receivable, Warranty Receivable, or Liquidating Receivable, as applicable, and all such security and documents,
free of any further obligation to the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto. If in any enforcement suit or legal proceeding it is held that the Servicer or other purchaser of an Administrative Receivable,
Warranty Receivable or Liquidating Receivable may not enforce a Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Indenture Trustee shall, at the Servicer’s, Warranty
Purchaser’s or such other purchaser’s or assignee’s expense, as applicable, take such steps as the Servicer, Warranty Purchaser or such other purchaser or assignee deems necessary to enforce the Receivable, including bringing suit in
the Indenture Trustee’s name or the names of the Noteholders or, pursuant to Section 4.4, the Certificateholders. 
  

 22 

 SECTION 3.22    Representations and Warranties by
the Issuing Entity to the Indenture Trustee. The Issuing Entity hereby represents and warrants to the Indenture Trustee as follows: 

(a)        Good Title.    No Receivable has been
sold, transferred, assigned or pledged by the Issuing Entity to any Person other than the Indenture Trustee; immediately prior to the conveyance of the Receivables pursuant to this Indenture, the Issuing Entity had good and marketable title thereto,
free of any Lien; and, upon execution and delivery of this Indenture by the Issuing Entity, the Indenture Trustee shall have a Lien on all of the right, title and interest of the Issuing Entity in, to and under the Receivables, the unpaid
indebtedness evidenced thereby and the collateral security therefor, and such right, title and interest are free of any Lien other than the Lien of this Indenture; and 

(b)        All Filings Made.    All filings
(including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority perfected security interest in the Receivables shall have been made. 

(c)        Additional Representations and
Warranties.    The additional representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as Appendix A, are true and correct to
the extent they are applicable. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 

SECTION 4.1        Satisfaction and Discharge of
Indenture.    This Indenture shall cease to be of further effect with respect to the Notes except as to: (i) rights of registration of transfer and exchange; (ii) substitution of mutilated, destroyed, lost or stolen
Notes; (iii) rights of Noteholders to receive payments of principal thereof and interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19 and 3.21;
(v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and 4.4);
and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, if: 

(a)          either: 

(i)        all Notes theretofore authenticated and delivered (other than
(A) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by
the Issuing Entity and thereafter repaid to the Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

(ii)       all Notes not theretofore delivered to the Indenture Trustee for
cancellation: 

                 
     (A)        have become due and payable, 
  

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     (B)        will be due and payable on their respective Final Scheduled Distribution Dates within one year, or 

                 
     (C)        are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee
in the name, and at the expense, of the Issuing Entity or such Notes have been redeemed in accordance with Section 10.1, 

and the Issuing Entity, in the case of clauses (A), (B) or (C) of subsection 4.1(a)(ii) above, has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust
for such purpose, in an amount sufficient to pay and discharge the entire unpaid principal and accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due on the Final Scheduled Distribution Date for
such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be; and 

(b)        the Issuing Entity has delivered to the Indenture Trustee an
Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee to the extent the Notes are not paid in full) an Independent Certificate from a firm of certified public accountants, each
meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this Section 4.1 relating to the satisfaction and discharge of this Indenture have been complied with. The
Indenture Trustee shall provide confirmation to the Issuing Entity that the Noteholders have been paid in full. 

SECTION 4.2        Application of Trust Money.    All
monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent,
as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest
and to payment of any other Secured Party of all sums, if any, due or to become due to any other Secured Party under and in accordance with this Indenture; but such monies need not be segregated from other funds except to the extent required herein,
in the Trust Sale and Servicing Agreement, or as required by law. 
 SECTION
4.3        Repayment of Monies Held by Paying Agent.    In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any
Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.3
and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 
  

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 SECTION 4.4        Duration of
Position of Indenture Trustee.    Notwithstanding the earlier payment in full of all principal and interest due to the Noteholders under the terms of the Notes and the cancellation of the Notes pursuant to
Section 3.1, the Indenture Trustee shall continue to act in the capacity as Indenture Trustee hereunder for the benefit of the Certificateholders, for purposes of compliance with, and the Indenture Trustee shall comply with, its
obligations under Sections 5.01(a), 7.02 and 7.03 of the Trust Sale and Servicing Agreement, as appropriate, until such time as all distributions due to the Certificateholders have been paid in full and in such capacity the Indenture Trustee shall
have the rights, benefits and immunities set forth in Article VI hereof. 
 ARTICLE V 

DEFAULT AND REMEDIES 

SECTION 5.1        Events of Default.    For the
purposes of this Indenture, “Event of Default” wherever used herein, means any one of the following events: 

(a)        failure to pay the full Note Class Interest Distributable Amount to
the Controlling Class on any Distribution Date, and such default shall continue for a period of five (5) days; or 

(b)        except as set forth in Section 5.1(c), failure to pay any
installment of the principal of any Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have been given, by registered or certified mail, to the Servicer by
the Indenture Trustee or to the Servicer and the Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and demanding that it be remedied and stating that
such notice is a “Notice of Default” hereunder; or 

(c)        failure to pay in full the outstanding principal balance of any class
of Notes by the Final Scheduled Distribution Date for such class; or 

(d)        default in the observance or performance in any material respect of
any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this specifically dealt with in this Section 5.1) which
failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured, for a period of thirty (30) days after there shall have been given, by registered or certified mail, to the Issuing Entity
and the Depositor (or the Servicer, as applicable) by the Indenture Trustee or to the Issuing Entity and the Depositor (or the Servicer, as applicable) and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the
Controlling Class, a written notice specifying such default, demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e)        the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, 
  

 25 

 
sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such
decree or order shall remain unstayed and in effect for a period of ninety (90) consecutive days; or 

(f)        the commencement by the Issuing Entity of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuing
Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the Issuing Entity of
any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

The Issuing Entity shall deliver to the Indenture Trustee, within five (5) Business Days after learning of the occurrence thereof,
written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under Section 5.1(d), its status and what action the Issuing Entity is taking
or proposes to take with respect thereto. 
 SECTION
5.2        Acceleration of Maturity; Rescission and Annulment. 

(a)        If an Event of Default should occur and be continuing, then and in
every such case, unless the principal amount of the Notes shall have already become due and payable, either the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class may
declare all the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the Noteholders) setting forth the Event or Events of Default, and upon any such declaration the unpaid
principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b)        At any time after such declaration of acceleration of maturity of the
Notes has been made and before a judgment or decree for payment of the money due thereunder has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing a majority of the Outstanding
Amount of the Controlling Class, by written notice to the Issuing Entity and the Indenture Trustee, may waive all Defaults set forth in the notice delivered pursuant to Section 5.2(a), and rescind and annul such declaration and its
consequences; provided, that no such rescission and annulment shall extend to or affect any other Default or impair any right consequent thereto; and provided further, that if the Indenture Trustee shall have proceeded to enforce any
right under this Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or such Proceedings shall have been determined adversely to the Indenture Trustee, then and
in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Indenture Trustee, the
Issuing Entity and the Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 
  

 26 

 SECTION 5.3        Collection of
Indebtedness and Suits for Enforcement by Indenture Trustee.    The Issuing Entity covenants that if an Event of Default occurs and such Event of Default has not been waived pursuant to Section 5.12 (or rescinded
pursuant to Section 5.2(b)), the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the ratable benefit of the Noteholders in accordance with their respective outstanding principal amounts, the
whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, at the rate borne by the Notes and in addition thereto such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b)          If the Issuing Entity shall fail forthwith to pay such
amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuing Entity or other obligor upon such Notes and may collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged or decreed
to be payable. 
 (c)          If an Event of Default occurs
and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture
Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by applicable law. 

(d)          If there shall be pending, relative to the Issuing Entity
or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar
law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in
case of any other comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall
be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i)        to file and prove a claim or claims for the whole amount of principal
and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee, except as a
result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
  

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 (ii)       unless prohibited by
applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii)      to collect and receive any monies or other property payable or deliverable on
any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(iv)      to file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such
Noteholders to make payments to the Indenture Trustee for application in accordance with the priorities set forth in the Basic Documents, and, if the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and
all advances made, by the Indenture Trustee and each predecessor trustee except as a result of negligence or bad faith. 

(e)          Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the
Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)          All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Trustee and their
respective agents and attorneys, shall be for the benefit of the Secured Parties in accordance with the priorities set forth in the Basic Documents. 

(g)          In any Proceedings brought by the Indenture Trustee (and
also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such Proceedings. 
  

