Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO CREDIT AGREEMENT 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of September 23, 2019, is entered into by and
among Funko Acquisition Holdings, L.L.C., a Delaware limited liability company (the “Ultimate Parent”), Funko Holdings LLC, a Delaware limited liability company (“Parent” or “Funko Holdings”),
Funko, LLC, a Washington limited liability company (“Funko”), Loungefly, LLC, a California limited liability company (“Loungefly”), Funko Games, LLC, a Washington limited liability company (“Funko
Games,” together with the Ultimate Parent, the Parent, Funko, Loungefly and each other Person that executes a Joinder Agreement and becomes a “Borrower” under the Credit Agreement (as defined below), each a
“Borrower” and collectively, the “Borrowers”), the financial institutions which are now or which hereafter become a party to the Credit Agreement (collectively, the “Lenders” and each individually a
“Lender”), PNC Bank, National Association (“PNC”), as collateral agent for the Lenders (in such capacity, together with its successors and permitted assigns in such capacity, the ”Collateral
Agent”), PNC, as administrative agent for the Lenders (in such capacity, together with its successors and permitted assigns in such capacity, the ”Administrative Agent” and together with the Collateral Agent, each an
“Agent” and collectively, the “Agents”), PNC, as L/C Issuer (in such capacity, together with its successors and permitted assigns in such capacity, the “L/C Issuer”), and PNC, as Swing Loan
Lender (in such capacity, together with its successors and permitted assigns in such capacity, the “Swing Loan Lender”). Terms used herein without definition shall have the meanings ascribed to them in the Credit Agreement
defined below. 
 RECITALS 

A. The Agent, L/C Issuer, Swing Loan Lender, Lenders and Borrowers, among others, have previously entered into that certain Credit Agreement
dated as of October 22, 2018 (as amended by that certain First Amendment to Credit Agreement, dated as of February 11, 2019, as hereby amended and as it may hereafter be amended, restated, amended and restated, supplemented, replaced or
otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers. All capitalized terms not otherwise defined herein shall have
the meaning ascribed thereto in the Credit Agreement. 
 B. The Borrowers have requested that certain terms of the Credit Agreement be
modified, and certain Lenders have agreed to such requests on the terms and conditions set forth herein and Borrowers, Agent, L/C Issuer, Swing Loan Lender and certain Lenders desire to set forth their agreements in writing. 

TERMS AND CONDITIONS 

NOW, THEREFORE, with the foregoing background incorporated by reference and made a part hereof and intending to be legally bound, and in
exchange for good and sufficient consideration, the sufficiency and receipt of which is acknowledged by each party hereto, the parties agree as follows: 

1. Amendments to Credit Agreement. Effective upon the Second Amendment Effective Date (as defined below), the Credit Agreement is hereby
amended (without creating any novation of the Credit Agreement or the Obligations) to delete the bold, red stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the bold, blue double-underlined text (indicated textually in the same manner as the following
example: double-underlined text), each as set forth in Exhibit A
hereto. 

 2. Effectiveness Conditions. This Amendment shall become effective on the first date
that all of the following conditions have been fully satisfied (such date, the “Second Amendment Effective Date”): 
 (i)
Agent shall have received a fully executed copy of this Amendment. 
 (ii) No Default or Event of Default shall have occurred and be
continuing or result after giving effect to this Amendment. 
 (iii) The representations and warranties made by each Borrower in the Credit
Agreement and in the other Loan Documents are true and complete in all material respects with the same force and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier
and/or specified date). 
 (iv) Agent shall have received from Borrowers payment by Borrower in accordance with Section 12.04 of the
Credit Agreement of all reasonable, documented and out-of-pocket fees, costs and expenses incurred by Agent on or prior to the date hereof, to the extent such fees,
costs and expenses are invoiced at least two (2) Business Days prior to the date hereof. 
 (v) Agent shall have received a fully
executed incumbency certificate, dated as of the date hereof and executed by an Authorized Officer of each Borrower, certifying the names and true signatures of the representatives of such Borrower authorized to sign each Loan Document to which such
Borrower is or will be a party and any other documents to be executed and delivered by such Borrower in connection therewith, together with evidence of the incumbency of such authorized representatives. 

(vi) Agent shall have received an amended and restated Swing Loan Note, dated as of the date hereof, executed by Borrowers and payable to the
Swing Loan Lender. 
 3. Reaffirmation. Each Borrower expressly acknowledges the terms of this Amendment and reaffirms, as of the
date hereof and on the Second Amendment Effective Date, that its guarantee of the Guaranteed Obligations under the Guaranty and its grant of Liens on the Collateral to secure the Obligations pursuant to each Security Document to which it is a party,
in each case, continues in full force and effect and extends to the obligations of such Borrower under the Loan Documents (including the Credit Agreement as amended by this Amendment) subject to any limitations set out in the Credit Agreement (as so
amended) and any other Loan Document applicable to such Borrower. Neither the execution, delivery, performance or effectiveness of this Amendment nor the modification of the Credit Agreement effected pursuant hereto: (i) impairs the validity,
effectiveness or priority of the Liens granted pursuant to any Security Document, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred; or (ii) requires that
any new filings be made or other action be taken to perfect or to maintain the perfection of such Liens. 

  
 2 

 4. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. 
 5. CONSENT TO
JURISDICTION; SERVICE OF PROCESS AND VENUE, ETC. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AMENDMENT, EACH PARTY HERETO HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY
HERETO HEREBY IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 12.01 OF THE CREDIT AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE AGENT AND
THE LENDERS TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OBLIGOR IN ANY OTHER JURISDICTION. EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. TO THE EXTENT THAT ANY PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF
EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS. 

EACH BORROWER, EACH AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY
RIGHTS UNDER THIS AMENDMENT, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AMENDMENT, AND AGREES THAT ANY SUCH ACTION, PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

6. Confidentiality. Section 12.21 (Confidentiality) of the Credit Agreement is incorporated herein, mutatis mutandis, in
connection with this Amendment and the transactions contemplated hereby. 

  
 3 

 7. Counterparts; Telecopy Execution. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed
counterpart of this Amendment by telecopy or electronic mail shall be equally effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telecopy or electronic mail
also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

8. Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

[signature pages follow] 

  
 4 

 Each of the parties has signed this Amendment as of the day and year first above written.

  

			
	BORROWERS:
	
	FUNKO ACQUISITION HOLDINGS, L.L.C.
		
	By:	 	/s/ Russell Nickel
		 	Name: Russell Nickel
		 	Title: Chief Financial Officer and Secretary

  

			
	FUNKO HOLDINGS LLC
		
	By:	 	/s/ Russell Nickel
		 	Name: Russell Nickel
		 	Title: Chief Financial Officer and Secretary

  

			
	FUNKO, LLC
		
	By:	 	/s/ Russell Nickel
		 	Name: Russell Nickel
		 	Title: Chief Financial Officer and Secretary

  

			
	LOUNGEFLY, LLC
		
	By:	 	/s/ Russell Nickel
		 	Name: Russell Nickel
		 	Title: Chief Financial Officer and Secretary

  

			
	FUNKO GAMES, LLC
	 By: Funko, LLC, its sole member
  

		
	By:	 	/s/ Russell Nickel
		 	Name: Russell Nickel
		 	Title: Chief Financial Officer and Secretary

 
			
	COLLATERAL AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Liam Brickley
		 	Name: Liam Brickley
		 	Title: Vice President

  
 6 

 
			
	ADMINISTRATIVE AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Liam Brickley
		 	Name: Liam Brickley
		 	Title: Vice President

  
 7 

 
			
	LENDER:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Liam Brickley
		 	Name: Liam Brickley
		 	Title: Vice President

  
 8 

 
			
	LENDER:
	
	BANK OF THE WEST
		
	By:	 	/s/ Leni Preciado
		 	Name: Leni Preciado
		 	Title: Director, Market Manager

  
 9 

 
			
	LENDER:
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Larry Van Sant
		 	Name: Larry Van Sant
		 	Title: Senior Vice President

  
 10 

 
			
	LENDER:
	
	CIT BANK, N.A.
		
	By:	 	/s/ Joseph Longobardi
		 	Name: Joseph Longobardi
		 	Title: Authorized Signatory

  
 11 

 
			
	LENDER:
	
	COLUMBIA BANK
		
	By:	 	/s/ Kit Gerwels
		 	Name: Kit Gerwels
		 	Title: Senior Vice President

  
 12 

 
			
	LENDER:
	
	GOLDMAN SACHS BANK USA
		
	By:	 	/s/ Annie Carr
		 	Name: Annie Carr
		 	Title: Authorized Signatory

  
 13 

 
			
	LENDER:
	
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	/s/ Tom Cartwright
		 	Name: Tom Cartwright
		 	Title: V.P.

  
 14 

 
			
	LENDER:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/ Peter Christensen
		 	Name: Peter Christensen
		 	Title: Executive Director

  
 15 

 
			
	LENDER:
	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Joseph M. Murry
		 	Name: Joseph M. Murry
		 	Title: SVP

  
 16 

 
			
	LENDER:
	
	MUFG UNION BANK, N.A.
		
	By:	 	/s/ Matthew M. Norman
		 	Name: Matthew M. Norman
		 	Title: Vice President

  
 17 

 
			
	LENDER:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Ken Lase
		 	Name: Ken Lase
		 	Title: Vice President

  
 18 

 EXHIBIT A 

[Attached] 

  
 19 

 EXHIBIT A 
 AMENDED CREDIT AGREEMENT 
 CREDIT AGREEMENT 

Dated as of October 22, 2018 (as amended by that certain First Amendment to
Credit 
 Agreement, dated as of February 11, 2019, and that
certain Second Amendment to Credit 
 Agreement, dated as of
September 23, 2019), 
 by and among 

FUNKO ACQUISITION HOLDINGS, L.L.C., 

as Ultimate Parent and a Borrower, 

FUNKO HOLDINGS LLC, 
 as
Parent and a Borrower, 
 FUNKO, LLC, 

FUNKOLOUNGEFLY, LLC 
 and 

LOUNGEFLYFunko Games, LLC 
 each as a Borrower, 

EACH OF THE GUARANTORS (as defined herein), 

as Guarantors, 
 THE
LENDERS FROM TIME TO TIME PARTY HERETO, 
 as Lenders, 

PNC BANK, NATIONAL ASSOCIATION 

as Administrative Agent and Collateral Agent 

and 
 PNC CAPITAL
MARKETS LLC 
 and 

JPMORGAN CHASE BANK, N.A., 

each as a Joint Lead Arranger and Joint Bookrunner 

JPMORGAN CHASE BANK, N.A., as Syndication Agent 

BANK OF THE WEST, 

KEYBANK NATIONAL ASSOCIATION 

and 
 HSBC BANK USA,
NATIONAL ASSOCIATION, 
 each as a Documentation Agent 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS; CERTAIN TERMS
	  	 	2	 
	 Section 1.01
	  	Definitions	  	 	12	 
	 Section 1.02
	  	Terms Generally	  	 	4851	 
	 Section 1.03
	  	Certain Matters of Construction	  	 	4952	 
	 Section 1.04
	  	Accounting and Other Terms	  	 	4952	 
	 Section 1.05
	  	Time References; Notices	  	 	5053	 
	 Section 1.06
	  	Currency Calculations	  	 	5053	 
		
	 ARTICLE II. THE LOANS
	  	 	5053	 
	 Section 2.01
	  	Revolving Credit Commitments, Swing Loans and Term Loan	  	 	5053	 
	 Section 2.02
	  	Nature of Lenders’ Obligations with Respect to Revolving Credit Loans	  	 	55	 
	 Section 2.03
	  	Commitment Fees	  	 	5255	 
	 Section 2.04
	  	Reduction of Revolving Credit Commitments	  	 	5255	 
	 Section 2.05
	  	Revolving Credit Loan Requests; Swing Loan Requests	  	 	5356	 
	 Section 2.06
	  	Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing Loans	  	 	56	 
	 Section 2.07
	  	Notes	  	 	5559	 
	 Section 2.08
	  	Utilization of Commitments in Optional Currencies	  	 	5659	 
	 Section 2.09
	  	Interest Rate Options	  	 	5760	 
	 Section 2.10
	  	Rate Calculations; Rate Quotations	  	 	5861	 
	 Section 2.11
	  	Interest Periods	  	 	5862	 
	 Section 2.12
	  	Interest After Default	  	 	5962	 
	 Section 2.13
	  	Rates Unascertainable; Illegality; Increased Costs; Deposits Not Available; Optional Currency Not Available	  	 	5963	 
	 Section 2.14
	  	Optional Currency Not Available	  	 	6063	 
	 Section 2.15
	  	Administrative Agent’s and Lender’s Rights	  	 	6063	 
	 Section 2.16
	  	Selection of Interest Rate Options	  	 	6265	 
	 Section 2.17
	  	Prepayment of Loans	  	 	6266	 
	 Section 2.18
	  	Fees	  	 	6669	 
	 Section 2.19
	  	Taxes	  	 	6670	 
	 Section 2.20
	  	Increased Costs and Reduced Return	  	 	7074	 
	 Section 2.21
	  	[Intentionally Omitted]	  	 	7276	 
	 Section 2.22
	  	Mitigation Obligations; Replacement of Lenders	  	 	7276	 
	 Section 2.23
	  	Currency Conversion Procedures for Judgments	  	 	7377	 
	 Section 2.24
	  	Indemnity in Certain Events	  	 	7377	 
	 Section 2.25
	  	Indemnity	  	 	7377	 
	 Section 2.26
	  	Increase in Maximum Revolving Loan Amount or Term Loan Commitment	  	 	7478	 

  
 - i - 

							
	 ARTICLE III. LETTERS OF CREDIT
	  	 	7781	 
	 Section 3.01
	  	Letters of Credit	  	 	7781	 
	 Section 3.02
	  	Issuance of Letters of Credit	  	 	7781	 
	 Section 3.03
	  	Requirements For Issuance of Letters of Credit	  	 	7983	 
	 Section 3.04
	  	Disbursements, Reimbursement	  	 	7983	 
	 Section 3.05
	  	Repayment of Participation Revolving Credit Loans	  	 	8185	 
	 Section 3.06
	  	Documentation	  	 	8185	 
	 Section 3.07
	  	Determination to Honor Drawing Request	  	 	8185	 
	 Section 3.08
	  	Nature of Participation and Reimbursement Obligations	  	 	8185	 
	 Section 3.09
	  	Indemnity	  	 	8387	 
	 Section 3.10
	  	Liability for Acts and Omissions	  	 	8387	 
		
	 ARTICLE IV. PAYMENTS
	  	 	8589	 
	 Section 4.01
	  	Payments	  	 	8589	 
	 Section 4.02
	  	Pro Rata Treatment of Lenders	  	 	8589	 
	 Section 4.03
	  	Sharing of Payments by Lenders	  	 	8590	 
	 Section 4.04
	  	Presumptions by Administrative Agent	  	 	8690	 
	 Section 4.05
	  	Payment Dates	  	 	8691	 
	 Section 4.06
	  	Settlement Date Procedures	  	 	8791	 
	 Section 4.07
	  	[Intentionally Omitted]	  	 	8791	 
	 Section 4.08
	  	[Intentionally Omitted]	  	 	8791	 
	 Section 4.09
	  	Apportionment of Payments	  	 	8791	 
	 Section 4.10
	  	Defaulting Lenders	  	 	8893	 
	 Section 4.11
	  	Joint and Several Liability of the Borrowers	  	 	8994	 
		
	 ARTICLE V. CONDITIONS TO LOANS
	  	 	9095	 
	 Section 5.01
	  	Conditions Precedent to Effectiveness	  	 	9095	 
	 Section 5.02
	  	Conditions Precedent to All Loans and Letters of Credit	  	 	9398	 
	 Section 5.03
	  	Conditions Subsequent to Effectiveness	  	 	9498	 
		
	 ARTICLE VI. REPRESENTATIONS AND WARRANTIES
	  	 	9599	 
	 Section 6.01
	  	Representations and Warranties	  	 	9599	 
		
	 ARTICLE VII. COVENANTS OF THE LOAN PARTIES
	  	 	104109	 
	 Section 7.01
	  	Affirmative Covenants	  	 	104109	 
	 Section 7.02
	  	Negative Covenants	  	 	114119	 
	 Section 7.03
	  	Financial Covenants	  	 	121127	 
		
	 ARTICLE VIII. MANAGEMENT OF COLLATERAL
	  	 	122128	 
	 Section 8.01
	  	Collection of Accounts Receivable; Management of Collateral	  	 	122128	 
		
	 ARTICLE IX. EVENTS OF DEFAULT
	  	 	124130	 
	 Section 9.01
	  	Events of Default	  	 	124130	 
		
	 ARTICLE X. AGENTS
	  	 	127133	 
	 Section 10.01
	  	Appointment	  	 	127133	 
	 Section 10.02
	  	Nature of Duties; Delegation	  	 	128134	 
	 Section 10.03
	  	Rights, Exculpation, Etc.	  	 	129135	 
	 Section 10.04
	  	Reliance	  	 	130136	 
	 Section 10.05
	  	Indemnification	  	 	130136	 

  
 - ii - 

							
	 Section 10.06
	  	Agents Individually	  	 	130136	 
	 Section 10.07
	  	Successor Agent	  	 	131137	 
	 Section 10.08
	  	Collateral Matters	  	 	131137	 
	 Section 10.09
	  	Agency for Perfection	  	 	133139	 
	 Section 10.10
	  	No Reliance on any Agent’s Customer Identification Program Certifications From Banks and Participants; USA PATRIOT Act	  	 	134140	 
	 Section 10.11
	  	No Third Party Beneficiaries	  	 	134140	 
	 Section 10.12
	  	No Fiduciary Relationship	  	 	134141	 
	 Section 10.13
	  	Confidentiality; Disclaimers	  	 	135141	 
	 Section 10.14
	  	Conduct of Business by the Lenders and Agents	  	 	135141	 
		
	ARTICLE XI. GUARANTY	  	 	135141	 
	 Section 11.01
	  	Guaranty	  	 	135141	 
	 Section 11.02
	  	Guaranty Absolute	  	 	135142	 
	 Section 11.03
	  	Waiver	  	 	136143	 
	 Section 11.04
	  	Continuing Guaranty; Assignments	  	 	137143	 
	 Section 11.05
	  	Subrogation	  	 	137143	 
		
	ARTICLE XII. MISCELLANEOUS	  	 	138144	 
	 Section 12.01
	  	Notices, Etc.	  	 	138144	 
	 Section 12.02
	  	Amendments, Etc.	  	 	140146	 
	 Section 12.03
	  	No Waiver; Remedies, Etc.	  	 	142148	 
	 Section 12.04
	  	Expenses; Taxes; Attorneys’ Fees	  	 	142148	 
	 Section 12.05
	  	Right of Set-off	  	 	143150	 
	 Section 12.06
	  	Severability	  	 	144150	 
	 Section 12.07
	  	Assignments and Participations	  	 	144150	 
	 Section 12.08
	  	Counterparts	  	 	148155	 
	 Section 12.09
	  	GOVERNING LAW	  	 	149155	 
	 Section 12.10
	  	CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE	  	 	149155	 
	 Section 12.11
	  	WAIVER OF JURY TRIAL, ETC.	  	 	149156	 
	 Section 12.12
	  	No Other Duties, etc.	  	 	150156	 
	 Section 12.13
	  	No Party Deemed Drafter	  	 	150156	 
	 Section 12.14
	  	Reinstatement; Certain Payments	  	 	150157	 
	 Section 12.15
	  	Flood Insurance	  	 	150157	 
	 Section 12.16
	  	Indemnification; Limitation of Liability for Certain Damages	  	 	151157	 
	 Section 12.17
	  	Administrative Borrowers	  	 	152159	 
	 Section 12.18
	  	Records	  	 	152159	 
	 Section 12.19
	  	Binding Effect	  	 	153159	 
	 Section 12.20
	  	Interest	  	 	153159	 
	 Section 12.21
	  	Confidentiality	  	 	154160	 
	 Section 12.22
	  	Public Disclosure	  	 	154161	 
	 Section 12.23
	  	Integration	  	 	155161	 
	 Section 12.24
	  	USA PATRIOT Act	  	 	155161	 
	 Section 12.25
	  	Keepwell	  	 	155162	 
	 Section 12.26
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institution	  	 	155162	 

  
 - iii - 

 SCHEDULE AND EXHIBITS 
  

			
	 Schedule 1.1(A)
	  	Pricing Grid
	 Schedule 1.1(B)
	  	Lenders and Lenders’ Commitments
	 Schedule 1.1(C)
	  	Security Documents
	 Schedule 6.01(e)
	  	Capitalization; Subsidiaries
	 Schedule 6.01(g)
	  	Material Indebtedness
	 Schedule 6.01(i)
	  	ERISA
	 Schedule 6.01(l)
	  	Nature of Business
	 Schedule 6.01(o)
	  	Real Property
	 Schedule 6.01(r)
	  	Environmental Matters
	 Schedule 6.01(s)
	  	Insurance
	 Schedule 6.01(v)
	  	Bank Accounts
	 Schedule 6.01(w)
	  	Intellectual Property
	 Schedule 6.01(x)
	  	Material Contracts
	 Schedule 6.01(cc)
	  	Name; Jurisdiction of Organization; Organizational ID Number; Chief Place of Business; Chief Executive Office; FEIN
	 Schedule 6.01(dd)
	  	Collateral Locations
	 Schedule 6.01(ee)
	  	Inventory Locations
	 Schedule 7.02(a)
	  	Existing Liens
	 Schedule 7.02(b)
	  	Existing Indebtedness
	 Schedule 7.02(e)
	  	Existing Investments
	 Schedule 7.02(k)
	  	Limitations on Dividends and Other Payment Restrictions
	 Schedule 8.01
	  	Cash Management Accounts

  

			
		
	 Exhibit A
	  	Form of Joinder Agreement
	 Exhibit B
	  	Form of Assignment and Acceptance

  
 - iv - 

 CREDIT AGREEMENT 

Credit Agreement, dated as of October 22, 2018 (as amended by that certain First
Amendment to Credit Agreement, dated as of February 11, 2019, and that certain Second Amendment to Credit Agreement, dated as of September 23, 2019) by and among Funko Acquisition Holdings,
L.L.C., a Delaware limited liability company (the “Ultimate Parent”), Funko Holdings LLC, a Delaware limited liability company (“Parent” or “Funko Holdings”), Funko, LLC, a Washington limited
liability company (“Funko”), Loungefly, LLC, a California limited liability company (“Loungefly,”) and Funko Games, LLC, a Washington limited liability company (“Funko Games” together with the Ultimate Parent, the Parent, Funko, Loungefly and each other Person
that executes a Joinder Agreement and becomes a “Borrower” hereunder, each a “Borrower” and collectively, the “Borrowers”), each subsidiary of the Parent listed as a “Guarantor” on the
signature pages hereto (together with each other Person that executes a Joinder Agreement and becomes a “Guarantor” hereunder or otherwise guaranties all or any part of the Obligations (as hereinafter defined), each a
“Guarantor” and collectively, the “Guarantors”), the lenders from time to time party hereto (each a “Lender” and collectively, the “Lenders”), PNC Bank, National Association
(“PNC”), as collateral agent for the Lenders (in such capacity, together with its successors and permitted assigns in such capacity, the “Collateral Agent”), PNC, as administrative agent for the Lenders (in
such capacity, together with its successors and permitted assigns in such capacity, the “Administrative Agent” and together with the Collateral Agent, each an “Agent” and collectively, the
“Agents”), PNC Capital Markets LLC and JPMorgan Chase Bank, N.A., each as a joint lead arranger (collectively, in such capacity, together with their successors and permitted assigns in such capacity, the “Joint Lead
Arrangers”), PNC Capital Markets LLC and JPMorgan Chase Bank, N.A., each as a joint bookrunner (collectively, in such capacity, together with their successors and permitted assigns in such capacity, the “Bookrunners”),
JPMorgan Chase Bank, N.A., as syndication agent (the “Syndication Agent”) and KeyBank National Association, Bank of the West and HSBC Bank USA, National Association, each as documentation agent (collectively, the
“Documentation Agent”). 
 RECITALS 

The Borrowers have asked the Lenders to extend credit consisting of (a) a Term Loan (as hereinafter defined) to be extended to the
Borrowers in the aggregate principal amount of $235,000,000, and (b) a revolving credit facility extended to the Borrowers in an amount of $75,000,000, which will include a
$5,000,0007,500,000 subfacility for the issuance of
letters of credit. The proceeds of the term loans and the loans made under the revolving credit facilities shall be used for working capital and other general corporate purposes of the Loan Parties, to refinance certain existing indebtedness and to
pay fees and expenses related to this Agreement. The letters of credit will be used for general working capital purposes. The Lenders are severally, and not jointly, willing to extend such credit to the Borrowers subject to the satisfaction or
waiver in writing of the terms and conditions hereinafter set forth. 

  
 - 1 - 

 In consideration of the premises and the covenants and agreements contained herein, the
parties hereto agree as follows: 
 ARTICLE I. 

DEFINITIONS; CERTAIN TERMS 

Section 1.01 Definitions. As used in this Agreement, the following terms shall have the respective meanings indicated below, such
meanings to be applicable equally to both the singular and plural forms of such terms: 
 “Account Debtor” means each
debtor, customer or obligor in any way obligated on or in connection with any Account Receivable. 
 “Account Receivable”
means, with respect to any Person, any and all accounts (as that term is defined in the Uniform Commercial Code) and any and all rights of such Person to payment for goods sold and/or services rendered, including accounts, general intangibles and
any and all such rights evidenced by chattel paper, instruments or documents, whether due or to become due and whether or not earned by performance, and whether now or hereafter acquired or arising in the future, and any proceeds arising therefrom
or relating thereto. 
 “Acquired Indebtedness” means Indebtedness of a Person whose assets or Equity Interests are
acquired by a Loan Party in a Permitted Acquisition; provided that (x) such Indebtedness was in existence prior to the date of such Permitted Acquisition and was not incurred in connection with, or in contemplation of, such Permitted
Acquisition and (y) such Indebtedness is not secured by any Liens on the assets of any Loan Party or any Subsidiary of any Loan Party except for Permitted Liens. 

“Acquisition” means the acquisition (whether by means of a merger, consolidation or otherwise) of all of the Equity Interests
of any Person or all or substantially all of the assets of (or any division or business line of) any Person. 
 “Action”
has the meaning specified therefor in Section 12.12. 
 “Administrative Agent” has the meaning specified therefor in
the preamble hereto. 
 “Administrative Borrower” has the meaning specified therefor in Section 12.17. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the Equity
Interests having ordinary voting power for the election of members of the Board of Directors of such Person or (b) direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Notwithstanding anything
herein to the contrary, in no event shall any Agent or any Lender be considered an “Affiliate” of any Loan Party. 

“Affiliate Permitted Assignees” has the meaning specified therefor in Section 12.07(b). 

  
 - 2 - 

 “Agent” has the meaning specified therefor in the preamble hereto. 

“Agent Advances” has the meaning specified therefor in Section 10.08(a). 

“Agreement” means this Credit Agreement, including all amendments, restatements, modifications and supplements and any
exhibits or schedules to any of the foregoing, and shall refer to the Agreement as the same may be in effect at the time such reference becomes operative. 

“Anti-Terrorism Laws” shall mean any Laws relating to, trade sanctions programs and embargoes, import/export licensing, money
laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time, including, without limitation, (i) the Money Laundering Control
Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957), as amended, and regulations promulgated thereunder, (ii) the Bank Secrecy Act, as amended, and regulations promulgated thereunder, (iii) the USA PATRIOT Act, as amended, and
regulations promulgated thereunder, (iv) the laws, regulations and Executive Orders administered by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), (v) the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 and implementing regulations by the United States Department of the Treasury, (vi) any law prohibiting or directed against terrorist activities or the financing of terrorist activities (e.g., 18
U.S.C. §§ 2339A and 2339B), or (vii) any similar laws enacted in the United States or any other jurisdictions in which the parties to this agreement operate, as any of the foregoing laws may from time to time be amended, renewed,
extended, or replaced and all other present and future legal requirements of any Governmental Authority governing, addressing, relating to, or attempting to eliminate, terrorist acts and acts of war and any regulations promulgated pursuant thereto.

 “Applicable Commitment Fee Rate” shall mean the percentage rate per annum based on the Leverage Ratio then in effect
according to the pricing grid on Schedule 1.1(A) below the heading “Commitment Fee.” 
 “Applicable Letter of
Credit Fee Rate” shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” 

“Applicable Margin” shall mean, as applicable: 

(a) the percentage spread to be added to the Base Rate applicable to Revolving Credit Loans under the Base Rate Option based on the Leverage
Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Revolving Credit Base Rate Spread”, 

(b) the percentage spread to be added to the Base Rate applicable to Term Loans under the Base Rate Option based on the Leverage Ratio then in
effect according to the pricing grid on Schedule 1.1(A) below the heading “Term Loan Base Rate Spread”, 
 (c) the
percentage spread to be added to the Euro-Rate applicable to Revolving Credit Loans under the Euro-Rate Option based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Revolving
Credit Euro- Rate Spread”, or 

  
 - 3 - 

 (d) the percentage spread to be added to the Euro-Rate applicable to Term Loans under the
Euro-Rate Option based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Term Loan Euro-Rate
Spread”., 

(e)    
     the percentage spread to be added to the Base Rate applicable to Swing Loans under the Base Rate Option based on the Leverage Ratio then in effect according
to the pricing grid on Schedule 1.1(A) below the heading “Swing Loan Base Rate Spread”, or 

(f)    
     the percentage spread to be added to the Swing Rate applicable to Swing Loans under the Swing Rate Option based on the Leverage Ratio then in effect
according to the pricing grid on Schedule 1.1(A) below the heading “Swing Loan Swing Rate Spread”. 

“Assignment and Acceptance” means an assignment and acceptance entered into by an assigning Lender and an assignee, and
accepted by each Agent, in accordance with Section 12.07 [Assignments and Participations] hereof and substantially in the form of Exhibit B hereto or such other form acceptable to each Agent. 

“Authorized Officer” means, with respect to any Person, the chief executive officer, chief financial officer, president, vice
president-controller, treasurer, vice president or, except for the purposes of certifying to the financial statements delivered in accordance with Section 7.01(a)(i) or Section 7.01(a)(iii) hereof, the general counsel of such
Person. 
 “Availability” means, as of any date of determination, the result of (a) the Total Revolving Credit
Commitment, plus (b) the sum as of such date of cash and Cash Equivalents, in each case held in a U.S. account of any of the Loan Parties in which the Administrative Agent has a perfected Lien and that have not been pledged as a deposit or
otherwise to a third party, minus (c) the sum of (i) the aggregate outstanding principal amount of all Revolving Credit Loans and Swing Loans plus (ii) all Letter of Credit Obligations, minus (d) the outstanding principal balance
of the Intercompany Loan. 
 “Available Equity Proceeds” means the cumulative net cash proceeds of any issuances of
Qualified Equity Interests (other than Permitted Cure Stock) after the Effective Date, as such amount may be reduced to reflect application pursuant to clause (e) of the definition of Permitted Acquisition, clause (p) of the definition of
Permitted Investments or clause (i) of the definition of Capital Expenditures. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time that is described in the EU Bail-In
Legislation Schedule. 

  
 - 4 - 

 “Bank” means PNC, its successors or any other bank designated by the
Administrative Agent to the Administrative Borrower from time to time. 
 “Bank Product Agreements” means those certain
cash management service agreements and/or Hedging Agreements entered into from time to time between any Loan Party, on the one hand, and a Bank Product Provider, on the other hand, in connection with any of the Bank Products, including, without
limitation, any Lender-Provided Hedge Agreement. 
 “Bank Product Provider” means, with respect to any Bank Product
Agreement, any counterparty thereto that, at the time such Bank Product Agreement was entered into, was an Agent or Lender or Affiliate thereof (regardless of whether such counterparty subsequently ceases to be an Agent, Lender or an Affiliate
thereof). 
 “Bank Product Obligations” means all obligations, liabilities, contingent reimbursement obligations, fees, and
expenses owing by BorrowersLoan Parties to any Bank
Product Provider pursuant to or evidenced by the Bank Product Agreements and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including
all such amounts that BorrowersLoan Parties,
as applicable, are obligated to reimburse to Administrative Agent or any Lender as a result of Administrative Agent or such Lender purchasing participations or executing indemnities or reimbursement obligations with respect to the Bank Products
provided to such Person pursuant to the Bank Product Agreements. Notwithstanding any of the foregoing, Bank Product Obligations shall not include any Excluded Hedge Liabilities. 

“Bank Products” means any service or facility extended to the Borrowers or any other Loan Party by any Bank Product Provider
including: (i) credit cards, (ii) credit card processing services, (iii) debit cards and stored value cards, (iv) purchase cards and commercial cards, (v) ACH transactions, (vi) cash management and treasury management
services and products, including without limitation controlled disbursement, accounts or services, lockboxes, automated clearinghouse transactions, overdrafts, interstate depository network services, or (vii) Lender-Provided Hedge Agreements,
Lender-Provided Foreign Currency Hedge and other foreign exchange or “FX” cash management products. 
 “Bankruptcy
Code” means (i) the United States Bankruptcy Code (11 U.S.C. § 101, et seq.), as amended, and any successor statute and (ii) such other applicable rules, laws or statutes of any Government Authority or court of
a jurisdiction outside of the United States of America relating to bankruptcy, insolvency, assignments for the benefit of creditors, formal or informal moratoria, compositions, or extensions generally with creditors, or proceedings seeking
reorganization, arrangement, or other similar relief, as amended and in effect from time to time, and any successor rule, law or statute. 

“Base Rate” means, for any day, a fluctuating per annum rate of interest equal to the highest of (i) the Federal Funds
Open Rate, plus 0.5%, (ii) the Prime Rate, and (iii) the Daily LIBOR Rate, plus 100 basis points (1.0%). Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change
occurs. Notwithstanding the foregoing, if the Base Rate as determined above would be less than zero (0.00), such rate shall be deemed to be zero (0.00) for purposes of this Agreement. 

  
 - 5 - 

 “Base Rate Loan” means each portion of a Loan that bears interest at a rate
determined by reference to the Base Rate Option. 
 “Base Rate Option” means the option of the Borrowers to have Loans bear
interest at the rate and under the terms set forth in either Section 2.09(a)(A) [Revolving Credit Base Rate Options] orOption], Section 2.09(b)(A) [Term Loan Base Rate
OptionsOption] or
Section 2.09(c)(A) [Swing Loan Base Rate Option], as applicable. 

“Beneficial Owner” shall mean, for each Borrower, each of the following: (a) each individual, if any, who, directly or
indirectly, owns 25% or more of such Borrower’s Equity Interests; and (b) a single individual with significant responsibility to control, manage, or direct such Borrower. 

“BHC Act Affiliate” of a party means “affiliate” (as such
term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Blocked Person” has the meaning assigned to such term in Section 6.01(ii)(ii). 

“Board” means the Board of Governors of the Federal Reserve System of the United States. 