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 SECTION 5.4        Remedies;
Priorities. 
 (a)          If an Event of Default shall
have occurred and be continuing and the Notes have been accelerated under Section 5.2(a), the Indenture Trustee may do one or more of the following (subject to Sections 5.3 and 5.5): 

(i)        institute Proceedings in its own name and as trustee of an express
trust for the collection of all amounts then due and payable on the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any
other obligor upon such Notes monies adjudged due; 
 (ii)       institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate; 

(iii)      exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv)      sell the Trust Estate or any portion thereof or rights or interest therein, at
one or more public or private sales called and conducted in any manner permitted by law or elect to have the Issuing Entity maintain possession of the Receivables and continue to apply collections on such Receivables as if there had been no
declaration of acceleration; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default and acceleration of the Notes, unless (i) (A) the Holders of all of
the aggregate Outstanding Amount of the Notes consent thereto or (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full the principal of and the accrued interest on the Notes, at the
date of such sale or liquidation or (C) (x) there has been an Event of Default under Section 5.1(a), 5.1(b) or 5.1(c) or otherwise arising from a failure to make a required payment of principal on any Notes,
(y) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as and when they would have become due if the Notes had not been declared due and
payable, and (z) the Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding Amount of the Controlling Class and (ii) ten (10) days’ prior written notice of sale or liquidation has been given to the
Rating Agencies. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose; 

provided, however, that prior to the exercise of the right to sell all or any portion of the Trust Estate as provided
herein, the Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Depositor and the Owner Trustee) (the “Event of Default Sale Notice”) of its intention to sell all or any portion of the Trust
Estate (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Trust Estate, the portion of the Trust Estate to be sold. The Indenture Trustee shall not consummate any sale until at least
seven Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Depositor). 
  

 29 

 (b)        If the Indenture Trustee
collects any money or property pursuant to this Article V, it shall pay out the money or property in the following order: 
  

			
		 	     FIRST: to the Indenture Trustee for amounts due under Section 6.7 and then to the Owner Trustee
for amounts due to the Owner Trustee (not including amounts due for payments to the Certificateholders) under the Trust Agreement or the Trust Sale and Servicing Agreement; and

 

			
		 	     SECOND: to the Collection Account, for distribution pursuant to Sections 8.01(b) and 8.01(e) of the Trust Sale
and Servicing Agreement.

 SECTION
5.5        Optional Preservation of the Receivables.    If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled in accordance with Section 5.2(b), the Indenture Trustee may, but need not, elect to take and maintain possession of the Trust Estate. It is the desire of the parties
hereto and the Secured Parties that there be at all times sufficient funds for the payment of the Secured Obligations to the Secured Parties and the Indenture Trustee shall take such desire into account when determining whether or not to take and
maintain possession of the Trust Estate. In determining whether to take and maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

SECTION 5.6        Limitation of Suits.    No Holder
of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a)        such Holder has previously given written notice to the Indenture
Trustee of a continuing Event of Default; 
 (b)        the Holders of
not less than 25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

(c)        such Holder or Holders have offered to the Indenture Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; 

(d)        the Indenture Trustee for sixty (60) days after its receipt of
such notice, request and offer of indemnity has failed to institute such Proceedings; and 
  

 30 

 (e)        no direction
inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Holders of a majority of the Outstanding Amount of the Controlling Class; 

it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders of Notes or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on the Notes held by each Noteholder) and common benefit of all
holders of Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at law or in equity. 

If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Holders of Notes, each representing less than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this
Indenture. 
 SECTION 5.7        Unconditional Rights of Noteholders
To Receive Principal and Interest.     Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and
interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, if applicable, on or after the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder. 
 SECTION
5.8        Restoration of Rights and Remedies.    If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall,
subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding
had been instituted. 
 SECTION 5.9        Rights and Remedies
Cumulative.    No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

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 SECTION 5.10    Delay or Omission Not a
Waiver.    No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of
any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION
5.11    Control by Noteholders.    The Holders of a majority of the Outstanding Amount of the Controlling Class shall, subject to provision being made for indemnification against costs, expenses and
liabilities in a form satisfactory to the Indenture Trustee, have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any
trust or power conferred on the Indenture Trustee; provided, however, that: 

(a)        such direction shall not be in conflict with any rule of law or with
this Indenture; 
 (b)        subject to the express terms of
Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 

(c)        if the conditions set forth in Section 5.5 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to Section 5.5, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Notes to sell or
liquidate the Trust Estate shall be of no force and effect; and 

(d)        the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee that is not inconsistent with such direction; 
 provided, however, that, subject to
Section 6.1, the Indenture Trustee need not take any action that it determines might cause it to incur any liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 

SECTION 5.12    Waiver of Past Defaults. 

(a)        Prior to the declaration of the acceleration of the maturity of the
Notes as provided in Section 5.2, the Holders of not less than a majority of the Outstanding Amount of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (i) in the payment of
principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity, the
Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

(b)        Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising therefrom shall be 
  

 32 

 
deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereto. 
 SECTION 5.13    Undertaking for
Costs.    All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the
enforcement of any right or remedy under this Indenture, or in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking
to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not apply to: 

(a)        any Proceeding instituted by the Indenture Trustee; 

(b)        any Proceeding instituted by any Noteholder, or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount of the Controlling Class; or 

(c)        any Proceeding instituted by any Noteholder for the enforcement of
the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

SECTION 5.14    Waiver of Stay or Extension Laws.    The Issuing Entity
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter
in force, that may affect the covenants or the performance of this Indenture. The Issuing Entity (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder,
delay or impede the execution of any power herein granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.15    Action on Notes.    The Indenture Trustee’s right to
seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of
the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

SECTION 5.16    Performance and Enforcement of Certain Obligations. 

(a)        Promptly following a request from the Indenture Trustee to do so and
at the Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the 

 

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Depositor and the Servicer of their respective obligations to the Issuing Entity under or in connection with the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement or by
the Seller of its obligations under or in connection with the Pooling and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or
in connection with the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the
Depositor or the Servicer and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Depositor or the Servicer of their respective obligations under the Trust Sale and Servicing Agreement
and the Pooling and Servicing Agreement, as applicable. 

(b)        If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Controlling Class shall, exercise all rights, remedies,
powers, privileges and claims of the Issuing Entity against the Depositor or the Servicer under or in connection with the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement, including the right or power to take any action to
compel or secure performance or observance by the Depositor or the Servicer of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Trust Sale and
Servicing Agreement, and any right of the Issuing Entity to take such action shall be suspended. 

(c)        If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, exercise all rights, remedies, powers,
privileges and claims of the Depositor against each of the Seller and the Servicer under or in connection with the Pooling and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by each
of the Seller and the Servicer of its obligations to the Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Pooling and Servicing Agreement, and any right of the Depositor to take such
action shall be suspended. 
  

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 ARTICLE VI 

THE INDENTURE TRUSTEE 

SECTION 6.1    Duties of Indenture Trustee. 

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

 (b)        Except during the continuance of an Event of Default:

 (i)         the Indenture Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture and the Trust Sale and Servicing Agreement and no implied covenants or obligations shall be read into this Indenture, the Trust Sale and Servicing Agreement or any other
Basic Document against the Indenture Trustee; and 
 (ii)        in the
absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming
to the requirements of this Indenture; provided, however, that the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c)        The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i)         this Section 6.1(c) does not limit the effect of
Section 6.1(b); 
 (ii)        the Indenture Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii)       the Indenture Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by it pursuant to any provision of this Indenture or any other Basic Document. 

(d)        The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the Issuing Entity. 

(e)        Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this Indenture or the Trust Sale and Servicing Agreement or the Trust Agreement. 

(f)        No provision of this Indenture or any other Basic Document shall
require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  

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 (g)        Every provision of this
Indenture and each other Basic Document relating to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 

(h)        The Indenture Trustee shall have no liability or responsibility for
the acts or omissions of any other party to any of the Basic Documents. 

(i)        In no event shall the Indenture Trustee be liable for any damages in
the nature of special, indirect or consequential damages, however styled, including lost profits. 

(j)        If and for so long as Certificates representing in the aggregate a
100% beneficial interest in the Trust are held by the Depositor, the Indenture Trustee shall make distributions to the Depositor, rather than the Certificate Distribution Account, under the circumstances described in Section 5.2 of the Trust
Agreement. 
 SECTION 6.2    Rights of Indenture Trustee. 

(a)        The Indenture Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document. 

(b)        Before the Indenture Trustee acts or refrains from acting, it may
require an Officer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c)        The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of,
any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d)        The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e)        The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel. 

(f)        The Indenture Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders 
  

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pursuant to this Indenture, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction. 

(g)        The Indenture Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Indenture
Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(h)        The Indenture Trustee shall not be deemed to have notice of any
Default, Event of Default or Servicer Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the
Corporate Trust Office of the Indenture Trustee, and such notice references the Securities and this Indenture. 

(i)        The rights, privileges, protections, immunities and benefits given to
the Indenture Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, including its capacity under Section 4.4 hereof, and in connection
with the performance of any of its duties or obligations under any of the Basic Documents. 
 SECTION
6.3      Indenture Trustee May Own Notes.    The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing
Entity, the Servicer or any of their respective Affiliates with the same rights it would have if it were not Indenture Trustee; provided, however, that the Indenture Trustee shall comply with Sections 6.10 and 6.11. Any
Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. 
 SECTION
6.4      Indenture Trustee’s Disclaimer.    The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of any Basic Document, including
this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

SECTION 6.5      Notice of Defaults.    If a Default occurs and
is continuing and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within the later of (a) ninety (90) days after it occurs or (b) ten
(10) days after it is known to a Responsible Officer of the Indenture Trustee. Except in the case of a Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

SECTION 6.6      Reports by Indenture Trustee. 

(a)        The Indenture Trustee shall deliver to each Noteholder the documents
and information set forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and state income tax returns. 

 

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 (b) The Indenture Trustee shall: 

(i)        deliver to the Depositor, the Owner Trustee and the Servicer a report
of its assessment of compliance with the Servicing Criteria set forth in Exhibit D, including disclosure of any material instance of non-compliance identified by the Indenture Trustee, as required by Rule 13a-18 and Rule 15d-18 of the
Exchange Act and Item 1122 of Regulation AB under the Securities Act; 

(ii)       cause a firm of registered public accountants that is qualified and
independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor, the Owner Trustee and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the
Exchange Act, as applicable, on the assessment of compliance with Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s 10-K filing; such attestation report shall be in accordance with Rule 1-02(a)(3)
and Rule 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 

(iii)      deliver to the Depositor and any other Person that will be responsible for
signing the certification (a “Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuing Entity or the
Depositor with respect to this securitization transaction a certification substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon by the Depositor and the Indenture Trustee; the Indenture Trustee
acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

(c)        The reports referred to in Section 6.6(b) shall be
delivered on or before March 15 of each year that a 10-K filing is required to be filed by the Issuing Entity, beginning March 15, 2011 (and if such date is not a Business Day, the next succeeding Business Day), unless the Issuing Entity
is not required to file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before April 30 of each calendar year, beginning April 30, 2012. 

SECTION 6.7        Compensation; Indemnity. 

(a)        The Issuing Entity shall cause the Servicer pursuant to
Section 3.09 of the Pooling and Servicing Agreement to pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Issuing Entity shall cause the Servicer pursuant to Section 3.09 of the Pooling and Servicing Agreement to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s

  

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agents, external counsel, accountants and experts. The Issuing Entity shall cause the Servicer to indemnify the Indenture Trustee in accordance with Section 6.01 of the Trust Sale and
Servicing Agreement. 
 (b)        The Issuing Entity’s
obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or
5.1(f) with respect to the Issuing Entity, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.8        Replacement of Indenture Trustee. 

(a)        The Indenture Trustee may at any time give notice of its intent to
resign by so notifying the Issuing Entity; provided, however, that no such resignation shall become effective and the Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a
majority in Outstanding Amount of the Controlling Class may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. Such resignation or removal shall become effective in accordance with
Section 6.8(c). The Issuing Entity shall remove the Indenture Trustee if: 

(i)        the Indenture Trustee fails to comply with
Section 6.11; 
 (ii)       the Indenture
Trustee is adjudged bankrupt or insolvent; 
 (iii)      a
receiver or other public officer takes charge of the Indenture Trustee or its property; or 

(iv)      the Indenture Trustee otherwise becomes incapable of acting.

 (b)        If the Indenture Trustee gives notice of its intent to
resign or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint and
designate a successor Indenture Trustee. 
 (c)        A successor
Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and
the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall
promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

(d)        If a successor Indenture Trustee does not take office within sixty
(60) days after the Indenture Trustee gives notice of its intent to resign or is removed, the retiring Trustee, the Issuing Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class may petition any court of
competent jurisdiction for the appointment and designation of a successor Indenture Trustee. 
  

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 (e)        If the Indenture Trustee
fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

(f)        Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section 6.8, the Issuing Entity’s obligations under Section 6.7 and the Servicer’s corresponding obligations under the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement shall continue
for the benefit of the retiring Indenture Trustee. 
 SECTION
6.9        Merger or Consolidation of Indenture Trustee. 

(a)        Any corporation into which the Indenture Trustee may be merged or with
which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Indenture Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Indenture Trustee, shall be the
successor of the Indenture Trustee under this Indenture; provided, however, that such corporation shall be eligible under the provisions of Section 6.11, without the execution or filing of any instrument or any further act
on the part of any of the parties to this Indenture, anything in this Indenture to the contrary notwithstanding. 

(b)        If at the time such successor or successors by merger or
consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Indenture Trustee. In all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with respect to the certificate of
authentication of the Indenture Trustee. 
 SECTION
6.10        Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 

(a)        Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Secured Parties
(only to the extent expressly provided herein), such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee
may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.8. 
  

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 (b)        Every separate trustee
and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i)        all rights, powers, duties and obligations conferred or imposed upon
the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Indenture Trustee; 

(ii)       no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder; and 
 (iii)      the Indenture Trustee
may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c)        Any notice, request or other writing given to the Indenture Trustee
shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of
this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture
Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d)        Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee. 
 SECTION 6.11        Eligibility;
Disqualification.    The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition and (unless waived by Moody’s Investors Service, Inc.) it shall have a long term unsecured debt rating of Baa3 or better by Moody’s Investors Service, Inc. The Indenture Trustee shall comply
with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such
exclusion set forth in TIA § 310(b)(1) are met. 
  

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 SECTION 6.12    Preferential Collection of Claims
Against the Issuing Entity.    The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A trustee who has resigned or been removed shall be subject
to TIA § 311(a) to the extent indicated. 
 SECTION 6.13    Representations
and Warranties of Indenture Trustee.    The Indenture Trustee represents and warrants as of the Closing Date that: 

(a)        the Indenture Trustee (i) is a New York banking corporation duly
organized, validly existing and in good standing under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 

(b)        the Indenture Trustee has full power, authority and legal right to
execute, deliver and perform this Indenture, and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 

(c)        the execution, delivery and performance by the Indenture Trustee of
this Indenture (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental authority applicable to
the Indenture Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Indenture Trustee, or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of
time, a default under, or result in the creation or imposition of any Lien on any properties included in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which
violation, default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture;

 (d)        the execution, delivery and performance by the Indenture
Trustee of this Indenture shall not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the
banking and corporate trust activities of the Indenture Trustee; and 

(e)        this Indenture has been duly executed and delivered by the Indenture
Trustee and constitutes the legal, valid and binding agreement of the Indenture Trustee, enforceable in accordance with its terms. 
  

 42 

 SECTION 6.14    Indenture Trustee May Enforce Claims
Without Possession of Notes.    All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in
any proceeding relating thereto, and any such proceeding instituted by the Indenture Trustee shall be brought in its own name as Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, be for the ratable benefit of the Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of which such judgment has been
obtained. 
 SECTION 6.15    Suit for Enforcement.    If an
Event of Default shall occur and be continuing, the Indenture Trustee, in its discretion may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by
Proceeding whether for the specific performance of any covenant or agreement contained in this Indenture or in aid of the execution of any power granted in this Indenture or for the enforcement of any other legal, equitable or other remedy as the
Indenture Trustee, being advised by counsel, shall deem most effectual to protect and enforce any of the rights of the Indenture Trustee or the Noteholders. 

SECTION 6.16    Rights of Noteholders to Direct Indenture
Trustee.    Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee; provided, however, that subject to Section 6.1, the Indenture Trustee shall have the right to decline to follow any
such direction if the Indenture Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the Indenture Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed
would be illegal or subject it to personal liability or be unduly prejudicial to the rights of Noteholders not parties to such direction; and provided, further, that nothing in this Indenture shall impair the right of the Indenture
Trustee to take any action deemed proper by the Indenture Trustee and which is not inconsistent with such direction by the Noteholders. 

ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1        Issuing Entity To Furnish Indenture Trustee Names and
Addresses of Noteholders.    The Issuing Entity shall furnish or cause to be furnished by the Servicer to the Indenture Trustee (a) not more than five (5) days before each Distribution Date a list, in such form as
the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of the close of business on the related Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within
fourteen (14) days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long
as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
  

 43 

 SECTION 7.2         Preservation
of Information, Communications to Noteholders. 
 (a)        The
Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the
names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so
furnished. 
 (b)        Noteholders may communicate pursuant to TIA
§ 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 

(c)        The Issuing Entity, the Indenture Trustee and the Note Registrar
shall have the protection of TIA § 312(c). 
 SECTION
7.3        Reports by the Issuing Entity. 
 (a)  The
Issuing Entity shall: 
 (i)        file with the Indenture Trustee,
within fifteen (15) days after the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; 

(ii)        file with the Indenture Trustee and the Commission in accordance
with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this Indenture as may be required from
time to time by such rules and regulations; and 
 (iii)        supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to
clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed from time to time by the Commission. 