“Board of Directors” means, (a) with respect to any corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board, (b) with respect to a partnership, the board of directors of the general partner of the partnership, (c) with respect to a limited liability company, the managing member or
members or any controlling committee or board of directors of such company or the sole member or the managing member thereof, and (d) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Borrower” has the meaning specified therefor in the preamble hereto. 

“Borrowing Date” means, with respect to any Loan, the date for the making thereof or the renewal or conversion thereof at or
to the same or a different Interest Rate Option, which shall be a Business Day. 
 “Borrowing Tranche” shall mean specified
portions of Loans outstanding as follows: (i) any Loans to which a Euro-Rate Option applies which are in Dollars or in the same Optional Currency advanced under the same Loan Request by the Borrowers and which have the same Interest Period
shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one
Borrowing Tranche and (iii) all Loans to which a Swing Rate Option applies shall constitute one Borrowing Tranche.

 “Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks
are authorized or required to be closed for business in Pittsburgh, Pennsylvania or New York City and if the applicable Business Day relates to any Loan to which the Euro-Rate Option applies, such day must also be a day on which dealings are carried
on in the Relevant Interbank Market. 

  
 - 6 - 

 “Capital Expenditures” means, with respect to any Person for any period,
the sum of the aggregate of all expenditures by such Person and its Subsidiaries during such period that in accordance with GAAP are or should be included in “property, plant and equipment” or in a similar fixed asset account on its
balance sheet, whether such expenditures are paid in cash or financed and including all Capitalized Lease Obligations paid or payable during such period; provided, however, that the following shall not constitute Capital Expenditures:
(i) expenditures to the extent that they are financed with the Available Equity Proceeds, (ii) expenditures to the extent that they are made with the proceeds of Reinvestment Eligible Funds, (iii) expenditures to the extent that they
are made by the Ultimate Parent or any of its Subsidiaries to effect leasehold improvements to any property leased by such Person as lessee, to the extent that such expenses have been reimbursed in cash by the landlord that is not a Loan Party,
(iv) expenditures to the extent that they are actually paid for by a third party (excluding any Loan Party) and for which no Loan Party 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. 

“Capitalized Lease” means, with respect to any Person, any lease of real or personal property by such Person as lessee which
is (a) required under GAAP, as in effect on the Effective Date and without giving any effect to any subsequent changes in GAAP (or the required implementation of any previously promulgated changes in GAAP), to be capitalized on the balance
sheet of such Person or (b) a transaction of a type commonly known as a “synthetic lease” (i.e., a lease transaction that is treated as an operating lease for accounting purposes but with respect to which payments of rent are
intended to be treated as payments of principal and interest on a loan for Federal income tax purposes). 
 “Capitalized Lease
Obligations” means, with respect to any Person, obligations of such Person and its Subsidiaries under Capitalized Leases, and, for purposes hereof, the amount of any such obligation shall be the capitalized amount thereof determined in
accordance with GAAP, as in effect on the Effective Date and without giving any effect to any subsequent changes in GAAP (or the required implementation of any previously promulgated changes in GAAP). 

“Cash Collateralize” means to deliver to the Administrative Agent an amount in the applicable currency in which any Letter of
Credit is denominated (whether in cash or in the form of a backstop letter of credit in form and substance reasonably satisfactory to, and issued by a U.S. commercial bank reasonably acceptable to, the Administrative Agent in its Permitted
Discretion) equal to 105% of the sum of (a) the maximum aggregate amount available for drawing under any outstanding Letter of Credit plus the aggregate amount of all unreimbursed payments and disbursements under such Letter of Credit which
have not been converted to Revolving Credit Loans plus (b) the amount of unpaid Letter of Credit Fees then accrued. Derivatives of such term have corresponding meanings. Without limiting the generality of any other grant of Liens in any Loan
Document, each Loan Party hereby grants to Administrative Agent a continuing and first priority security interest in all Cash Collateral delivered to Administrative Agent to secure all Letter of Credit Obligations and/or Post-Term Letter of Credit
Obligations, as applicable. 

  
 - 7 - 

 “Cash Equivalents” means (a) marketable direct obligations issued or
unconditionally guaranteed by the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case, maturing within six months from the date of acquisition thereof;
(b) commercial paper, maturing not more than 270 days after the date of issue rated P-2 by Moody’s or A-2 by Standard & Poor’s; (c) certificates
of deposit maturing not more than 270 days after the date of issue, issued by commercial banking institutions and money market or demand deposit accounts maintained at commercial banking institutions, each of which is a member of the Federal Reserve
System and has a combined capital and surplus and undivided profits of not less than $500,000,000; (d) repurchase agreements having maturities of not more than 90 days from the date of acquisition which are entered into with major money center banks
included in the commercial banking institutions described in clause (c) above and which are secured by readily marketable direct obligations of the United States Government or any agency thereof; (e) money market accounts maintained with
mutual funds having assets in excess of $2,500,000,000; (f) marketable tax exempt securities rated A or higher by Moody’s or A+ or higher by Standard & Poor’s, in each case, maturing within six months from the date of acquisition
thereof; and (g) in the case of Investments by a foreign Subsidiary, investments/instruments corresponding to and with equivalent quality to investments/instruments described in the foregoing clauses (a) through (f) available in and/or
guaranteed by the equivalent Governmental Authorities in the country in which such foreign Subsidiary is located. 
 “Cash
Management Accounts” means the bank accounts of each Loan Party (other than (a) accounts specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan
Party’s employees, (b) any account over which the grant of a Cash Management Agreement is legally prohibited or which constitute cash collateral in respect of a Permitted Lien, (c) any account with an average daily balance during any
month no greater than $100,000 (provided that the aggregate average daily balance during any month in all such accounts is less than $400,000), (d) any account that is used solely for paying taxes, including sales taxes, (e) any account that is
used solely as an escrow account or as a fiduciary or trust account exclusively for the benefit of an unaffiliated third party, (f) any account that is a zero balance account, (g) any non-U.S. bank
accounts and (h) accounts maintained at a depositary bank other than PNC so long as funds in such accounts do not exceed $2,500,000 in the aggregate). 

“Cash Management Agreement” means a deposit account control agreement, in form and substance reasonably satisfactory to the
Agents, by and among a Loan Party, the Collateral Agent and a Cash Management Bank with respect to each Cash Management Account. 

“Cash Management Bank” has the meaning specified therefor in Section 8.01(a) [Management of Collateral]; provided
that such accounts shall not include any bank accounts at PNC, unless reasonably requested by the Required Lenders. 

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

  
 - 8 - 

 “Certificate of Beneficial Ownership” shall mean, for each Borrower, a
certificate in form and substance acceptable to Administrative Agent (as amended or modified by Administrative Agent from time to time in its sole discretion), certifying to the Beneficial Owner of such Borrower, among other matters as required by
31 C.F.R. §1010.230. 
 “CFC” means a controlled foreign corporation (as that term is defined in the IRC). 

“CFTC” means the Commodity Futures Trading Commission. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any Law, rule, regulation or treaty, (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith (whether or not having the force of law) and (ii) all requests, rules, regulations, guidelines-, interpretations or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of law), in each case, pursuant to Basel III,
shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted, issued, promulgated or implemented. 

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

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than the
Permitted Holders is or shall at any time become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or
indirectly, of more than 35% (measured on a fully diluted basis) of the voting power of the Equity Interests of the Public Holdco; 
 (b)
the failure of the Public Holdco to be the sole direct or indirect managing member of Ultimate Parent; 
 (c) the Ultimate Parent shall
cease to have beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of 100% of the aggregate voting or economic power of the Equity Interests of each other Loan Party
(other than in connection with any transaction permitted pursuant to Section 7.02(c) [Fundamental Changes; Dispositions]); or 
 (d) a
“Change of Control” (or any comparable term or provision) under or with respect to any Disqualified Equity Interests or any Subordinated Indebtedness of the Ultimate Parent or any of its Subsidiaries. 

“Collateral” means all of the property and assets and all interests therein and proceeds thereof now owned or hereafter
acquired by any Person upon which a Lien is granted or purported to be granted by such Person as security for all or any part of the Obligations. 

  
 - 9 - 

 “Collateral Agent” has the meaning specified therefor in the preamble
hereto. 
 “Commitments” means, with respect to each Lender, such Lender’s Revolving Credit Commitment and Term Loan
Commitment. 
 “Commitment Fee” has the meaning specified therefor in Section 2.03 [Commitment Fee]. 

“Compliance Certificate” shall have the meaning specified in Section 7.01(a)(iv) [Reporting Requirements]. 

“Computation Date” shall have the meaning specified in Section 2.08(a) [Periodic Computations of Dollar Equivalent
amounts of Revolving Credit Loans and Letters of Credit Outstanding, Etc.]. 
 “Consolidated Adjusted Working Capital”
means at any date the excess of (i) Consolidated Current Assets (excluding (a) deferred tax assets and (b) cash and Cash Equivalents classified as such in accordance with GAAP) over (ii) Consolidated Current Liabilities (excluding
(a) deferred tax liabilities and (b) the current portion of any Consolidated Funded Indebtedness); provided however that Consolidated Adjusted Working Capital shall be calculated without giving effect to any Consolidated Current
Assets or Consolidated Current Liabilities acquired or assumed in any Permitted Acquisition consummated during the applicable period to the extent financed with Indebtedness, Equity Issuances of Parent, or Reinvestment Eligible Funds. 

“Consolidated Cash Interest Expense” means, for any period, Consolidated Net Interest Expense that has been paid or is
payable in cash during such period, other than (without duplication and to the extent, but only to the extent, included in the determination of Consolidated Net Interest Expense for such period in accordance with GAAP and paid in cash for such
period): (i) amortization of debt discount and debt issuance fees, (ii) any fees (including underwriting fees) and expenses paid in connection with the consummation of the Acquisition or the consummation or proposed consummation of any
Permitted Acquisition), (iii) any payments made to obtain Hedging Agreements and (iv) any agent or collateral monitoring fees paid or required to be paid pursuant to any Loan Document. 

“Consolidated Current Assets” means at any date the consolidated current assets of Ultimate Parent and its Subsidiaries
determined as of such date. 
 “Consolidated Current Liabilities” means at any date, without duplication, (i) the
consolidated current liabilities of Ultimate Parent and its Subsidiaries plus (ii) all guaranty obligations of Ultimate Parent or any consolidated Subsidiary of Ultimate Parent in respect of the current liabilities of any Person (other than
Ultimate Parent or a consolidated Subsidiary of Ultimate Parent), determined as of such date. 

  
 - 10 - 

 “Consolidated EBITDA” means, with respect to any Person for any period, (a)
Consolidated Net Income plus (b) without duplication, the sum of the following amounts to the extent deducted in determining Consolidated Net Income of such Person and its Subsidiaries for such period: (i) Consolidated Net Interest
Expense, (ii) income tax expense minus any income tax benefit recorded (but only to the extent such result is a positive number), (iii) depreciation expense, (iv) amortization expense, (v) [intentionally omitted], (vi) fees and expenses
for third party professionals, agents and advisors and other transaction costs and expenses incurred in connection with the closing of the Loan Documents, Permitted Acquisitions (whether or not consummated) after the Effective Date and the initial
public offering and any secondary or follow-on public offering (whether or not consummated); provided, that (A) the amount of such fees and expenses are actually incurred within 180 days of the effective
date of such transaction, and (B) such fees and expenses with respect to any Permitted Acquisitions (whether or not consummated) shall not exceed $5,000,000 in any Fiscal Year, (vii) non-cash
compensation expense (including deferred non-cash compensation expense), or other non-cash expenses or charges, arising from the sale or issuance of Equity Interests,
the granting of stock options, and similar arrangements, (viii) all other non-cash, non-recurring charges (other than any such non-cash expenses or charges that
represent an accrual or reserve for future cash expenses or charges or a write-down or write-off of current assets (other than as a result of the application of purchase accounting)), including, without
limitation, non-cash exchange, translation, or performance losses relating to any hedging transactions or foreign currency fluctuation, non-cash charges in respect of earnouts,
non-cash mark-to-market expenses relating to any Hedging Agreement permitted hereunder,
non-cash stock or equity compensation and non-cash charges associated with any write-off of deferred amortization costs, (ix) non-recurring cash charges resulting from severance, consulting, advisory and other similar transition expenses, stay or sign on bonuses, retirement of debt, restructuring, consolidation, transition
integration and other similar adjustments made as a result of Permitted Acquisitions and other Permitted Investments (including facility start-up costs and pursuit and broken deal costs in respect of
acquisitions and investments); provided, that the amounts added back pursuant to this clause (ix) and clause (x) shall not in the aggregate exceed 15% of Consolidated EBITDA (calculated prior to giving effect to such clauses), (x) pro
forma cost savings and cost synergies (net of actual amounts realized) in connection with any operating improvements, Permitted Acquisition or other Permitted Investments that are identifiable, factually supported and certified by an Authorized
Officer (and, if reasonably requested by the Administrative Agent, validated by an independent third party financial analyst) and expected to occur within the next twelve (12) months based on specifically identifiable actions which have been
taken or will be taken; provided, that the amounts added back pursuant to this clause (x) and clause (ix) shall not in the aggregate exceed 15% of Consolidated EBITDA (calculated prior to giving effect to such clauses), (xi) any charges
associated with the Underground Toys Earnout, (xii) to the extent not included in Consolidated Net Income, cash proceeds of business interruption insurance received during such period and the proceeds of any indemnification payments received
from third parties for items to the extent such items reduced Consolidated Net Income, (xiii) Pro Forma EBITDA from Permitted Acquisitions supported by a quality of earnings report or a certified analysis of the CFO of the Borrower, in either
case the results of which shall be reasonably satisfactory to the Agents, (xiv) [intentionally omitted], (xv) non-cash expenses due to a step-up of inventory value
required as a result of any Permitted Acquisition, (xvi) fees in connection with obtaining and the maintenance of ratings by Standard & Poor’s and Moody’s, (xvii) [intentionally omitted], and (xviii) Public Company Expenses
for such Period. 

  
 - 11 - 

 “Consolidated Funded Indebtedness” means, with respect to any Person at any
date, all Indebtedness (including, for the avoidance of doubt, any Indebtedness owing under the Intercompany Loan but excluding Indebtedness of the type described in clause (g) of the definition of Indebtedness, any Indebtedness that is cash
collateralized, any obligations in relation to any contingent earnouts and similar obligations, including the Underground Toys Earnout and Indebtedness under clauses (b) and (d) of the definition of Indebtedness, until such obligations are due
and payable), of such Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, including, in any event, with respect to the Ultimate Parent and its Subsidiaries, the Revolving Credit Loans, the Swing Loans, the Term
Loans, the Letter of Credit Obligations and all Capitalized Lease Obligations of the Ultimate Parent and its Subsidiaries. 

“Consolidated Net Income” means, with respect to any Person for any period, the net income (loss) of such Person and its
Subsidiaries for such period, determined on a consolidated basis and in accordance with GAAP, but excluding from the determination of Consolidated Net Income (without duplication) (a) any extraordinary gains or losses or gains or losses from
Dispositions, (b) non-cash restructuring charges and (c) effects of discontinued operations. 

“Consolidated Net Interest Expense” means, with respect to any Person for any period, the total interest expense of such
Person for such period, whether paid or accrued and whether or not capitalized including, without limitation, amortization of debt issuance costs and original issue discount, interest capitalized during construction,
non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments under Capitalized Leases (regardless of whether accounted for as interest expense
under GAAP), all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptances and net costs (included in interest expense) in respect of Hedging Agreements, in each case determined
(i) on a consolidated basis for such period, net of all interest income and (ii) net of amounts paid or payable and/or received or receivable under Hedging Agreements in respect of interest rates. 

“Consolidating Information” has the meaning specified therefor in Section 7.01(a)(iii) [Reporting Requirements] hereof.

 “Contingent Obligation” means, with respect to any Person, any obligation of such Person guaranteeing or intended to
guarantee any Indebtedness, capitalized leases or dividends (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or
indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of a
primary obligor, (b) the obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an
agreement, (c) any 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 (A) for the
purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary 

  
 - 12 - 

 obligor, (iii) to purchase property, assets, 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 any product warranties extended 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 with respect to which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to the terms of
the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto (assuming such Person is required to perform thereunder), as determined by such Person in good
faith. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Covered Entity” means (a) each Borrower, each of Borrower’s Subsidiaries, all Guarantors and all pledgors of
Collateral and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to
vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the
direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise. 
 “Covered Party” shall have the meaning specified in Section 7.01(w) [Acknowledgement Regarding Any Supported QFCs].

 “Current Value” has the meaning specified therefor in Section 7.01(o) [After Acquired Real Property]. 

“Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by the Administrative Agent by dividing
(x) the Published Rate by (y) a number equal to 1.00 minus the percentage prescribed by the Federal Reserve for determining the maximum reserve requirements with respect to any eurocurrency funding by banks on such day. Notwithstanding the
foregoing, if the Daily LIBOR Rate as determined above would be less than zero (0.00), such rate shall be deemed to be zero (0.00) for purposes of this Agreement. 

“Debtor Relief Law” means the Bankruptcy Code and any other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United States or other applicable jurisdiction from time to time in effect. 

“Default” means an event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  
 - 13 - 

 “Defaulting Lender” means, subject to Section 4.10(d) [Defaulting
Lender], any Lender that (a) has failed to (i) fund all or any portion of its Loans within 2 Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the
Administrative Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of
Credit) within 2 Business Days of the date when due, (b) has notified the Administrative Borrower, the Administrative Agent or any L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a
public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within 3 Business Days after written request by the Administrative
Agent or the Administrative Borrower, to confirm in writing to the Administrative Agent and the Administrative Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Administrative Borrower), (d) has, or has a direct or indirect parent company that has, (i) become the subject of a
proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender or
(e) has become the subject of a Bail-In-Action. Any determination by the Administrative Agent that a Lender is a Defaulting Lender (or the Required Lenders, if the
Administrative Agent is the Defaulting Lender) under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender, subject to Section 4.10(d) [Defaulting
Lender], upon delivery of written notice of such determination to the Administrative Borrower, each L/C Issuer and each Lender. 
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “Disposition” means any transaction, or series of related transactions,
pursuant to which any Person or any of its Subsidiaries sells, assigns, transfers or otherwise disposes of any property or assets (whether now owned or hereafter acquired) to any other Person, in each case, whether or not the consideration therefor
consists of cash, securities or other assets owned by the acquiring Person, excluding any sales of Inventory in the ordinary course of business. 

  
 - 14 - 

 “Disqualified Equity Interests” means any Equity Interest that, by its
terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the date which is 91 days after the Final Maturity Date (except as a result of a change of control or asset sale so long as any rights
of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is
convertible into or exchangeable for (i) debt securities or (ii) any Equity Interests referred to in clause (a) above, in each case at any time prior to the date which is 91 days after the Final Maturity Date at the option of any
Person other than a Loan Party, (c) contains any repurchase obligation that may come into effect either (i) prior to Payment in Full of all Obligations or (ii) prior to the date that is 91 days after the Final Maturity Date or
(d) provides for scheduled payments or the payment of cash dividends or distributions prior to the date that is 91 days after the Final Maturity Date. 

“Document” shall have the meaning given to the term “document” in the Uniform Commercial Code. 

“Dollar,” “Dollars” and the symbol “$” each means lawful money of the United States of
America. 
 “Dollar Equivalent” shall mean, with respect to any amount of any currency, as of any Computation Date, the
Equivalent Amount of such currency expressed in Dollars. 
 “Drawing Date” has the meaning specified therefor in
Section 3.04(b) [Disbursements; Reimbursements]. 
 “EEA Financial Institution” means (a) any credit institution
or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;

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

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

“Effective Date” has the meaning specified therefor in Section 5.01 [Conditions Precedent to Effectiveness]. 

“Effectiveness Date” means the date indicated in a document or agreement to be the date on which such document or agreement
becomes effective, or, if there is no such indication, the date of execution of such document or agreement. 

  
 - 15 - 

 “Eligibility Date” means, with respect to each Borrower and Guarantor and
each Swap, the date on which this Agreement or any other Loan Document becomes effective with respect to such Swap (for the avoidance of doubt, the Eligibility Date shall be the Effectiveness Date of such Swap if this Agreement or any other Loan
Document is then in effect with respect to such Borrower or Guarantor, and otherwise it shall be the Effectiveness Date of this Agreement and/or such other Loan Document(s) to which such Borrower or Guarantor is a party) 

“Eligible Contract Participant” means an “eligible contract participant” as defined in the CEA and regulations
thereunder. 
 “Environmental Actions” means any complaint, summons, citation, notice, directive, order, claim, litigation,
investigation, judicial or administrative proceeding, judgment, letter or other communication from any Person or Governmental Authority involving violations of Environmental Laws or Releases of Hazardous Materials (a) from any assets,
properties or businesses owned or operated by any Loan Party or any of its Subsidiaries or any predecessor in interest; (b) from adjoining properties or businesses; or (c) onto any facilities which received Hazardous Materials generated by
any Loan Party or any of its Subsidiaries or any predecessor in interest. 
 “Environmental Laws” means the Comprehensive
Environmental Response, Compensation and Liability Act (42 U.S.C. § 9601, et seq.), the Hazardous Materials Transportation Act (49 U.S.C. § 1801, et seq.), the Resource Conservation and Recovery Act (42 U.S.C.
§ 6901, et seq.), the Federal Clean Water Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et
seq.) and the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), as such laws may be amended or otherwise modified from time to time, and any other present or future federal, state, local or foreign statute,
ordinance, rule, regulation, order, judgment, decree, permit, license or other binding determination of any Governmental Authority imposing liability or establishing standards of conduct for protection of the environment or other government
restrictions relating to the protection of the environment or the Release, deposit or migration of any Hazardous Materials into the environment. 

“Environmental Liabilities and Costs” means all liabilities, monetary obligations, Remedial Actions, losses, damages,
punitive damages, consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants and costs of investigations and feasibility studies), fines, penalties,
sanctions and interest incurred as a result of any claim or demand by any Governmental Authority or any third party, and which relate to any environmental condition or a Release of Hazardous Materials from or onto (i) any property presently or
formerly owned by any Loan Party or any of its Subsidiaries or (ii) any facility which received Hazardous Materials generated by any Loan Party or any of its Subsidiaries. 

“Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities and Costs. 

  
 - 16 - 

 “Equipment” means equipment (as that term is defined in the Uniform
Commercial Code), and includes machinery, machine tools, motors, furniture, furnishings, vehicles (including motor vehicles), computer hardware, tools, parts, and goods (other than consumer goods, farm products, Inventory or fixtures), wherever
located, including all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing. 

“Equity Interest” means (a) with respect to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not voting) of corporate stock, and (b) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person.

 “Equity Issuance” means either (a) the sale or issuance by any Loan Party or any of its Subsidiaries of any shares
of its Equity Interests or (b) the receipt by Ultimate Parent of any cash capital contributions. 
 “Equivalent
Amount” shall mean, at any time, as determined by Administrative Agent (which determination shall be conclusive absent manifest error), with respect to an amount of any currency (the “Reference Currency”) which is to be computed
as an equivalent amount of another currency (the “Equivalent Currency”), the amount of such Equivalent Currency converted from such Reference Currency at Administrative Agent’s rate (based on the market rates then prevailing and
available to Administrative Agent) for such Equivalent Currency for such Reference Currency at a time determined by Administrative Agent on the second Business Day immediately preceding the event for which such calculation is made. 

“Equivalent Currency” shall have the meaning specified in the definition of “Equivalent Amount”. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import,
and regulations thereunder, in each case, as in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections. 

“ERISA Affiliate” means, with respect to any Person, any trade or business (whether or not incorporated) which is a member of
a group of which such Person is a member and which would be deemed to be a “controlled group” within the meaning of Sections 414(b), (c), (m) and (o) of the Internal Revenue Code. 

“Euro” shall refer to the lawful currency of the Participating Member States. 

“Euro-Rate” shall mean the following: 

(a) with respect to the U.S. Dollar Loans comprising any Borrowing Tranche to which the Euro-Rate Option applies for any Interest Period,
the interest rate per annum determined by the Administrative Agent as the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which U.S. Dollar deposits are offered by leading banks
in the London interbank deposit market), rounded upwards, if necessary, to the nearest 1/100th of 1% per annum (with .005% being rounded up), or the rate which is quoted by another source selected by the Administrative Agent as an authorized
information vendor for the purpose of displaying rates at which U.S. Dollar deposits 

  
 - 17 - 

 are offered by leading banks in the London interbank deposit market (“an Alternate Source”) at
approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the Relevant Interbank Market offered rate for U.S. Dollars for an amount comparable to such Borrowing Tranche and having a borrowing
date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate determined by
Administrative Agent at such time (which determination shall be conclusive absent manifest error). 
 (b) with respect to Optional Currency
Loans in Euros or British Pounds Sterling comprising any Borrowing Tranche for any Interest Period, the interest rate per annum determined by the Administrative Agent as the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute
Bloomberg page that displays rates at which the relevant Optional Currency is offered by leading banks in the London interbank deposit market), rounded upwards, if necessary, to the nearest 1/100th of 1% (with .005% being rounded up) per annum, or
the rate which is quoted by another source selected by the Administrative Agent as an authorized information vendor for the purpose of displaying rates at which such applicable Optional Currencies are offered by leading banks in the London interbank
deposit market (“an Alternate Source”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the Relevant Interbank Market offered rate for deposits in the Euros or
British Pounds Sterling for an amount comparable to the principal amount of such Borrowing Tranche and having a borrowing date and a maturity comparable to such Interest (or any substitute page) or any Alternate Source, a comparable replacement rate
determined by Administrative Agent at such time (which determination shall be conclusive absent manifest error). 
 (c) with respect to
Optional Currency Loans denominated in Canadian Dollars comprising any Borrowing Tranche, the interest rate per annum (the “CDOR Rate”) as determined by the Administrative Agent, equal to the arithmetic average rate applicable to
Canadian Dollar bankers’ acceptances (C$BAs) for the applicable Interest Period appearing on the Bloomberg page BTMM CA, rounded to the nearest 1/100th of 1% (with .005% being rounded up) per annum, at approximately 11:00 a.m. Eastern Time, two
Business Days prior to the commencement of such Interest Period, or if such day is not a Business Day, then on the immediately preceding Business Day, provided that if such rate does not appear on the Bloomberg page BTMM CA on such day the CDOR Rate
on such day shall be the rate for such period applicable to Canadian Dollar bankers’ acceptances quoted by a bank listed in Schedule I of the Bank Act (Canada), as selected by the Administrative Agent, as of 11:00 a.m. Eastern Time on such day
or, if such day is not a Business Day, then on the immediately preceding Business Day. 
 (d) Notwithstanding the foregoing, if the
Euro-Rate as determined under any method above would be less than zero (0.00), such rate shall be deemed to be zero (0.00) for purposes of this Agreement. 

The Euro-Rate for any Loans shall be based upon the Euro-Rate for the currency in which such Loans are requested. 

  
 - 18 - 

 “Euro-Rate Option” shall mean the option of the Borrower to have Loans bear
interest at the rate and under the terms set forth in Section 2.09(a)(B) [Revolving Credit Euro-Rate Option] or Section 2.09(b)(B) [Term Loan Euro-Rate Option], as applicable. 

“Event of Default” means any of the events set forth in Section 9.01. 

“Excess Cash Flow” means, with respect to any Person for any period, (a) Consolidated EBITDA of such Person and its
Subsidiaries for such period, plus (b) proceeds from any Extraordinary Receipts received during such period to the extent not included in the calculation of Consolidated EBITDA, plus (c) the decrease, if any, in Consolidated Adjusted
Working Capital during such period, less (d) the increase, if any, in Consolidated Adjusted Working Capital during such period, less (e) without duplication, the sum of (i) all scheduled cash principal payments, including any
make-whole, prepayment premiums or call premiums not otherwise included pursuant to clause (ii) below, of such Person or any of its Subsidiaries during such period (but, in the case of a revolving credit facility, only to the extent that the
commitment thereunder is permanently reduced by the amount of such payments), (ii) all Consolidated Net Interest Expense to the extent paid or payable in cash during such period, (iii) the cash portion of Capital Expenditures made by such
Person and its Subsidiaries during such period (excluding Capital Expenditures to the extent financed through the incurrence of Indebtedness or through an Equity Issuance), (iv) all loan servicing fees and other similar fees in respect of
Indebtedness of such Person or any of its Subsidiaries paid in cash during such period, to the extent such Indebtedness is permitted to be incurred, and such payments are permitted to be made, under this Agreement, (v) income taxes and tax
distributions paid in cash by such Person and its Subsidiaries for such period, (vi) [intentionally omitted], (vii) (A) amounts added back to Consolidated EBITDA for such period pursuant to clauses (vi), (ix), (x), (xvi) and (xviii) of the
definition of “Consolidated EBITDA” and (B) any portion of Pro Forma EBITDA added back to Consolidated EBITDA for such period pursuant to clause (xiii) of the definition of “Consolidated EBITDA” that is attributable to
periods prior to the consummation of the corresponding Permitted Acquisition and (viii) cash payments during such period that were paid in respect of Permitted Acquisitions, the Underground Toys Earnout or Permitted Investments pursuant to
clause (p) of the definition thereof, in each case, to the extent not financed through the incurrence of Indebtedness (other than Indebtedness constituting a Revolver Credit Extension) or through an Equity Issuance. 

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

“Excluded Foreign Subsidiary” means any subsidiary of the Ultimate Parent (i) that is a Foreign Subsidiary, (ii) all or
substantially all of the assets of which (held directly or indirectly) consist of stock (or stock and indebtedness) of one or more subsidiaries described in clause (i) above that has not guaranteed or pledged any of its assets or suffered a
pledge of more than 65% of its voting stock to secure, directly or indirectly, any indebtedness of the Loan Parties or (iii) any direct or indirect domestic subsidiary of a direct or indirect Foreign Subsidiary of the Ultimate Parent (and any
direct or indirect domestic subsidiary that is a disregarded entity for U.S. federal income tax purposes if substantially all of its assets consist of the equity or indebtedness of one or more direct or indirect Foreign Subsidiaries). 

  
 - 19 - 

 “Excluded Hedge Liability or Liabilities” means, with respect to each
Borrower and Guarantor, each of its Swap Obligations if, and only to the extent that, all or any portion of this Agreement or any Other Document that relates to such Swap Obligation is or becomes illegal under the CEA, or any rule, regulation or
order of the CFTC, solely by virtue of such Borrower’s and/or Guarantor’s failure to qualify as an Eligible Contract Participant on the Eligibility Date for such Swap. Notwithstanding anything to the contrary contained in the foregoing or
in any other provision of this Agreement or any other Loan Document, the foregoing is subject to the following provisos: (a) if a Swap Obligation arises under a master agreement governing more than one Swap, this definition shall apply only to
the portion of such Swap Obligation that is attributable to Swaps for which such guaranty or security interest is or becomes illegal under the CEA, or any rule, regulations or order of the CFTC, solely as a result of the failure by such Borrower or
Guarantor for any reason to qualify as an Eligible Contract Participant on the Eligibility Date for such Swap; (b) if a guarantee of a Swap Obligation would cause such obligation to be an Excluded Hedge Liability but the grant of a security
interest would not cause such obligation to be an Excluded Hedge Liability, such Swap Obligation shall constitute an Excluded Hedge Liability for purposes of the guaranty but not for purposes of the grant of the security interest; and (c) if
there is more than one Borrower or Guarantor executing this Agreement or the other Loan Documents and a Swap Obligation would be an Excluded Hedge Liability with respect to one or more of such Persons, but not all of them, the definition of Excluded
Hedge Liability or Liabilities with respect to each such Person shall only be deemed applicable to (i) the particular Swap Obligations that constitute Excluded Hedge Liabilities with respect to such Person, and (ii) the particular Person
with respect to which such Swap Obligations constitute Excluded Hedge Liabilities. 
 “Excluded Subsidiary” means any
(a) Excluded Foreign Subsidiary, (b) Immaterial Subsidiary, (c) Subsidiary that is prohibited, but only so long as such Subsidiary would be prohibited, by applicable law, rule or regulation or by any contractual obligation existing on
(but not incurred in anticipation of) the date such Subsidiary is acquired or organized (as long as, in the case of an acquisition of a Subsidiary, such prohibition did not arise as part of such acquisition) from guaranteeing the Obligations or that
would require governmental or regulatory consent, approval, license or authorization to provide a guarantee unless such consent, approval, license or authorization has been received, (d) special purpose entities to the extent reasonably
acceptable to the Required Lenders (such acceptance not to be unreasonably withheld, delayed or conditioned), if any, (e) not-for-profit Subsidiaries or captive
insurance companies, if any, (f) captive insurance companies, (g) Funko UK and any of its Subsidiaries or (h) Subsidiary with respect to which the Administrative Borrower and the Administrative Agent reasonably agree in writing that the
cost or other consequences of guaranteeing the Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom. 

“Executive Order No. 13224” means the Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 
 “Existing Credit
Facilities” means the Financing Agreement dated October 30, 2015, as amended, by and among Funko, Cerberus Business Finance, LLC, a Delaware limited liability company, as collateral agent for the Existing Lenders, and PNC Bank, National
Association, as administrative agent for the Lenders and Cerberus. 

  
 - 20 - 

 “Existing Lenders” means the lenders party to the Existing Credit
Facilities. 
 “Extraordinary Receipts” means any cash received by the Ultimate Parent or any of its Subsidiaries in
respect of (a) foreign, United States, state or local tax refunds, (b) pension plan reversions, (c) judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, (d) indemnity
payments and (e) any purchase price adjustment received in connection with any purchase agreement in relation to a Permitted Acquisition. 

“Facility” means any real property, including, without limitation, the land on which such facility is located, all buildings
and other improvements thereon, all fixtures located at or used in connection with such facility, to the extent owned by any Loan Party, including any New Facility. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means Section 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the
Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Government Authorities implementing such Sections of the Internal Revenue Code. 

“FCPA” has the meaning specified therefor in Section 6.01(hh) [Representations and Warranties]. 

“Federal Funds Effective Rate” means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed
and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight Federal funds transactions arranged by Federal funds brokers on
the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds
Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds
Effective Rate for the last day on which such rate was announced. 
 “Federal Funds Open Rate” means, for any day, the rate
per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption
“OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by Administrative Agent (an “Alternate
Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a 

  
 - 21 - 

 
Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by Administrative Agent at such time (which determination shall be conclusive
absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding Business Day. If and when the Federal Funds Rate changes, the
rate of interest hereunder will change automatically without notice to the Borrowers, effective on the date of any such change. 

“Fee Letter” means the Fee Letter, dated as of the Effective Date, among the Borrowers, the Administrative Agent and PNC, in
its capacity as a Joint Lead Arranger. 
 “Final Maturity Date” means the earliest of (i) October 22, 2023September 23, 2024, (ii) the date on which
all Loans shall become due and payable in accordance with the terms of this Agreement, and (iii) the payment in full of all Obligations and the termination of all Commitments. 

“Financial Statements” means (a) the audited consolidated balance sheet of Funko, Inc. and its Subsidiaries for the
Fiscal Year ended December 31, 2017, and the related consolidated statement of operations, shareholders’ equity and cash flows for the Fiscal Year then ended, and (b) the unaudited consolidated balance sheet of Funko, Inc. and its
Subsidiaries for the eight (8) months ended August 31, 2018, and the related consolidated statement of operations and cash flows for the eight (8) months then ended. 