(b)  Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on
December 31 of such year. 
 SECTION 7.4        Reports by
Trustee 
 (a)        If required by TIA § 313(a), within
sixty (60) days after each April 15, beginning with April 15, 2011, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA
§ 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of any report delivered pursuant to this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture

  

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Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange. 
 (b)        On each Distribution Date the Indenture Trustee
shall include with each payment to each Noteholder a copy of the statement for the related Monthly Period or Periods applicable to such Distribution Date as required pursuant to Section 4.09 of the Trust Sale and Servicing Agreement.

 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

SECTION 8.1        Collection of Money.    Except as
otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property
payable to or receivable by the Indenture Trustee pursuant to this Indenture and the Trust Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly
provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as
provided in Article V. 
 SECTION 8.2        Designated
Accounts; Payments. 
 (a)        On or prior to the Closing Date,
the Issuing Entity shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Financial Parties (and with respect to the Reserve Account, for the benefit of the Servicer) the Designated Accounts
as provided in Articles IV and V of the Trust Sale and Servicing Agreement. 

(b)        On or before each Distribution Date, (i) amounts shall be
deposited in the Collection Account as provided in Section 4.06 of the Trust Sale and Servicing Agreement and (ii) the Aggregate Noteholders’ Interest Distributable Amount and the Aggregate Noteholders’ Principal Distributable
Amount shall be transferred from the Collection Account to the Note Distribution Account as and to the extent provided in Section 4.06 of the Trust Sale and Servicing Agreement. 

(c)        On each Distribution Date in accordance with the Servicer’s
Accounting, the Indenture Trustee shall notify the Account Holder to apply and, as required, distribute to the Noteholders all amounts on deposit in the Note Distribution Account (subject to the Servicer’s rights under Section 5.03 of the
Trust Sale and Servicing Agreement to Investment Earnings) in the following order of priority and in the amounts determined as described below: 

        (i)        On each Distribution
Date, except as otherwise provided in clause (iii) below, the amount deposited in the Note Distribution Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds
after all earlier priorities have been satisfied, and any amount so applied shall be paid on such Distribution Date to the holders of Notes of each applicable Class: 

                 
   (A)        the Aggregate Class A Interest Distributable Amount shall be paid to the holders of the Class A Notes; 

 

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   (B)        the Aggregate Class B Interest Distributable Amount shall be paid to the holders of the Class B Notes; and 

                 
   (C)        the Aggregate Class C Interest Distributable Amount shall be paid to the holders of the Class C Notes; 

provided however, if there are not sufficient funds to so pay the entire amount specified in any of the foregoing
priorities for a particular class of Notes, then the amount available for such class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such Holder. 

        (ii)        Unless otherwise
provided in clause (iii) below, (A) an amount equal to the Aggregate Noteholders’ Principal Distributable Amount shall be applied to each class of Notes in the following amounts and in the following order of priority and any
amount so applied shall be paid on such Distribution Date to the Holders of such class of Notes: 

(1)        to the Class A-1 Notes, until the Outstanding
Amount of the Class A-1 Notes is reduced to zero; 

(2)        to the Class A-2 Notes, until the Outstanding
Amount of the Class A-2 Notes is reduced to zero; 

(3)        to the Class A-3 Notes, until the Outstanding
Amount of the Class A-3 Notes is reduced to zero; 

(4)        to the Class A-4 Notes, until the Outstanding
Amount of the Class A-4 Notes is reduced to zero; 

(5)        to the Class B Notes, until the Outstanding Amount of
the Class B Notes is reduced to zero; and 

(6)        to the Class C Notes, until the Outstanding Amount of
the Class C Notes is reduced to zero. 

        (iii)        If the Notes have
been declared immediately due and payable following an Event of Default as provided in Section 5.2, until such time as all Events of Default have been cured or waived as provided in Section 5.2(b), any amounts deposited in
the Note Distribution Account shall be applied in accordance with Section 2.7(c). 
  

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 SECTION 8.3        General
Provisions Regarding Accounts. 
 (a)        So long as no Default
or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Designated Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuing Entity Order, subject to the
provisions of Section 5.01(b) of the Trust Sale and Servicing Agreement. The Issuing Entity shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Designated Accounts unless the
security interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel acceptable to the Indenture Trustee, to such effect. 

(b)        Subject to Section 6.1(c), the Indenture Trustee shall
not in any way be held liable by reason of any insufficiency in any of the Designated Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c)        If (i) the Issuing Entity shall have failed to give investment
directions for any funds on deposit in the Designated Accounts to the Indenture Trustee by 11:00 a.m., New York City Time (or such other time as may be agreed by the Issuing Entity and the Indenture Trustee) on any Business Day; or (ii) a
Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable
following an Event of Default, but amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in the Designated Accounts in one or more Eligible Investments selected by the Indenture Trustee or alternatively, in accordance with the last instructions received by the Indenture Trustee. 

SECTION 8.4        Release of Trust Estate. 

(a)        Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in
a manner and under circumstances that are consistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b)        The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes and the other Secured Obligations from the Lien of this Indenture and
release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Designated Accounts. The Indenture Trustee 

 

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shall release property from the Lien of this Indenture pursuant to this Section 8.4(b) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

SECTION 8.5        Opinion of Counsel.    The
Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuing Entity to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions
of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on
the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE IX 

SUPPLEMENTAL INDENTURES 

SECTION 9.1        Supplemental Indentures Without Consent of
Noteholders. 
 (a)        Without the consent of the Holders of
any Notes but with prior notice to the Rating Agencies, the Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i)        to correct or amplify the description of any property at any time
subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to additional property to the Lien of this
Indenture; 
 (ii)        to evidence the succession, in compliance
with Section 3.10 and the applicable provisions hereof, of another Person to the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity contained herein and in the Notes contained; 

(iii)        to add to the covenants of the Issuing Entity, for the benefit of
the Securityholders or to surrender any right or power herein conferred upon the Issuing Entity; 

(iv)        to convey, transfer, assign, mortgage or pledge any property to or
with the Indenture Trustee; 
  

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 (v)        to cure any ambiguity,
to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or in any other Basic Document; 

(vi)        to modify, eliminate or add to the provisions of this Indenture to
such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA, and the
Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained; or 

(vii)        to evidence and provide for the acceptance of the appointment
hereunder by a successor or additional trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to the requirements of Article VI. 
 (b)        The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of the Noteholders but with prior notice to the Rating Agencies at any time and from time to time enter into one or more
indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 

SECTION 9.2        Supplemental Indentures With Consent of Noteholders.

 (a)        The Issuing Entity and the Indenture Trustee, when
authorized by an Issuing Entity Order, also may, with prior notice to the Rating Agencies and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Controlling Class, by Act of such Holders delivered to the
Issuing Entity and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(i)        change the due date of any installment of principal of or interest on
any Note, or reduce the principal amount thereof, the interest rate applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable,
or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
  

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 (ii)        reduce the percentage
of the Outstanding Amount of the Controlling Class, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences as provided for in this Indenture; 

(iii)        modify or alter the provisions of the proviso to the definition of
the term “Outstanding”; 
 (iv)        reduce the
percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of
and accrued but unpaid interest on the Outstanding Notes; 

(v)        modify any provision of this Section 9.2 to decrease the
required minimum percentage necessary to approve any amendments to any provisions of this Indenture or any of the Basic Documents; 

(vi)        modify any of the provisions of this Indenture in such manner as to
affect the calculation of the amount of any payment of interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation), or modify or alter the provisions of the
Indenture regarding the voting of Notes held by the Issuing Entity, the Depositor or any Affiliate of either of them; or 

(vii)        permit the creation of any Lien ranking prior to or on a parity
with the Lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject thereto or deprive the Holder of any Note
of the security afforded by the Lien of this Indenture. 

(b)        The Indenture Trustee may in its discretion determine whether or not
any Notes would be affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any such determination shall be binding upon the Holders of all Notes,
whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. The Indenture Trustee shall not be liable for any such determination made in good faith. 

(c)        It shall be sufficient if an Act of Noteholders approves the
substance, but not the form, of any proposed supplemental indenture. 

(d)        Promptly after the execution by the Issuing Entity and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

 

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 SECTION 9.3       Execution of
Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee
shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4       Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.5        Conformity with the Trust Indenture Act. Every
amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA. 

SECTION 9.6       Reference in Notes to Supplemental
Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such
supplemental indenture may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes of the same class. 

ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1     Redemption.  The Notes are subject to redemption in whole,
but not in part, upon the exercise by the Servicer (or the Holder of all the Certificates that is not the Depositor or any Affiliate thereof) of its option to purchase the Receivables pursuant to Section 8.01 of the Trust Sale and Servicing
Agreement. The date on which such redemption shall occur is the Distribution Date following the Optional Purchase Date identified by Servicer in its notice of exercise of such purchase option (the “Redemption Date”). The purchase
price for the Notes shall be equal to the applicable Redemption Price. The Servicer or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1, the
Servicer or the Issuing Entity shall furnish notice thereof to the Indenture Trustee not later than twenty-five (25) days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account
and deposit into the Note Distribution Account, on the Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date. 

 

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 SECTION 10.2     Form of Redemption Notice.
Notice of redemption of the Notes under Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed not less than five (5) days prior to the applicable Redemption Date to each Noteholder of
record at such Noteholder’s address appearing in the Note Register. 
 (a)    All
notices of redemption shall state: 
 (i)      the Redemption Date; 

(ii)     the applicable Redemption Price; and 

(iii)    the place where Notes are to be surrendered for payment of the Redemption Price (which
shall be the Agency Office of the Issuing Entity to be maintained as provided in Section 3.2). 

(b)    Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 

SECTION 10.3     Notes Payable on Redemption Date.  The Notes shall, following
notice of redemption as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and shall thereafter represent only the right to receive the applicable Redemption Price and (unless the
Issuing Entity shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price.

 ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1      Compliance Certificates and Opinions, etc. 

(a)    Upon any application or request by the Issuing Entity to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee: (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate from a
firm of certified public accountants meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be furnished. Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(i)      a statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating thereto; 
  

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 (ii)     a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii)    a statement that, in the judgment of each such signatory, such signatory has made such
examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv)    a statement as to whether, in the opinion of each such signatory, such condition or covenant
has been complied with. 
 (b)    (i)    Prior to the deposit with the
Indenture Trustee of any Collateral or other property or securities that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in
Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days
of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 

(ii)     Whenever the Issuing Entity is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (b)(i) above, the Issuing Entity shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters,
if the fair value to the Issuing Entity of the securities to be so deposited and of all other such securities made on the basis of any such withdrawal or release since the commencement of the then current fiscal year of the Issuing Entity, as set
forth in the certificates delivered pursuant to clause (i) above and this clause (b)(ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the
fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 

(iii)    Other than with respect to the release of any Warranty Receivables, Administrative
Receivables or Liquidating Receivables, whenever any property or securities are to be released from the Lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each Person signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not
impair the security under this Indenture in contravention of the provisions hereof. 

(iv)    Whenever the Issuing Entity is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the 
  

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matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or
securities and of all other property, other than Warranty Receivables, Administrative Receivables and Liquidating Receivables or Receivables valued at their Receivables Principal Balance, or securities released from the lien of this Indenture since
the commencement of the then current calendar year, as set forth in the certificates required by clause (b)(iii) above and this clause (b)(iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in
the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 

(v)    Notwithstanding Section 2.9 or any other provision of this
Section 11.1, the Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents, (B) make cash payments out of the Designated Accounts and
the Certificate Distribution Account as and to the extent permitted or required by the Basic Documents and (C) take any other action not inconsistent with the TIA. 

SECTION 11.2      Form of Documents Delivered to Indenture Trustee. 

(a)    In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(b)    Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to
the matters upon which his certificate or opinion is based is erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Servicer, the Depositor, the Issuing Entity or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor, the Issuing Entity or the
Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

(c)    Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

(d)    Whenever in this Indenture, in connection with any application or certificate or report to
the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended that the truth
and accuracy, at the time of 
  

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the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided in Article VI. 

SECTION 11.3      Acts of Noteholders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders or a class of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in
writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this
Section 11.3. 
 (b)    The fact and date of the execution by any person of any
such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 

(c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the
Holder of any Notes (or any one or more Predecessor Notes) shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 

SECTION 11.4      Notices, etc., to Indenture Trustee, Issuing Entity and Rating
Agencies.    Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with:

 (a)    the Indenture Trustee by any Noteholder or by the Issuing Entity shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or 

(b)    the Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for
every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Issuing Entity and the Owner Trustee each at the
address specified in Appendix B to the Trust Sale and Servicing Agreement. 
  

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 The Issuing Entity shall promptly transmit any notice received by it from
the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 

(c)    Notices required to be given to the Rating Agencies by the Issuing Entity and the Indenture
Trustee or the Owner Trustee shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement. 

SECTION 11.5      Notices to Noteholders; Waiver. 

(a)    Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s address as it appears on the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder
shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually
received. 
 (b)    Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 

(c)    In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

(d)    Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Event of Default. 

SECTION 11.6      Alternate Payment and Notice
Provisions.  Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture
Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture
Trustee shall cause payments to be made and notices to be given in accordance with such agreements. 
  

 56 

 SECTION 11.7      Conflict with the Trust
Indenture Act. 
 (a)    If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required to be included in this Indenture by any of the provisions of the TIA, such required provision shall control. 

(b)    The provisions of TIA §§ 310 through 317 that impose duties on any Person
(including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

SECTION 11.8      Effect of Headings and Table of Contents.  The Article
and Section headings herein and the table of contents are for convenience only and shall not affect the construction hereof. 

SECTION 11.9      Successors and Assigns. 

(a)    All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind
its successors and assigns, whether so expressed or not. 
 (b)    All covenants and
agreements of the Indenture Trustee in this Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 11.10    Severability.    In case any provision in this Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.11    Benefits of Indenture.    Nothing in this Indenture or
in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders, any other party secured hereunder and any
other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 11.12    Legal Holidays.  If the date on which any payment is due shall not
be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which
nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION
11.13    Governing Law.    THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN
SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

 57 

 SECTION 11.14    Counterparts.  This
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.15    Recording of Indenture. If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the
Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 SECTION 11.16    No Recourse.  No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against:

 (a)    the Indenture Trustee or the Owner Trustee in its individual capacity;

 (b)    the Depositor or any other owner of a beneficial interest in the Issuing Entity;
or 
 (c)    any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee in its individual capacity, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in
their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement. 
 SECTION 11.17    No
Petition.    The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the
date which is one year and one day after the termination of this Indenture with respect to the Issuing Entity pursuant to Section 4.1, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity
under any federal or state bankruptcy or insolvency proceeding. 
  

 58 

 SECTION 11.18  Inspection.    The
Issuing Entity agrees that, on reasonable prior notice, it shall permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of
the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s
officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information
except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with
its obligations hereunder. 
 SECTION 11.19  Indemnification by and Reimbursement of
Servicer.  The Indenture Trustee acknowledges and agrees to reimburse (i) the Servicer and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Trust Sale and Servicing Agreement and
(ii) the Depositor and its directors, officers, employees and agents in accordance with Section 3.04 of the Trust Sale and Servicing Agreement. The Indenture Trustee further acknowledges and accepts the conditions and limitations with
respect to the Servicer’s obligation to indemnify, defend and hold the Indenture Trustee harmless as set forth in Section 6.01(a)(iv) of the Trust Sale and Servicing Agreement. 

SECTION 11.20  Subordination.    Each Note represents beneficial interests in the
Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had
against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Notes, each
Noteholder shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the covenants above of each
Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in
any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights
of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
  

 59 

 SECTION 11.21  Compliance with Applicable Anti-Terrorism and
Anti-Money Laundering Regulations.    In order to comply with laws, rules and regulations applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Indenture
Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, the Issuing Entity agrees to provide, and agrees to cause the
Administrator and the Servicer to provide, to the Indenture Trustee upon its request from time to time such identifying information and documentation as may be reasonably available to such party without undue expense in order to enable the Indenture
Trustee to comply with applicable law. 

*    *    *    *    * 

 

 60 

 IN WITNESS WHEREOF, the Issuing Entity and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

		
	 By:
	 	 BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 EXHIBIT A 

LOCATIONS OF SCHEDULE OF RECEIVABLES 

The Schedule of Receivables is on file at the offices of: 

 

	1.	 The Indenture Trustee 

  

	2.	 The Owner Trustee 

  

	3.	 The Servicer 

  

	4.	 The Seller 

  

	5.	 The Depositor 

  

 Ex. A 

 EXHIBIT B 

NOTE DEPOSITORY AGREEMENT FOR THE NOTES 
  

 Ex. B 

 EXHIBIT C-1 

FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES 
  

			
	 REGISTERED
	  	$250,000,000

 NO. R-

 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 02005L AA2 

EACH HOLDER OF A CLASS A-1 NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE
WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A
“PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH
ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS A-1 NOTES OR UNDER THE INDENTURE
OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING
ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR
THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE
FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

 

 Ex C-1-1 

 EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS A-1
NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS A-1 NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY
AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING
OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE
DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY
PROCEEDING. 
 EACH CLASS A-1 NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH
PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY
AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE BASIC DOCUMENTS. EACH CLASS A-1 NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR
BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR,
THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY
SUCH CLASS A-1 NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS A-1 NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER
THAN THE ISSUING ENTITY, EACH CLASS A-1 NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE
BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE 
  

 Ex. C-1-2 

 
COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE.

 EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF A NOTE OWNER, A
BENEFICIAL INTEREST IN A CLASS A-1 NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS A-1 NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT
THE CLASS A-1 NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME.