“Fiscal Quarter” means any of the quarterly accounting periods of the Loan Parties ending on or about March 31, June 30,
September 30 and December 31 of each year. 
 “Fiscal Year” means any of the annual accounting periods of the Loan Parties
ending on or about December 31 of each year. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person for any
period, the ratio of (a) the result of (i) Consolidated EBITDA of such Person and its Subsidiaries for such period, minus (ii) the sum of (x) unfinanced Capital Expenditures made by such Person and its Subsidiaries during such
period (excluding expenditures representing the purchase price for any Permitted Acquisition or Permitted Investment permitted pursuant to clause (p) of the definition thereof), plus (y) cash income taxes and cash tax distributions paid by
such Person and its Subsidiaries during such period, to (b) the sum of (i) all scheduled installments of principal of Indebtedness (excluding any principal payments made in relation to the Underground Toys Earnout) of such Person and its
Subsidiaries paid during such period to the extent there is an equivalent permanent reduction in the commitments thereunder, plus (ii) Consolidated Cash Interest Expense of such Person and its Subsidiaries for such period, plus (iii) cash
dividends or distributions paid, or the purchase, redemption or other acquisition or retirement for value (including in connection with any merger or consolidation), by such Person or any of its Subsidiaries, in respect of the Equity Interests of
such Person or any of its Subsidiaries (other than dividends or distributions (A) paid by a Loan Party to any other Loan Party or (B) constituting tax distributions (including distributions made to fund obligations pursuant to the Tax
Receivables Agreement)) during such period (clauses (b)(i), (b)(ii) and (b)(iii), collectively, “Fixed Charges”); provided, that (x) for the fiscal quarter ending December 31, 2018, the components of Fixed Charges contained in
subclauses (b)(i) and (ii) above (the “P&I Fixed 

  
 - 22 - 

 
Charges”) shall be the P&I Fixed Charges for the period commencing with the Effective Date and ending on December 31, 2018 multiplied by a fraction, the numerator of which is 365
and the denominator of which is the number of days from the Effective Date to (and including) the last day of such testing period, (y) for the fiscal quarter ending March 31, 2019, the P&I Fixed Charges shall be the P&I Fixed Charges
for the period commencing with the Effective Date and ending on March 31, 2019 multiplied by a fraction, the numerator of which is 365 and the denominator of which is the number of days from the Effective Date to (and including) the last day of such
testing period and (z) for the fiscal quarter ending June 30, 2019, the P&I Fixed Charges shall be the P&I Fixed Charges for the period commencing with the Effective Date and ending on June 30, 2019 multiplied by a fraction, the
numerator of which is 365 and the denominator of which is the number of days from the Effective Date to (and including) the last day of such testing period. 

“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect
or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any
successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 and the Biggert –Waters Flood Insurance Reform Act of 2012, as now or hereafter in effect or any successor statute thereto, in each case, together with all statutory
and regulatory provisions consolidating, amending, replacing, supplementing, implementing or interpreting any of the foregoing, as amended or modified from time to time. 

“Flow of Funds Agreement” means a Flow of Funds Agreement, in form and substance reasonably satisfactory to the Agents, by
and among the Loan Parties, the Agents and the Lenders, and the related funds flow memorandum describing the sources and uses of all cash payments in connection with this Agreement. 

“Foreign Subsidiary” means any Subsidiary that is organized in a jurisdiction other than the United States, any state thereof
or the District of Columbia. 
 “Funko” has the meaning specified therefor in the preamble hereto. 

“Funko LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Ultimate Parent, dated as
of November 1, 2017, and as amended by that certain Amendment No. 1 to the Second Amended and Restated Limited Liability Company Agreement of Ultimate Parent, dated as of May 10, 2018. 

“Funko Pre-IPO LLC Agreement” means the amended and restated LLC Agreement of
Ultimate Parent, dated as of October 30, 2015 and as amended from time to time thereafter. 
 “Funko UK” means Funko UK,
Ltd., a private limited company formed under the laws of England and Wales, which is a wholly-owned Subsidiary of Funko. 
 “Funko
UK Lease Guarantees” means the guarantees provided by Funko to secure the payment obligations of Funko UK under any real property leases. 

  
 - 23 - 

 “GAAP” means generally accepted accounting principles in effect from time
to time in the United States, and as applied on a consistent basis in all subsequent periods; provided that for the purpose of Section 7.03 [Financial Covenants] hereof and the definitions used therein, “GAAP” shall mean
generally accepted accounting principles in effect on the date hereof and consistent with those used in the preparation of the Financial Statements; provided, further, that if there occurs after the date of this Agreement any change in
GAAP that affects in any respect the calculation of any covenant contained in this Agreement, the Agents and the Administrative Borrower shall negotiate in good faith amendments to the provisions of this Agreement that relate to the calculation of
such covenant with the intent of having the respective positions of the Lenders and the Borrowers after such change in GAAP conform as nearly as possible to their respective positions as of the date of this Agreement and, until any such amendments
have been agreed upon, the applicable covenants shall be calculated as if no such change in GAAP has occurred. 
 “Governing
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S.
jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization, and the operating agreement; (c) with respect to any partnership, joint venture, trust or other form of business entity, the
partnership, joint venture agreement, declaration or other applicable agreement or documentation evidencing or otherwise relating to its formation or organization; and (d) with respect to any of the entities described above, any other
agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization. 

“Governmental Acts” has the meaning specified therefor in Section 3.09 [Indemnity]. 

“Governmental Authority” means any nation or government, any Federal, state, city, town, municipality, county, local or other
political subdivision thereof or thereto and any department, commission, board, bureau, instrumentality, agency, authority, division or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards
(including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Guaranteed Obligations” has the meaning specified therefor in Section 11.01 [Guaranty]. 

“Guarantor” has the meaning specified therefor in the preamble hereto. 

“Guaranty” means (a) the guaranty of each Guarantor party hereto contained in ARTICLE XI hereof and (b) each other
guaranty, in form and substance reasonably satisfactory to the Collateral Agent, made by any other Guarantor in favor of the Collateral Agent for the benefit of the Agents and the Lenders guaranteeing all or part of the Obligations. 

  
 - 24 - 

 “Hazardous Material” means (a) any element, compound or chemical that
is defined, listed or otherwise classified as a contaminant, pollutant, toxic pollutant, toxic or hazardous substance, extremely hazardous substance or chemical, hazardous waste, special waste, or solid waste under Environmental Laws or that is
likely to cause immediately, or at some future time, harm to or have an adverse effect on, the environment or risk to human health or safety, including, without limitation, any pollutant, contaminant, waste, hazardous waste, toxic substance or
dangerous good which is defined or identified in any Environmental Law and which is present in the environment in such quantity or state that it contravenes any Environmental Law; (b) petroleum and its refined products; (c) polychlorinated
biphenyls; (d) any substance exhibiting a hazardous waste characteristic, including, without limitation, corrosivity, ignitability, toxicity or reactivity as well as any radioactive or explosive materials; and (e) any raw materials, building
components (including, without limitation, asbestos-containing materials) and manufactured products containing hazardous substances listed or classified as such under Environmental Laws. 

“Hedge Liabilities” means the liabilities of the Borrowers under any Hedging Agreement as calculated on a marked-to-market basis in accordance with GAAP. 

“Hedging Agreement” means any interest rate, foreign currency, commodity or equity swap, collar, cap, floor, adjustable
strike cap, adjustable strike corridor, cross-currency swap or forward rate agreement, or other agreement or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values (including, without
limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements or arrangements, and (without limiting the generality of any of the foregoing) specifically including any foreign exchange transaction,
including spot and forward foreign currency purchases and sales, listed or over-the-counter options on foreign currencies, non-deliverable forwards and options, foreign
currency swap agreements, and currency exchange rate price hedging arrangements), and any confirmation executed in connection with any such agreement or arrangement. 

“Highest Lawful Rate” means, with respect to any Agent or any Lender, the maximum
non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Obligations under laws applicable to such Agent or such Lender which
are currently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable laws now allow. 

“Holdout Lender” has the meaning specified therefor in Section 12.02(b) [Amendments]. 

“Immaterial Subsidiary” means, as of any date, any Subsidiary whose total assets, as of that date, are less than $500,000,
provided that total assets of all Immaterial Subsidiaries shall not, in the aggregate, exceed $2,000,000 as of any date. 

  
 - 25 - 

 “Indebtedness” means, with respect to any Person, without duplication,
(a) all indebtedness of such Person for borrowed money (including, for the avoidance of doubt, all indebtedness owing under the Intercompany Loan); (b) all obligations of such Person for the deferred purchase price of property or services
(other than current trade payables or other current accounts payable incurred in the ordinary course of such Person’s and paid in accordance with historical practices of the Loan Parties (but including earnouts or similar obligations); (c) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments or upon which interest payments are customarily made; (d) all reimbursement, payment or other obligations and liabilities of such Person created or
arising under any conditional sales or other title retention agreement with respect to property used and/or acquired by such Person, even though the rights and remedies of the lessor, seller and/or lender thereunder may be limited to repossession or
sale of such property; (e) all Capitalized Lease Obligations of such Person; (f) all obligations and liabilities, contingent or otherwise, of such Person, in respect of letters of credit, acceptances and similar facilities; (g) all
Hedge Liabilities; (h) all monetary obligations under any receivables factoring, receivable sales or similar transactions and all monetary obligations under any synthetic lease, tax ownership/operating lease,
off-balance sheet financing or similar financing; (i) all Contingent Obligations relating to obligations described in clauses (a) through (h) of this definition; (j) all Disqualified Equity
Interests; and (k) all obligations referred to in clauses (a) through (j) of this definition of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) a
Lien upon property owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness. The Indebtedness of any Person shall include the Indebtedness of any partnership of or joint venture in which
such Person is a general partner or a joint venturer, except to the extent that such Person is not liable for such Indebtedness. 

“Indemnified Matters” has the meaning specified therefor in Section 12.16 [Indemnification]. 

“Indemnitees” has the meaning specified therefor in Section 12.16 [Indemnification]. 

“Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of any Debtor Relief Law.

 “Intercompany Loan” means that certain Loan Agreement, dated on or around October 22, 2018 (as may be amended, restated,
supplemented or otherwise modified from time to time) between Funko, as borrower, and Public Holdco, as lender. 
 “Intercompany
Subordination Agreement” means an Intercompany Subordination Agreement made by the Loan Parties in favor of the Collateral Agent for the benefit of the Agents and the Lenders, in form and substance reasonably satisfactory to the Agents.

 “Interest Period” shall mean the period of time selected by the Borrowers in connection with (and to apply to) any
election permitted hereunder by the Borrowers to have Revolving Credit Loans or Term Loans bear interest under the Euro-Rate Option. Subject to the last sentence of this definition, such period shall be one or two weeks or one, two or, three Months, six or, if agreed to by all Lenders of the applicable Borrowing Tranche, twelve months. Such Interest Period shall commence on the
effective date of such Interest Rate Option, which 

  
 - 26 - 

 
shall be (i) the Borrowing Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the Euro-Rate Option if the Borrowers are renewing or converting
to the Euro-Rate Option applicable to outstanding Loans. Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a date which is not a Business Day shall be extended to the next succeeding Business Day
unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the immediately preceding Business Day, and (B) the Borrowers shall not select, convert to or renew an Interest Period for any portion of
the Loans that would end after the Final Maturity Date. 
 “Interest Rate Option” shall mean the Base Rate Option or, the Euro-Rate Option or the Swing Rate Option. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended (or any successor statute thereto) and the
regulations thereunder. 
 “Inventory” means, with respect to any Person, all inventory (as that term is defined in the
Uniform Commercial Code) and all goods and merchandise of such Person, including, without limitation, all raw materials, work-in-process, packaging, supplies, materials
and finished goods of every nature used or usable in connection with the shipping, storing, advertising or sale of such goods and merchandise, whether now owned or hereafter acquired, and all such other property the sale or other disposition of
which would give rise to an Account Receivable or cash. 
 “Investment” means, with respect to any Person, (x) any
investment by such Person in any other Person (including Affiliates) in the form of loans, guarantees, advances or other extensions of credit (excluding Accounts Receivable arising in the ordinary course of business), capital contributions or
acquisitions of Indebtedness (including, any bonds, notes, debentures or other debt securities), Equity Interests, or all or substantially all of the assets of such other Person (or of any division or business line of such other Person), (y) the
purchase or ownership of any futures contract or liability for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract, or (z) any investment in any other items that are or would be classified
as investments on a balance sheet of such Person prepared in accordance with GAAP. 
 “ISP98 Rules” has the meaning
specified therefor in Section 3.02(b) [Issuances of Letters of Credit]. 
 “Joinder Agreement” means a Joinder
Agreement, substantially in the form of Exhibit A, duly executed by a Subsidiary of a Loan Party made a party hereto pursuant to Section 7.01(b). 

“L/C Issuer” means PNC or such other bank as the Administrative Agent may select in its Permitted Discretion that consents to
such designation. 
 “Law(s)” means any law(s) (including common law), constitution, statute, treaty, regulation, rule,
ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any
Governmental Authority, foreign or domestic. 

  
 - 27 - 

 “Lease” means any lease of real property to which any Loan Party or any of
its Subsidiaries is a party as lessor or lessee. 
 “Lender” has the meaning specified therefor in the preamble hereto.

 “Lender-Provided Hedge Agreement” means a Hedging Agreement which is provided by any Bank Product Provider. Except to
the extent of any Excluded Hedge Liabilities, the Hedge Liabilities of the BorrowersLoan
Parties to the provider of any Lender-Provided Hedge Agreement shall be “Obligations” hereunder, guaranteed obligations under any Guaranty and secured obligations under any Security
Agreement and otherwise treated as Obligations for purposes of each of the Loan Documents. The Liens securing the Hedge Liabilities shall be pari passu with the Liens securing all other Obligations under this Agreement and the Loan Documents.

 “Letter of Credit Application” has the meaning specified therefor in Section 3.02(a) [Issuances of Letters
of Credit]. 
 “Letter of Credit Borrowing” has the meaning specified therefor in Section 3.04 [Disbursements;
Reimbursements]. 
 “Letter of Credit Fees” has the meaning specified therefor in Section 2.18(c) [Letter of Credit
Fees]. 
 “Letter of Credit Guaranty” means one or more guaranties by the Administrative Agent in favor of the L/C Issuer
guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit. 

“Letter of Credit Obligations” means, at any time and without duplication, the sum of (a) Reimbursement Obligations with
respect to all Letters of Credit at such time, plus (b) the Maximum Undrawn Amount with respect to all Letters of Credit, plus (c) all amounts for which Administrative Agent may be liable to the L/C Issuer pursuant to any Letter of Credit
Guaranty with respect to any Letter of Credit. 
 “Letter of Credit Sublimit” means $5,000,0007,500,000. 

“Letters of Credit” has the meaning specified therefor in Section 3.01 [Letters of Credit]. 

“Leverage Ratio” means, with respect to any Person and its Subsidiaries for any period, the ratio of (a) the amount of
Consolidated Funded Indebtedness of such Person and its Subsidiaries as of the end of such period minus Qualified Cash of such Person and its Subsidiaries in an amount not to exceed $25,000,000 as of the end of such period to (b) Consolidated
EBITDA of such Person and its Subsidiaries for such period. 

  
 - 28 - 

 “Lien” means any mortgage, deed of trust, pledge, lien (statutory or
otherwise), security interest, charge or other encumbrance or security or preferential arrangement of any nature, including, without limitation, any conditional sale or title retention arrangement, any Capitalized Lease and any assignment, deposit
arrangement intended as, or having the effect of, security. 
 “Loan” means the Term Loan or any Revolving Credit Loan (including, for the avoidance of doubt, any Swing Loan) made by an Agent or a Lender to the Borrowers pursuant to ARTICLE II hereof. 

“Loan Account” means an account maintained hereunder by the Administrative Agent on its books of account at the Payment
Office, and with respect to the Borrowers, in which the Borrowers will be charged with all Loans made to, and all other Obligations incurred by, the Borrowers. 

“Loan Document” means this Agreement, the Security Agreement, any other Security Documents, any Guaranty, any Note, the
Intercompany Subordination Agreement, any Joinder Agreement, any Mortgage, the Fee Letter, and any other agreement, instrument, certificate, report and other document executed and delivered pursuant hereto or thereto or otherwise evidencing or
securing any Loan, any Letter of Credit Obligation or any other Obligation; provided, however, that for purposes of Section 9.01 [Events of Default] hereof, no Bank Product Agreement shall constitute a Loan Document. 

“Loan Party” means any Borrower and any Guarantor. 

“Loungefly” means Loungefly, LLC, a California limited liability company. 

“Material Acquisition” means any Permitted Acquisition whereby the
purchase consideration payable (including without limitation, earnout or similar obligations, but excluding (A) consideration payable in shares constituting Qualified Equity Interests of Ultimate Parent, and (B) any amount funded with
Available Equity Proceeds or paid by the issuance of Qualified Equity Interests) for each such Permitted Acquisition is equal to or greater than $75,000,000. 

“Material Adverse Effect” means a material adverse effect on any of (a) the operations, business, assets, properties,
financial condition or operating results of the Loan Parties taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to fully and timely perform any of their obligations under any Loan Document to which they are parties,
(c) the rights and remedies of any Agent or any Lender under any Loan Document, or (d) the validity, perfection or priority of a Lien in favor of the Collateral Agent for the benefit of the Agents and the Lenders on any of the Collateral;
provided that, notwithstanding the foregoing, the lack of perfection or priority of any Liens granted to the Collateral Agent solely in respect of Collateral with an aggregate value not in excess of $2,500,000 (valued at fair market value on
Collateral other than cash) shall not be deemed a Material Adverse Effect. 
 “Material Contract” means, with respect to
any Person, each contract or agreement to which such Person is a party, in respect of which a breach or termination could reasonably be expected to have a Material Adverse Effect. 

  
 - 29 - 

 “Maximum Face Amount” means, with respect to any outstanding Letter of
Credit, the face amount of such Letter of Credit including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective, as such face amount or increases are amended from time to
time. 
 “Maximum Revolving Loan Amount” means $75,000,000. 

“Maximum Undrawn Amount” means, with respect to any outstanding Letter of Credit, the amount of such Letter of Credit that is
or may become available to be drawn, including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective. 

“Month” means with respect to an Interest Period shall mean the interval between the days in consecutive calendar months
numerically corresponding to the first day of such Interest Period. If any Interest Period begins on a day of a calendar month for which there is no numerically corresponding day in the month in which such Interest Period is to end, the final month
of such Interest Period shall be deemed to end on the last Business Day of such final month. 
 “Moody’s” means
Moody’s Investors Service, Inc. and any successor thereto. 
 “Mortgage” means a mortgage, deed of trust or deed to
secure debt, in form and substance reasonably satisfactory to the Collateral Agent, made by a Loan Party in favor of the Collateral Agent for the benefit of the Agents and the Lenders, securing the Obligations and delivered to the Collateral Agent.

 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 3(37) or Section 4001(a)(3)
of ERISA to which any Loan Party or any ERISA Affiliate has contributed to, or has been obligated to contribute, at any time during the preceding six (6) years. 

“Multiple Employer Plan” shall mean a Pension Benefit Plan which has two or more contributing sponsors (including any Loan
Party or any ERISA Affiliate of a Loan Party) at least two of whom are not under common control, as such a plan is described in Section 4063 or 4064 of ERISA. 

“Net Cash Proceeds” means, (a) with respect to any Disposition by any Person or any of its Subsidiaries, the aggregate
amount of cash received (directly or indirectly) from time to time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on behalf of such Person or such Subsidiary, in connection therewith after
deducting therefrom only (i) the amount of any Indebtedness secured by any Permitted Lien on any asset (other than Indebtedness assumed by the purchaser of such asset) which is required to be, and is, repaid in connection with such Disposition
(other than Indebtedness under this Agreement), (ii) reasonable fees (excluding management fees paid to Permitted Holder) and expenses related thereto incurred by such Person or such Subsidiary in connection therewith, (iii) transfer taxes paid or
payable to any taxing authorities by such Person or such Subsidiary in connection therewith, and (iv) net income taxes to be paid in connection with such Disposition (after taking into account any tax credits or deductions and any tax sharing
arrangements) and (b) with respect to the issuance or incurrence of any Indebtedness by any Person or any of its Subsidiaries, the aggregate amount of cash received (directly or indirectly) from time to time 

  
 - 30 - 

 (whether as initial consideration or through the payment or disposition of deferred consideration) by or on
behalf of such Person or such Subsidiary in connection therewith, after deducting therefrom only (i) reasonable fees (excluding management fees paid to Permitted Holder) and expenses related thereto incurred by such Person or such Subsidiary in
connection therewith, (ii) transfer taxes paid by such Person or such Subsidiary in connection therewith and (iii) net income taxes to be paid in connection therewith (after taking into account any tax credits or deductions and any tax
sharing arrangements); in each case of clause (a) and (b) to the extent, but only to the extent, that the amounts so deducted are (x) actually ultimately paid to a Person that, except in the case of reasonable out-of-pocket expenses, is not an Affiliate of such Person or any of its Subsidiaries and (y) properly attributable to such transaction or to the asset that is the
subject thereof. 
 “New Facility” has the meaning specified therefor in Section 7.01(o) [After Acquired Real
Property]. 
 “New Lending Office” has the meaning specified therefor in Section 2.19(b)(i) [Taxes]. 

“Non-Qualifying Party” means any Borrower or any Guarantor that on the Eligibility
Date fails for any reason to qualify as an Eligible Contract Participant. 
 “Note” means each promissory note, if any,
issued by the Borrowers to a Lender in accordance with the provisions of this Agreement. 
 “Obligations” means all Bank Product Obligations and all present and future indebtedness, obligations, and liabilities of each Loan Party to the Agents and the
Lenders, the L/C Issuer and the Bank Product Providers arising under or in connection with any of the Loan Documents, whether or not the right of payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 9.01. Without limiting the generality of the foregoing, the
Obligations of each Loan Party under the Loan Documents include (i) the obligation (irrespective of whether a claim therefor is allowed in an Insolvency Proceeding) to pay principal, interest, charges, expenses, fees, attorneys’ fees and
disbursements, indemnities and other amounts payable by such Person under the Loan Documents, and (ii) the obligation of such Person to reimburse any amount in respect of any of the foregoing that any Agent or any Lender (in its Permitted
Discretion) may elect to pay or advance on behalf of such Person. Notwithstanding any of the foregoing, Obligations shall not include any Excluded Hedge Liabilities. 

“OFAC Sanctions Programs” means the laws, regulations and Executive Orders administered by OFAC, including but not limited
to, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as it has been or shall thereafter be renewed, extended, amended, or replaced, and the list of Specially Designated Nationals and Blocked Persons administered
by OFAC, as such list may be amended from time to time. 

  
 - 31 - 

 “Optional Currency” shall mean the following lawful currencies: Canadian
Dollars, Euro, British Pounds Sterling and any other currency approved by Administrative Agent and all of the Lenders pursuant to Section 2.08(b) [European Monetary Union; Requests for Additional Optional Currencies]. Subject to
Section 2.08(b) [European Monetary Union], each Optional Currency must be the lawful currency of the specified country. 

“Optional Currency Loans” shall have the meaning specified in Section 2.01(a) [Revolving Credit Loans; Optional Currency
Loans]. 
 “Optional Currency Sublimit” shall have the meaning specified in Section 2.01(a) [Revolving Credit Loans;
Optional Currency Loans]. 
 “Order” has the meaning specified therefor in Section 3.10 [Liability for Acts and
Omissions]. 
 “Original Currency” shall have the meaning specified in Section 2.23 [Currency Conversion Procedures
for Judgments]. 
 “Other Connection Taxes” means with respect to the Lender, the L/C Issuer and any Agent, Taxes imposed
as a result of a present or former connection between such person and the jurisdiction imposing such Tax (other than connections arising from such person having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Currency” shall have the meaning specified in Section 2.23 [Currency Conversion Procedures for Judgments]. 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.22). 

“Overnight Rate” shall mean for any day with respect to any Loans in an Optional Currency, the rate of interest per annum as
determined by the Administrative Agent at which overnight deposits in such currency, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day in the Relevant Interbank Market.

 “Paid in Full”, “Pay in Full” or “Payment in Full” means, with respect to any
Obligations, (i) the payment in full in cash (or other consideration acceptable to the recipient thereof) of all such Obligations (other than (x) contingent indemnification obligations to the extent no claim giving rise thereto has been
asserted and (y) Hedge Liabilities and Bank Product Obligations that, at the time of determination, are allowed by the Person to whom such Obligations are owing to remain outstanding), (ii) the termination or expiration of all of the Revolving
Credit Commitments and (iii) in connection with the termination or expiration of all of the Revolving Credit Commitments, either (x) the cancellation and return to the Administrative Agent of all Letters of Credit or (y) the Cash
Collateralization (or the delivery of a back-to-back letter of credit reasonably acceptable to the Administrative Agent) of all Letters of Credit. 

  
 - 32 - 

 “Parent” has the meaning specified therefor in the preamble hereto. 

“Participating Member State” shall mean any member State of the European Communities that adopts or has adopted the euro as
its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union. 

“Participant Register” has the meaning specified therefor in Section 12.07(g) [Assignments and Participations]. 

“Participation Commitment” means each Revolving Loan Lender’s obligation to buy a participation of the Letters of Credit
issued hereunder. 
 “Participation Revolving Loan” has the meaning specified therefor in Section 3.04(c)
[Disbursements; Reimbursements] hereof. 
 “Payment Date” shall mean the first day of each calendar quarter after the date
hereof and on the Final Maturity Date. 
 “Payment Office” means Administrative Agent’s office located at Two Tower
Center, East Brunswick, New Jersey 08816 or at such other office or offices of Administrative Agent as may be designated in writing from time to time by the Administrative Agent to the Collateral Agent and the Borrower. 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 

“Pension Benefit Plan” means an “employee pension benefit plan” as defined in Section 3(2) of ERISA (including
a Multiple Employer Plan but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412, 430 or 436 of the Code and is either (i) maintained or to which contributions
are required by any Loan Party or any ERISA Affiliate of a Loan Party or (ii) has at any time within the preceding six (6) calendar years been maintained or to which contributions have been required by any Loan Party or any entity which
was an ERISA Affiliate of a Loan Party at such time. 
 “Permitted Acquisition” means any Acquisition so long as: 

(a) No Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition and
the proposed Acquisition is consensual; 

  
 - 33 - 

 (b) the Administrative Borrower has provided the Agents with written notice of the proposed
Acquisition at least ten (10) Business Days (or such shorter period as the Administrative Agent may agree in its reasonable discretion) prior to the anticipated closing date of the proposed Acquisition and, not later than ten (10) Business
Days (or such shorter period as the Administrative Agent may agree in its reasonable discretion) prior to the anticipated closing date of the proposed Acquisition, copies of then available drafts of the acquisition agreement and other material
documents relative to the proposed Acquisition (provided that, promptly following the closing and consummation of such Acquisition, Administrative Borrower shall provide Agents with copies of the final executed acquisition agreement and related
material documents); 
 (c) the Administrative Borrower has provided the Agents, not later than three (3) Business Days (or such shorter
period as the Administrative Agent may agree in its reasonable discretion) prior to the anticipated closing date of the proposed Acquisition, with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis
(including, if applicable, pro forma adjustments arising out of events which are directly attributable to such proposed Acquisition, are factually supportable, and are expected to have a continuing impact, in each case, determined as if the
combination had been accomplished at the beginning of the relevant period; such eliminations and inclusions to be mutually and reasonably agreed upon by the Administrative Borrower and the Agents) created by adding the historical combined financial
statements of the Ultimate Parent and its Subsidiaries (including the combined financial statements of any other Person or assets that were the subject of a prior Permitted Acquisition during the relevant period) to the historical consolidated
financial statements of the Person to be acquired (or the historical financial statements related to the assets to be acquired) pursuant to the proposed Acquisition, the Ultimate Parent and its Subsidiaries (i) would have been in compliance
with the financial covenants in Section 7.03 [Financial Covenants] of this Agreement for the twelve month period ended immediately prior to the proposed date of consummation of such proposed Acquisition, and (ii) are projected to be in
compliance with the financial covenants in Section 7.03 [Financial Covenants] of this Agreement for the twelve month period ended one year after the proposed date of consummation of such proposed Acquisition; 

(d) [intentionally omitted]; 

(e) the Person to be acquired (or the business represented by the assets to be acquired) is (i) engaged in a business principally located
in the United States and permitted to be engaged in by the Loan Parties pursuant to Section 7.02(d) [Change in Nature of Business] and is joined as a Loan Party pursuant to Section 7.01(b) [Additional Guaranties and Collateral Security]
within the time periods set forth therein or (ii) a Foreign Subsidiary and the purchase consideration payable (including without limitation, earnout or similar obligations, but excluding (A) consideration payable in shares constituting
Qualified Equity Interests of Ultimate Parent, and (B) any amount funded with Available Equity Proceeds or paid by the issuance of Qualified Equity Interests) in respect of all such Permitted Acquisitions under this clause (e)(ii) shall not
exceed $25,000,000 in the aggregate; 
 (f) the board of directors (or other comparable governing body) of such Person and the seller of
such Person or assets shall have duly approved the proposed Acquisition; 

  
 - 34 - 

 (g) after giving pro forma effect to such proposed Acquisition (and any borrowings of
Revolving Credit Loans to fund such proposed Acquisition), the Borrowers shall have (A) Availability on the date of such proposed Acquisition after giving effect thereto of at least $35,000,000, and (B) projected pro forma Availability for
the twelve month period after the date of such proposed Acquisition of at least $35,000,000; and 
 (h) after giving pro forma effect to
such proposed Acquisition (and any borrowings of Revolving Credit Loans to fund such proposed Acquisition), the Leverage Ratio of the Ultimate Parent and its Subsidiaries shall not exceed the ratio required pursuant to Section 7.03(a). 

“Permitted Cure Stock” has the meaning specified therefor in the last paragraph of Section 9.01. 

“Permitted Discretion” means, as to any Agent or Lender, as the case may be, a determination made in good faith and in the
exercise of commercially reasonable (from the perspective of a secured lender) business judgment exercised in accordance with generally applicable practices of such Agent or Lender for transactions of this type. 

“Permitted Holder” means ACON Equity Management, L.L.C., a Delaware limited liability company, ACON Equity GenPar, L.L.C., a
Delaware limited liability company and any other entity owned or controlled by one or more of the managing members or managers of ACON Equity Management, L.L.C. or ACON Equity GenPar, L.L.C. on the Effective Date (“ACON”), which are
Affiliates and Related Funds that are equity funds to the extent such Persons are controlled, directly or indirectly, by ACON by way of ownership or general partner or managing member or manager relationship. 

“Permitted Indebtedness” means: 

(a) any Indebtedness owing to any Agent or any Lender under this Agreement and the other Loan Documents; 

(b) any other Indebtedness listed on Schedule 7.02(b), and the extension of maturity, refinancing or modification of the terms thereof;
provided, however, that (i) such extension, refinancing or modification is pursuant to terms that are not less favorable to the Loan Parties in any material respect and the Lenders than the terms of the Indebtedness being
extended, refinanced or modified and (ii) after giving effect to such extension, refinancing or modification, the amount of such Indebtedness is not greater than the amount of Indebtedness outstanding immediately prior to such extension,
refinancing or modification, plus any accrued interest, prepayment premium and refinancing costs, and the amount of unfunded commitments with respect thereto; 

(c) Indebtedness evidenced by Capitalized Lease Obligations entered into in order to finance Capital Expenditures, which Indebtedness, when
aggregated with the principal amount of all Indebtedness incurred under this clause (c) and clause (d) of this definition, does not exceed $5,000,000 at any time outstanding; 

  
 - 35 - 

 (d) Indebtedness permitted by clause (e) of the definition of “Permitted
Lien”; 
 (e) Indebtedness permitted under Section 7.02(e) [Loans, Advances, Investments, Etc.]; 

(f) Indebtedness incurred in the ordinary course of business under performance, surety, statutory, and appeal bonds; 

(g) Indebtedness owed to any Person providing property, casualty, liability, or other insurance to the Loan Parties, so long as the amount of
such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year;
and 
 (h) the incurrence by any Loan Party of Indebtedness under Hedging Agreements that are incurred for the bona fide purpose of hedging
the interest rate, commodity, or foreign currency risks associated with such Loan Party’s operations and not for speculative purposes; 

(i) Subordinated Indebtedness in an aggregate amount not exceeding $10,000,000 at any time outstanding; 

(j) Acquired Indebtedness in an amount not to exceed $5,000,000 outstanding at any one time; 

(k) Earnout and other similar contingent obligations incurred to a seller in a Permitted Acquisition in an aggregate amount (calculated based
on the maximum amount potentially payable with respect to such obligations) outstanding not to exceed at any time the lesser of (i) $15,000,000 for any Permitted Acquisition and (ii) 20% of the cash purchase price of such Permitted Acquisition; 

(l) Intercompany Loan; 
 (m) to
the extent constituting indebtedness, any Permitted Intercompany Advances; and 
 (n) other unsecured Indebtedness in an aggregate amount at
any one time not to exceed $5,000,000. 
 “Permitted Intercompany Advances” means Investments made by (a) a Loan Party
into another Loan Party (other than the Ultimate Parent), (b) the Funko UK Lease Guaranties, (c) a non-Loan Party to another non-Loan Party, (d) a non-Loan Party into a Loan Party, so long as the parties thereto are party to the Intercompany Subordination Agreement, (e) the Intercompany Loan, (f) any intercompany trade receivables and payable between
Loan Parties, a Loan Party and a non-Loan Party or non-Loan Parties and any intercompany loan resulting or in connection with cross-currency hedges or swaps, (g) a
Loan Party into a non-Loan Party Subsidiary so long as (i) the aggregate outstanding amount of all such Investments made by the Loan Parties following the Effective Date does not exceed (x) $10,000,000 in
the aggregate with respect to 

  
 - 36 - 

 Investments made into Funko UK and its Subsidiaries or any other Foreign Subsidiary and (y) $500,000 in the
aggregate with respect to Investments made into all other non-Loan Party Subsidiaries, (ii) no Default or Event of Default has occurred and is continuing either before or after giving effect to such
Investment and (iii) after giving pro forma effect to such proposed intercompany Investment (and any borrowings of Revolving Credit Loans to fund such proposed intercompany Investment), the Borrowers shall have Availability on the date of such
proposed intercompany Investment assuming that such intercompany Investment (and any Revolving Credit Loans drawn to fund such intercompany Investment) had been made on the first day of such 30 day period), of at least $25,000,000. Notwithstanding
anything to the contrary in this Agreement, in the case of any such Investment described in clause (e) above consisting of a guarantee or other similar Contingent Obligation issued by any Loan Party to support any Indebtedness or other
obligations or liabilities of a non-Loan Party, (i) such guarantee or other Contingent Obligation must be unsecured and (ii) the full amount for which such Loan Party is potentially liable under such
guarantee or other Contingent Obligation shall be counted against the limitation set forth above for all Investments under clause (e) above. 