 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

ALLY AUTO RECEIVABLES TRUST 2010-2 

CLASS A-1 0.58624% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000,000) or such lesser
outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is
the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such Class A-1 Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account
in respect of principal on the Class A-1 Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
July 15, 2011 (the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date.
The Issuing Entity shall pay interest on this Class A-1 Note at the rate per annum shown above on each Distribution Date until the principal of this Class A-1 Note 

 

 Ex. C-1-3 

 
is paid or made available for payment on the principal amount of this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class A-1 Notes will accrue from and including the Closing Date and will be payable on each
Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class A-1 Notes. Interest will be computed on the basis of actual number of days elapsed from and including the prior
Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding the current Distribution Date and a 360-day year. Such principal of and interest on this Class A-1 Note shall be paid in
the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. 

The principal of and interest on this Class A-1 Note are payable in such coin or currency of the United States of
America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Class A-1 Note shall be applied first to interest due and payable on this
Class A-1 Note as provided above and then to the unpaid principal of this Class A-1 Note. 

Reference is made to the further provisions of this Class A-1 Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Class A-1 Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class A-1 Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be
valid or obligatory for any purpose. 
  

 Ex. C-1-4 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

ALLY AUTO RECEIVABLES TRUST 2010-2 
  

					
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

but solely as Owner Trustee
	 	
			
	 By:
	 	  
	 	
	 Name:
	 		 	
	 Title:
	 		 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

					
		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Ex. C-1-5 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class A-1 0.58624%
Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an indenture, dated as of June 25, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the
Issuing Entity and Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class A-1 Notes are one of several duly authorized classes of Notes of the Issuing Entity
issued pursuant to the Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to
which Indenture the Holder of this Class A-1 Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class A-1 Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes and all other
Notes issued pursuant to the Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

Each Noteholder or Note Owner of a Class A-1 Note will be deemed to represent and warrant that either (i) it
is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of
the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of
ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law. 
 Each Noteholder or Note Owner, by acceptance of a Class A-1 Note
or, in the case of a Note Owner, a beneficial interest in a Class A-1 Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) the Depositor or any other owner
of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in
the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

 

 Ex. C-1-6 

 Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or,
in the case of a Note Owner, a beneficial interest in a Class A-1 Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the
termination of the Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Depositor or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency
proceeding. 
 Each Noteholder by accepting a Class A-1 Note (or any interest therein) acknowledges that
such Person’s Class A-1 Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the
Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the
acceptance of a Class A-1 Note (or beneficial interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class A-1 Notes, it shall have no claim against
any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or
declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or
any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights
in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement”
within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Each Noteholder, by
acceptance of a Class A-1 Note or, in the case of a Note Owner, a beneficial interest in a Class A-1 Note, expresses its intention that this Class A-1 Note qualifies under applicable tax law as indebtedness secured by the Collateral
and, unless otherwise required by appropriate taxing authorities, agrees to treat the Class A-1 Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other
taxes imposed upon, measured by or based upon gross or net income. 
 Prior to the due presentment for
registration of transfer of this Class A-1 Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class A-1 Note (as of the day of determination
or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected
by notice to the contrary. 
  

 Ex. C-1-7 

 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of
the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all
Class A-1 Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A-1 Note (or
any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class A-1 Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Class A-1 Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the
Noteholders. 
 The term “Issuing Entity” as used in this Class A-1 Note includes any
successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under
certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This Class A-1 Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Class A-1 Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the
Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Class A-1 Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing
Entity. The 
  

 Ex. C-1-8 

 
Holder of this Class A-1 Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-1 Note. 
  

 Ex. C-1-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                                         
                                         
                  

			
	  
	  	
	(name and address of assignee)	  	

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        ,
as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

									
	 Dated:
	 	  
	 		 	  
	 	
1

					
		 		 		 	Signature Guaranteed:        	 	
				
	  
	 		 	  
	 	

  
  

	1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 Ex. C-1-10 

 EXHIBIT
C-21 

FORM OF CLASS A-2, CLASS A-3 AND CLASS A-4 FIXED RATE ASSET BACKED NOTES 

 

				
	 REGISTERED
	  	$	                        

 NO. R- 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO.              

EACH HOLDER OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT
IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I
OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN
OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS
A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE
OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN
THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE
IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER 
  

  

	1
	 Legends to be updated as appropriate. 

Ex. C-2-1 

 
TRUSTEE OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED
AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH
ENTITY. 
 EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A [CLASS
A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH [CLASS A-2] [CLASS A-3] [CLASS A-4]
NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO
INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER,
LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE
DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 
 EACH [CLASS
A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR
OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE
EXPRESSLY SET FORTH OR CONTEMPLATED IN THE BASIC DOCUMENTS. EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE
EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM
THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER UNDER
APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A 
  

 Ex. C-2-2 

 
RESULT, A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH [CLASS
A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN
EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND
SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 
 EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER
OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, EXPRESSES ITS INTENTION THAT THIS [CLASS A-2] [CLASS A-3] [CLASS A-4]
NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTES AS INDEBTEDNESS SECURED BY THE
COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE
PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

ALLY AUTO RECEIVABLES TRUST 2010-2 

[CLASS A-2] [CLASS A-3] [CLASS A-4]             %
ASSET BACKED NOTES 
 ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     DOLLARS
($                    ) or such lesser outstanding amount as may 

 

 Ex. C-2-3 

 
be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction,
the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such [Class A-2] [Class A-3] [Class A-4] Notes by (ii) the aggregate amount, if any, payable on such
Distribution Date from the Note Distribution Account in respect of principal on the [Class A-2] [Class A-3] [Class A-4] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on                      (the “Final Scheduled Distribution
Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Note at the rate
per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the [Class A-2] [Class A-3] [Class A-4] Notes will accrue from and including the Closing
Date and will be payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the [Class A-2] [Class A-3] [Class A-4] Notes. Interest will be computed on the basis of a 360-day
year of twelve 30-day months (or, in the case of the initial Distribution Date, a 20 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes
on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same
effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 

 Ex. C-2-4 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

 

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

		
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

					
		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Ex. C-2-5 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as [Class A-2] [Class A-3] [Class
A-4]             % Asset Backed Notes (herein called the “[Class A-2] [Class A-3] [Class A-4] Notes”), all issued under an indenture, dated as of June 25,
2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Noteholders. The [Class A-2] [Class A-3] [Class A-4] Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all Notes of all such classes, the “Notes”).
The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this [Class A-2] [Class A-3] [Class A-4] Note by virtue of acceptance hereof assents
and by which such Holder is bound. All capitalized terms used and not otherwise defined in this [Class A-2] [Class A-3] [Class A-4] Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.

 The [Class A-2] [Class A-3] [Class A-4] Notes and all other Notes issued pursuant to the Indenture are and
will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

Each Noteholder or Note Owner of a [Class A-2] [Class A-3] [Class A-4] Note will be deemed to represent and warrant that
either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to
Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other plan that is subject to any law that is substantially
similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a
violation of any substantially similar applicable law. 
 Each Noteholder or Note Owner, by acceptance of a
[Class A-2] [Class A-3] [Class A-4] Note or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except
as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity. 
  

 Ex. C-2-6 

 Each Noteholder or Note Owner, by acceptance of a [Class A-2] [Class A-3]
[Class A-4] Note or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date
which is one year and one day after the termination of the Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Depositor or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy
or insolvency proceeding. 
 Each Noteholder by accepting a [Class A-2] [Class A-3] [Class A-4] Note (or any
interest therein) acknowledges that such Person’s [Class A-2] [Class A-3] [Class A-4] Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the
Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in
the Basic Documents. Each Noteholder by the acceptance of a [Class A-2] [Class A-3] [Class A-4] Note (or beneficial interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with
respect to the [Class A-2] [Class A-3] [Class A-4] Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In
the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a
result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is,
subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set
forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

Each Noteholder, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note or, in the case of a Note Owner, a
beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, expresses its intention that this [Class A-2] [Class A-3] [Class A-4] Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required
by appropriate taxing authorities, agrees to treat the [Class A-2] [Class A-3] [Class A-4] Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other taxes
imposed upon, measured by or based upon gross or net income. 
 Prior to the due presentment for registration
of transfer of this [Class A-2] [Class A-3] [Class A-4] Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this [Class A-2] [Class A-3]

  

 Ex. C-2-7 

 
[Class A-4] Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this [Class A-2]
[Class A-3] [Class A-4] Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the [Class A-2] [Class A-3] [Class A-4] Notes, to waive
compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this [Class A-2] [Class A-3] [Class A-4] Note (or any one of
more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this [Class A-2] [Class A-3] [Class A-4] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this [Class A-2] [Class A-3] [Class A-4] Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of the Noteholders. 
 The term “Issuing Entity” as used in this [Class A-2]
[Class A-3] [Class A-4] Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing
Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This [Class A-2] [Class A-3] [Class A-4] Note and the Indenture shall be
construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 No reference herein to the Indenture and no provision of this [Class A-2] [Class A-3] [Class A-4] Note or of
the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this [Class A-2] [Class A-3] [Class A-4] Note at the times, place and rate, and in the coin or
currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in
the Basic Documents, neither the Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or 
  

 Ex. C-2-8 

 
successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this [Class A-2] [Class A-3] [Class A-4] Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee
solely as the Owner Trustee in the assets of the Issuing Entity. The Holder of this [Class A-2] [Class A-3] [Class A-4] Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this [Class A-2] [Class A-3] [Class A-4] Note. 