“Permitted Investments” means: 

(a) Investments in cash, Cash Equivalents and corporate bonds and securities having maturities of not more than three months from the date of
acquisition; 
 (b) Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;

 (c) advances made in connection with purchases of goods or services in the ordinary course of business; 

(d) Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of business
or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries; 

(e) Investments existing on the date hereof, as set forth on Schedule 7.02(e) hereto, but not any increase in the amount thereof as set forth
in such Schedule or any other modification of the terms thereof; 
 (f) Permitted Intercompany Advances and Hedging Agreements permitted
pursuant to clause (h) of the definition of Permitted Indebtedness; 
 (g) extensions of trade credit in the ordinary course of
business; 
 (h) Guaranteed Obligations described in Section 11.01 [Guaranty]; 

(i) loans and advances to employees, officers and directors of any Loan Party in the ordinary course of business (including for travel,
entertainment and relocation expenses) in an aggregate amount for all Loan Parties not to exceed $250,000 at any one time outstanding; 

  
 - 37 - 

 (j) non-cash loans and advances by Ultimate Parent
or any of its Subsidiaries to employees, officers and directors of any of Ultimate Parent and its Subsidiaries, so long as the proceeds of such loans are used in their entirety to purchase such Equity Interests in the Ultimate Parent, the proceeds
of which are contributed to the capital of the Parent; 
 (k) Investments in assets useful in the business of the Borrowers and their
Subsidiaries made by a Borrower or any of its Subsidiaries, whether in accordance with Section 2.17(c)(viii) [Reinvestment Rights] or as a result of the making of Capital Expenditures otherwise permitted hereunder. 

(l) [intentionally omitted]; 

(m) [intentionally omitted]; 

(n) Permitted Acquisitions; 

(o) [intentionally omitted ]; and 

(p) additional Investments in an aggregate amount not to exceed $3,000,000 during the term of this Agreement (in each case, plus any Available
Equity Proceeds), so long as (x) after giving pro forma effect to such proposed Investment the Borrowers shall have (A) Availability on the date of such proposed Investment (assuming that such Investment (and any Revolving Credit Loans drawn to
fund such Investment) had been made on the first day of such 30 day period), of at least $25,000,000 and (B) projected pro forma Availability for the twelve month period after the date of such proposed Investment, of at least $25,000,000 and
(y) Borrower has provided the Agents, not later than three (3) Business Days (or such shorter period as the Administrative Agent may agree in its reasonable discretion) prior to the anticipated closing date of the proposed Investment, with
written confirmation, supported by reasonably detailed calculations, that on a pro forma basis (including, if applicable, pro forma adjustments arising out of events which are directly attributable to such proposed Investment, are factually
supportable, and are expected to have a continuing impact, in each case, determined as if the combination had been accomplished at the beginning of the relevant period; such eliminations and inclusions to be mutually and reasonably agreed upon by
the Administrative Borrower and the Agents), the Ultimate Parent and its Subsidiaries would have been in compliance with the financial covenants in Section 7.03 [Financial Covenants] of this Agreement for the twelve month period ended
immediately prior to the proposed date of consummation of such proposed Investment; provided that the foregoing clauses (x) and (y) shall not be applicable to Investments pursuant to this clause (p) in an aggregate amount not to
exceed $2,500,000 during any Fiscal Year. 
 “Permitted Liens” means: 

(a) Liens securing the Obligations; 

(b) Liens for taxes, assessments and governmental charges the payment of which is not required under Section 7.01(c) [Compliance with
Laws]; 

  
 - 38 - 

 (c) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’,
materialmen’s and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) that are not overdue by more than 45 days or are being contested in good faith and by
appropriate proceedings promptly initiated and diligently conducted, and a reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made therefor; 

(d) Liens described on Schedule 7.02(a), provided that (i) no such Lien shall at any time be extended to cover any additional
property not subject thereto on the Effective Date and (ii) the principal amount of the Indebtedness secured by such Liens shall not be extended, renewed, refunded or refinanced other than in accordance with clause (b) of the definition of
Permitted Indebtedness; 
 (e) purchase money Liens on equipment acquired or held by any Loan Party or any of its Subsidiaries in the
ordinary course of its business to secure the purchase price of such equipment or Indebtedness incurred solely for the purpose of financing the acquisition of such equipment; provided, however, that (A) no such Lien shall extend
to or cover any other property of any Loan Party or any of its Subsidiaries and (B) the aggregate principal amount of Indebtedness secured by (i) any or all such Liens and (ii) all Indebtedness permitted by clause (c) of
Permitted Indebtedness shall not exceed at any one time outstanding $5,000,000; 
 (f) deposits and pledges of cash securing
(i) obligations incurred in respect of workers’ compensation, unemployment insurance or other forms of governmental insurance or benefits, (ii) the performance of bids, tenders, leases, contracts (other than for the payment of money)
and statutory obligations or (iii) obligations on surety or appeal bonds, but only to the extent such deposits or pledges are made or otherwise arise in the ordinary course of business and secure obligations not past due; 

(g) easements, zoning restrictions, rights of way, and similar encumbrances on real property and minor irregularities in the title thereto
that do not (i) secure obligations for the payment of money or (ii) materially impair the value of such property or its use by any Loan Party or any of its Subsidiaries in the normal conduct of such Person’s business; 

(h) Liens of landlords and mortgagees of landlords (i) arising by statute or under any lease or related Contractual Obligation entered
into in the ordinary course of business, (ii) on fixtures and movable tangible property located on the real property leased or subleased from such landlord, (iii) for amounts not yet due or that are being contested in good faith by appropriate
proceedings diligently conducted and (iv) for which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance with GAAP; 

(i) Liens on real property or equipment securing Indebtedness permitted by subsection (c) of the definition of Permitted Indebtedness;

 (j) the title and interest of a lessor, sublessor, licensee or licensor in and to personal property leased or subleased (other than
through a capital lease) or licensed, in each case extending only to such personal property; 
 (k)
non-exclusive licenses or sublicenses of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business; 

  
 - 39 - 

 (l) judgment liens (other than for the payment of taxes, assessments or other governmental
charges) securing judgments and other proceedings not constituting an Event of Default under Section 9.01(k) [Events of Default]; 

(m) (i) contractual rights of setoff in favor of vendors and customers arising in the ordinary course of business, (ii) rights of setoff
or bankers’ liens upon deposits of cash in favor of banks, securities intermediaries or other depository institutions, solely to the extent incurred in connection with the maintenance of such deposit accounts or security accounts in the
ordinary course of business and (iii) Liens in favor of collecting banks arising under Section 4-208 of the UCC; 
 (n) Liens
granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under the definition of Permitted Indebtedness; 

(o) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of customs duties in connection with the
importation of goods; 
 (p) Liens solely on any cash earnest money deposits made by Borrower or any of its Subsidiaries in connection with
any letter of intent or purchase agreement with respect to a Permitted Acquisition, provided that, the aggregate amount of all such deposits outstanding shall not exceed 20% of the purchase price for the related Permitted Acquisition at any time;

 (q) Liens assumed by Borrower or its Subsidiaries in connection with a Permitted Acquisition that secures Acquired Indebtedness, provided
that, the Liens permitted pursuant to this clause (q) shall not include any “blanket liens” on all or substantially all of the assets of any Loan Party; 

(r) The filing of UCC financing statements solely as a precautionary measure in connection with an operating lease, in each case, relating
solely to the property that is the subject of such operating lease; 
 (s) Liens (i) arising out of any consignments of goods belonging
to third-parties to Borrowers as consignee or out of any consignments of goods belonging to Borrowers consignor to third-parties entered into by the Borrowers or any of their Subsidiaries in the ordinary course of business, or (ii) incurred by
the Borrowers or their Subsidiaries arising under Section 2-505 of the UCC; 
 (t) Liens
applicable to the assets of any Subsidiary of the Borrowers (excluding any Loan Party) that is not organized under the laws of any jurisdiction of the United States, in each case, so long as such Liens secure Indebtedness or other obligations
otherwise permitted to be incurred pursuant to the Loan Documents; and 
 (u) other Liens which do not secure Indebtedness for borrowed
money or letters of credit and as to which the aggregate amount of the obligations secured thereby does not exceed $2,500,000. 

  
 - 40 - 

 “Person” means an individual, corporation, limited liability company,
partnership, association, joint-stock company, trust, unincorporated organization, joint venture or other enterprise or entity or Governmental Authority. 

“Plan” shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Benefit
Plan and a Multiemployer Plan, as defined herein) maintained by any Loan Party or any ERISA Affiliate of a Loan Party or to which any Loan Party or ERISA Affiliate of a Loan Party is required to contribute. 

“PNC” means PNC Bank, National Association. 

“Post Default Rate” means a rate of interest per annum equal to the rate of interest otherwise in effect from time to time
pursuant to the terms of this Agreement plus 2.00%, or, if a rate of interest is not otherwise in effect, interest at the highest rate specified herein for any Loan then outstanding prior to an Event of Default plus 2.00%. 

“Post-Term Cash Collateral” has the meaning specified therefor in Section 3.02(d) [Issuance of Letters of Credit]
hereof. 
 “Post-Term Letter of Credit” has the meaning specified therefor in Section 3.02(d) [Issuance of Letters of
Credit] hereof. 
 “Post-Term Letter of Credit Obligations” has the meaning specified therefor in Section 3.02(d)
[Issuance of Letters of Credit] hereof. 
 “Prime Rate” shall mean the interest rate per annum announced from time to time
by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest or most favorable rate then being charged commercial borrowers or others by the Administrative Agent. Any change in the Prime Rate shall
take effect at the opening of business on the day such change is announced. 
 “Principal Office” shall mean the main
banking office of the Administrative Agent in Pittsburgh, Pennsylvania. 
 “Pro Forma EBITDA” means, with respect to any
assets acquired in a Permitted Acquisition, the amount of such assets’ Consolidated EBITDA for the most recent trailing twelve (12) month period ending as of the last day of the month preceding the closing of the respective Permitted
Acquisition for which financial statements are available, adjusted as provided herein. Such amount shall be determined by the Borrowers and shall be subject to the consent of, (x) if, a quality of earnings report is prepared in accordance with
generally accepted standards by a nationally recognized certified public accounting firm, the Agents or (y) if there is no such quality of earnings report, the Agents acting in good faith (such consent not to be unreasonably withheld or
delayed), based upon and derived from financial information delivered to the Agents prior to the consummation of such Permitted Acquisition (Pro Forma EBITDA for such assets acquired in such Permitted Acquisition as calculated and consented to as of
such closing being referred to as the “Initial Pro Forma EBITDA”). After the closing of such Permitted Acquisition and unless otherwise agreed by the Agents and the Borrowers, Pro Forma EBITDA with respect thereto shall equal
Initial Pro Forma EBITDA multiplied by a fraction the numerator of which is 365 minus the number of days after the closing of the Permitted Acquisition included in any period for which financial statements have been delivered and the denominator of
which is 365. 

  
 - 41 - 

 For purposes of demonstration only, assuming that a Permitted Acquisition closes on August
1, 2018 and Initial Pro Forma EBITDA has been determined to be $10,000,000, Pro Forma EBITDA with respect to the assets acquired in such Permitted Acquisition for the fiscal period ending September 30, 2018 (assuming financial statements for the
period ending September 30, 2018 have been delivered) shall equal: 
 $10,000,000 x (365 - 60*) / 365 = $8,350,000 

 

	*	 the number of days elapsed between August 1, 2018 and September 30, 2018.) 

“Public Company Expenses” means expenses incurred in connection with (a) [intentionally omitted], (b) compliance with the
requirements of the Sarbanes-Oxley Act of 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, as applicable to companies with equity or debt securities held by the public, or
the rules of national securities exchanges applicable to companies with listed equity or debt securities, and (c) any other expenses attributable to the status of Public Holdco as a public company and the holding company of Ultimate Parent and
its Subsidiaries, including expenses relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors’ fees, directors’ and officer’s insurance and other executive costs, legal, audit and
other professional fees and listing and filing fees. 
 “Public Holdco” means Funko, Inc., a Delaware corporation. 

“Published Rate” shall mean the rate of interest published each Business Day in The Wall Street Journal “Money
Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered
by leading banks in the London interbank deposit market for a one month period as published in another publication selected by the Administrative Agent). 

“QFC” has the meaning assigned to the term “qualified financial
contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

“QFC Covered Entity” means any of the following: 
 (a) a “covered entity” as the term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 
 (b) a “covered bank” as the term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or 
 (c) a “covered FSI” as the term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “QFC Credit Support”
shall have the meaning specified in Section 7.01(w) [Acknowledgement Regarding Any Supported QFCs]. 

  
 - 42 - 

 “Qualified Cash” means, as of any date of determination, the amount of
unrestricted cash and Cash Equivalents of a Loan Party that is held in a deposit account maintained in the United States subject to a Cash Management Agreement to the extent required hereunder in favor of the Collateral Agent, for the benefit of the
Lenders or with respect to which any Agent is the depositary or securities intermediary; provided, that, notwithstanding the foregoing, any amounts owing under the Intercompany Loan
shall be deducted from the calculation of “Qualified Cash”. 

“Qualified ECP Loan Party” means each Borrower or Guarantor that on the Eligibility Date is (a) a corporation,
partnership, proprietorship, organization, trust, or other entity other than a “commodity pool” as defined in Section 1a(10) of the CEA and CFTC regulations thereunder that has total assets exceeding $10,000,000 or (b) an
Eligible Contract Participant that can cause another Person to qualify as an Eligible Contract Participant on the Eligibility Date under Section 1a(18)(A)(v)(II) of the CEA by entering into or otherwise providing a “letter of credit or
keepwell, support, or other agreement” for purposes of Section 1a(18)(A)(v)(II) of the CEA. 
 “Qualified Equity
Interests” means, with respect to any Person, all Equity Interests of such Person that are not Disqualified Equity Interests. 

“Ratable Share” shall mean: 

(a) with respect to a Lender’s obligation to make Revolving Credit Loans, participate in Letters of Credit and other Letter of Credit
Obligations, and receive payments, interest, and fees related thereto, the proportion that such Lender’s Revolving Credit Commitment bears to the Revolving Credit Commitments of all of the Lenders, provided however that if the Revolving Credit
Commitments have terminated or expired, the Ratable Shares for purposes of this clause shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments. 

(b) with respect to a Lender’s obligation to make Term Loans and receive payments, interest, and fees related thereto, the proportion
that such Lender’s Term Loans bears to the Term Loans of all of the Lenders. 
 (c) with respect to all other matters as to a
particular Lender, the percentage obtained by dividing (i) such Lender’s Revolving Credit Commitment plus Term Loan, by (ii) the sum of the aggregate amount of the Revolving Credit Commitments plus Term Loans of all Lenders;
provided however that if the Revolving Credit Commitments have terminated or expired, the computation in this clause shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments,
and not on the current amount of the Revolving Credit Commitments and provided further in the case of Section 4.10 [Defaulting Lenders] when a Defaulting Lender shall exist, “Ratable Share” shall mean the percentage of the
aggregate Commitments (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. 

  
 - 43 - 

 “Real Property Deliverables” means each of the following agreements,
instruments and other documents in respect of each Facility (to the extent requested by the Collateral Agent and relevant to the applicable jurisdiction): 

(a) a Mortgage duly executed by the applicable Loan Party, 

(b) evidence of the recording of each such Mortgage in such office or offices as may be necessary or, in the opinion of the Collateral Agent,
desirable to perfect the Lien purported to be created thereby or to otherwise protect the rights of the Collateral Agent and the Lenders thereunder; 

(c) a Title Insurance Policy or bring-down of the existing Title Insurance Policy with respect to each Mortgage, dated as of the Effective
Date; 
 (d) a current ALTA survey and a surveyor’s certificate, in form and substance reasonably satisfactory to the Collateral Agent,
certified to the Collateral Agent and to the issuer of the Title Insurance Policy with respect thereto by a licensed professional surveyor reasonably satisfactory to the Collateral Agent; 

(e) a copy of each letter issued by the applicable Governmental Authority, evidencing each Facility’s compliance with all applicable
building codes, fire codes, other health and safety rules and regulations, parking, density and height requirements and other building and zoning laws; 

(f) an opinion of counsel, reasonably satisfactory to the Collateral Agent, in the state where such Facility is located with respect to the
enforceability of the Mortgage to be recorded and such other matters as the Collateral Agent may reasonably request; 
 (g) Phase I
Environmental Site Assessments with respect to such real property, certified to the Collateral Agent by a company reasonably satisfactory to the Collateral Agent; 

(h) flood insurance for such Facility if all or a portion of any improvements of such Facility is located in an area designated by the Federal
Emergency Management Agency as an area having special flood hazards (including, without limitation, those areas designated as Zone A or Zone V), and in which flood insurance has been made available under the U.S. National Flood Insurance Program, in
an amount as required by the National Flood Insurance Reform Act of 1994 and related legislation, in each case, as amended; and 
 (i) such
other agreements, instruments and other documents (including guarantees and opinions of counsel) as the Collateral Agent may reasonably require. 

“Reference Currency” shall have the meaning specified in the definition of “Equivalent Amount.” 

“Register” has the meaning specified therefor in Section 12.07(d) [Assignments and Participations]. 

  
 - 44 - 

 “Registered Loans” has the meaning specified therefor in
Section 12.07(d) [Assignments and Participations]. 
 “Registration Rights Agreement” means a Registration Rights
Agreement by and among Public Holdco and the Original Equity Owner Parties (as defined therein) dated November 1, 2017 and as amended, restated, supplemented or otherwise modified from time to time. 

“Regulation T,” “Regulation U” and “Regulation X” mean, respectively, Regulations T, U and
X of the Board or any successor, as the same may be amended or supplemented from time to time. 
 “Reimbursement
Obligations” has the meaning specified therefor in Section 3.04(b) [Disbursements; Reimbursements]. 
 “Reinvestment
Eligible Funds” has the meaning specified therefor in Section 2.17(c)(viii) [Reinvestment Rights]. 
 “Related
Fund” means, with respect to any Person, an Affiliate of such Person, or a fund or account managed by such Person or an Affiliate of such Person. 

“Related Party Assignment” has the meaning specified therefor in Section 12.07(b) [Assignments and Participations]. 

“Related Party Register” has the meaning specified therefor in Section 12.07(d) [Assignments and Participations]. 

“Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
seeping, migrating, dumping or disposing of any Hazardous Material (including the abandonment or discarding of barrels, containers and other closed receptacles containing any Hazardous Material) into the indoor or outdoor environment, including,
without limitation, the movement of Hazardous Materials through or in the ambient air, soil, surface or ground water, or property. 

“Relevant Interbank Market” shall mean in relation to Euro or British Pounds Sterling, the London Interbank Market, and in
relation to any other currencies, the applicable offshore interbank market. Notwithstanding the foregoing, the references to the currencies listed in this definition shall only apply if such currencies are or become available as Optional Currencies
in accordance with the terms hereof. 
 “Remedial Action” means all actions taken to (a) clean up, remove, remediate,
contain, treat, monitor, assess, evaluate or in any other way address Hazardous Materials in the indoor or outdoor environment; (b) prevent or minimize a Release or threatened Release of Hazardous Materials so they do not migrate or endanger or
threaten to endanger public health or welfare or the indoor or outdoor environment; (c) perform pre-remedial studies and investigations and post-remedial operation and maintenance activities; or
(d) perform any other actions authorized by 42 U.S.C. § 9601. 
 “Replacement Lender” has the meaning specified
therefore in Section 12.02(b) [Amendments, Etc.]. 

  
 - 45 - 

 “Reportable Compliance Event” shall mean that any Covered Entity
(x) becomes a Sanctioned Person, or (y) is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism
Law, or (z) has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law. 

“Reportable Event” means an event described in Section 4043 of ERISA or the regulations promulgated thereunder, other
than an event for which the 30 day notice period is waived. 
 “Required Lenders” means Lenders whose Ratable Share
aggregate more than 50%; provided, that if, at any time, there shall be fewer than three Lenders, all Lenders shall be required as Required Lenders (Lenders that are Affiliates of one another being considered as one Lender for purposes of
this proviso). 
 “Requirements of Law” means, with respect to any Person, collectively, the common law and all federal,
state, provincial, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial
precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case that are applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject. 
 “Revolving Credit Commitment” shall mean, as to
any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount of Commitment for Revolving Credit Loans,” as such Commitment is thereafter assigned or modified and
Revolving Credit Commitments shall mean the aggregate Revolving Credit Commitments of all of the Lenders. 
 “Revolving
Credit Loans” shall mean collectively and “Revolving Credit Loan” shall mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section Section 2.01 [Revolving Credit Commitments] or Section 3.04 [Disbursements, Reimbursement]. 

“Revolving Facility Usage” shall mean at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swing
Loans, and the Letter of Credit Obligations. 
 “Revolving Loan Lender” means a Lender with a Revolving Credit Commitment.

 “Sanctioned Country” means a country that is the subject of a comprehensive sanctions program maintained under any
Anti-Terrorism Law (as of the Effective Date, only the Crimea region of Ukraine, Cuba, Iran, North Korea and Syria are the subject of comprehensive sanctions program; however, the list may be updated from time to time). 

  
 - 46 - 

 “Sanctioned Person” means any individual person, group, regime, entity or
thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or that is the subject of any limitations or prohibitions (including but not limited to the blocking of
property or rejection of transactions), under any Anti-Terrorism Law. 
 “SEC” means the Securities and Exchange Commission
or any other similar or successor agency of the Federal government administering the Securities Act. 
 “Second Amendment” means that certain Second Amendment to Credit Agreement, dated as of September 23, 2019, by and among the Loan Parties, Lenders, Agents, L/C Issuer and Swing Loan
Lender. 

“Second Amendment Effective Date” has the meaning specified therefor in
the Second Amendment. 
 “Secured Party” means any Agent, any
Lender, the L/C Issuer, any Bank Product Provider and each other holder of any of the Obligations. 
 “Securities Act”
means the Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations of the SEC thereunder, all as the same shall be in effect from time to time. 

“Securitization” has the meaning specified therefor in Section 12.07(i) [Assignments and Participations]. 

“Security Agreement” means a Pledge and Security Agreement, in form and substance satisfactory to the Collateral Agent, made
by the Loan Parties in favor of the Collateral Agent for the benefit of the Secured Parties securing the Obligations, as amended, amended and restated, supplemented or otherwise modified from time to time. 

“Security Documents” means, collectively, the Security Agreement and the documents listed on Schedule 1.1(C) hereto or
otherwise executed and delivered by a Loan Party which purports to grant a Lien in favor of the Collateral Agent for the benefit of the Secured Parties securing the Obligations, in each case as amended, amended and restated, supplemented or
otherwise modified from time to time. 
 “Senior Officer” means the President, Chief Executive Officer, Chief Financial
Officer or Chief Operating Officer of any Loan Party. 
 “Settlement Date” means the Business Day on which the
Administrative Agent elects to effect settlement pursuant Section 4.06 [Settlement Date Procedures]. 
 “Solvent”
means, with respect to any Person and its subsidiaries on a particular date, that on such date (i) the fair value of the property of such Person on a going concern basis is not less than the total amount of the liabilities of such Person,
(ii) the present fair salable value of the assets of such Person and its subsidiaries on a going concern basis is not less than the amount that will be required to pay the probable liability of such Person on its existing debts as

  
 - 47 - 

 
they become absolute and matured, (iii) such Person and its subsidiaries is able to realize upon their assets and pay their debts and other liabilities, contingent obligations and other
commitments as they mature in the normal course of business, (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature, and
(v) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital. 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. and any successor thereto. 
 “Subordinated Indebtedness” means any Indebtedness of any Loan
Party the terms of which are reasonably satisfactory to the Agents and which has been expressly subordinated in right of payment to all Indebtedness of such Loan Party under the Loan Documents (i) by the execution and delivery of a
subordination agreement, in form and substance reasonably satisfactory to the Agents, or (ii) otherwise on terms and conditions (including, without limitation, subordination provisions, payment terms, interest rates, covenants, remedies,
defaults and other material terms) reasonably satisfactory to the Agents; it being understood that the following terms in respect of such Indebtedness will be satisfactory to the Agents: (1) no cash principal or interest payments prior to the
maturity thereof, (2) matures at least 180 days after the Final Maturity Date, (3) subject to customary limited exceptions, indefinite standstill period on the exercise of remedies (whether or not of a type available to unsecured
creditors) until the Obligations are Paid in Full, and (4) unsecured. 
 “Subsidiary” means, with respect to any
Person at any date, any corporation, limited or general partnership, limited liability company, trust, estate, association, joint venture or other business entity (a) the accounts of which would be consolidated with those of such Person in such
Person’s consolidated financial statements if such financial statements were prepared in accordance with GAAP or (b) of which more than 50% of (i) the outstanding Equity Interests having (in the absence of contingencies) ordinary
voting power to elect a majority of the Board of Directors of such Person, (ii) in the case of a partnership or limited liability company, the interest in the capital or profits of such partnership or limited liability company or (iii) in the
case of a trust, estate, association, joint venture or other entity, the beneficial interest in such trust, estate, association or other entity business is, at the time of determination, owned or controlled directly or indirectly through one or more
intermediaries, by such Person. 
 “Supported QFC” shall have the
meaning specified in Section 7.01(w) [Acknowledgement Regarding Any Supported QFCs]. 

“Swap” means any “swap” as defined in Section 1a(47) of the CEA and regulations thereunder other than
(a) a swap entered into on, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the CEA, or (b) a commodity option entered into pursuant to CFTC Regulation 32.3(a). 

“Swap Obligation” means any obligation to pay or perform under any agreement, contract or transaction that constitutes a Swap
which is also a Lender Provided Hedge Agreement. 

  
 - 48 - 

 “Swing Loan Commitment” shall mean PNC’s commitment to make Swing
Loans to the Borrowers pursuant to Section 2.01(b) [Swing Loan Commitment] hereof in an aggregate principal amount up to $5,000,0007,500,000. 

“Swing Loan Lender” shall mean PNC, in its capacity as a lender of Swing Loans. 

“Swing Loan Note” shall mean the Swing Loan Note executed by the Borrowers evidencing the Swing Loans, together with all
amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part. 
 “Swing Loan
Request” shall mean a request for Swing Loans made in accordance with Section 2.05 [Swing Loan Requests] hereof. 

“Swing Loans” shall mean collectively and Swing Loan shall mean separately all Swing Loans or any Swing Loan made by PNC to
the Borrowers pursuant to Section 2.01(b) [Swing Loan Commitment] hereof. 

“Swing Rate” shall mean the rate of interest published each Business
Day in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one-day period (or, if no such
rate is published therein for any reason, then the Swing Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one-day period as
published in another publication selected by the Administrative Agent). Any change in the Swing Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs. Notwithstanding the foregoing, if the Swing
Rate as determined above would be less than zero (0.00), such rate shall be deemed to be zero (0.00) for purposes of this Agreement. 

“Swing Rate Loan” shall mean each portion of a Loan that bears interest
at a rate determined by reference to the Swing Rate Option. 
 “Swing Rate Option” shall mean the option of the Borrowers to have Loans bear interest at the rate and under the terms set forth in Section 2.09(c)(B) [Swing Loan Swing Rate
Option]. 
 “Taxes” has the meaning specified therefor in
Section 2.19(a) [Taxes]. 
 “Tax Receivable Agreement” means a Tax Receivable Agreement by and among Public Holdco,
Ultimate Parent, each of the Members (as defined therein) from time to time party thereto and the Management Representative (as defined therein) dated November 1, 2017 as amended, restated, supplemented or otherwise modified from time to time;
provided that such amendments shall not be, when taken as a whole, materially adverse to the Lenders. 

  
 - 49 - 

 “Termination Event” means (a) any event that causes any Loan Party or
any of its Subsidiaries to incur liability under Section 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 4971 or 4975 of the Internal Revenue Code, (b) the filing of a notice of intent to terminate a Pension Benefit
Plan or the treatment of an Pension Benefit Plan amendment as a termination under Section 4041 of ERISA, (c) the institution of proceedings by the PBGC to terminate a Plan, (d) any other event or condition (i) which might
constitute grounds under Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, any Pension Benefit Plan or (ii) that may result in the termination of a Multiemployer Plan pursuant to Section 4041A of
ERISA; (e) notice that a Multiemployer Plan is subject to Section 4245 of ERISA; or (f) the imposition of any other liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent, upon any Loan Party or any
ERISA Affiliate of a Loan Party. 
 “Term Loan” shall have the meaning specified in Section 2.01(c) [Term Loan
Commitments]; Term Loans shall mean collectively all of the Term Loans. 
 “Term Loan Commitment” shall mean, as to
any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount of Commitment for Term Loans,” as such Commitment is thereafter assigned or modified and Term Loan
Commitments shall mean the aggregate Term Loan Commitments of all of the Lenders. 
 “Term Loan Obligations” means any
Obligations with respect to the Term Loans (including, without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto). 

“Title Insurance Policy” means a mortgagee’s loan policy, in form and substance reasonably satisfactory to the
Collateral Agent, together with all endorsements made from time to time thereto, issued by or on behalf of a title insurance company reasonably satisfactory to the Collateral Agent, insuring the Lien created by a Mortgage in an amount and on terms
reasonably satisfactory to the Collateral Agent, delivered to the Collateral Agent. 
 “Total Commitment” means the sum of
the Total Revolving Credit Commitment and the Total Term Loan Commitment. 
 “Total Revolving Credit Commitment” means an
amount equal to Maximum Revolving Loan Amount in effect from time to time, and shall also mean, as the context may require, the collective obligations of all Revolving Loan Lenders pursuant to their respective Revolving Credit Commitments. 

“Total Term Loan Commitment” means, collectively, the sum of the amounts of the Lenders’ Term Loan Commitments on 

Schedule 1.1(B).

“Transferee” has the meaning specified therefor in Section 2.19(a) [Taxes]. 

“TTM Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated EBITDA of such Person and its
Subsidiaries for the trailing twelve-month period then ended. 
 “UCP 600” has the meaning specified therefor in
Section 3.02(b) [Issuances of Letters of Credit]. 
 “Underground Toys” means Underground Toys Limited, a private
limited company formed under the laws of England and Wales. 

  
 - 50 - 

 “Underground Toys Acquisition” means the acquisition by Funko UK of certain
assets of Underground Toys pursuant to the Underground Toys APA. 
 “Underground Toys APA” means that certain Asset
Purchase Agreement, dated as of December 22, 2016, by and among Funko UK, Underground Toys and the stockholders of Underground Toys, as in effect on the Effective Date. 

“Underground Toys Earnout” means the cash earnout to be paid in connection with the Underground Toys Acquisition pursuant to
Section 3.7(b) of the Underground Toys APA. 
 “Uniform Commercial Code” has the meaning specified therefor in
Section 1.04. 
 “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism (PATRIOT) Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001) as amended by the USA Patriot Improvement and Reauthorization Act of 2005 (Pub. L. 109-177, March 9, 2006), as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

“U.S. Person” means any person that is a “United States Person” as defined in Section 7701(a)(30) of the
Internal Revenue Code. 
 “U.S. Special Resolution Regimes” shall
have the meaning specified in Section 7.01(w) [Acknowledgement Regarding Any Supported QFCs]. 

“WARN” has the meaning specified therefor in Section 6.01(z) [Employee and Labor Matters]. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 Section 1.02 Terms Generally. The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) 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 hereof, (d) all references herein to Articles, Sections, Exhibits and

  
 - 51 - 

 Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any right or interest in or to assets and properties of any kind whatsoever, whether real, personal or
mixed and whether tangible or intangible. 
 Section 1.03 Certain Matters of Construction. References in this Agreement to
“determination” by any Agent include good faith estimates by such Agent (in the case of quantitative determinations) and good faith beliefs by such Agent (in the case of qualitative determinations). A Default or Event of Default shall be
deemed to exist at all times during the period commencing on the date that such Default or Event of Default occurs to the date on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default, is
cured within any period of cure expressly provided for in this Agreement; and an Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in writing by the Required Lenders or by each
Lender affected thereby or by all Lenders, as applicable. Any Lien referred to in this Agreement or any other Loan Document as having been created in favor of any Agent (or any subagent or designee or delegee of any Agent), any agreement entered
into by any Agent (or any subagent or designee or delegee of any Agent) pursuant to this Agreement or any other Loan Document, any payment made by or to or funds received by any Agent (or any subagent or designee or delegee of any Agent) pursuant to
or as contemplated by this Agreement or any other Loan Document, or any act taken or omitted to be taken by any Agent (or any subagent or designee or delegee of any Agent), shall, unless otherwise expressly provided, be created, entered into, made
or received, or taken or omitted, for the benefit or account of the Agents and the Lenders (including each Bank Product Provider). Wherever the phrase “to the knowledge of any Loan Party” or words of similar import relating to the
knowledge or the awareness of any Loan Party are used in this Agreement or any other Loan Document, such phrase shall mean and refer to the actual knowledge of a Senior Officer of any Loan Party. All covenants hereunder shall be given independent
effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or otherwise within the limitations of, another covenant shall not avoid the occurrence of a
default if such action is taken or condition exists. In addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation or warranty proves to be incorrect or is breached, the fact that
another representation or warranty concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness of a breach of a representation or warranty hereunder. 

Section 1.04 Accounting and Other Terms. 

(a) Unless otherwise expressly provided herein, each accounting term used herein shall have the meaning given it under GAAP applied on a basis
consistent with those used in preparing the Financial Statements. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the
Ultimate Parent and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be
disregarded. Unless otherwise expressly provided herein, all financial calculations shall be performed with Inventory valued on a first-in, first-out basis and
calculations shall be made so as to exclude (without duplication of any adjustments otherwise provided in the calculation of amounts and ratios) the effect of purchase accounting adjustments associated with any Permitted Acquisition. 

  
 - 52 - 

 (b) All terms used in this Agreement which are defined in Article 8 or Article 9 of the
Uniform Commercial Code as in effect from time to time in the State of New York (the “Uniform Commercial Code”) and which are not otherwise defined herein shall have the same meanings herein as set forth therein, provided that terms
used herein which are defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of such statute except as any Agent may
otherwise determine. 
 Section 1.05 Time References; Notices. Unless otherwise indicated herein, all references to time of day
refer to Eastern Standard Time or Eastern daylight saving time, as in effect in New York City on such day. For purposes of the computation of a period of time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” each means “to but excluding”; provided, however, that with respect to a computation of fees or interest payable to any Agent, any Lender, any Swing Loan
Lender or the L/C Issuer, such period shall in any event consist of at least one full day. Any notice or report specified to be due hereunder on a date that is not a Business Day shall be due on next Business Day following such due date. 

Section 1.06 Currency Calculations. All financial statements and Compliance Certificates shall be set forth in Dollars. For
purposes of preparing the financial statements, calculating financial covenants and determining compliance with covenants expressed in Dollars, Optional Currencies shall be converted to Dollars in accordance with GAAP. 

ARTICLE II. 
 THE LOANS

 Section 2.01 Revolving Credit Commitments, Swing Loans and Term Loan. 

(a) Revolving Credit Loans; Optional Currency Loans. Subject to the terms and conditions hereof and relying upon the representations
and warranties herein set forth, each Revolving Loan Lender severally agrees to make Revolving Credit Loans in either Dollars or one or more Optional Currencies to the Borrowers at any time or from time to time on or after the date hereof to the
Final Maturity Date; provided that after giving effect to each such Loan (i) the aggregate Dollar Equivalent amount of Revolving Credit Loans from such Lender shall not exceed such Lender’s Revolving Credit Commitment minus such
Lender’s Ratable Share of the outstanding Swing Loans and Letter of Credit Obligations, (ii) the Revolving Facility Usage shall not exceed the Revolving Credit Commitments, (iii) no Revolving Credit Loan to which the Base Rate Option
applies shall be made in an Optional Currency, and (iv) the aggregate Dollar Equivalent principal amount of Revolving Credit Loans made in an Optional Currency (each an “Optional Currency Loan”) shall not exceed $25,000,00050,000,000 (the “Optional Currency
Sublimit”). Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrowers may borrow, repay and reborrow pursuant to this Section 2.01. 

  
 - 53 - 

 (b) Swing Loan Commitment. Subject to the terms and conditions hereof and relying
upon the representations and warranties herein set forth, and in order to facilitate loans and repayments between Settlement Dates, PNC may, at its option, be cancelable at any time for any reason whatsoever, make swing loans in Dollars (the
“Swing Loans”) to the Borrowers at any time or from time to time after the date hereof to, but not including, the Final Maturity Date, in an aggregate principal amount up to but not in excess of $5,000,0007,500,000, provided that after giving effect to
such Loan, the Revolving Facility Usage shall not exceed the aggregate Revolving Credit Commitments of the Lenders. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrowers may borrow, repay and
reborrow pursuant to this Section 2.01(b). 
 (c) Term Loan Commitments. Subject to the terms and conditions hereof, and
relying upon the representations and warranties herein set forth, each Lender severally agrees to make a term loan (the “Term Loan”) to the Borrowers on the Effective Date in Dollars in such principal amount as the Borrowers shall
request up to, but not exceeding such Lender’s Term Loan Commitment. Nature of Lenders’ Obligations with Respect to Term Loans; Repayment Terms. The obligations of each Lender to make Term Loans to the Borrowers shall be in the
proportion that such Lender’s Term Loan Commitment bears to the Term Loan Commitments of all Lenders to the Borrowers, but each Lender’s Term Loan to the Borrowers shall never exceed its Term Loan Commitment. The failure of any Lender to
make a Term Loan shall not relieve any other Lender of its obligations to make a Term Loan nor shall it impose any additional liability on any other Lender hereunder; provided, that, for the avoidance of doubt, notwithstanding anything to the
contrary set forth herein, PNC shall be obligated to make the Term Loan on the Effective Date in the aggregate principal amount of $235,000,000. The Lenders shall have no obligation to make Term Loans hereunder after the Effective Date. The
Borrowers shall not have the right to reborrow the Term Loans under Section 2.01(c) [Term Loan Commitments] after repayment. The Term Loans shall be repayable in consecutive quarterly installments, with each installment to be due and payable on
the last day of each quarter, as follows: 
  

					
	 QUARTER ENDING:
	  	PRINCIPAL PAYMENT:	 
	 December 31, 2018 through and including the quarter ending September 30, 2020
	  	$	2,937,500	 
	 December 31, 2020 through and including the quarter ending September 30, 2022
	  	$	5,875,000	 
	 December 31, 2022 and each fiscal quarter thereafter until the Final Maturity Date
	  	$	7,343,750	 

 The outstanding unpaid principal amount of the Term Loan and all accrued and unpaid interest thereon, shall be due and payable
on the earliest of (i) the date of the acceleration of the Term Loans in accordance with the terms hereof and (ii) the Final Maturity Date. 

  
 - 54 - 

 Section 2.02 Nature of Lenders’ Obligations with Respect to Revolving Credit
Loans. Each Lender shall be obligated to participate in each request for Revolving Credit Loans pursuant to Section 2.05 [Revolving Credit Loan Requests; Swing Loan Requests] in accordance with its Ratable Share. The aggregate Dollar
Equivalent of each Lender’s Revolving Credit Loans outstanding hereunder to the Borrowers at any time shall never exceed its Revolving Credit Commitment minus its Ratable Share of the outstanding Swing Loans and Letter of Credit Obligations.
The obligations of each Lender hereunder are several. The failure of any Lender to perform its obligations hereunder shall not affect the Obligations of the Borrowers to any other party nor shall any other party be liable for the failure of such
Lender to perform its obligations hereunder. The Lenders shall have no obligation to make Revolving Credit Loans hereunder on or after the Final Maturity Date. 

Section 2.03 Commitment Fees. Accruing from the date hereof until the Final Maturity Date, the Borrowers agree to pay to the
Administrative Agent for the account of each Lender according to its Ratable Share, a nonrefundable commitment fee (the “Commitment Fee”) equal to the Applicable Commitment Fee Rate (computed on the basis of a year of 365 or 366
days, as the case may be, and actual days elapsed) multiplied by the average daily difference between the amount of (i) the Revolving Credit Commitments and (ii) the Dollar Equivalent amount of the Revolving Facility Usage (provided
however, that solely in connection with determining the share of each Lender in the Commitment Fee, the Revolving Facility Usage with respect to the portion of the Commitment Fee allocated to PNC shall include the full amount of the outstanding
Swing Loans, and with respect to the portion of the Commitment Fee allocated by the Administrative Agent to all of the Lenders other than PNC, such portion of the Commitment Fee shall be calculated (according to each such Lender’s Ratable
Share) as if the Revolving Facility Usage excludes the outstanding Swing Loans); provided, further, that any Commitment Fee accrued with respect to the Revolving Credit Commitment of a Defaulting Lender during the period prior to the time such
Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such Commitment Fee shall otherwise have been due and payable by the
Borrowers prior to such time; and provided further that no Commitment Fee shall accrue with respect to the Revolving Credit Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Subject to the proviso in the directly
preceding sentence, all Commitment Fees shall be payable in arrears on each Payment Date and in U.S. Dollars. For the avoidance of doubt, and without limiting the generality of Section 4.01 [Payments] hereof, Borrowers hereby agree that if any
such Commitment Fee has become due and payable and remains unpaid, the entire amount thereof may be charged to the Loan Account of Borrowers as a Revolving Loan made as a Base Rate Loan; provided that upon any such charge to the Loan Account,
Administrative Agent shall give prompt notice to Administrative Borrower of such charge and of the calculation and total amount of such Commitment Fee so charged on any date). 

Section 2.04 Reduction of Revolving Credit Commitments. The Borrowers shall have the right, upon not less than five
(5) Business Days’ notice to the Administrative Agent to reduce the aggregate amount of the Revolving Credit Commitments (ratably among the Lenders in proportion to their Ratable Shares); provided that no such reduction of Revolving
Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, (x) the Revolving Facility Usage would exceed the aggregate Revolving Credit
Commitments of the Lenders or (y) the Revolving Credit Commitment would be less than $25,000,000. Any such reduction shall be in an amount equal to at least $5,000,000, or a whole multiple thereof, and shall reduce permanently the 

  
 - 55 - 

 Revolving Credit Commitments then in effect. Any such reduction shall be accompanied by a replacement Note
reflecting the new amount, if any Notes have been issued, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 2.25 [Indemnity] hereof) to
the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced. Any notice to reduce the Revolving Credit Commitments under this
Section 2.04 shall be irrevocable. 
 Section 2.05 Revolving Credit Loan Requests; Swing Loan Requests. 

(a) Revolving Credit Loan Requests. Except as otherwise provided herein, the Borrowers may from time to time prior to the Final
Maturity Date request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to existing Revolving Credit Loans or Term Loans pursuant to Section 2.11 [Interest Periods], by delivering to the
Administrative Agent, not later than 2:00 p.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans in Dollars to which the Euro-Rate Option applies or the conversion to or the
renewal of the Euro-Rate Option for any Loans in Dollars; (ii) not later than 2:00 p.m., (a) four (4) Business Days prior to the proposed Borrowing Date with respect to the making of Optional Currency Loans or the date of conversion to or
renewal of the Euro-Rate Option for any Optional Currency Loan, and (b) the same Business Day of the proposed Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate Option applies or the last day of the
preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, written notice thereof or a request by telephone immediately confirmed in writing by letter, facsimile or telex in such form (each, a “Loan
Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable,
except as otherwise agreed by the Administrative Agent, and shall specify (A) the aggregate amount of the proposed Loans comprising each Borrowing Tranche, and, if applicable, the Interest Period, which amount shall be in (x) the minimum
amount of $1,000,000 (or the Dollar Equivalent thereof) for each Borrowing Tranche, (B) which Interest Rate Option shall apply to the proposed Dollar denominated Loans comprising the applicable Borrowing Tranche, (C) the currency in which
such Revolving Credit Loans shall be funded if the Borrower elects an Optional Currency, (D) the applicable Interest Rate Option, and (E) an appropriate Interest Period, if applicable. 

(b) Swing Loan Requests. Except as otherwise provided herein, the Borrowers may from time to time prior to the Final Maturity Date
request the Swing Loan Lender to make Swing Loans by delivering to the Swing Loan Lender not later than 3:00 p.m. on the proposed Borrowing Date written notice thereof or a request by telephone immediately confirmed in writing by letter, facsimile
or telex (each, a “Swing Loan Request”), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation.
Each Swing Loan Request shall be irrevocable and shall specify the proposed Borrowing Date and the principal amount of such Swing Loan, which shall be not less than $250,000. 

Section 2.06 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving
Credit Loans; Borrowings to Repay Swing Loans. 

  
 - 56 - 

 (a) Making Revolving Credit Loans. The Administrative Agent shall, promptly after
receipt by it of a Loan Request pursuant to Section 2.05 [Revolving Credit Loan Requests; Swing Loan Requests], notify the Lenders of its receipt of such Loan Request specifying the information provided by the Borrowers, including the currency
in which the Revolving Credit Loan is requested, and the apportionment among the Lenders of the requested Revolving Credit Loans as determined by the Administrative Agent in accordance with Section 2.02 [Nature of Lenders’ Obligations with
Respect to Revolving Credit Loans]. Each Lender shall remit the principal amount of each Revolving Credit Loan in the requested currency (in the case of Optional Currency Loans, in Dollars if so requested by the Administrative Agent) to the
Administrative Agent such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose and subject to Section 5.02 [Condition Precedent to All Loans and
Letters of Credit], fund such Revolving Credit Loans to the Borrowers in U.S. Dollars or the requested Optional Currency (as applicable) in immediately available funds at the Principal Office prior to 4:00 p.m., on the applicable Borrowing Date;
provided that if any Lender fails to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds, including funds in the requested Optional Currency,
the Revolving Credit Loans of such Lender on such Borrowing Date, and such Lender shall be subject to the repayment obligation in Section 2.06(b) [Presumptions by the Administrative Agent]. 

(b) Presumptions by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed time of any Base Rate Loan, or, for Loans other than Base Rate Loans, prior to the close of business the day before the Borrowing Date, that such Lender will not make available to the Administrative Agent such Lender’s share of such
Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.06(a) [Making Revolving Credit Loans] and may, in reliance upon such assumption, make available to the Borrowers
a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Loan available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount in the appropriate currency with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at
(i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate (or, for payments in an Optional Currency, the Overnight Rate), and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrowers, the interest rate applicable to Loans under the Base Rate Option. If such Lender pays its share of the applicable Loan to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to make such payment to the Administrative
Agent. 
 (c) Making Swing Loans. So long as PNC elects to make Swing Loans, PNC shall, after receipt by it of a Swing Loan Request
pursuant to Section 2.05(b), [Swing Loan Requests] fund such Swing Loan to the Borrowers in U.S. Dollars only and in immediately available funds at the Principal Office prior to 5:00 p.m. on the Borrowing Date. 

  
 - 57 - 

 (d) Repayment of Revolving Credit Loans. The Borrowers shall repay the Revolving
Credit Loans together with all outstanding interest thereon on the Final Maturity Date. 
 (e) Borrowings to Repay Swing Loans. PNC
may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount
of the outstanding Swing Loans, plus, if PNC so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of
Letter of Credit Obligations. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.05(a) [Revolving Credit
Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this
Section (e) and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.05(a) [Revolving Credit Loan Requests] are
then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNC. 

(f) Swing Loans Under Cash Management Agreements. In addition to making Swing Loans pursuant to the foregoing provisions of
Section 2.06(c) [Making Swing Loans], without the requirement for a specific request from the Borrowers pursuant to Section 2.05(b) [Swing Loan Requests], PNC as the Swing Loan Lender may make Swing Loans to the Borrowers in accordance
with the provisions of the agreements between the Borrowers and such Swing Loan Lender relating to the Borrowers’ deposit, sweep and other accounts at such Swing Loan Lender and related arrangements and agreements regarding the management and
investment of the Borrowers’ cash assets as in effect from time to time (the “Cash Management Agreements”) to the extent of the daily aggregate net negative balance in the Borrowers’ accounts which are subject to the
provisions of the Cash Management Agreements. Swing Loans made pursuant to this Section (f) in accordance with the provisions of the Cash Management Agreements shall (i) be subject to the limitations as to aggregate amount set forth in
Section 2.01(b) [Swing Loan Commitment], (ii) not be subject to the limitations as to individual amount set forth in Section 2.05(b) [Swing Loan Requests], (iii) be payable by the Borrowers, both as to principal and interest, at the rates
and times set forth in the Cash Management Agreements (but in no event later than the Final Maturity Date), (iv) not be made at any time after such Swing Loan Lender has received written notice of the occurrence of an Event of Default and so long as
such shall continue to exist, or, unless consented to by the Required Lenders, a Default and so long as such shall continue to exist, (v) if not repaid by the Borrowers in accordance with the provisions of the Cash Management Agreements, be
subject to each Lender’s obligation pursuant to Section (e) [Borrowings to Repay Swing Loans], and (vi) except as provided in the foregoing subsections (a) through (e), be subject to all of the terms and conditions of this
Section 2.06(f). 

  
 - 58 - 

 Section 2.07 Notes. The Obligation of the Borrowers to repay the aggregate
unpaid principal amount of the Revolving Credit Loans, Swing Loans and Term Loans made to it by each Lender, together with interest thereon, shall be evidenced, upon such Lender’s request, by a revolving credit Note, a swing Note or a term
Note, dated the Effective Date payable to such Lender in a face amount equal to the Revolving Credit Commitment, Swing Loan Commitment or Term Loan Commitment, as applicable, of such Lender. 

Section 2.08 Utilization of Commitments in Optional Currencies. 

(a) Periodic Computations of Dollar Equivalent Amounts of Revolving Credit Loans that are Optional Currency Loans and Letters of Credit
Outstanding; Repayment in Same Currency. Swing Loans Under Cash Management Agreements. For purposes of determining utilization of the Revolving Credit Commitments, the Administrative Agent will determine the Dollar Equivalent amount of
(i) the outstanding and proposed Revolving Credit Loans that are Optional Currency Loans and Letters of Credit to be denominated in an Optional Currency as of the requested Borrowing Date or date of issuance, as the case may be, (ii) the
outstanding Letter of Credit Obligations denominated in an Optional Currency as of the last Business Day of each month, and (iii) the outstanding Revolving Credit Loans denominated in an Optional Currency as of the end of each Interest Period
(each such date under clauses (i) through (iii), and any other date on which the Administrative Agent determines it is necessary or advisable to make such computation, in its sole discretion, is referred to as a “Computation
Date”). Unless otherwise provided in this Agreement or agreed to by the Administrative Agent and the Borrowers, each Loan and Reimbursement Obligation shall be repaid or prepaid in the same currency in which the Loan or Reimbursement
Obligation was made. 
 (b) European Monetary Union. 

(i) Payments In Euros or Dollars Under Certain Circumstances. If (i) any Optional Currency ceases to be lawful currency of the
nation issuing the same and is replaced by the Euro or (ii) any Optional Currency and the Euro are at the same time recognized by any governmental authority of the nation issuing such currency as lawful currency of such nation and the
Administrative Agent or the Required Lenders shall so request in a notice delivered to the Borrowers, then any amount payable hereunder by any party hereto in such Optional Currency shall instead be payable in Euros or Dollars and the amount so
payable shall be determined by translating the amount payable in such Optional Currency to Euros or Dollars at the exchange rate established by that nation for the purpose of implementing the replacement of the relevant Optional Currency by Euros or
Dollars (and the provisions governing payments in Optional Currencies or Dollars in this Agreement shall apply to such payment in the Euro as if such payment in the Euro were a payment in an Optional Currency). Prior to the occurrence of the event
or events described in clause (i) or (ii) of the preceding sentence, each amount payable hereunder in any Optional Currency will, except as otherwise provided herein, continue to be payable only in that currency. 

  
 - 59 - 

 (ii) Additional Compensation Under Certain Circumstances. The Borrowers agrees, at
the request of any Lender, to compensate such Lender for any loss, cost, expense or reduction in return that such Lender shall reasonably determine shall be incurred or sustained by such Lender as a result of the replacement of any Optional Currency
by Euros or Dollars and that would not have been incurred or sustained but for the transactions provided for herein. A certificate of any Lender setting forth such Lender’s determination of the amount or amounts necessary to compensate such
Lender shall be delivered to the Borrowers and shall be conclusive absent manifest error so long as such determination is made on a reasonable basis. The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten
(10) days after receipt thereof. 
 (iii) Requests for Additional Optional Currencies. The Borrowers may deliver to the
Administrative Agent a written request that Revolving Credit Loans hereunder also be permitted to be made in any other lawful currency (other than Dollars), in addition to the currencies specified in the definition of “Optional
Currency” herein, provided that such currency must be freely traded in the offshore interbank foreign exchange markets, freely transferable, freely convertible into Dollars and available to the Lenders in the Relevant Interbank Market. The
Administrative Agent will promptly notify the Lenders of any such request promptly after the Administrative Agent receives such request. The Administrative Agent will promptly notify the Borrowers of the acceptance or rejection by the Administrative
Agent and each of the Lenders of the Borrower’s request. The requested currency shall be approved as an Optional Currency hereunder only if the Administrative Agent and all of the Lenders approve of the Borrowers’ request. 

Section 2.09 Interest Rate Options. The Borrowers shall pay interest in respect of the outstanding unpaid principal amount of the
Loans as selected by it from the Base Rate Option, Swing Rate Option or Euro-Rate Option set forth below applicable to the Loans, it
being understood that, subject to the provisions of this Agreement, the Borrowers may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert
to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that there shall not be at any one time outstanding more than five (5) Borrowing Tranches in the
aggregate among all of the Loans and provided further that if an Event of Default or Default exists and is continuing, the Borrower may not request, convert to, or renew the Euro-Rate Option for any Loans and the Required Lenders may demand
that all existing Borrowing Tranches bearing interest under the Euro-Rate Option shall be converted immediately to the Base Rate Option in Dollars, subject to the obligation of the Borrowers to pay any indemnity under Section 2.25 [Indemnity]
in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s
highest lawful rate. Interest on the principal amount of each Optional Currency Loan shall be paid by the Borrowers in such Optional Currency. 

(a) Revolving Credit Interest Rate Options; Swing Line Interest Rate. The Borrowers shall have the right to select from the following
Interest Rate Options applicable to the Revolving Credit Loans: 
 (A) Revolving Credit Base Rate Option: A fluctuating rate per
annum equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or 

  
 - 60 - 

 (B) Revolving Credit Euro-Rate Option: A rate per annum equal to the Euro-Rate as
determined for each applicable Interest Period plus the Applicable Margin. 
 Subject to
Section 2.12 [Interest After Default], only the Base Rate Option applicable to Revolving Credit Loans shall apply to the Swing Loans. 

(b) Term Loan Interest Rate Options. The Borrowers shall have the right to select from the following Interest Rate Options applicable
to the Term Loans: 
 (A) Term Loan Base Rate Option: A fluctuating rate per annum equal to the Base Rate plus the Applicable Margin,
such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or 
 (B)
Term Loan Euro-Rate Option: A rate per annum equal to the Euro-Rate plus the Applicable Margin. 
 (c) Swing Loan Interest Rate Options. The Borrowers shall have the right
to select from the following Interest Rate Options applicable to the Swing Loans: 

(A) Swing Loan Base Rate Option: A fluctuating rate per annum equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the
effective date of each change in the Base Rate; or 
 (B) Swing Loan Swing Rate Option: A fluctuating rate per annum equal to
the Swing Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Swing Rate. 

(cd
) Interest Act (Canada). For purposes of the Interest Act (Canada): (i) whenever any interest or fee under this Agreement is calculated on the basis of a period of time other than a
calendar year, such rate used in such calculation, when expressed as an annual rate, is equivalent to (x) such rate, multiplied by (y) the actual number of days in the calendar year in which the period for which such interest or fee is
calculated ends, and divided by (z) the number of days in such period of time, (ii) the principle of deemed reinvestment of interest shall 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. 
 Section 2.10 Rate
Calculations; Rate Quotations. All computations of interest for Base Rate Loans and Swing Rate Loans (including Base Rate Loans
determined by reference to the Daily LIBOR Rate and Swing Rate Loans determined by reference to the Swing Rate) shall be made on
the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed or, in the
case of interest in respect of Loans denominated in Optional Currencies as to which market practice differs from the foregoing, in accordance with such market practice. The Borrowers may call the Administrative Agent on or before the date on which a
Loan Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is
actually in effect when the election is made. 

  
 - 61 - 

 Section 2.11 Interest Periods. At any time when the Borrowers shall select,
convert to or renew a Euro-Rate Option, the Borrowers shall notify the Administrative Agent thereof by delivering a Loan Request to the Administrative Agent (i) at least three (3) Business Days prior to the effective date of such Euro-Rate
Option with respect to a Loan denominated in Dollars, and (ii) at least four (4) Business Days prior to the effective date of such Euro-Rate Option with respect to an Optional Currency Loan. The notice shall specify an Interest Period
during which such Interest Rate Option shall apply. Notwithstanding the preceding sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a Euro-Rate Option: 

(a) Amount of Borrowing Tranche. Each Borrowing Tranche of Loans under the Euro-Rate Option shall be in integral multiples of, and not
less than, the respective amounts set forth in Section 2.05(a) [Revolving Credit Loan Requests] or such lower amount outstanding on such Borrowing Tranche; 

(b) Renewals. In the case of the renewal of a Euro-Rate Option at the end of an Interest Period, the first day of the new Interest
Period shall be the last day of the preceding Interest Period, without duplication in payment of interest for such day; and 
 (c) No
Conversion of Optional Currency Loans. No Optional Currency Loan may be converted into a Loan with a different Interest Rate Option, or a Loan denominated in a different Optional Currency. 

Section 2.12 Interest After Default. To the extent permitted by Law, upon the occurrence of an Event of Default under
Section 9.01(a), (f) or (g) and until such time such Event of Default under Section 9.01(a), (f) or (g) shall have been cured or waived, (a) at the discretion of the Administrative Agent or (b) (i) upon written demand
by the Required Lenders or (ii) automatically upon an Event of Default under Section 9.01(f) or (g): 
 (a) Letter of Credit
Fees, Interest Rate. The Letter of Credit Fees and the rate of interest for each Loan otherwise applicable pursuant to Section 2.18(c) [Letter of Credit Fees] or Section 2.09 [Interest Rate Options], respectively, shall be increased by
2.0% per annum; 
 (b) Other Obligations. Each other Obligation hereunder if not paid when due shall bear interest at a rate per annum
equal to the sum of the rate of interest applicable to Revolving Credit Loans under the Base Rate Option plus an additional 2.0% per annum from the time such Obligation becomes due and payable and until it is Paid In Full; and 

(c) Acknowledgment. The Borrowers acknowledge that the increase in rates referred to in this Section 2.12 reflects, among other
things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrowers
upon demand by Administrative Agent. Each Borrower hereby authorizes the Administrative Agent to, and the Administrative Agent may, from time to time, charge the Loan Account pursuant to Section 4.01 [Payments] with the amount of any past-due interest payment payable hereunder. 

  
 - 62 - 

 Section 2.13 Rates Unascertainable; Illegality; Increased Costs; Deposits Not
Available; Optional Currency Not Available. 
 (a) Unascertainable. If on any date on which a Euro-Rate or Swing Rate would otherwise be determined, the Administrative Agent shall have determined that: 

(i) adequate and reasonable means do not exist for ascertaining such Euro-Rate or
Swing Rate, or 
 (ii) a contingency has occurred which materially and
adversely affects the Relevant Interbank Market relating to the Euro-Rate or Swing Rate, 

then the Administrative Agent shall have the rights specified in Section 2.15 [Administrative Agent’s and Lender’s Rights]. 

(b) Illegality; Increased Costs. If at any time, as a result of a Change in Law, any Lender shall have determined that: 

(i) the making, maintenance or funding of any Loan to which a Euro-Rate Option or
Swing Rate Option applies has been made impracticable or unlawful by compliance by such Lender in good faith with any Law or any interpretation or application thereof by any Governmental Authority
or with any request or directive of any such Governmental Authority, or 
 (ii) such Euro-Rate Option or Swing Rate Option will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any such Loan,

 then the Administrative Agent shall have the rights specified in Section 2.15 [Administrative Agent’s and Lender’s Rights]. 

Section 2.14 Optional Currency Not Available. If at any time the Administrative Agent shall have determined that a fundamental
change has occurred in the foreign exchange or interbank markets with respect to any Optional Currency (including, without limitation, changes in national or international financial, political or economic conditions or currency exchange rates or
exchange controls), then (i) the Administrative Agent shall notify the Borrower of any such determination, and (ii) the Administrative Agent shall have the rights specified in Section 2.15 [Administrative Agent’s and
Lender’s Rights]. 
 Section 2.15 Administrative Agent’s and Lender’s Rights. 

(a) In the case of any event specified in Section 2.13(a) [Unascertainable] above, the Administrative Agent shall promptly so notify the
Lenders and the Borrower thereof, in the case of an event specified in Section 2.13(b) [Illegality; Increased Costs], and in the case of an event specified in Section 2.14 [Optional Currency Not Available] above, such Lender shall promptly
so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send 

  
 - 63 - 

 copies of such notice and certificate to the other Lenders and the Borrower. Upon such date as shall be
specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (A) the Lenders, in the case of such notice given by the Administrative Agent, or (B) such Lender, in the case of such notice given
by such Lender, to allow the Borrower to select, convert to or renew a Euro-Rate Option or Swing Rate Option or select an Optional
Currency, as applicable, shall be suspended until the Administrative Agent shall have later notified the Borrower, or such Lender shall have later notified the Administrative Agent, of the Administrative Agent’s or such Lender’s, as the
case may be, determination that the circumstances giving rise to such previous determination no longer exist. If at any time the Administrative Agent makes a determination under Section 2.13(a) [Unascertainable] and the Borrower has previously
notified the Administrative Agent of its selection of, conversion to or renewal of a Euro-Rate Option or Swing Rate Option and
such Interest Rate Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans. If any Lender notifies the
Administrative Agent of a determination under Section 2.13(b) [Illegality; Increased Costs], the Borrower shall, subject to the Borrower’s indemnification Obligations under Section 2.25 [Indemnity], as to any Loan of the Lender to which a
Euro-Rate Option or Swing Rate Option applies, on the date specified in such notice either (i) as applicable, convert such
Loan to the Base Rate Option otherwise available with respect to such Loan or select a different Optional Currency or Dollars, or (ii) prepay such Loan in accordance with Section 2.17 [Prepayments of Loans]. Absent due notice from the
Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan upon such specified date. If the Administrative Agent makes a determination under
Section 2.14 [Optional Currency Not Available] then, until the Administrative Agent notifies the Borrower that the circumstances giving rise to such determination no longer exist, (i) the availability of Loans in the affected Optional
Currency shall be suspended, (ii) the outstanding Loans in such affected Optional Currency shall be converted into Dollar Loans (in an amount equal to the Dollar Equivalent of such outstanding Optional Currency Loans) (x) on the last day
of the then current Interest Period if the Lenders may lawfully continue to maintain Loans in such Optional Currency to such day, or (y) immediately if the Lenders may not lawfully continue to maintain Loans in such Optional Currency, and
interest thereon shall thereafter accrue at the Base Rate Option. 
 (b) If the Administrative Agent determines (which determination
shall be final and conclusive, absent manifest error) that either (i) (A) the circumstances set forth in Section 2.13 [Rates Unascertainable, Etc.] have arisen and are unlikely to be temporary, or (B) the circumstances set forth in
Section 2.13 [Rates Unascertainable, Etc.] have not arisen but the applicable supervisor or administrator (if any) of the Euro-Rate or Swing Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying the specific date after which the Euro-Rate or Swing Rate shall no longer be used for determining interest rates for loans (either such date, a “Euro Termination
Date”), or (ii) a rate other than the Euro-Rate or Swing Rate, as applicable, has become a widely recognized benchmark
rate for newly originated loans in Dollars in the U.S. market, then the Administrative Agent may (in consultation with the Borrowers) choose a replacement index for the Euro-Rate or
Swing Rate, as applicable, and make adjustments to applicable margins and related amendments to this Agreement as referred to below such that, to the extent practicable, the all-in interest rate based on the replacement index will be substantially equivalent to the all-in Euro-Rate-based or Swing Rate-based (as
applicable) interest rate in effect prior to its replacement. 

  
 - 64 - 

 (c) The Administrative Agent and the Borrowers shall enter into an amendment to this
Agreement to reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the discretion of the Administrative Agent, for the implementation and administration of the replacement index-based rate.
Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including, without limitation, Section 12.02 [Amendments, Etc.]), such amendment shall become effective without any further action or consent of any other
party to this Agreement at 5:00 p.m. on the tenth (10th) Business Day after the date a draft of the amendment is provided to the Lenders, unless the Administrative Agent receives, on or before
such tenth (10th) Business Day, a written notice from the Required Lenders stating that such Lenders object to such amendment. 

(d) Selection of the replacement index, adjustments to the applicable margins, and amendments to this Agreement (i) will be determined
with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated loans in the United States and loans converted from a Euro-Rate-based rate or a Swing Rate-based rate to a replacement index-based rate, and (ii) may also reflect adjustments to account for (x) the effects of
the transition from the Euro-Rate or Swing Rate to the replacement index and (y) yield- or risk-based differences between the
Euro-Rate or Swing Rate and the replacement index. 

(e) Until an amendment reflecting a new replacement index in accordance with this Section 2.15 is effective, each advance, conversion and
renewal of a Loan advanced at the Euro-Rate Option or Swing Rate Option will continue to bear interest with reference to the Euro-Rate
or Swing Rate, as applicable; provided however, that if the Administrative Agent determines (which determination shall be final
and conclusive, absent manifest error) that a Euro Termination Date has occurred, then following the Euro Termination Date, all Loans to which a Euro-Rate Option or Swing Rate
Option applies shall automatically be converted to Base Rate Loans until such time as an amendment reflecting a replacement index and related matters as described above is implemented. 

(f) Notwithstanding anything to the contrary contained herein, if at any time the replacement index is less than zero, at such times, such
index shall be deemed to be zero for purposes of this Agreement. 
 Section 2.16 Selection of Interest Rate Options. If the
Borrowers fail to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Euro-Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of
Section 2.11 [Interest Periods], the Borrowers shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans or Term Loans as the case may be, commencing upon the last day of the
existing Interest Period, and such currency conversion to U.S. Dollars shall be determined by the Administrative Agent at the time of such conversion. 

  
 - 65 - 

 Section 2.17 Prepayment of Loans. 

(a) [Intentionally Omitted]. 

(b) Optional Prepayment. 

(i) Revolving Credit Loans. At any time and from time to time, the Borrowers may prepay the principal of any Revolving Credit Loan, in
whole or in part without premium or penalty. 
 (ii) Term Loans. The Borrowers may, at any time and from time to time, upon at least
five (5) Business Days’ prior written notice to the Administrative Agent, prepay the principal of the Term Loans, in whole or in part, without premium or penalty, so long as, after giving pro forma effect to such proposed payment, no
Default or Event of Default shall have occurred and be continuing. Each prepayment made pursuant to this clause (b)(ii) shall be accompanied by the payment of accrued interest to the date of such payment on the amount prepaid. Each such prepayment
shall be applied, at the Borrower’s option, ratably to the Term Loans against the remaining installments of principal due thereon until Paid in Full, either in the order of maturity as to the installments due with respect to the applicable Term
Loan or in the inverse order of maturity as the Administrative Borrower may elect and designate in writing. 
 (iii) Termination of
Agreement. Notwithstanding anything to the contrary in this Section 2.17 [Prepayment of Loans], upon at least ten (10) days prior written notice to the Administrative Agent, the Administrative Borrower may terminate this Agreement by
Paying in Full to the Administrative Agent the Obligations, and the Lenders’ obligations to extend credit hereunder shall terminate concurrently with such repayment. The Borrowers shall be obligated to Pay in Full the Obligations on the date
set forth as the date of termination of this Agreement in such notice; provided that such notice of termination may be rescinded (and/or updated to provide a new payoff date) by the Administrative Borrower if any transaction involving the
refinancing or repayment of the Obligations fails to close. 
 (iv) Whenever the Borrowers desire to prepay any part of the Loans, it shall
provide a prepayment notice to the Administrative Agent by 3:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least five (5) Business Days prior to the date
of prepayment of the Term Loan or any Optional Currency Loans, or no later than 3:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information: 

(A) the date, which shall be a Business Day, on which the proposed prepayment is to be made; 

(B) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing Loans; 

(C) a statement indicating the application of the prepayment between Loans to which the Base Rate Option or Swing Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and 

  
 - 66 - 

 (D) the total principal amount of such prepayment, which shall not be less than the lesser
of (i) the Revolving Facility Usage or (ii) $250,000 for any Swing Loan or $1,000,000 for any Revolving Credit Loan or Term Loan. 

(c) Mandatory Prepayment. 

(i) Currency Fluctuations. If on any Computation Date the Revolving Facility Usage is equal to or greater than the
Revolving Credit Commitments as a result of a change in exchange rates between one (1) or more Optional Currencies and Dollars, then the Administrative Agent shall notify the Borrower of the same. The Borrower shall pay or prepay (subject to
Borrower’s indemnity obligations under Section 2.20 [Increased Costs and Reduced Return] and Section 2.25 [Indemnity]) within five (5) Business Days after receiving such notice such that the Revolving Facility Usage shall not
exceed the aggregate Revolving Credit Commitments after giving effect to such payments or prepayments. 
 (ii) [Intentionally
Omitted]. 
 (iii) [Intentionally Omitted]. 