 

 Ex. C-2-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                                         
                                         
                   

			
	  
	  	
	(name and address of assignee)	  	

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        ,
as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

									
	 Dated:
	 	  
	 		 	  
	 	
1

					
		 		 		 	Signature Guaranteed:        	 	
				
	  
	 		 	  
	 	

  
  

	1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 Ex. C-2-10 

 EXHIBIT
C-31 

FORM OF CLASS B FIXED RATE ASSET BACKED NOTES 
  

				
		
	 REGISTERED
	  	$	34,700,000

 NO. R-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 02005L AE4 

THIS RULE 144A GLOBAL CLASS B NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL CLASS B NOTE (OR INTEREST THEREIN) THE
HOLDER OF THIS RULE 144A GLOBAL CLASS B NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS B NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE
QUALIFIED INSTITUTIONAL BUYERS). 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS RULE 144A GLOBAL CLASS B NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM
NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM 
  

  

	1
	 Legends to be updated as appropriate. 

  

 Ex. C-3-1 

 
AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT. 

EACH HOLDER OF A CLASS B NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE
WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A
“PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH
ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH CLASS B NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS B NOTES OR UNDER THE INDENTURE OR
ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY
OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE
INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY
LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

EACH CLASS B NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT BY 
  

 Ex. C-3-2 

 
ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS B NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE
ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING
ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE
PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

EACH CLASS B NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR
INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND
NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE BASIC DOCUMENTS. EACH CLASS B NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST
THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE,
THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH CLASS B NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CLASS B
NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS B NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING
ENTITY, EACH CLASS B NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY
GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO,
SECTION 510(A) OF THE BANKRUPTCY CODE. 
 EACH CLASS B NOTEHOLDER OR NOTE OWNER (EXCEPT A CLASS B
NOTEHOLDER WHICH IS CONSIDERED FOR FEDERAL INCOME TAX PURPOSES THE 
  

 Ex. C-3-3 

 
ISSUER OF THE CLASS B NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE,
EXPRESSES ITS INTENTION THAT THIS CLASS B NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS B NOTES AS INDEBTEDNESS SECURED
BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

[Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 
  

	
	     THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 ALLY AUTO RECEIVABLES TRUST
2010-2 
 CLASS B 3.02% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of THIRTY-FOUR MILLION SEVEN HUNDRED THOUSAND DOLLARS ($34,700,000) or such
lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of
which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such Class B Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution
Account in respect of principal on the Class B Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
August 17, 2015 (the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption
Date. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding 

 

 Ex. C-3-4 

 
principal balance on the Closing Date)). Interest on the Class B Notes will accrue from and including the Closing Date and will be payable on each Distribution Date in an amount equal to the Note
Class Interest Distributable Amount for such Distribution Date for the Class B Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution Date, a 20 day period). Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto.

 The principal of and interest on this Note are payable in such coin or currency of the United States of
America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by
manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 

 Ex. C-3-5 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

 

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

		
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

		 	 but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Ex. C-3-6 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class B 3.02% Asset Backed
Notes (herein called the “Class B Notes”), all issued under an indenture, dated as of June 25, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and
Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class B Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the
Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the
Holder of this Class B Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class B Note that are defined in the Indenture shall have the meanings assigned to
them in or pursuant to the Indenture. 
 The Class B Notes and all other Notes issued pursuant to the Indenture
are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

Each Noteholder or Note Owner of a Class B Note will be deemed to represent and warrant that either (i) it is not
acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code,
(c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or
Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar
applicable law. 
 Each Noteholder or Note Owner, by acceptance of a Class B Note or, in the case of a Note
Owner, a beneficial interest in a Class B Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

 

 Ex. C-3-7 

 Each Noteholder or Note Owner, by acceptance of a Class B Note or, in the
case of a Note Owner, a beneficial interest in a Class B Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the
Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against
the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or
any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding. 

Each Noteholder by accepting a Class B Note (or any interest therein) acknowledges that such Person’s Class B Note
(or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Class B Note (or beneficial interest
therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class B Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such
Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity,
each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to
the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of
the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of
the Class B Note (or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class B Note or, in the case of a Note Owner, a beneficial interest in a Class B Note, expresses its intention that this Class B Note
qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Class B Notes as indebtedness secured by the Collateral for the purpose of federal
income taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Class B Note, the Issuing Entity, the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class B Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Class B Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

 

 Ex. C-3-8 

 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of
the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class
B Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class B Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class B Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class B Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 

The term “Issuing Entity” as used in this Class B Note includes any successor to the Issuing Entity
under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge
or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This Class B Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Class B Note or of the Indenture shall alter or impair the
obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Class B Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the
Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Class B Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing
Entity. The 
  

 Ex. C-3-9 

 
Holder of this Class B Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall
have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class B Note. 
  

 Ex. C-3-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

                                         
                        

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

                      
                                         
                                         
                 
 
                                         
                                         
                                       

                         
           (name and address of assignee) 
 the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints
                                         
       , as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

									
	Dated:                            
                              	 		  		  	                           
                                         
    
1
	  	
		 		  		  		  	
		 		  		  	Signature Guaranteed:	  	
		 		  		  		  	
	                             
                                     
  	 		  		  	                             
                                         
  	  	

  

	1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 Ex. C-3-11 

 EXHIBIT
C-41 

FORM OF CLASS C FIXED RATE ASSET BACKED NOTES 
  

			
	 REGISTERED
	 	$28,400,000                

NO. R-1 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 CUSIP NO. 02005L AF1 

THIS RULE 144A GLOBAL CLASS C NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL CLASS C NOTE (OR INTEREST THEREIN) THE
HOLDER OF THIS RULE 144A GLOBAL CLASS C NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS C NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE
QUALIFIED INSTITUTIONAL BUYERS). 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS RULE 144A GLOBAL CLASS C NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM
NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES
ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM 
  

	1
	
Legends
 to be updated as appropriate. 

  

 Ex. C-4-1 

 
AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT. 

EACH HOLDER OF A CLASS C NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE
WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A
“PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH
ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS C NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS C NOTES OR UNDER THE INDENTURE OR
ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY
OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE
INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY
LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS C NOTE, COVENANTS AND AGREES THAT BY 
  

 Ex. C-4-2 

 
ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS C NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE
ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING
ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE
PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

EACH CLASS C NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR
INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND
NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE BASIC DOCUMENTS. EACH CLASS C NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST
THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE,
THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH CLASS C NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CLASS C
NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS C NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING
ENTITY, EACH CLASS C NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY
GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO,
SECTION 510(A) OF THE BANKRUPTCY CODE. 
 EACH CLASS C NOTEHOLDER OR NOTE OWNER (EXCEPT A CLASS C
NOTEHOLDER WHICH IS CONSIDERED FOR FEDERAL INCOME TAX PURPOSES THE 
  

 Ex. C-4-3 

 
ISSUER OF THE CLASS C NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS C NOTE,
EXPRESSES ITS INTENTION THAT THIS CLASS C NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS C NOTES AS INDEBTEDNESS SECURED
BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

[Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 
  

	
	     THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 ALLY AUTO RECEIVABLES TRUST
2010-2 
 CLASS C 3.51% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to [Cede & Co., or registered assigns,] [Ally Auto Assets LLC] the principal sum of TWENTY-EIGHT MILLION FOUR HUNDRED THOUSAND DOLLARS
($28,400,000) or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a
fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such Class C Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from
the Note Distribution Account in respect of principal on the Class C Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on November 15, 2016 (the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due
on the Redemption Date. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial 

 

 Ex. C-4-4 

 
Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class C Notes will accrue from and including the Closing Date and will be payable on each Distribution
Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class C Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution
Date, a 20 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such
class entitled thereto. 
 The principal of and interest on this Note are payable in such coin or currency of
the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by
manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 

 Ex. C-4-5 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

 

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

		
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

		 	 but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Ex. C-4-6 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class C 3.51% Asset Backed
Notes (herein called the “Class C Notes”), all issued under an indenture, dated as of June 25, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and
Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class C Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the
Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the
Holder of this Class C Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class C Note that are defined in the Indenture shall have the meanings assigned to
them in or pursuant to the Indenture. 
 The Class C Notes and all other Notes issued pursuant to the Indenture
are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

Each Noteholder or Note Owner of a Class C Note will be deemed to represent and warrant that either (i) it is not
acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code,
(c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or
Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar
applicable law. 
 Each Noteholder or Note Owner, by acceptance of a Class C Note or, in the case of a Note
Owner, a beneficial interest in a Class C Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

 

 Ex. C-4-7 

 Each Noteholder or Note Owner, by acceptance of a Class C Note or, in the
case of a Note Owner, a beneficial interest in a Class C Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the
Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against
the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or
any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding. 

Each Noteholder by accepting a Class C Note (or any interest therein) acknowledges that such Person’s Class C Note
(or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Class C Note (or beneficial interest
therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class C Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such
Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity,
each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to
the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of
the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of
the Class C Note (or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class C Note or, in the case of a Note Owner, a beneficial interest in a Class C Note, expresses its intention that this Class C Note
qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Class C Notes as indebtedness secured by the Collateral for the purpose of federal
income taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Class C Note, the Issuing Entity, the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class C Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Class C Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

 

 Ex. C-4-8 

 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of
the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class
C Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class C Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class C Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 

The term “Issuing Entity” as used in this Class C Note includes any successor to the Issuing Entity
under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge
or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This Class C Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Class C Note or of the Indenture shall alter or impair the
obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Class C Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the
Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Class C Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing
Entity. The 
  

 Ex. C-4-9 

 
Holder of this Class C Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall
have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class C Note. 
  

 Ex. C-4-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

			
	  
	  	
	  
	  	
	(name and address of assignee)	  	

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                         
       , as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

									
	 Dated:
	 	  
	 		 	
 

	 	
1

		 		 		 		 	
		 		 		 	Signature Guaranteed:	 	
		 		 		 		 	
	  
	 		 	  
	 	

  
  

 

	1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 Ex. C-4-11 

 EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as
“Applicable Servicing Criteria”: 
  

							
	
Servicing Criteria
  
	 	  	  	
Applicable Servicing

Criteria
  

	  

Reference
  
	  	  

Criteria
  
	 	  	  	  
	  	  	  

General Servicing Considerations
  
	 	  	  	  
	
1122(d)(1)(i)
  
	  	  
 Policies and procedures
are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
  
	 	 	  	 
	
1122(d)(1)(ii)
  
	  	  
 If any material
servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

 
	 	 	  	 
	
1122(d)(1)(iii)
  
	  	  
 Any requirements in the
transaction agreements to maintain a back-up servicer for the pool assets are maintained.
  
	 	 	  	 
	
1122(d)(1)(iv)
  
	  	  
 A fidelity bond and
errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

 
	 	 	  	 
	 		 	 
	 	  	 Cash Collection and Administration

 
	 	 	  	 
	
1122(d)(2)(i)
  
	  	  
 Payments on pool assets
are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.

 
	 	 	  	 
	
1122(d)(2)(ii)
  
	  	  
 Disbursements made via
wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
  
	 	 	  	ü
	
1122(d)(2)(iii)    

 
	  	  
 Advances of funds or
guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

 
	 	 	  	 
	
1122(d)(2)(iv)
  
	  	  
 The related accounts for
the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction
agreements.(1)
  
	 	 	  	ü
	
1122(d)(2)(v)
  
	  	  
 Each custodial account
is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a
foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. (1)

 
	 	 	  	ü
	
1122(d)(2)(vi)
  

 
	  	  
 Unissued checks are
safeguarded so as to prevent unauthorized access.
  
	 	 	  	 

 

	(1)	 To extent such accounts relate to accounts maintained at the Indenture Trustee. 

 

 Ex. D-1 

							
	
Servicing Criteria
  
	  	  	  	
Applicable Servicing

Criteria
  

	  

Reference
  
	  	  

Criteria
  
	  	  	  	  
	 1122(d)(2)(vii)
	  	  
 Reconciliations are
prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the
bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.
  
	  	 	  	 
	 	 	 	 
	 	  	 Investor Remittances and Reporting

 
	  	 	  	 
	 1122(d)(3)(i)
	  	  
 Reports to investors,
including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth
in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or
the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.
  

 
	  	 	  	 
	 1122(d)(3)(ii)
	  	  
 Amounts due to investors
are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
  

 
	  	 	  	ü
	 1122(d)(3)(iii)
	  	  
 Disbursements made to an
investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
  

 
	  	 	  	ü
	 1122(d)(3)(iv)
	  	  
 Amounts remitted to
investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
  

 
	  	 	  	ü
	 	 	 	 
	 	  	 Pool Asset Administration

 
  
	  	 	  	 
	 1122(d)(4)(i)
	  	  
 Collateral or security on
pool assets is maintained as required by the transaction agreements or related asset pool documents.
  

 
	  	 	  	 
	
1122(d)(4)(ii)
  
	  	  
 Pool assets and related
documents are safeguarded as required by the transaction agreements
  
  
	  	 	  	 
	
1122(d)(4)(iii)    
	  	  
 Any additions, removals or
substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.
  

 
	  	 	  	 
	 1122(d)(4)(iv)
	  	  
 Payments on pool assets,
including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.
  

 
	  	 	  	 
	 1122(d)(4)(v)
	  	  
 The Servicer’s records
regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.
  

 
	  	 	  	 
	 1122(d)(4)(vi)
	  	  
 Changes with respect to the
terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

 
  
	  	 	  	 
	 1122(d)(4)(vii)
	  	  
 Loss mitigation or recovery
actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the
transaction agreements.
  
  
	  	 	  	 

  

 Ex. D-2 

							
	
Servicing Criteria
  
	 	  	  	
Applicable Servicing

Criteria
  

	  

Reference
  
	  	  

Criteria
  
	 	  	  	  
	
1122(d)(4)(viii)    
	  	  
 Records documenting
collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and
describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

 
	 	 	  	 
	 1122(d)(4)(ix)
	  	  
 Adjustments to interest
rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.
  
	 	 	  	 
	 1122(d)(4)(x)
	  	  
 Regarding any funds held in
trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such
funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days
specified in the transaction agreements.
  
	 	 	  	 
	 1122(d)(4)(xi)
	  	  
 Payments made on behalf of
an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at
least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
  
	 	 	  	 
	 1122(d)(4)(xii)
	  	  
 Any late payment penalties
in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

 
	 	 	  	 
	 1122(d)(4)(xiii)
	  	  
 Disbursements made on
behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

 
	 	 	  	 
	 1122(d)(4)(xiv)
	  	  
 Delinquencies, charge-offs
and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.
  
	 	 	  	 
	 1122(d)(4)(xv)
	  	 Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item
1115 of Regulation AB, is maintained as set forth in the transaction agreements.
  
	 	 	  	 

  

 Ex. D-3 

 EXHIBIT E 

FORM OF CERTIFICATION 

Re: the
                                         
                dated as of             , 20     (the
“Agreement”), among
                                         
                                         
                              . 

I,
                                         
               , the
                                         
                of Deutsche Bank Trust Company Americas (the “Company”), certify to Ally Auto Assets LLC (the “Depositor”), and its
officers, with the knowledge and intent that they will rely upon this certification, that: 
 (1) I have
reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB
(the “Report on Assessment”), and the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB that were
delivered by the Company to the Depositor pursuant to the Agreement (collectively, the “Company Information”); 

(2) To the best of my knowledge, the Report on Assessment, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Report on Assessment; and

 (3) To the best of my knowledge, all of the Company Information required to be provided by the Company under
the Agreement has been provided to the Depositor. 
  

			
	 Dated:
	 	  

		
	 By:
	 	 DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee

		
	 Name:
	 	  

	 Title:
	 	  

 

 Ex. E 

 APPENDIX A 

Additional Representations and Warranties 
  

	1.	 This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Indenture
Trustee, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 

 

	2.	 All steps necessary to perfect the Issuing Entity’s security interest against each Obligor in the property securing the Receivables have been
taken. 

  

	3.	 The Receivables constitute “tangible chattel paper” within the meaning of the applicable UCC. 

 

	4.	 The Issuing Entity owns and has good and marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person.

  

	5.	 The Issuing Entity has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee under this Indenture. 

 

	6.	 Other than the security interest granted to the Indenture Trustee under the Indenture, the Issuing Entity has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Receivables. The Issuing Entity has not authorized the filing of, nor is the Issuing Entity aware of, any financing statements against the Seller, the Depositor or the Issuing Entity that
include a description of collateral covering the Receivables other than the financing statements relating to the security interests granted to the Depositor, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing
statement that has been terminated. The Issuing Entity is not aware of any judgment or tax lien filings against the Seller, the Depositor or the Issuing Entity. 

 

	7.	 The Custodian has in its possession or with other third party vendors all original copies of the Receivables Files and other documents that
constitute or evidence the Receivables. The Receivables Files and other documents that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person
other than the Depositor. 

  

 App. A

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