(iv) Excess Cash Flow. Within ten (10) Business Days of the date on which audited annual financial statements are required to be
delivered pursuant to Section 7.01(a)(iii) [Reporting Requirements] (the “ECF Due Date”), commencing with the delivery to the Agents and the Lenders of the financial statements for the Fiscal Year ending on December 31, 2019
or, if such financial statements are not delivered to the Agents and the Lenders on the date such statements are required to be delivered pursuant to Section 7.01(a)(iii) [Reporting Requirements], ten (10) Business Days after the date such
statements are required to be delivered to the Agents and the Lenders pursuant to Section 7.01(a)(iii), the Borrowers shall prepay the outstanding principal amount of the Loans in an amount equal to the result of (to the extent positive): 50%
(or (x) if the Leverage Ratio measured for the four Fiscal Quarter period ending on the last day of such Fiscal Year was less than or equal to 2.00:1.00 but greater than 1.50:1.00, 25% or (y) if the Leverage Ratio measured for the four
Fiscal Quarter period ending on the last day of such Fiscal Year was less than or equal to 1.50:1.00, 0%) of the Excess Cash Flow of the Ultimate Parent and its Subsidiaries for such Fiscal Year; minus any voluntary prepayments made with
respect to the Term Loans (which, for the avoidance of doubt, shall exclude the proceeds of any Permitted Cure Stock), the proceeds for which dollar-for-dollar credit
shall be given. 
 (v) Dispositions. Subject to Section 2.17(c)(viii) below, not later than three (3) Business Days
following any Disposition by any Loan Party pursuant to Sections 7.02(c)(ii)(B) [Fundamental Changes; Dispositions] and 7.02(c)(ii)(C) [Fundamental Changes; Dispositions], the Borrowers shall prepay the outstanding principal amount of the
Obligations in accordance with clause (d) below in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such Disposition to the extent that the aggregate amount of Net Cash Proceeds received by the Loan
Parties (and not paid to the Administrative Agent as a prepayment of the applicable Loans) shall exceed for all such Dispositions, $1,500,000 in any Fiscal Year. Nothing contained in this Section 2.17(c)(v) shall permit any Loan Party or any of
its Subsidiaries to make a Disposition of any property other than in accordance with Section 

  
 - 67 - 

 
7.02(c)(ii) [Fundamental Changes; Dispositions]. For the avoidance of doubt, the payment of Cash Settlements or Share Settlements (as defined in the Funko LLC Agreement) shall not constitute
Dispositions subject to this Section 2.17(c)(v), and shall be permitted notwithstanding any of the covenants set forth in Section 7.02. 

(vi) Debt Issuances. Not later than one (1) Business Day following the issuance or incurrence by any Loan Party of any
Indebtedness (other than Permitted Indebtedness), the Borrowers shall prepay the outstanding amount of the Obligations in accordance with clause (d) below in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection
therewith The provisions of this Section 2.17(c)(vi) shall not be deemed to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions of this Agreement. 

(vii) Casualty and Condemnation. Subject to Section 2.17(c)(viii) below, not later than three (3) Business Days following
the receipt by any Loan Party of any casualty insurance (other than business interruption insurance) or condemnation proceeds in respect of any Collateral in excess of $1,000,000 in any Fiscal Year, the Borrowers shall prepay the outstanding
principal of the Obligations in accordance with clause (d) below in an amount equal to 100% of such insurance or condemnation proceeds, net of any reasonable expenses incurred in collecting such insurance or condemnation proceeds,
provided that the threshold referred to above shall not be applicable to limit repayment obligations under this Section 2.17(vii) at any time when an Event of Default has occurred and is continuing. 

(viii) Reinvestment Rights. Notwithstanding the foregoing, with respect to Net Cash Proceeds received by any Loan Party in connection
with a Disposition or the receipt of insurance proceeds or condemnation awards that are required to be used to prepay the Obligations pursuant to Section 2.17(c)(v) or 2.17(c)(vii), (collectively, the “Reinvestment Eligible
Funds”) shall not be required to be so used to prepay the Obligations to the extent that such Reinvestment Eligible Funds are used to purchase, replace, repair, restore or otherwise acquire properties or assets used in such Person’s
business, provided that, (i) no Default or Event of Default has occurred and is continuing on the date such Person receives such Reinvestment Eligible Funds, (ii) the Administrative Borrower delivers a certificate to the
Administrative Agent pursuant to Section 7.01(a)(iv) [Reporting Requirements], (iii) such Reinvestment Eligible Funds are deposited in a Cash Management Account, and (iv) upon the earlier of (a) the expiration of 180-day period following the receipt of such Reinvestment Eligible Funds or (b) the occurrence of a Default or an Event of Default, such Reinvestment Eligible Funds, if not theretofore so used, shall be used to
prepay the Obligations in accordance with Section 2.17(c)(v) or Section 2.17(c)(vii) as applicable. 
 (d) Application of
Payments. Each prepayment pursuant to subsections (c)(iv), (c)(v), (c)(vi), and (c)(vii) above shall be applied, first, to the applicable Term Loans, and second, to the Swing Loans, and third to the Revolving Credit Loans (other than Swing Loans). Prepayments of the Term Loans pursuant to Section 2.17(c) shall be applied against the scheduled amortization
(other than any balloon payment) in respect of the Term Loan on pro rata basis, with the balance applied to the balloon payment, if any. All prepayments required pursuant to this Section 2.17 shall first be applied among the Interest Rate
Options to the principal amount of the Loans subject to the Base Rate Option, then to Loans denominated in Dollars and subject to a Euro-Rate Option, then to the Optional Currency Loans. 

  
 - 68 - 

 (e) Notwithstanding the foregoing, after the occurrence and during the continuance of an
Event of Default, prepayments required under Section 2.17(c) shall continue to be applied in the manner set forth in this Section 2.17(d), unless the Administrative Agent has elected to, or have been directed by the Collateral Agent to,
apply payments and other proceeds of Collateral in accordance with Section 4.09(b) [Apportionment of Payments], in which case prepayments required under Section 2.17(c) [Mandatory Prepayments] shall be applied in the manner set forth in
Section 4.09(b) [Apportionment of Payments]. Except as provided in Section 2.15 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fail to specify the applicable Borrowing Tranche which the Borrowers are
prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit
Loans and Term Loans to which the Base Rate Option applies, then to Revolving Credit Loans which are not Optional Currency Loans and the Term Loans to which the Euro-Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which
the Base Rate Option applies, then to Swing Loans to which the Swing Rate Option applies. Any prepayment hereunder shall be subject to
the Borrower’s Obligation to indemnify the Lenders under Section 2.25 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent. 

(f) Interest and Fees. Any prepayment made pursuant to this Section 2.17 shall be accompanied by (i) accrued interest on the
principal amount being prepaid to the date of prepayment, (ii) any losses payable pursuant to Section 2.25 [Indemnity], (iii) [intentionally omitted] and (iv) if such prepayment would reduce the amount of the outstanding Loans to zero
at a time when the Total Revolving Credit Commitment has been terminated, such prepayment shall be accompanied by the payment of all fees accrued to such date pursuant to Section 2.18 [Fees]. 

(g) Cumulative Prepayments. Except as otherwise expressly provided in this Section 2.17, payments with respect to any subsection
of this Section 2.17 are in addition to payments made or required to be made under any other subsection of this Section 2.17. 

Section 2.18 Fees. 

(a) Fee Letter. As and when due and payable under the terms of the Fee Letter, the Borrowers shall pay the fees set forth in the Fee
Letter. 
 (b) [Intentionally Omitted]. 

(c) Letter of Credit Fees. The Borrowers shall pay (A) to the Administrative Agent, for the ratable benefit of the Revolving Loan
Lenders, a Letter of Credit fee in Dollars, or at the Administrative Agent’s option, the Optional Currency in which each Letter of Credit is issued (in addition to the charges, commissions, fees, and costs set forth in clause
(B) below) which shall accrue at a rate per annum equal to the Applicable Letter of Credit Fee Rate, times the daily balance of the Maximum Undrawn Amount of all outstanding Letters of Credit, for the period from and excluding the date of
issuance of same to and including the date of expiration or 

  
 - 69 - 

 
termination, such fees to be calculated on the basis of a 360-day year for the actual number of days elapsed and to be payable quarterly in arrears on the
first day of each quarter commencing January 1, 2019 and on the Final Maturity Date, and (B) to the Administrative Agent, for the benefit of the L/C Issuer, a fronting fee of 0.125% per annum times the daily balance of the Maximum Undrawn
Amount of all outstanding Letters of Credit in Dollars, for the period from and excluding the date of issuance of same to and including the date of expiration or termination, such fees to be calculated on the basis of a 360-day year for the actual number of days elapsed and to be payable quarterly in arrears on the first day of each quarter and on the Final Maturity Date, together with any and all customary administrative,
issuance, amendment, payment and negotiation charges (as per the L/C Issuer’s standard fee schedule) with respect to any Letters of Credit and all fees and expenses as agreed upon by the L/C Issuer and the Borrowers in connection with any
Letter of Credit, including in connection with the opening, amendment or renewal of any such Letter of Credit and any acceptances created thereunder and shall reimburse Administrative Agent for any and all fees and expenses, if any, paid by the
Administrative Agent to the L/C Issuer, which charges and fees shall be payable on demand or as otherwise mutually agreed upon by the Administrative Agent and the Borrowers (all of the foregoing fees and charges in paragraphs collectively, the
“Letter of Credit Fees”). All such charges shall be deemed earned in full on the date when the same are due and payable hereunder and shall not be subject to rebate or pro-ration upon the
termination of this Agreement for any reason. Any such charge in effect at the time of a particular transaction shall be the charge for that transaction, notwithstanding any subsequent change in the L/C Issuer’s prevailing charges for that type
of transaction; 
 Section 2.19 Taxes. i) Any and all payments by any Loan Party hereunder or under any other Loan Document
shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties
applicable thereto (“Taxes”), except as required by applicable law. If any applicable law requires the deduction or withholding of any Taxes from any such payment, then the applicable Loan Party or the Administrative Agent shall be
entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Taxes are Indemnified Taxes, then the sum payable by the
Loan Party shall be increased as necessary so that after such deduction or withholding of Indemnified Taxes has been made (including such deduction or withholdings applicable to additional sums payable under this Section) the applicable Lender or
the Administrative Agent (for amounts paid to the Administrative Agent in its capacity as such) receives an amount equal to the sum it would have received had no such deduction or withholding of Indemnified Taxes been made. For this purpose,
“Indemnified Taxes” means (x) all Taxes imposed on or with respect to any payment made by or on account of any Obligation of any Loan Party under any Loan Document, other than Excluded Taxes, and (y) to the extent not
otherwise described in (x), Other Taxes. For this purpose, “Excluded Taxes” means the following Taxes imposed on or with respect to a Lender, the L/C Issuer or an Agent or required to be withheld or deducted from any payment to a Lender,
the L/C Issuer or an Agent (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of the applicable recipient being organized under the laws
of, or having its principal office or, in the case of any Lender or the L/C Issuer, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection Taxes,

  
 - 70 - 

 
(ii) in the case of a Lender or the L/C Issuer, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such person with respect to an applicable interest in a Loan or
Commitment pursuant to a law in effect on the date on which (A) such person acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Administrative Borrower pursuant to Section 2.22(b)) or
(B) such person changes its lending office, except in each case to the extent that, pursuant to this Section 2.19, amounts with respect to such Taxes were payable either to such person’s assignor immediate before such person became a
party hereto or to such person immediately before it changed its lending office, (iii) Taxes attributable to a Lender or L/C Issuer or Agent’s failure to comply with Section 2.19(d) below, and (iv) any Taxes imposed under FATCA.

 (b) In addition, each Loan Party agrees to pay to the relevant Governmental Authority in accordance with applicable law any Other Taxes.
Each Loan Party shall deliver to each Agent, each Lender and the L/C Issuer official receipts (or other evidence of payment reasonably satisfactory to the Administrative Agent) in respect of any Taxes payable hereunder promptly after payment of such
Taxes. 
 (c) Without duplication of amounts compensated by Sections 2.19(a) and (b), the Loan Parties hereby jointly and severally
indemnify and agree to hold each Agent, each Lender and the L/C Issuer harmless from and against Indemnified Taxes (including, Indemnified Taxes imposed on any amounts payable under this Section 2.19) paid by such Person, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally asserted. Such indemnification shall be paid within 10 days from the date on which any such Person makes written demand therefore specifying in reasonable detail the nature and amount of
such Indemnified Taxes or Other Taxes. A certificate as to the amount of such payment or liability delivered to the Administrative Borrower by a Lender or the L/C Issuer (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a
Lender or the L/C Issuer, shall be conclusive absent manifest error. 
 (d) (1) Any Lender (which term shall include for purposes of this
Section 2.19(d) the L/C Issuer) that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Administrative Borrower and the Administrative Agent, at the time
or times reasonably requested by the Administrative Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Administrative Borrower or the Administrative Agent as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Administrative Borrower or the Administrative Agent shall deliver such other documentation prescribed by applicable law or
reasonably requested by the Administrative Borrower or the Administrative Agent as will enable the Administrative Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (d)(ii)(A), (ii)(B) and (ii)(D) of this
Section) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender. 

  
 - 71 - 

 (ii) Without limiting the generality of the foregoing, 

(A) Any Lender that is a U.S. Person shall deliver to the Administrative Borrower and the Administrative Agent on or about the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Administrative Borrower or the Administrative Agent), executed copies of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) Any Lender that is not a U.S. Person (a
“Foreign Lender”) shall, to the extent it is legally entitled to do so, deliver to the Administrative Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which
such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Administrative Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) In the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form
W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 
 (2) Executed copies of IRS Form W-8ECI; 
 (3) In the case of a Foreign Lender claiming the benefits of the exemption for portfolio
interest under Section 881(c) of the Internal Revenue Code, (x) a certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a
“10 percent shareholder” of any Borrower within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code, or a controlled foreign corporation” related to any Borrower as described in Section 881(c)(3)(C) of the
Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form
W-8BEN-E; or 
 (4) To the extent a Foreign Lender is not
the beneficial owner, executed copies of IRS Form W-8IMY, accompanies by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on
behalf of each such direct and indirect partner; 

  
 - 72 - 

 (C) Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Administrative Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Administrative Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable law to permit the Administrative Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirement of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Administrative Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Administrative Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Administrative Borrower or the Administrative Agent as may be necessary for the Administrative Borrower and the Administrative
Agent to comply with any obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this
clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (iii) On or before the date
it becomes an Agent hereunder, each agent shall provide to the Administrative Borrower a duly completed IRS Form W-9, or alternatively a duly completed copy of IRS Form
W-8IMY with the effect that Borrowers may make payments to the Agent, to the extent such payments are received by the Administrative Agent as an intermediary, without deduction or withholding of any Taxes
imposed by the United States. 
 Each Lender and Agent agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Administrative Borrower and/or the Administrative Agent in writing of its legal inability to do so. 

(e) If any Agent, any Lender or the L/C Issuer determines in its good faith that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 2.19, it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.19 with respect to Taxes giving rise to such refund),
net of all reasonable out-of-pocket expenses (including Taxes) of such indemnified party, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (e) (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (e), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (e) the payment of which would place the 

  
 - 73 - 

 
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to
make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(f) The obligations of the parties under this Section 2.19 shall survive the termination of this Agreement and the payment of the Loans
and all other amounts payable hereunder. 
 Section 2.20 Increased Costs and Reduced Return. ii) If any Lender, any Agent or the
L/C Issuer shall have determined that any Change in Law shall (i) subject such Agent, such Lender or the L/C Issuer, or any Person controlling such Agent, such Lender or the L/C Issuer to any tax, duty or other charge with respect to this
Agreement or any Loan made by such Agent or such Lender or any Letter of Credit issued by the L/C Issuer, or change the basis of taxation of payments to such Agent, such Lender or the L/C Issuer or any Person controlling such Agent, such Lender or
the L/C Issuer of any amounts payable hereunder (except for Indemnified Taxes and Excluded Taxes), (ii) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Loan, any Letter of Credit or against assets of
or held by, or deposits with or for the account of, or credit extended by, such Agent, such Lender or the L/C Issuer or any Person controlling such Agent, such Lender or the L/C Issuer or (iii) impose on such Agent, such Lender or the L/C
Issuer or any Person controlling such Agent, such Lender or the L/C Issuer any other condition (other than with respect to the matters specifically described (or excluded from) clause (i) and (ii) above) regarding this Agreement or any Loan or
Letter of Credit, and the result of any event referred to in clauses (i), (ii) or (iii) above shall be to increase the cost to such Agent, such Lender or the L/C Issuer of making any Loan, issuing, guaranteeing or participating in any Letter of
Credit, or agreeing to make any Loan or issue, guaranty or participate in any Letter of Credit, or to reduce any amount received or receivable by such Agent, such Lender or the L/C Issuer hereunder, then, upon demand by such Agent, such Lender or
the L/C Issuer, the Borrowers shall pay to such Agent, such Lender or the L/C Issuer such additional amounts as will compensate such Agent, such Lender or the L/C Issuer for such increased costs or reductions in amount; provided,
however, that notwithstanding anything to the contrary in this Section 2.20(a), it shall be a condition to a Lender’s or L/C Issuer’s exercise of its rights, if any, under this Section 2.20(a) that such Lender or L/C
Issuer shall generally be exercising similar rights with respect to borrowers under similar agreements. 
 (b) If any Agent, any Lender or
the L/C Issuer shall have determined that any Change in Law either (i) affects or would affect the amount of capital required or expected to be maintained by such Agent, such Lender or the L/C Issuer or any Person controlling such Agent, such
Lender or the L/C Issuer, and such Agent, such Lender or the L/C Issuer determines that the amount of such capital is increased as a direct or indirect consequence of any Loans made or maintained, Letters of Credit issued or any guaranty or
participation with respect thereto, such Agent’s, such Lender’s or the L/C Issuer’s or such other controlling Person’s other obligations hereunder, or (ii) has or would have the effect of reducing the rate of return on such
Agent’s, such Lender’s or the L/C Issuer’s such other controlling Person’s capital to a level below that which such Agent, such Lender or the L/C Issuer or such controlling Person could have achieved

  
 - 74 - 

 
but for such circumstances as a consequence of any Loans made or maintained, Letters of Credit issued, or any guaranty or participation with respect thereto or any agreement to make Loans, to
issue Letters of Credit or such Agent’s, such Lender’s or the L/C Issuer’s or such other controlling Person’s other obligations hereunder (in each case, taking into consideration, such Agent’s, such Lender’s or the L/C
Issuer’s or such other controlling Person’s policies with respect to capital adequacy), then, upon demand by such Agent, such Lender or the L/C Issuer, the Borrowers shall pay to such Agent, such Lender or the L/C Issuer from time to time
such additional amounts as will compensate such Agent, such Lender or the L/C Issuer for such cost of maintaining such increased capital or such reduction in the rate of return on such Agent’s, such Lender’s or the L/C Issuer’s or
such other controlling Person’s capital; provided, however, that notwithstanding anything to the contrary in this Section 2.20(b), it shall be a condition to a Lender’s or L/C Issuer’s exercise of its rights, if
any, under this Section 2.20(b) that such Lender or L/C Issuer shall generally be exercising similar rights with respect to borrowers under similar agreements. 

(c) All amounts payable under this Section 2.20 shall bear interest from the date that is ten (10) days after the date of demand by
any Agent, any Lender or the L/C Issuer until Payment in Full to such Agent, such Lender or the L/C Issuer at the Base Rate. A certificate of such Agent, such Lender or the L/C Issuer claiming compensation under this Section 2.20, specifying
the event herein above described and the nature of such event shall be submitted by such Agent, such Lender or the L/C Issuer to the Administrative Borrower, setting forth the additional amount due and an explanation of the calculation thereof, and
such Agent’s, such Lender’s or the L/C Issuer’s reasons for invoking the provisions of this Section 2.20, and shall be final and conclusive absent manifest error. 

(d) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.20 shall not
constitute a waiver of such Lender’s right to demand such compensation; provided, that the Borrowers shall not be required to compensate such Agent, such Lender or the L/C Issuer pursuant to this Section 2.20 for any increased costs
incurred or reductions suffered more than 180 days prior to the date that such Agent, Lender or L/C Issuer, as the case may be, notifies the Administrative Borrower of the Change in Law giving rise to such increased costs or reductions, and of such
Agent’s, Lender’s or L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 days period referred to above shall be
extended to include the period of retroactive effect thereof). 
 (e) The obligations of the Loan Parties under this Section 2.20 shall
survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 (f) The Borrowers shall
pay to each Lender (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits, additional interest on the unpaid principal amount of each
Loan under the Euro-Rate Option equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), and (ii) as long as
such Lender shall be required to comply with any reserve ratio requirement under Regulation D or under any similar, successor or 

  
 - 75 - 

 
analogous requirement of the Board of Governors of the Federal Reserve System (or any successor) or any other central banking or financial regulatory authority imposed in respect of the
maintenance of the Commitments or the funding of the Loans under the Euro-Rate Option, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs
allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), which in each case shall be due and payable on each date on which interest is payable on
such Loan; provided that in each case the Borrowers shall have received at least ten days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender and such Lender shall generally be
exercising similar rights with respect to borrowers under similar agreements. If a Lender fails to give notice ten days prior to the relevant Payment Date, such additional interest or costs shall be due and payable ten days from receipt of such
notice. 
 Section 2.21 [Intentionally Omitted]. 

Section 2.22 Mitigation Obligations; Replacement of Lenders. 

(a) If any Lender requires the Borrowers to pay any additional amounts under Section 2.15 [Administrative Agent’s and Lender’s
Rights], Section 2.19 [Taxes] or requests compensation under Section 2.20 [Increased Costs and Reduced Return], then such Lender shall (at the request of the Administrative Borrower) use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to such Section in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. 

(b) If any Lender requires the Borrowers to pay any additional amounts under Section 2.15 [Administrative Agent’s and Lender’s
Rights] or Section 2.19 [Taxes] or requests compensation under Section 2.20 [Increased Costs and Reduced Return] and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with clause (a)
above in a manner that eliminates the accrual of such additional amounts, or if any Lender is a Defaulting Lender, then the Administrative Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.07 [Assignments and Participations]), all of its interests, rights and obligations under
this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(i) the Borrowers or assignee shall have paid to the Agents any assignment fees specified in Section 12.07 [Assignments and
Participations]; 
 (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 2.15 [Administrative Agent’s and Lender’s Rights] or Section 2.20 [Increased
Costs and Reduced Return]) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); 

  
 - 76 - 

 (iii) in the case of any such assignment resulting from payments required to be made
pursuant to Section 2.15 [Administrative Agent’s and Lender’s Rights] or Section 2.19 [Taxes] a claim for compensation under Section 2.20 [Increased Costs and Reduced Return], such assignment will result in a reduction in
such compensation or payments thereafter; and 
 (iv) such assignment does not conflict with applicable law. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Administrative Borrower to require such assignment and delegation cease to apply. 
 Section 2.23
Currency Conversion Procedures for Judgments. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in any currency (the “Original Currency”) into another currency (the “Other
Currency”), the parties hereby agree, to the fullest extent permitted by Law, that the rate of exchange used shall be that at which in accordance with normal lending procedures the Administrative Agent could purchase the Original Currency with
the Other Currency after any premium and costs of exchange on the Business Day preceding that on which final judgment is given. 

Section 2.24 Indemnity in Certain Events. The obligation of Borrowers in respect of any sum due from Borrowers to any Lender
hereunder shall, notwithstanding any judgment in an Other Currency, whether pursuant to a judgment or otherwise, be discharged only to the extent that, on the Business Day following receipt by any Lender of any sum adjudged to be so due in such
Other Currency, such Lender may in accordance with normal lending procedures purchase the Original Currency with such Other Currency. If the amount of the Original Currency so purchased is less than the sum originally due to such Lender in the
Original Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment or payment, to indemnify such Lender against such loss. 

Section 2.25 Indemnity. In addition to the compensation or payments required by Section 2.19 [Taxes] or Section 2.20
[Increased Costs and Reduced Return], the Borrowers shall indemnify each Lender against all liabilities, losses or expenses (including loss of anticipated profits, any foreign exchange losses and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract) which such Lender sustains or incurs as a
consequence of any: 
 (a) payment, prepayment, conversion or renewal of any Loan to which a Euro-Rate Option applies on a day other than
the last day of the corresponding Interest Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and whether or not such payment or prepayment is then due), or any voluntary prepayment without the required notice,

  
 - 77 - 

 (b) attempt by the Borrowers to revoke (expressly, by later inconsistent notices or
otherwise) in whole or part any Loan Requests under Section 2.05 [Revolving Credit Loan Requests; Swing Loan Requests] or Section 2.11 [Interest Periods] or notice relating to prepayments under Section 2.17 [Prepayments of Loans], or

 (c) If any Lender sustains or incurs any such loss or expense, it shall from time to time notify the Borrowers of the amount determined
in good faith by such Lender (which determination may include such assumptions, allocations of costs and expenses and averaging or attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such Lender for such loss or
expense. Such notice shall set forth in reasonable detail the basis for such determination. Such amount shall be due and payable by the Borrowers to such Lender ten (10) Business Days after such notice is given. 

Section 2.26 Increase in Maximum Revolving Loan Amount or Term Loan Commitment. 

(a) Borrowers may, at any time prior to the Final Maturity Date, request that the Maximum Revolving Loan Amount or Term Loan Commitment be
increased by (1) one or more of the current Lenders increasing their Revolving Credit Commitment or Term Loan Commitment (any current Lender which elects to increase its Revolving Credit Commitment or Term Loan Commitment, as applicable, shall
be referred to as an “Increasing Lender”) or (2) one or more new lenders (each a “New Lender”) joining this Agreement and providing a Revolving Credit Commitment or Term Loan Commitment hereunder, as applicable, subject to
the following terms and conditions: 
 (i) No current Lender shall be obligated to increase its Revolving Credit Commitment or Term Loan
Commitment, any increase in the Revolving Credit Commitment or Term Loan Commitment, as applicable, by any current Lender shall be in the sole discretion of such current Lender and an opportunity to participate in such increase must first be offered
to the existing Lenders to participate on a pro rata basis based on their then-existing respective commitment percentages; 
 (ii)
Borrowers may not request the addition of a New Lender unless (and then only to the extent that) there is insufficient participation on behalf of the existing Lenders in the increased Revolving Credit Commitments or Term Loan Commitment, as
applicable, being requested by Borrowers; 
 (iii) There shall exist no Event of Default or Default on the effective date of such increase
after giving effect to such increase; 
 (iv) After giving effect to such increase, the Maximum Revolving Loan Amount shall not exceed
$75,000,000 or the Term Loan Commitment shall not exceed $260,000,000, as applicable (for the
avoidance of doubt, the. The principal amount of all increases under this Section 2.26
during the life of this Agreementafter the Second
Amendment Effective Date shall not exceed $25,000,000 in the aggregate); 
 (v) No single such increase in the Maximum Revolving Loan Amount or Term Loan
Commitment, as applicable, shall be for an amount less than $5,000,000; 

  
 - 78 - 

 (vi) Borrowers shall deliver to Administrative Agent on or before the effective date of
such increase the following documents in form and substance satisfactory to Administrative Agent: (1) certifications of their corporate secretaries or an Authorized Officer with attached resolutions certifying that the increase in the Revolving
Credit Commitment or Term Loan Commitment, as applicable, has been approved by such Borrowers, (2) certificate dated as of the effective date of such increase certifying that, on a pro forma basis after giving effect to such increase, no
Default or Event of Default shall have occurred and be continuing and certifying that the representations and warranties made by each Borrower herein and in the other Loan Documents are true and complete in all material respects with the same force
and effect as if made on and as of such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date), (3) such other agreements, instruments and information (including supplements or
modifications to this Agreement and/or the other Loan Documents executed by Borrowers as Administrative Agent reasonably deems necessary in order to document the increase to the Maximum Revolving Loan Amount or Term Loan Commitment, as applicable,
and to protect, preserve and continue the perfection and priority of the liens, security interests, rights and remedies of Administrative Agent and Lenders hereunder and under the other Loan Documents in light of such increase, and (4) an
opinion of counsel(s) in form and substance reasonably satisfactory to Administrative Agent which shall cover such matters related to such increase as Administrative Agent may reasonably require and each Borrower hereby authorizes and directs such
counsel to deliver such opinions to Administrative Agent and Lenders; 
 (vii) Borrowers shall execute and deliver, to the extent
requested, (1) to each Increasing Lender a replacement note reflecting the new amount of such Increasing Lender’s Revolving Credit Commitment or Term Loan Commitment, as applicable, after giving effect to the increase (and the prior note
issued to such Increasing Lender shall be deemed to be cancelled and will be returned to the Borrowers promptly) and (2) to each New Lender a Note reflecting the amount of such New Lender’s Revolving Credit Commitment or Term Loan
Commitment, as applicable; 
 (viii) Any New Lender shall be subject to the approval of Administrative Agent and L/C Issuer (not to be
unreasonably withheld or delayed); 
 (ix) Each Increasing Lender shall confirm its agreement to increase its Revolving Credit Commitment
or Term Loan Commitment, as applicable, pursuant to an acknowledgement in a form acceptable to Agent, signed by it and each Borrower and delivered to Administrative Agent at least five (5) days before the effective date of such increase; and

 (x) Each New Lender shall execute a lender joinder satisfactory to Administrative Agent pursuant to which such New Lender shall join and
become a party to this Agreement and the Other Documents with a Revolving Credit Commitment or Term Loan Commitment, as applicable, as set forth in such lender joinder. 

  
 - 79 - 

 (b) On the effective date of such increase to the Maximum Revolving Loan Amount, if
applicable, the Ratable Share of the Revolving Credit Commitment of Lenders holding a Revolving Credit Commitment (including each Increasing Lender and/or New Lender) shall be recalculated such that each such Lender’s Ratable Share of the
Revolving Credit Commitment is equal to (x) the Revolving Credit Commitment of such Lender divided by (y) the aggregate of the Revolving Credit Commitment of all Lenders. Each Lender shall participate in any new Revolving Credit
Loans made on or after such date in accordance with its Ratable Share of the Revolving Credit Commitment after giving effect to the increase in the Maximum Revolving Loan Amount and recalculation of the Ratable Share of the Revolving Credit
Commitment contemplated by this Section 2.26. On the effective date of such increase to the Term Loan Commitment, if applicable, the Ratable Share of the Term Loan Commitment of Lenders holding a Term Loan Commitment (including each Increasing
Lender and/or New Lender) shall be recalculated such that each such Lender’s Ratable Share of the Term Loan Commitment is equal to (x) the Term Loan Commitment of such Lender divided by (y) the aggregate of the Term Loan
Commitment of all Lenders. 
 (c) On the effective date of such increase to the Maximum Revolving Loan Amount, if applicable, each
Increasing Lender shall be deemed to have purchased an additional/increased participation in, and each New Lender will be deemed to have purchased a new participation in, each then outstanding Letter of Credit and each drawing thereunder and each
then outstanding Swing Loan in an amount equal to such Lender’s Ratable Share of the Revolving Credit Commitment (as calculated pursuant to Section 2.26(b) above) of the Maximum Undrawn Amount of each such Letter of Credit (as in effect
from time to time) and the amount of each drawing and of each such Swing Loan, respectively. As necessary to effectuate the foregoing, each existing Lender holding a Revolving Credit Commitment that is not an Increasing Lender shall be deemed to
have sold to each applicable Increasing Lender and/or New Lender, as necessary, a portion of such existing Lender’s participations in such outstanding Letters of Credit and drawings and such outstanding Swing Loans such that, after giving
effect to all such purchases and sales, each Lender holding a Revolving Credit Commitment (including each Increasing Lender and/or New Lender) shall hold a participation in all Letters of Credit (and drawings thereunder) and all Swing Loans in
accordance with their respective Ratable Share of the Revolving Credit Commitment (as calculated pursuant to Section 2.26(b) above). 

(d) On the effective date of such increase, Borrowers shall pay all reasonable and documented out-of-pocket cost and expenses incurred by Administrative Agent and by each Increasing Lender and New Lender, to the extent invoiced at least three (3) Business Days prior to the effective date of such
increase, in connection with the negotiations regarding, and the preparation, negotiation, execution and delivery of all agreements and instruments executed and delivered by any of Administrative Agent, Borrowers and/or Increasing Lenders and New
Lenders in connection with, such increase (including all fees for any supplemental or additional public filings of any other Loan Documents necessary to protect, preserve and continue the perfection and priority of the liens, security interests,
rights and remedies of Administrative Agent and Lenders hereunder and under the other Loan Documents in light of such increase). 

  
 - 80 - 

 ARTICLE III. 

LETTERS OF CREDIT 

Section 3.01 Letters of Credit. Subject to the terms and conditions hereof, the L/C Issuer shall issue or cause the issuance of
standby and/or trade letters of credit (collectively, “Letters of Credit”) for the account of the Borrowers or any of their Subsidiaries upon the request of Administrative Borrower (each such Letter of Credit, a “Letter of
Credit”), which such Letters of Credit shall be denominated either Dollars or an Optional Currency. The Maximum Undrawn Amount of all outstanding Letters of Credit shall not exceed in the aggregate at any time the lower of (i) (A) the
Total Revolving Commitment minus (B) the aggregate principal amount of all Revolving Credit Loans then outstanding, or (ii) the Letter of Credit Sublimit. 

Section 3.02 Issuance of Letters of Credit. 

(a) Subject to the terms hereof, the Administrative Borrower may request the L/C Issuer to issue or cause the issuance of a Letter of Credit
for itself or any Subsidiary (subject to the limitations contained in subclause (g) of the definition of Permitted Intercompany Advances) by delivering to the Administrative Agent, at the Payment Office, prior to 2:00 p.m. (New York time), at
least five (5) Business Days’ prior to the proposed date of issuance, the L/C Issuer’s form of letter of credit application (the “Letter of Credit Application”) completed to the reasonable satisfaction of the L/C
Issuer, and such other certificates, documents and other papers and information as the L/C Issuer may reasonably request. The Administrative Borrower, also has the right to give instructions and make agreements with the L/C Issuer with respect to
any application, any applicable letter of credit and related security agreement, any applicable letter of credit reimbursement agreement and/or any other applicable agreement, and the disposition of applicable documents, and to agree with the L/C
Issuer upon any amendment, extension or renewal of any Letter of Credit. 
 (b) Each Letter of Credit shall, among other things,
(i) provide for the payment of sight drafts, other written demands for payment, or acceptances of drafts when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein and
(ii) except as provided in Section 3.02(d) below, have an expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance (subject to automatic renewals) and in no event later than the date
that is 1 Business Day prior to the Final Maturity Date. Each standby Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 600,
and any amendments or revision thereof adhered to by the Issuer (“UCP 600”) or the International Standby Practices (ISP98-International Chamber of Commerce Publication Number 590) (“ISP98 Rules”), as determined by
the L/C Issuer, and each trade Letter of Credit shall be subject to UCP 600. 
 (c) The Administrative Agent shall use its reasonable
efforts to notify the Lenders of the request by the Administrative Borrower for a Letter of Credit hereunder. 
 (d) Notwithstanding
anything to the contrary set forth in Section 3.02(b) or any other provision of this Agreement, Administrative Borrower may request and L/C Issuer may issue Letters of Credit (and/or renewals or extensions of existing Letters of Credit) under
this Agreement with an expiry date that extends beyond the Final Maturity Date then in effect when such Letter of Credit (or the extension or renewal thereof) is requested (any such Letter of 

  
 - 81 - 

 
Credit so issued, renewed or extended, a “Post-Term Letter of Credit”), subject to all other existing terms and conditions of and provisions in this Agreement regarding Letters
of Credit, including any terms, conditions and provisions regarding the requesting and issuance thereof, but provided that, under no circumstances may any such Post-Term Letter of Credit as so issued, renewed or extended have an expiry date later
than the twelve-month anniversary of the Final Maturity Date as in effect when such Post-Term Letter of Credit is so issued, renewed or extended. Nothing contained in this Section 3.02(d) shall be construed under any circumstances as an
agreement by Lenders to extend the Final Maturity Date or require or obligate in any way Agent, Lenders and/or Issuer to make any Loans or to issue any new Letters of Credit (or extend or renew any existing Letters of Credit) on or after the Final
Maturity Date. 
 (e) All of the obligations, liabilities and indebtedness of any kind or nature of Borrowers with respect to any and all
such Post-Term Letters of Credit (including all Reimbursement Obligations and obligations to pay Letter of Credit Fees and obligations to pay interest in respect of any disbursement made by L/C Issuer in connection with a drawing under a Post-Term
Letter of Credit that is not immediately reimbursed by Borrowers (including any such interest accruing thereon after the Final Maturity Date, or after the commencement of any Insolvency Proceeding relating to any Loan Party, whether or not a claim
for post-filing or post-petition interest and/or Letter of Credit Fees is allowed in such proceeding)) (any such obligations, liabilities and indebtedness, the “Post-Term Letter of Credit Obligations”) shall remain Obligations
secured by the Collateral pursuant to the Liens created under the Loan Documents both prior to and after the Final Maturity Date, and Agents and Lenders shall have no obligations to release any Liens on the Collateral notwithstanding the overall
termination of this Agreement and of the commitments of the Lenders hereunder, until such time as the last such Post-Term Letter of Credit shall have expired or terminated or shall been fully drawn and all Post-Term Letter of Credit Obligations
(other than contingent indemnities and expense reimbursement obligations to the extent no claim therefore has been made, or is reasonably expected to be made) have been Paid in Full, provided that, notwithstanding the foregoing, on the Final
Maturity Date, Borrowers may Cash Collateralize each such Post-Term Letter of Credit, and in such event, if all other Obligations have been Paid in Full, Collateral Agent may release the Liens and security interests on all other Collateral in
accordance with the Loan Documents. Administrative Agent will deposit such Cash Collateral in a non-interest bearing deposit account maintained at Administrative Agent. Borrowers agree that upon the coming due
of any such Post-Term Letter of Credit Obligations, Agent may use such Post-Term Cash Collateral to pay and satisfy such Post-Term Letter of Credit Obligations. 

(f) Notwithstanding anything to the contrary contained in this Agreement and/or the overall termination of this Agreement on the Final
Maturity Date (subject to the survival of the provisions thereof that survive the termination of this Agreement by the terms thereof), all of the applicable provisions of Article III and Section 2.18(c) [Letter of Credit Fees] of this
Agreement, any Letter of Credit application for any Post-Term Letter of Credit and any other documents executed by and/or between Borrowers and/or L/C Issuer with respect to any Post-Term Letter of Credit (other than any provisions providing for any
obligations of any Lenders or any provisions giving Borrowers the right or ability to request that additional Letters of Credit be issued or that existing Letters of Credit be renewed or extended) shall survive the termination of this Agreement on
the last day of the Term for the benefit of Agent and Lenders (but not for the benefit of Borrowers), and Borrowers shall remain bound thereby, including 

  
 - 82 - 

 
without limitation (i) the obligations under_Section 2.18(c) [Letter of Credit Fees] of this Agreement for Borrowers to pay Letter of Credit Fees to L/C Issuer with respect to any Post-
Term Letter of Credit for so long as each Post-Term Letter of Credit shall remain outstanding and (ii) the obligations under this Article III for Borrowers to pay interest on any disbursements or payments made by L/C Issuer relating to any
Post-Term Letter of Credit until reimbursed. 
 Section 3.03 Requirements For Issuance of Letters of Credit. The Administrative
Borrower shall authorize and direct the L/C Issuer to name one or more Loan Parties as the “Applicant” or “Account Party” of each Letter of Credit. If the Administrative Agent is not the L/C Issuer of any Letter of Credit, the
Administrative Borrower shall authorize and direct the L/C Issuer to deliver to the Administrative Agent all instruments, documents, and other writings and property received by the L/C Issuer pursuant to the Letter of Credit and to accept and rely
upon the Administrative Agent’s instructions and agreements with respect to all matters arising in connection with the Letter of Credit or the application therefor. The beneficiary named on any Letter of Credit shall not be a Sanctioned Person
in violation of any Anti-Terrorism Law. 
 Section 3.04 Disbursements, Reimbursement. 

(a) Immediately upon the issuance of each Letter of Credit, each Revolving Loan Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the L/C Issuer a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender’s applicable Ratable Share (determined in accordance with paragraph (a) of the
definition of “Ratable Share”) of the Maximum Face Amount of such Letter of Credit and the amount of such drawing, respectively, in each case in the currency in which each Letter of Credit is issued. 

(b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the L/C Issuer will promptly
notify the Administrative Borrower. Provided that it shall have received such notice by 12:00 noon (New York City time) with respect to any Letter of Credit, the Borrowers shall reimburse (such obligation to reimburse the L/C Issuer together with
any interest thereon pursuant to Section 2.09 [Interest Rate Options] shall be referred to as a “Reimbursement Obligation”) the L/C Issuer prior to 1:00 p.m. (New York City time) on such date that an amount is paid by the L/C
Issuer under any Letter of Credit (each such date, a “Drawing Date”) in an amount and in the currency equal to the amount and currency so paid by the L/C Issuer. In the event the Borrowers fail to reimburse the L/C Issuer for the
full amount of any drawing under any Letter of Credit by 1:00 p.m. (New York City time) with respect to any Letter of Credit on the Drawing Date, the Administrative Agent will promptly notify each Revolving Loan Lender thereof, and the Borrowers
shall be deemed to have requested that a Revolving Credit Loan that is a Base Rate Loan in U.S. Dollars (and, if the Letter of Credit was denominated in another currency, in the Dollar Equivalent amount to the amount paid by the Issuing Lender in
such other currency on the Drawing Date thereof) be made by the Revolving Loan Lenders pursuant to Section 2.01 [Revolving Credit Loans] to be disbursed on the Drawing Date under such Letter of Credit. Any notice given by the Administrative
Agent pursuant to this Section 3.04(b) [Disbursements; Reimbursements] may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of
such notice. 

  
 - 83 - 

 (c) Each Revolving Loan Lender shall upon any notice pursuant to Section 3.04(b)
[Disbursements; Reimbursements] make available to the L/C Issuer an amount in Dollars in immediately available funds equal to its applicable Ratable Share (determined in accordance with paragraph (a) of the definition of “Ratable
Share”) of the amount of the drawing (and, if the Letter of Credit was denominated in another currency, in the Dollar Equivalent amount to the amount paid by the Issuing Lender in such other currency on the Drawing Date thereof), whereupon the
participating Lenders shall (subject to Section 3.04(d) [Disbursements; Reimbursements]) each be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in that amount. If any Revolving Loan Lender so notified
fails to make available to the L/C Issuer the amount in Dollars of such Lender’s applicable Ratable Share of such amount by no later than 2:00 p.m. (New York City time) with respect to any Letter of Credit on the Drawing Date, then (unless L/C
Issuer and such Lender shall agree otherwise, each in their sole and absolute discretion) interest shall accrue on such Lender’s obligation to make such payment, from the Drawing Date to the date on which such Lender makes such payment
(i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the interest rate on Revolving Credit Loans that are Base Rate Loans on and
after the fourth day following the Drawing Date. The Administrative Agent will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent to give any such notice on the Drawing Date or in sufficient time to
enable any Revolving Loan Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section 3.04(c) [Disbursements; Reimbursements], provided that such Lender shall not be obligated to pay interest
as provided in Section 3.04(c) (i) and (ii) until and commencing from the date of receipt of notice from the Administrative Agent of a drawing. Each Revolving Loan Lender’s payment to the L/C Issuer pursuant to this
Section 3.04(c) shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Revolving Loan” from such Lender in satisfaction of its Participation
Commitment under this Section 3.04. 
 (d) With respect to any unreimbursed drawing that is not converted into a Revolving Credit Loan
to the Borrowers in whole or in part as contemplated by Section 3.04(b), because of the failure of Borrowers to satisfy the conditions set forth in Section 5.02 [Conditions Precedent to All Loans and Letters of Credit] (other than any
notice requirements) or for any other reason, the Borrowers shall be deemed to have incurred from the L/C Issuer a borrowing (each a “Letter of Credit Borrowing”) in Dollars in the amount of such drawing (and, if the Letter of
Credit was denominated in another currency, in the Dollar Equivalent amount to the amount paid by the Issuing Lender in such other currency on the Drawing Date thereof). Such Letter of Credit Borrowing shall be due and payable on demand (together
with interest) and shall bear interest at the rate per annum equal to the interest rate on Revolving Credit Loans that are Base Rate Loans. 

(e) Each Lender’s Participation Commitment shall continue until the last to occur of any of the following events: (x) the L/C Issuer
ceases to be obligated to issue or cause to be issued Letters of Credit hereunder; (y) no Letter of Credit issued or created hereunder remains outstanding and uncanceled and (z) all Persons (other than the Borrowers) have been fully
reimbursed for all payments made under or relating to Letters of Credit. 

  
 - 84 - 

 Section 3.05 Repayment of Participation Revolving Credit Loans. 

(a) Upon (and only upon) receipt by the L/C Issuer for its account of immediately available funds from the Borrowers (i) in reimbursement
of any payment made by the L/C Issuer under any Letter of Credit with respect to which any Lender has made a Participation Revolving Loan to the L/C Issuer or (ii) in payment of interest on such a payment made by the L/C Issuer under such a
Letter of Credit, the L/C Issuer will pay to each Revolving Loan Lender in the same funds and currencies as those received by the L/C Issuer, the amount of such Lender’s applicable Ratable Share of such funds, except the L/C Issuer shall retain
the amount of the applicable Ratable Share of such funds of any Revolving Loan Lender that did not make a Participation Revolving Loan in respect of such payment by the L/C Issuer. 

(b) If the L/C Issuer is required at any time to return to the Borrowers or to a trustee, receiver, liquidator, custodian, or any official in
any insolvency proceeding, any portion of the payments made by the Borrowers to the L/C Issuer pursuant to Section 3.05(a) in reimbursement of a payment made under any Letter of Credit or interest or fee thereon, each Revolving Loan
Lender shall, on demand of the L/C Issuer, forthwith return to the L/C Issuer the amount of its applicable Ratable Share of any amounts so returned by the L/C Issuer plus interest at the Federal Funds Effective Rate (or, for any payment in an
Optional Currency, the Overnight Rate). 
 Section 3.06 Documentation. Each Borrower agrees to be bound by the terms of the
Letter of Credit Application and by the L/C Issuer’s interpretations of any Letter of Credit issued for the Loan Account of Borrowers and by the L/C Issuer’s written regulations and customary practices relating to letters of credit, though
the L/C Issuer’s interpretations may be different from the interpretations of Borrowers. In the event of a conflict between the Letter of Credit Application and this Agreement, this Agreement shall govern. It is understood and agreed that,
except in the case of gross negligence, bad faith or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment), neither the L/C Issuer nor the Administrative
Agent shall be liable for any error, negligence and/or mistakes, whether of omission or commission, in following any instructions of any Borrower or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.

 Section 3.07 Determination to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter
of Credit by the beneficiary thereof, the L/C Issuer shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the
requirements of such Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth. 

Section 3.08 Nature of Participation and Reimbursement Obligations. Each applicable Revolving Loan Lender’s obligation in
accordance with this Agreement to make the Revolving Credit Loans or Participation Revolving Credit Loans as a result of a drawing under a Letter of Credit, and the obligations of the Borrowers to reimburse the L/C Issuer upon a draw under a Letter
of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Article III under all circumstances, including without consideration for the following circumstances: 

(a) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against
the L/C Issuer, the Administrative Agent, the Borrowers or any other Person for any reason whatsoever; 

  
 - 85 - 

 (b) the failure of the Borrowers or any other Person to comply, in connection with a Letter
of Credit Borrowing, with the conditions set forth in this Agreement for the making of a Revolving Credit Loan, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation of the
Lenders to make Participation Revolving Credit Loans under Section 3.04 [Disbursements; Reimbursements]; 
 (c) any lack of validity or
enforceability of any Letter of Credit, this Agreement or any other Loan Documents; 
 (d) any claim of breach of warranty that might be
made by any Borrower or any Lender against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, recoupment, counterclaim, crossclaim, defense or other right which any Borrower or any
Lender may have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), the L/C Issuer, the Administrative Agent or
any Lender or any other Person, whether in connection with this Agreement, such Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Borrowers or any of their
Subsidiaries and the beneficiary for which any Letter of Credit was procured); 
 (e) the lack of power or authority of any signer of (or
any defect in or forgery of any signature or endorsement on) or the form of or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection
with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter of Credit, or the transport of any property or provisions of services relating to a Letter of Credit; 

(f) except as provided in Section 3.07, any payment by the L/C Issuer under any Letter of Credit against presentation of a demand, draft
or certificate or other document which does not comply with the terms of such Letter of Credit; 
 (g) the solvency of, or any acts or
omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any
property or services relating to a Letter of Credit; 
 (h) any failure by the Administrative Agent or the L/C Issuer to issue any Letter of
Credit in the form requested by the applicable Borrowers, unless the Administrative Agent has received written notice from the Administrative Borrower of such failure within three (3) Business Days after the Administrative Agent shall have furnished
the Administrative Borrower a copy of such Letter of Credit and no drawing has been made thereon prior to receipt of such notice; 

  
 - 86 - 

 (i) any Material Adverse Effect on any Borrower or any Guarantor; 

(j) any breach of this Agreement or any Loan Document by any party thereto; 

(k) the occurrence or continuance of an insolvency proceeding with respect to any Borrower or any Guarantor; 

(l) the fact that a Default or Event of Default shall have occurred and be continuing; 

(m) the fact that the Final Maturity Date shall have occurred or this Agreement or the Obligations hereunder shall have been terminated; and

 (n) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. 

Nothing contained in this Section 3.08 shall be deemed to relieve the Administrative Agent or the L/C Issuer from any claim by any of the
Borrowers for the gross negligence, bad faith or willful misconduct of the Administrative Agent or the L/C Issuer, respectively, in respect of honoring or failing to honor any drawing under any Letter of Credit or otherwise in respect of any Letter
of Credit, but any such claim may not be used as a defense to the reimbursement obligation for any such drawing. 
 Section 3.09
Indemnity. In addition to amounts payable as provided in Section 12.16 [Indemnification; Limitation of Liability for Certain Damages], the Borrowers, jointly and severally, hereby agree to protect, indemnify, pay and save harmless the
Administrative Agent and the L/C Issuer from and against any and all claims, demands, liabilities, damages, taxes, (except for any Indemnified Taxes (to the extent covered by Section 2.19), Other Taxes (to the extent covered by
Section 2.19), or Excluded Taxes), penalties, interest, judgments, losses, costs, charges and expenses (including reasonable and documented out-of-pocket fees,
expenses and disbursements of outside counsel) which the Administrative Agent or any of the Administrative Agent’s Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit, other than
as a result of (A) the gross negligence, bad faith or willful misconduct of the Administrative Agent or the L/C Issuer or any of their respective Affiliates (as determined by a court of competent jurisdiction in a final non-appealable judgment), or (B) the wrongful dishonor by the Administrative Agent, the L/C Issuer, or any of their respective Affiliates of a proper demand for payment made under any Letter of Credit, except
if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Governmental Authority (all such acts or omissions herein called “Governmental Acts”). 

Section 3.10 Liability for Acts and Omissions. As between the Borrowers, the L/C Issuer and the Revolving Loan Lenders, the
Borrowers assume all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer shall not be responsible
for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any
or all respects invalid, insufficient, inaccurate, fraudulent or 

  
 - 87 - 

 
forged; (b) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (c) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply
fully with any conditions required in order to draw upon such Letter of Credit or any other claim of the Borrowers against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among Borrowers and any
beneficiary of any Letter of Credit or any such transferee; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher;
(e) errors in interpretation of technical terms; (f) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (g) the
misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (h) any consequences arising from causes beyond the control of the L/C Issuer, including any Governmental Acts, and
none of the above shall affect or impair, or prevent the vesting of, any of the L/C Issuer’s rights or powers hereunder. Nothing in the preceding sentence shall relieve the L/C Issuer from liability for the L/C Issuer’s gross negligence,
bad faith or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment) in connection with actions or omissions described in such clauses (a) through (h) of
such sentence. In no event shall the L/C Issuer or the L/C Issuer’s Affiliates be liable to the Borrowers for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation
attorneys’ fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit. 
 Without
limiting the generality of the foregoing, the L/C Issuer and each of its Affiliates (i) may rely on any oral or other communication believed in good faith by the L/C Issuer or such Affiliate to have been authorized or given by or on behalf of
the applicant for a Letter of Credit; (ii) may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously
dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such
presentation had initially been honored, together with any interest paid by the L/C Issuer or its Affiliates; (iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such
statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of
Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the L/C Issuer or its
Affiliate in any way related to any order issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and honor any drawing in
connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit. 

  
 - 88 - 

 In furtherance and extension and not in limitation of the specific provisions set forth
above, any action taken or omitted by the L/C Issuer under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith and without gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment), shall not put the L/C Issuer under any resulting liability to the Borrowers or any Revolving Loan Lender.

 ARTICLE IV. 

PAYMENTS 

Section 4.01 Payments. All payments and prepayments to be made in respect of principal, interest, Commitment Fees, Letter of
Credit Fees, Administrative Agent’s Fee or other fees or amounts due from the Borrowers hereunder shall be payable prior to 12:00 p.m. on the date when due without presentment, demand, protest or notice of any kind, all of which are hereby
expressly waived by the Borrowers and without set-off or counterclaim and an action therefor shall immediately accrue. Such payments shall be made to the Administrative Agent at the Principal Office for the
account of PNC with respect to the Swing Loans and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans or Term Loans in U.S. Dollars and in immediately available funds, and the Administrative Agent shall promptly
distribute such amounts to the Lenders in immediately available funds; provided that in the event payments are received by 12:00 p.m. by the Administrative Agent with respect to the Loans and such payments are not distributed to the Lenders on the
same day received by the Administrative Agent, the Administrative Agent shall pay the Lenders interest at the Federal Funds Effective Rate in the case of Loans or other amounts due in Dollars, or the Overnight Rate in the case of Loans or other
amounts due in an Optional Currency, with respect to the amount of such payments for each day held by the Administrative Agent and not distributed to the Lenders. All payments of principal and interest made in respect of the Loans must be repaid in
the same currency (whether Dollars or the applicable Optional Currency) in which such Loan was made and all unpaid drawings with respect to each Letter of Credit shall be made in the same currency (whether Dollars or the applicable Optional
Currency) in which such Letter of Credit was issued. The Administrative Agent may (but shall not be obligated to) debit the amount of any such payment which is not made by such time to any ordinary deposit account of the applicable Borrower with the
Administrative Agent. 
 Section 4.02 Pro Rata Treatment of Lenders. Each borrowing of Revolving Credit Loans shall be allocated
to each Lender according to its Ratable Share, and each selection of, conversion to or renewal of any Interest Rate Option and each payment or prepayment by the Borrowers with respect to principal, interest, Commitment Fees and Letter of Credit Fees
(but excluding the Administrative Agent’s Fee and the Issuing Lender’s fronting fee) shall (except as otherwise may be provided with respect to a Defaulting Lender and except as provided in Sections 2.15 [Administrative Agent’s and
Lender’s Rights] in the case of an event specified in Section 2.13 [Rate Unascertainable; Etc.], 2.22 [Replacement of a Lender] or 2.20 [Increased Costs and Reduced Return]) be payable ratably among the Lenders entitled to such payment in
accordance with the amount of principal, interest, Commitment Fees and Letter of Credit Fees, as set forth in this Agreement. Notwithstanding any of the foregoing, each borrowing or payment or prepayment by the Borrowers of principal, interest, fees
or other amounts from the Borrowers with respect to Swing Loans shall be made by or to PNC according to Section 2.06(e) [Borrowings to Repay Swing Loans]. 

  
 - 89 - 

 Section 4.03 Sharing of Payments by Lenders. If any Lender shall, by exercising
any right of setoff, counterclaim or banker’s lien, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain payment in respect of any principal of or interest on any of its Loans or other
obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than the pro-rata
share of the amount such Lender is entitled thereto, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such
other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Loans and other amounts owing them, provided that: 
 (a) if any such participations are purchased and all or
any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, together with interest or other amounts, if any, required by Law (including court
order) to be paid by the Lender or the holder making such purchase; and 
 (b) the provisions of this Section 4.03 shall not be
construed to apply to (x) any payment made by the Loan Parties pursuant to and in accordance with the express terms of the Loan Documents or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans or Participation Advances to any assignee or participant, other than to the Borrowers or any Subsidiary thereof (as to which the provisions of this Section 4.03 shall apply). 

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Loan Party in the amount of such
participation. 
 Section 4.04 Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice
from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the
Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrowers have not in fact
made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate (or, for payments in an Optional Currency, the Overnight
Rate) and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

  
 - 90 - 

 Section 4.05 Payment Dates. Interest on Loans to which the Base Rate Option or Swing Loan Base Rate Option, as applicable, applies shall be due and payable in arrears on each Payment Date. Interest on Loans to which the Swing Loan Swing Rate Option applies shall be due and payable in arrears on each Payment Date. Interest on Loans to which the Euro-Rate Option applies which is
for a term of three months or less shall be due and payable on the last day of eachthe related Interest Period for those Loans. Interest accrued on each other Loan to which the Euro-Rate Option applies shall be due and payable on the date which is three months after the
date such Loan was made, every three months thereafter and, in any event, on the last day of the related Interest Period and upon any payment or prepayment of such Loan. Interest on mandatory
prepayments of principal under Section 2.17(c) [Mandatory Prepayments] shall be due and payable on the date such mandatory prepayment is due. Interest on the principal amount of each Loan or other monetary Obligation shall be due and payable on
demand after such principal amount or other monetary Obligation becomes due and payable (whether on the stated Final Maturity Date, upon acceleration or otherwise). 

Section 4.06 Settlement Date Procedures. In order to minimize the transfer of funds between the Lenders and the Administrative
Agent, the Borrowers may borrow, repay and reborrow Swing Loans and PNC may make Swing Loans as provided in Section 2.01(b) [Swing Loan Commitments] hereof during the period between Settlement Dates. The Administrative Agent shall notify each
Lender of its Ratable Share of the total of the Revolving Credit Loans and the Swing Loans (each a “Required Share”). On such Settlement Date, each Lender shall pay to the Administrative Agent the amount equal to the difference between its
Required Share and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its Ratable Share of all payments made by the Borrowers to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative
Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and on any mandatory prepayment date as provided for herein and may at its option effect settlement on any other
Business Day. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 4.06 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other
than a Settlement Date pursuant to Section 2.01(b) [Swing Loan Commitment]. The Administrative Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Administrative Agent such Lender’s
Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Administrative Agent to pay immediately to such Lender its Ratable Share of all payments made by the Borrowers to the Administrative Agent with
respect to the Revolving Credit Loans. 
 Section 4.07 [Intentionally Omitted]. 

Section 4.08 [Intentionally Omitted]. 

Section 4.09 Apportionment of Payments. Subject to terms hereof: 

(a) All payments of principal and interest in respect of outstanding Loans, all payments in respect of the Letter of Credit Obligations, all
payments of fees (other than the fees 

  
 - 91 - 

 
with respect to Letters of Credit provided for in Sections 2.18(c) [Letter of Credit Fees]) and all other payments in respect of any other Obligations, shall be allocated by the Administrative
Agent among such of the Lenders as are entitled thereto, in proportion to their respective Ratable Share or otherwise as provided herein or, in respect of payments not made on account of Loans or Letter of Credit Obligations, as designated by the
Person making payment when the payment is made. 
 (b) After the occurrence and during the continuance of an Event of Default, the
Administrative Agent may, and upon the direction of the Collateral Agent or the Required Lenders shall, apply all proceeds of the Collateral as follows: 

(i) First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts, including
attorney fees, payable to the Administrative Agent in its capacity as such, the Collateral Agent in its capacity as such, the Issuing Lender in its capacity as such and the Swing Loan Lender in its capacity as such, ratably among the Administrative
Agent, Collateral Agent, the Issuing Lender and Swing Loan Lender in proportion to the respective amounts described in this clause First payable to them; 

(ii) Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them; 

(iii) Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and Reimbursement
Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 

(iv) Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Reimbursement Obligations, Bank
Product Obligations and to cash collateralize any undrawn amounts under outstanding Letters of Credit, ratably among the Lenders, the Issuing Lender, the Bank Product Providers, in proportion to the respective amounts described in this clause
Fourth held by them; and 
 (v) Last, the balance, if any, to the Loan Parties or as required by Law. 

Notwithstanding anything to the contrary in this Section 4.09, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from
such Non-Qualifying Party under its Guaranty Agreement (including sums received as a result of the exercise of remedies with respect to such Guaranty Agreement) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities; provided, however, that to the extent possible appropriate adjustments shall be made with respect to
payments and/or the proceeds of Collateral from other Loan Parties that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above in this Section 4.09. 

  
 - 92 - 

 Section 4.10 Defaulting Lenders. Notwithstanding anything to the contrary
contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(a) The Administrative Agent shall not be obligated to transfer to such Defaulting Lender any payments made by any Borrower to the
Administrative Agent for such Defaulting Lender’s benefit, and, in the absence of such transfer to such Defaulting Lender, the Administrative Agent shall transfer any such payments to each other
non-Defaulting Lender ratably in accordance with their Ratable Share (without giving effect to the Ratable Share of such Defaulting Lender) (but only to the extent that such Defaulting Lender’s Loans were
funded by the other Lenders) or, if so directed by the Administrative Borrower and if no Default or Event of Default has occurred and is continuing (and to the extent such Defaulting Lender’s Loans were not funded by the other Lenders), retain
the same to be re-advanced to the Borrowers as if such Defaulting Lender had made such Loans to the Borrowers. Subject to the foregoing, the Administrative Agent may hold and, in its discretion, re-lend to the Borrowers for the account of such Defaulting Lender the amount of all such payments received and retained by the Administrative Agent for the account of such Defaulting Lender. No Defaulting Lender
shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fees that otherwise would have been required to have been paid to that Defaulting
Lender). 
 (b) Any such failure to fund by any Defaulting Lender shall constitute a material breach by such Defaulting Lender of this
Agreement and shall entitle the Borrowers to replace the Defaulting Lender with one or more substitute Lenders, and the Defaulting Lender shall have no right to refuse to be replaced hereunder. Such notice to replace the Defaulting Lender shall
specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. Prior to the effective date of such replacement, the Defaulting Lender shall execute and deliver an Assignment
and Acceptance, subject only to the Defaulting Lender being repaid its share of the outstanding Obligations without any premium or penalty of any kind whatsoever. If the Defaulting Lender shall refuse or fail to execute and deliver any such
Assignment and Acceptance prior to the effective date of such replacement, the Defaulting Lender shall be deemed to have executed and delivered such Assignment and Acceptance. The replacement of any Defaulting Lender shall be made in accordance with
the terms of Section 12.07. 
 (c) The operation of this Section shall not be construed to increase or otherwise affect the Commitments
of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or excuse the performance by any Borrower of its duties and obligations hereunder to the
Administrative Agent or to the Lenders other than such Defaulting Lender. 
 (d) This Section shall remain effective with respect to such
Lender until either (i) the Obligations under this Agreement shall have been declared or shall have become immediately due and payable or (ii) the non-Defaulting Lenders, the L/C Issuer, the Agents, and
the Borrowers shall have waived such Defaulting Lender’s default in writing, and the Defaulting Lender makes its Ratable Share of the applicable defaulted Loans and pays to the Agents all amounts owing by such Defaulting Lender in respect
thereof; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting Lender; and provided, further, that except to the
extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.

  
 - 93 - 

 Section 4.11 Joint and Several Liability of the Borrowers. 

(a) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, each of the Borrowers hereby accepts joint and
several liability hereunder and under the other Loan Documents for the Obligations, in consideration of the financial accommodations to be provided by the Agents, the Lenders and the Bank Product Providers under this Agreement and, the other Loan Documents and the Bank Product Agreements, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the
undertakings of the other Borrowers to accept joint and several liability for the Obligations. Each of the Borrowers, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this
Section 4.11) it being the intention of the parties hereto that all of the Obligations shall be the joint and several obligations of each of the Borrowers without preferences or distinction among them. If and to the extent that any of the
Borrowers shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with
respect to, or perform, such Obligation. Subject to the terms and conditions hereof, the Obligations of each of the Borrowers under the provisions of this Section 4.11 constitute the absolute and unconditional, full recourse Obligations of each
of the Borrowers, enforceable against each such Person to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement, the other Loan Documents or any other circumstances whatsoever.

 (b) [Intentionally Omitted]. 

(c) The provisions of this Section 4.11 are made for the benefit of the Agents, the Lenders, the Bank Product Providers and their
successors and assigns, and may be enforced by them from time to time against any or all of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Agents, the Lenders, the Bank Product Providers or such
successors or assigns first to marshal any of its or their claims or to exercise any of its or their rights against any of the other Borrowers or to exhaust any remedies available to it or them against any of the other Borrowers or to resort to any
other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this Section 4.11 shall remain in effect until all of the Obligations shall have been Paid in Full. 

(d) Each of the Borrowers hereby agrees that it will not enforce any rights that it may now or hereafter acquire against any other entity
constituting a Borrower or a Guarantor that arise from the existence, payment, performance or enforcement of such entity’s obligations under this Agreement and the other Loan Documents, including any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Agent and the Lenders against any other entity constituting a Borrower or a Guarantor or any Collateral, whether or not such claim, remedy or
right arises in equity or 

  
 - 94 - 

 
under contract, statute or common law, including the right to take or receive from any other entity constituting a Borrower or a Guarantor, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security solely on account of such claim, remedy or right. Any claim which any Borrower may have against any other Borrower with respect to any payments to the Agents
or the Lenders hereunder or under any other Loan Documents are hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the Payment in Full of the
Obligations. 
 ARTICLE V. 

CONDITIONS TO LOANS 

Section 5.01 Conditions Precedent to Effectiveness. This Agreement shall become effective as of the Business Day (the
“Effective Date”) when each of the following conditions precedent shall have been satisfied (or waived in writing) in a manner reasonably satisfactory to the Agents: 

(a) Payment of Fees, Etc. The Borrowers shall have paid on or before the date of this Agreement all fees, costs, expenses and taxes
then payable pursuant to Section 2.18 [Fees] and Section 12.04 [Expenses, Etc.], to the extent invoiced at least three Business Days prior to the Effective Date (or such later date as the Borrowers may reasonably agree). 

(b) Representations and Warranties; No Event of Default. The following statements shall be true and correct: (i) the
representations and warranties by the Borrowers and their Subsidiaries contained in this Agreement and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations or warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof (including the representations and warranties set forth in the final sentence of
Section 6.01(g)(i) [Financial Conditions]), which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of the Effective Date, except to the extent that any such representation or
warranty expressly relates solely to an earlier date in which case such representation or warranty shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or
warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof (including the representations and warranties set forth in the final sentence of Section 6.01(g)(i)
[Financial Conditions]), which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such earlier date, and (ii) no Default or Event of Default shall have occurred and be continuing
on the Effective Date or would result from this Agreement or the other Loan Documents becoming effective in accordance with its or their respective terms. 

(c) [Intentionally Omitted]. 

  
 - 95 - 

 (d) Delivery of Documents. The Collateral Agent shall have received on or before the
Effective Date the following, each of which shall be originals or “pdf” files unless otherwise specified, each in form and substance reasonably satisfactory to the Collateral Agent and, unless indicated otherwise, dated the Effective Date:

 (i) a Security Agreement, together with, to the extent applicable, the original stock certificates representing all of the Equity
Interests, and all promissory notes required to be pledged thereunder, accompanied by undated stock powers executed in blank and other proper instruments of transfer; 

(ii) a UCC Filing Authorization Letter, together with appropriate financing statements on Form UCC-1,
duly filed in such office or offices as may be necessary to perfect the security interests purported to be created by each Security Agreement; 

(iii) [Intentionally Omitted]; 

(iv) the Intercompany Subordination Agreement, duly executed by each Loan Party; 

(v) the Flow of Funds Agreement, duly executed by the Administrative Agent and the Administrative Borrower; 

(vi) a copy of the resolutions of each Loan Party, certified as of the Effective Date by an Authorized Officer thereof, authorizing
(A) the borrowings or guaranties, as applicable, hereunder and the transactions contemplated by the Loan Documents to which such Loan Party is or will be a party, and (B) the execution, delivery and performance by such Loan Party of each
Loan Document to which such Loan Party is or will be a party and the execution and delivery of the other documents to be delivered by such Person in connection herewith and therewith; 

(vii) a certificate of an Authorized Officer of each Loan Party, certifying the names and true signatures of the representatives of such Loan
Party authorized to sign each Loan Document to which such Loan Party is or will be a party and the other documents to be executed and delivered by such Loan Party in connection herewith and therewith, together with evidence of the incumbency of such
authorized officers/directors/representatives; 
 (viii) a certificate of the appropriate official(s) of the jurisdiction of organization
of each Loan Party certifying as of a recent date not more than 30 days prior to the Effective Date as to the subsistence in good standing of such Loan Party in such jurisdictions; 

(ix) a true and complete copy of the charter, certificate of formation, certificate of limited partnership or other publicly filed
organizational document of each Loan Party certified as of a recent date not more than 30 days prior to the Effective Date by an appropriate official of the jurisdiction of organization of such Loan Party which shall set forth the same complete name
of such Loan Party as is set forth herein and the organizational number of such Loan Party, if an organizational number is issued in such jurisdiction; 

(x) a copy of the Governing Documents of each Loan Party, together with all amendments thereto, certified as of the Effective Date by an
Authorized Officer of such Loan Party; 

  
 - 96 - 

 (xi) an opinion of Latham & Watkins LLP, counsel to the Loan Parties, as to such
customary matters as the Agents may reasonably request; 
 (xii) an opinion of Garvey Schubert Barer, P.C., special Washington counsel to
Funko, as to such customary matters as the Agents may reasonably request; 
 (xiii) Cash Management Agreements, each in form and substance
reasonably satisfactory to the Agents, with respect to the Cash Management Accounts; 
 (xiv) An executed landlord’s waiver or other
lien waiver agreement from the lessor, warehouse operator or other applicable Person for the Borrowers’ headquarters and warehouse location in Everett, Washington; provided, however, this condition shall be deemed to be satisfied if Borrowers
have used commercially reasonable efforts to obtain such waivers; 
 (xv) a certificate of an Authorized Officer of each Loan Party,
certifying (A) as to the matters set forth in Section 5.01(b) [Representations and Warranties; No Event of Default] and (B) that the Borrowers have a Leverage Ratio of less than 2.75 to 1.00 as of the most recent quarter end for which
financial statements are available, calculated on trailing twelve month basis; 
 (xvi) a copy of (A) the Financial Statements and
(B) the financial projections described in Section 6.01(g)(ii) [Financial Conditions] hereof; 
 (xvii) [Intentionally Omitted];

 (xviii) [Intentionally Omitted]; 

(xix) evidence of the payment in full of all Indebtedness under the Existing Credit Facilities, together with (A) a termination and
release agreement or deed of release (as applicable) with respect to each of the Existing Credit Facilities and all related documents, duly executed by the applicable Loan Parties and the Existing Lenders, (B) a termination of security interest
in intellectual property for each assignment for security recorded by the Existing Lenders at the United States Patent and Trademark Office or the United States Copyright Office and covering any intellectual property of the Loan Parties, and (C) UCC-3 termination statements for all UCC-1 financing statements filed by the Existing Lenders and covering any portion of the Collateral; and 

(e) Material Adverse Effect. Since December 31, 2017, no Material Adverse Effect has occurred and is continuing. 

  
 - 97 - 

 Section 5.02 Conditions Precedent to All Loans and Letters of Credit. The
obligation of any Agent or any Lender to make any Loan or of the L/C Issuer to issue any Letter of Credit after the Effective Date is subject to the fulfillment of each of the following conditions precedent: 

(a) Representations and Warranties; No Event of Default. The following statements shall be true and correct, and the submission by the
Administrative Borrower to the Administrative Agent of a Loan Request with respect to each such Loan, and the Borrowers’ acceptance of the proceeds of such Loan, or the submission by the Administrative Borrower of a Letter of Credit Application
with respect to a Letter of Credit, and the issuance of such Letter of Credit, shall each be deemed to be a representation and warranty by each Borrower on the date of such Loan or the date of issuance of such Letter of Credit that: (i) the
representations and warranties contained in ARTICLE VI and in each other Loan Document, certificate or other writing delivered to any Agent or any Lender pursuant hereto or thereto on or prior to the date of such Loan or such Letter of Credit are
true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to “materiality” or “Material Adverse
Effect” in the text thereof (including the representations and warranties set forth in the final sentence of Section 6.01(g)(i) [Financial Conditions]), which representations and warranties shall be true and correct in all respects subject
to such qualification) on and as of such date as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be
true and correct in all material respects on and as of such earlier date (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to “materiality” or
“Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification)), (ii) at the time of and after giving effect to the making of such Loan and the
application of the proceeds thereof or at the time of issuance of such Letter of Credit, no Default or Event of Default has occurred and is continuing or would result from the making of the Loan to be made, or the issuance of such Letter of Credit
to be issued, on such date and (iii) the conditions set forth in this Section 5.02 have been satisfied as of the date of such request. 

(b) Notices. The Administrative Agent shall have received (i) a duly executed and completed Loan Request pursuant to
Section 2.05 [Revolving Credit Loan Requests] hereof and (ii) a Letter of Credit Application pursuant to Section 3.02(a) [Issuance of Letters of Credit] hereof, if applicable. 

(c) Optional Currency. At the time of making any Loans or issuing, extending or increasing any Letters of Credit and after giving
effect to the proposed extensions of credit, in the case of any Loan or Letter of Credit to be denominated in an Optional Currency, there shall not have occurred any change in national or international financial, political or economic conditions or
currency exchange rates or exchange controls which in the reasonable opinion of the Administrative Agent, the Required Lenders (in the case of any Loans to be denominated in an Optional Currency) or the Issuing Lender (in the case of any Letter of
Credit to be denominated in an Optional Currency) would make it impracticable for such Loan or Letter of Credit to be denominated in the relevant Optional Currency. 

Section 5.03 Conditions Subsequent to Effectiveness. As an accommodation to the Loan Parties, the Agent and the Lenders have
agreed to execute this Agreement and to make the Loans on the Effective Date notwithstanding unsatisfied conditions set forth below on or before the Effective Date. In consideration of such accommodation, the Loan Parties agree that, in addition to
all other terms, conditions and provisions set forth in this Agreement and the other Loan Documents, including, without limitation, those conditions set forth in Section 5.01 

  
 - 98 - 

 
[Conditions Precedent to Effectiveness], the Loan Parties shall satisfy each of the conditions subsequent set forth below on or before the date applicable thereto (it being understood that (i)
the failure by the Loan Parties to perform or cause to be performed any such condition subsequent on or before the date applicable thereto shall constitute an Event of Default and (ii) to the extent that the existence of any such condition
subsequent would otherwise cause any representation, warranty or covenant in this Agreement or any other Loan Document to be breached, the Required Lenders hereby waive such breach for the period from the Effective Date until the date on which such
condition subsequent is required to be fulfilled pursuant to this Section 5.03): 
 (a) within fifteen (15) days following the
Effective Date (or such later date as permitted by the Agents in their sole discretion) after the Effective Date, the Loan Parties shall deliver to the Collateral Agent original certificates evidencing 65% of the equity interests of each of Funko
UK, Funko Animation Studios Limited and Funko Far East Limited, together with transfer powers executed in blank; 
 (b) within fifteen
(15) days (or such longer period as Agents may agree in their sole discretion) after the Effective Date, the Loan Parties shall use commercially reasonable efforts to obtain the landlord’s waivers required by Section 5.01(d)(xiv); and

 (c) within ten (10) Business Days following the Effective Date (or such later date as permitted by the Agents in their sole
discretion), the Agents shall have received evidence of the insurance coverage required by Section 7.01(h) [Maintenance of Insurance] and the terms of each Security Agreement and such other insurance coverage with respect to the business and
operations of the Loan Parties as the Collateral Agent may reasonably request, in each case, where reasonably requested by the Collateral Agent, with such endorsements as to the named insureds or loss payees thereunder as the Collateral Agent may
request and providing that such policy may be terminated or canceled (by the insurer or the insured thereunder) only upon 30 days’ prior written notice to the Collateral Agent and each such named insured or loss payee, together with evidence of
the payment of all premiums due in respect thereof for such period as the Collateral Agent may request. 
 ARTICLE VI. 

REPRESENTATIONS AND WARRANTIES 

Section 6.01 Representations and Warranties. Each Loan Party hereby represents and warrants to the Agents, the Lenders and the L/C
Issuer as follows: 
 (a) Organization, Good Standing, Etc. Each Loan Party and each of its Subsidiaries (i) is a corporation,
limited liability company or limited partnership or other foreign business entity duly organized, validly existing and, where applicable, in good standing under the laws of the state or jurisdiction of its organization, (ii) has all requisite
power and authority to conduct its business as now conducted and as presently contemplated and, in the case of the Borrowers, to make the borrowings hereunder, and to execute and deliver each Loan Document to which it is a party, and to consummate
the transactions contemplated thereby, and (iii) is duly qualified to do business and, where applicable, is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its
business makes such qualification necessary, other than a jurisdiction where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect. 

  
 - 99 - 

 (b) Authorization, Etc. The execution, delivery and performance by each Loan Party of
each Loan Document to which it is or will be a party, (i) have been duly authorized by all necessary action, (ii) do not and will not contravene any applicable Requirement of Law in any material respect or any of its Governing Documents or
any material Contractual Obligation binding on or otherwise affecting it or any of its properties, (iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to any of
its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its
properties. 
 (c) Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any
Governmental Authority is required in connection with the due execution, delivery and performance by any Loan Party of any Loan Document to which it is or will be a party, except for those authorizations, approvals, actions or notices, the failure
of which to obtain or make could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (d)
Enforceability of Loan Documents. This Agreement is, and each other Loan Document to which any Loan Party is or will be a party, when delivered hereunder, will be, a legal, valid and binding obligation of such Person, enforceable against such
Person in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally. 

(e) Capitalization; Subsidiaries. 

(i) On the Effective Date, after giving effect to the transactions contemplated hereby to occur on the Effective Date, the authorized Equity
Interests of the Parent and the issued and outstanding Equity Interests of the Parent are as set forth on Schedule 6.01(e). All of the issued and outstanding shares of Equity Interests of the Parent have been validly issued. Except as described on
Schedule 6.01(e), as of the Effective Date, there are no outstanding debt or equity securities of the Parent and no outstanding obligations of the Parent convertible into or exchangeable for, or warrants, options or other rights for the purchase or
acquisition from the Parent, or other obligations of the Parent to issue, directly or indirectly, any shares of Equity Interests of the Parent. 

(ii) Schedule 6.01(e) is a complete and correct description of the name, jurisdiction of incorporation and ownership of the outstanding
Equity Interests of such Subsidiaries of the Ultimate Parent in existence as of the Effective Date. All of the issued and outstanding shares of Equity Interests of such Subsidiaries have been validly issued and, in the case of any Subsidiary
organized as a corporation under the laws of any jurisdiction of the United States, are fully paid and nonassessable, and the holders thereof are not entitled to any preemptive, first refusal or other similar rights. Except as indicated on such
Schedule, as of the 

  
 - 100 - 

 
Effective Date, all such Equity Interests is owned by the Ultimate Parent or one or more of its wholly-owned Subsidiaries, free and clear of all Liens other than Permitted Liens (but excluding
any Permitted Liens that are consensual or contractual Liens). As of the Effective Date, there are no outstanding debt or equity securities of the Ultimate Parent or any of its Subsidiaries and no outstanding obligations of the Ultimate Parent or
any of its Subsidiaries convertible into or exchangeable for, or warrants, options or other rights for the purchase or acquisition from the Ultimate Parent or any of its Subsidiaries, or other obligations of any Subsidiary to issue, directly or
indirectly, any shares of Equity Interests of any Subsidiary of the Ultimate Parent. 
 (f) Litigation; Commercial Tort Claims. Other
than any litigation that has been disclosed in the Public Holdco’s most recent public filings, (i) there is no pending or, to the best knowledge of any Loan Party, threatened action, suit or proceeding affecting any Loan Party or any of
its properties before any court or other Governmental Authority or any arbitrator that (A) could reasonably be expected to be adversely determined and, if adversely determined, could reasonably be expected to have a Material Adverse Effect or
(B) relates to this Agreement or any other Loan Document or any transaction contemplated hereby or thereby and (ii) as of the Effective Date, none of the Loan Parties holds any commercial tort claims in respect of which a claim has been
filed in a court of law or a written notice by an attorney has been given to a potential defendant. 
 (g) Financial Condition. 

(i) The Financial Statements, copies of which have been delivered to each Agent, fairly present, in all material respects, the consolidated
financial condition of Funko, Inc. and its Subsidiaries as at the respective dates thereof and the consolidated results of operations of Funko, Inc. and its Subsidiaries for the fiscal periods ended on such respective dates, all in accordance with
GAAP (subject to the absence of footnotes and year-end adjustments in the case of the Financial Statements described in clause (b) of the definition of Financial Statements). Except as set forth on
Schedule 6.01(g), all material indebtedness and other material liabilities (including, without limitation, Indebtedness, liabilities for taxes, long-term leases and other unusual forward or long-term commitments), direct or contingent, of Funko and
its Subsidiaries are set forth in the Financial Statements, but excluding any liabilities incurred in the ordinary course of business since the date of the last Financial Statements. Since December 31, 2017, no event or development has occurred that
has had or could reasonably be expected to have a Material Adverse Effect. 
 (ii) Funko has heretofore furnished to each Agent and each
Lender (A) projections of Funko and its Subsidiaries for the period from January 1, 2018 through December 31, 2023, which projected financial statements shall be updated from time to time pursuant to Section 7.01(a)(vii) [Reporting
Requirements] and (B) projected annual budget for Funko and its Subsidiaries, prepared on a monthly basis. Such budget, as updated from time to time pursuant to Section 7.01(a)(viii) [Reporting Requirements], has been prepared on a
reasonable basis and in good faith by Funko, and is based on assumptions believed by Funko to be reasonable at the time made (it being understood that projections are uncertain by their nature and may not be realized). 

  
 - 101 - 

 (h) Compliance with Law, Etc. No Loan Party or any of its Subsidiaries is in
violation of (i) any of its Governing Documents, (ii) any domestic or foreign Requirement of Law, including, without limitation, any statute, legislation or treaty, any guideline, directive, rule, standard, requirement, policy, order,
judgment, injunction, award or decree of any Governmental Authority, in each case, applicable to it or any of its property or assets, or (iii) any material term of any Contractual Obligation (including, without limitation, any Material
Contract) binding on or otherwise affecting it or any of its properties, except to the extent that any such violation described in subclause (i) (solely in the case of a Subsidiary that it not a Loan Party), (ii) or (iii) could not reasonably
be expected to result in a Material Adverse Effect, and no Default or Event of Default has occurred and is continuing. 
 (i) ERISA.
Except as set forth on Schedule 6.01(i), no Loan Party or any of its ERISA Affiliate maintains or is required to contribute to any Plan. Each Plan is in compliance in all materials respects with its terms and with ERISA, the Internal Revenue
Code and all other applicable Laws. No Termination Event has occurred for which there remains any outstanding material liability nor is any such Termination Event reasonably expected to occur with respect to any Pension Benefit Plan. Each Plan which
is intended to be a qualified plan under Section 401(a) of the Internal Revenue Code as currently in effect has been determined by the Internal Revenue Service to be qualified under Section 401(a) of the Internal Revenue Code and the trust
related thereto is exempt from federal income tax under Section 501(a) of the Internal Revenue Code. Copies of each agreement entered into with the PBGC, the U.S. Department of Labor or the Internal Revenue Service in the last two years with
respect to any Plan have been delivered to the Agents. No Lien imposed under the Internal Revenue Code or ERISA exists or is likely to arise on account of any Plan within the meaning of Section 412 of the Internal Revenue Code. No Loan Party or
any of its ERISA Affiliates has incurred any withdrawal liability under ERISA with respect to any Multiemployer Plan that remains unsatisfied, or is aware of any facts indicating that it or any of its ERISA Affiliates may in the future incur any
such withdrawal liability. No Loan Party or any of its ERISA Affiliates nor any fiduciary of any Plan has (i) failed to pay any required installment or other payment required under Section 412 of the Internal Revenue Code on or before the
due date for such required installment or payment, (ii) engaged in a transaction within the meaning of Section 4069 of ERISA or (iii) incurred any liability to the PBGC which remains outstanding other than the payment of premiums, and
there are no premium payments which have become due which are unpaid. Neither any Loan Party nor any of its ERISA Affiliates has incurred any liability for any excise tax arising under Sections 4971, 4972, 4980B or 4980H of the Internal Revenue Code
and no fact exists which could give rise to any such liability. No Loan Party has engaged in a non-exempt “prohibited transaction” described in Section 406 of ERISA or Section 4975 of the
Internal Revenue Code, except as would not reasonably be expected to result in material liability to any of the Loan Parties. No Pension Benefit Plan has been terminated by the plan administrator therefor nor by the PBGC and there exists no event or
condition which would cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Benefit Plan. There are no pending or, to the best knowledge of any Loan Party, threatened claims, actions, proceedings or lawsuits (other
than claims for benefits in the normal course or claims that could not reasonably be expected to result in material liability) asserted or instituted against (i) any Plan or its assets, (ii) any fiduciary with respect to any Plan, or
(iii) any Loan Party or any of its ERISA Affiliates with respect to any Plan. Except as set forth on Schedule 6.01(i) and except as required by Section 4980B of the Internal Revenue Code, as of the date hereof, no Loan Party or any of its
ERISA Affiliates maintains an employee welfare benefit plan (as defined in Section 3(1) of 

  
 - 102 - 

 
ERISA) for employees which provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of any Loan Party or any of its ERISA Affiliates
or coverage after a participant’s termination of employment. No Pension Benefit Plan is in “at risk” status under Section 430(i)(4) of the Internal Revenue Code or Section 303(i)(4) of ERISA. 

(j) Taxes, Etc. All national and Federal, and all material state, provincial and local tax returns and other reports required by
applicable Requirements of Law to be filed by any Loan Party or any of its Subsidiaries have been filed, or extensions have been obtained, and all taxes, assessments and other governmental charges imposed upon any Loan Party or any of its
Subsidiaries or any property of any Loan Party or any of its Subsidiaries and which have become due and payable on or prior to the date hereof have been paid, except (i) to the extent contested in good faith by proper proceedings which stay the
imposition of any penalty, fine or Lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP, (ii) in the
case of any Subsidiary that is not a Loan Party, relating to amounts that are not material or (iii) with respect to which the failure to make such filing or payment would not, individually or in the aggregate, reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect. Each Loan Party is resident for Tax purposes only in the jurisdiction of its incorporation. 

(k) Regulations T, U and X. No Loan Party is or will be engaged, principally or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation T, U or X), and no proceeds of any Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of
purchasing or carrying any margin stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U and X. 

(l) Nature of Business. 

(i) No Loan Party is engaged in any business other than as described on Schedule 6.01(l) and other business reasonably related or ancillary
thereto. 
 (ii) The Parent is a holding company and does not have any material liabilities (other than liabilities arising under the Loan
Documents, liabilities imposed by law, including tax liabilities, obligations under any employment agreement, stock option plan or other benefit plan for management or employees of the Parent and its Subsidiaries, and other liabilities (not
including Indebtedness) incidental to its existence and permitted business and activities), own any material assets (other than the ownership of Equity Interests of its Subsidiaries and activities incidental thereto, including corporate maintenance
activities (including the payment of expenses) associated with being a holding company for a consolidated group (or of being a member of the consolidated group of Public Holdco), cash and Permitted Investments) or engage in any operations or
business (other than the ownership of its Subsidiaries). 
 (m) Adverse Agreements, Etc. No Loan Party or any of its Subsidiaries is
a party to any Contractual Obligation or subject to any restriction or limitation in any Governing Document or any judgment, order, regulation, ruling or other requirement of a court or other Governmental Authority, which has, or in the future could
reasonably be expected to have, a Material Adverse Effect. 

  
 - 103 - 

 (n) Permits, Etc. Each Loan Party has, and is in compliance with, all permits,
licenses, authorizations, approvals, entitlements and accreditations required for such Person lawfully to own, lease, manage or operate, or to acquire, each business currently owned, leased, managed or operated, or to be acquired, by such Person,
except where the failure to have, or be in compliance with, all such permits, licenses, authorizations, approvals, entitlements and accreditations could not reasonably be expected to have a Material Adverse Effect. No condition exists or event has
occurred which, in itself or with the giving of notice or lapse of time or both, would result in the suspension, revocation, impairment, forfeiture or non-renewal of any such permit, license, authorization,
approval, entitlement or accreditation, and there is no claim that any thereof is not in full force and effect, except where such suspension, revocation, impairment, forfeiture or non-renewal could not
reasonably be expected to have a Material Adverse Effect. 
 (o) Properties. 

(i) Each Loan Party has good and marketable title to, valid leasehold interests in, or valid licenses to use, all property and assets
material to its business, free and clear of all Liens, except Permitted Liens. All such properties and assets are in good working order and condition for the purpose of the conduct of the business of the Loan Parties, ordinary wear and tear and
casualty events excepted. 
 (ii) Schedule 6.01(o) sets forth a complete and accurate list, as of the Effective Date, of the location, by
state and street address, of all real property owned or leased by each Loan Party and identifies the interest (fee or leasehold) of such Loan Party therein. As of the Effective Date, each Loan Party has valid leasehold interests in the Leases
described on Schedule 6.01(o) to which it is a party. To the extent requested by the Administrative Agent, true, complete and correct copies of each such Lease have been delivered to the Agents prior to the Effective Date. Schedule 6.01(o) sets
forth, as of the Effective Date, with respect to each such Lease, the commencement date, termination date, renewal options (if any) and annual base rents. As of the Effective Date, to the knowledge of the Loan Parties, each such Lease is valid and
enforceable in accordance with its terms in all material respects and is in full force and effect. No consent or approval of any landlord or other third party in connection with any such Lease is necessary for any Loan Party to enter into and
execute the Loan Documents to which it is a party, except as set forth on Schedule 6.01(o). To the best knowledge of any Loan Party, as of the Effective Date, no Loan Party has at any time delivered or received any notice of default which remains
uncured under any such Lease and, as of the Effective Date, no event has occurred which, with the giving of notice or the passage of time or both, would constitute a default under any such Lease. 

(p) Full Disclosure. As of the Effective Date, none of the other reports, financial statements, certificates or other written
information furnished by or on behalf of any Loan Party to the Agents in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), when taken as a whole, contains any
material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which it was made, not materially misleading; provided that, with respect to projected
financial information, each Loan Party represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time prepared. 

  
 - 104 - 

 (q) [Reserved.] 

(r) Environmental Matters. Except as set forth on Schedule 6.01(r), (i) the operations of each Loan Party are in compliance with all
Environmental Laws, except as could not reasonably be expected to have a Material Adverse Effect; (ii) there has been no Release at any of the properties owned or operated by any Loan Party or a predecessor in interest, or at any disposal or
treatment facility which received Hazardous Materials generated by any Loan Party or any predecessor in interest which could reasonably be expected to have a Material Adverse Effect; (iii) no Environmental Action has been asserted against any
Loan Party or any predecessor in interest nor does any Loan Party have knowledge or notice of any threatened or pending Environmental Action against any Loan Party or any predecessor in interest which could reasonably be expected to have a Material
Adverse Effect; (iv) no Environmental Actions have been asserted against any facilities that may have received Hazardous Materials generated by any Loan Party or any predecessor in interest which could reasonably be expected to have a Material
Adverse Effect; (v) no property now or, to the knowledge of the Loan Parties as of the Effective Date, formerly owned or operated by a Loan Party has been used as a treatment or disposal site for any Hazardous Material; (vi) no Loan Party
has failed to report to the proper Governmental Authority any Release which is required to be so reported by any Environmental Laws which could reasonably be expected to have a Material Adverse Effect; (vii) each Loan Party holds and is in
compliance with all licenses, permits and approvals required under any Environmental Laws in connection with the operation of the business carried on by it, except for such licenses, permits and approvals as to which a Loan Party’s failure to
maintain or comply with could not reasonably be expected to have a Material Adverse Effect; and (viii) no Loan Party has received any written notification pursuant to any Environmental Laws that (A) any work, repairs, construction or
Capital Expenditures are required to be made as a condition of continued compliance with any Environmental Laws, or any license, permit or approval issued pursuant thereto or (B) any license, permit or approval referred to above is about to be
reviewed, made, subject to limitations or conditions, revoked, withdrawn or terminated, in each case, except as could not reasonably be expected to have a Material Adverse Effect. 

(s) [Intentionally Omitted]. 

(t) Use of Proceeds. The proceeds of the Loans shall be used to (a) repay the indebtedness with respect to the Existing Credit
Facilities, (b) pay fees and expenses in connection with the transactions contemplated hereby and (c) fund working capital and other general corporate purposes of the Borrowers. The Letters of Credit will be used for working capital and
other general corporate purposes. 
 (u) Solvency. After giving effect to the transactions contemplated by this agreement after
giving effect to each Loan and Letter of Credit, the Loan Parties are Solvent on a consolidated basis. 

  
 - 105 - 

 (v) Location of Bank Accounts. Schedule 6.01(v) sets forth a complete and accurate
list as of the Effective Date of all deposit, checking and other bank accounts, all securities and other accounts maintained with any broker dealer and all other similar accounts maintained by each Loan Party, together with a description thereof
(i.e., the bank or broker dealer at which such deposit or other account is maintained and the account number and the purpose thereof). 

(w) Intellectual Property. Except as set forth on Schedule 6.01(w), each Loan Party owns or licenses or otherwise has the right to use
all patents, patent applications, trademarks, trademark applications, service marks, tradenames, copyrights, copyright applications, franchises, authorizations, non-governmental licenses and permits and other
intellectual property rights that are necessary for the operation of its business, without infringement upon or conflict with the rights of any other Person with respect thereto, except for such infringements and conflicts which, individually or in
the aggregate, could not reasonably be expected to have a Material Adverse Effect. Set forth on Schedule 6.01(w) is, except for commercially available, off the shelf software and intellectual property registered outside the United States, a complete
and accurate list as of the Effective Date of all such material registered patents, patent applications, trademarks, trademark applications, service marks, tradenames, copyrights, copyright applications, franchises, authorizations, non-governmental licenses and permits and other material registered intellectual property rights of each Loan Party, in each case, registered with the United States Copyright Office or the United States Patent and
Trademark Office, as applicable. No slogan or other advertising device, product, process, method, substance, part or other material now employed by any Loan Party infringes upon or conflicts with any rights owned by any other Person, and no claim or
litigation regarding any of the foregoing is pending or threatened, except for such infringements and conflicts which could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. To the best knowledge of
each Loan Party, no patent, invention, device, application, principle or any statute, law, rule, regulation, standard or code is pending or proposed, which, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. 
 (x) Material Contracts. Set forth on Schedule 6.01(x) is a complete and accurate list as of the Effective Date of all
Material Contracts of each Loan Party. As of the Effective Date, each such Material Contract (i) is in full force and effect and is binding upon and enforceable against each Loan Party that is a party thereto and, to the best knowledge of such
Loan Party, all other parties thereto in accordance with its terms, except as could not reasonably be expected to result in a Material Adverse Effect, and (ii) is not in default due to the action of any Loan Party or, to the best knowledge of
any Loan Party, of any other Person that could reasonably be expected to result in a Material Adverse Effect, any other party thereto. 

(y) Investment Company Act. None of the Loan Parties is (i) an “investment company” or an “affiliated person”
or “promoter” of, or “principal underwriter” of or for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended, or (ii) subject to regulation under any Requirement of
Law that limits in any respect its ability to incur Indebtedness or which may otherwise render all or a portion of the Obligations unenforceable. 

  
 - 106 - 

 (z) Employee and Labor Matters. As of the Effective Date, there is (i) no unfair
labor practice complaint pending or, to the best knowledge of any Loan Party, threatened against any Loan Party before any Governmental Authority and no grievance or arbitration proceeding pending or threatened against any Loan Party which arises
out of or under any collective bargaining agreement, (ii) no strike, labor dispute, slowdown, stoppage or similar action or grievance in existence or, to any Loan Party’s knowledge, pending or threatened against any Loan Party or
(iii) to the best knowledge of each Loan Party, no union representation question existing with respect to the employees of any Loan Party and no union organizing activity taking place with respect to any of the employees of any Loan Party. No
Loan Party or any of its Subsidiaries has incurred any material liability or obligation under the Worker Adjustment and Retraining Notification Act (“WARN”) or similar state law, which remains unpaid or unsatisfied. The hours worked
and payments made to employees of any Loan Party have not been in violation of the Fair Labor Standards Act or any other applicable legal requirements, except to the extent such violations could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect. All material payments due from any Loan Party on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of such Loan Party,
except where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(aa) Beneficial Ownership. The information included in the Certificate of Beneficial Ownership most recently provided to each Lender,
if applicable, is true and correct in all material respects as of the date delivered. 
 (bb) [Intentionally Omitted]. 

(cc) Name; Jurisdiction of Organization; Organizational ID Number; Chief Place of Business; Chief Executive Office; FEIN. Schedule
6.01(cc) sets forth a complete and accurate list as of the date hereof of (i) the exact legal name of each Loan Party, (ii) the jurisdiction of organization of each Loan Party, (iii) the organizational identification number of each
Loan Party (or indicates that such Loan Party has no organizational identification number), (iv) each place of business of each Loan Party, (v) the chief executive office of each Loan Party and (vi) if applicable, the federal employer
identification number of each Loan Party. 
 (dd) Locations of Collateral. There is no location at which any Loan Party has any
Collateral in excess of $2,500,000 (except for Inventory in transit) other than those locations listed on Schedule 6.01(dd) or Schedule 6.01(ee) and any other locations reported (or permitted to be exempt from reporting) pursuant to
Section 7.01(a)(v) [Reporting Requirements]. Schedule 6.01(dd) hereto contains a true, correct and complete list, as of the Effective Date, of the legal names and addresses of each warehouse at which Collateral in excess of $2,500,000 of each
Loan Party is stored. 
 (ee) Security Interests. The Security Agreement creates in favor of the Collateral Agent, for the benefit of
the Agents and the LendersSecured Parties, a legal,
valid and enforceable security interest in the Collateral secured thereby. Upon the filing of the UCC-1 financing statements and the recording of the Collateral Assignments for Security referred to in each
Security Agreement in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, such security interests in and Liens on the Collateral granted thereby shall be perfected, to the extent perfection can be
accomplished through such filings, security interests subject only to Permitted Liens, and no further recordings or filings are or will 

  
 - 107 - 

 
be required to maintain such perfected status of such security interests and Liens, other than (i) the filing of continuation statements in accordance with applicable law and (ii) the
recording of the Collateral Assignments for Security pursuant to each Security Agreement in the United States Patent and Trademark Office or the United States Copyright Office, if any, in the other relevant jurisdictions, as applicable, with respect
to after-acquired U.S. patent and trademark applications and registrations and U.S. copyrights. 
 (ff) [Intentionally Omitted]. 

(gg) [Intentionally Omitted]. 

(hh) Anti-Bribery Laws. None of the Borrower, nor to the knowledge of the Borrower, any director, officer, agent, employee, or other
person acting on behalf of the Borrower or any of its subsidiaries has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable anti-bribery law, including but not limited to, the U.S. Foreign
Corrupt Practices Act of 1977 (the “FCPA”). Furthermore, the Borrower and, to the knowledge of the Borrower, its subsidiaries have conducted their businesses in compliance with the FCPA and other applicable anti-bribery laws, rules
or regulations and have instituted and maintain policies and procedures reasonably designed to ensure compliance therewith. 
 (ii)
Anti-Terrorism Laws. 
 (i) General. None of the Loan Parties is in violation of any Anti-Terrorism Law or engages in or
conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the Anti-Terrorism Laws. 

(ii) None of the Loan Parties or, to the knowledge of the Loan Parties, their respective agents acting or benefiting in any capacity in
connection with the Loans, Letters of Credit or other transactions hereunder, is any of the following (each a “Blocked Person”): 

(A) a Person that is blocked pursuant to any of the OFAC Sanctions Programs, including a Person named on OFAC’s list of Specially
Designated Nationals and Blocked Persons; 
 (B) a Person that is owned or controlled by, or that owns or controls, or that is acting for
or on behalf of, any Person described in (A), above; 
 (C) a Person with which any Lender is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Law; and 
 (D) a Person that is affiliated or associated with a Person described in
(A) through (C), above. 
 (iii) None of the Loan Parties nor, to the knowledge of the Loan Parties, any of their agents acting in any
capacity in connection with the Loans, Letters of Credit or other transactions hereunder, unless authorized by the U.S. Government (A) conducts any business or engages in making or receiving any contribution of funds, goods or services to or
for the benefit of any Blocked Person, or (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to any OFAC Sanctions Programs. 

  
 - 108 - 

 (iv) Without limiting or contradicting (or being limited or contradicted by) the foregoing,
(x) no Covered Entity is a Sanctioned Person and (y) no Covered Entity, either in its own right or through any third party, (A) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned
Person in violation of any Anti-Terrorism Law; (B) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or
(C) engages in any dealings or transactions prohibited by any Anti-Terrorism Law. 
 ARTICLE VII. 

COVENANTS OF THE LOAN PARTIES 

Section 7.01 Affirmative Covenants. So long as the Obligations have not been Paid in Full, each Loan Party will, unless the
Required Lenders shall otherwise consent in writing: 
 (a) Reporting Requirements. Furnish to each Agent: 

(i) within 45 days after the end of each of the first three fiscal quarters of the Borrowers of each fiscal year, commencing with fiscal
quarter ending March 31, 2019, internally prepared consolidated balance sheets, statements of operations and statements of cash flows of the Ultimate Parent and its Subsidiaries as at the end of such fiscal quarter, and for the period commencing at
the end of the immediately preceding Fiscal Year, and ending with the end of such fiscal quarter, setting forth in each case in comparative form the figures for the corresponding date or period set forth in (A) the financial statements for the
immediately preceding Fiscal Year (it being agreed that the requirements of this clause (A) shall not apply so long as there is no corresponding quarter in the preceding Fiscal Year that occurred after the Effective Date), and (B) the
projections delivered pursuant to Section 7.01(a)(vii) [Reporting Requirements], all in reasonable detail, and, in the case of the financial statements, certified by an Authorized Officer of the Administrative Borrower as having been prepared
on a basis consistent with prior practices and fairly presenting, in all material respects, the financial position of the Ultimate Parent and its Subsidiaries for such period, subject to the absence of footnotes and normal year-end adjustments; 
 (ii) [Intentionally Omitted]; 

(iii) within 90 days after the end of each Fiscal Year of the Ultimate Parent and its Subsidiaries, consolidated and consolidating balance
sheets, consolidated and consolidating statements of operations and consolidated and consolidating statements of cash flows of the Ultimate Parent and its Subsidiaries as at the end of such Fiscal Year, and, with respect to such consolidated balance
sheets, statements of operations, and statement of cash flow, accompanied by a report and an unqualified opinion, prepared in accordance with generally accepted auditing standards, of one of the “Big Four” nationally recognized certified
public accounting firms, RSM US LLP, Grant Thornton LLP, BDO USA, LLP, or any other 

  
 - 109 - 

 
independent certified public accountants of recognized standing selected by the Ultimate Parent and reasonably satisfactory to the Agents (which opinion shall be without (x) a “going
concern” or like qualification or exception, (y) any qualification or exception as to the scope of such audit, or (z) any qualification which relates to the treatment or classification of any item and which, as a condition to the
removal of such qualification, would require an adjustment to such item, the effect of which would be to cause any noncompliance with the provisions of Section 7.03 [Financial Covenants]); 

Notwithstanding the foregoing, the Loan Parties will be permitted to satisfy their obligations with respect to financial information relating to the Ultimate
Parent and its Subsidiaries described in clauses (i) and (iii) of this Section 7.01(a) [Reporting Requirements] by furnishing such financial information as it relates to the Public Holdco; provided that (i) the same is
accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Public Holdco and its consolidated Subsidiaries, on the one hand, and the information relating to the Ultimate Parent
and its consolidated Subsidiaries on a standalone basis, on the other hand (“Consolidating Information”) and (ii) the Consolidating Information shall be certified by an Authorized Officer as presenting fairly in all material
respects the financial position and results of operations of the Ultimate Parent and its consolidated Subsidiaries on a standalone basis. 

(iv) (x) simultaneously with the delivery of the financial statements of the Ultimate Parent and its Subsidiaries required by clauses
(i) and (iii) of this Section 7.01(a) [Reporting Requirements], a certificate of an Authorized Officer of the Administrative Borrower (a “Compliance Certificate”) (A) stating that such Authorized Officer has reviewed the
provisions of this Agreement and the other Loan Documents and has made or caused to be made under his or her supervision a review of the condition and operations of the Ultimate Parent and its Subsidiaries during the period covered by such financial
statements with a view to determining whether the Ultimate Parent and its Subsidiaries were in compliance with all of the provisions of this Agreement and such Loan Documents at the times such compliance is required hereby and thereby, and that such
review has not disclosed, and such Authorized Officer has no knowledge of, the existence during such period of an Event of Default or Default or, if an Event of Default or Default existed, describing the nature and period of existence thereof and
the action which the Ultimate Parent and its Subsidiaries propose to take or have taken with respect thereto and (B) (1) attaching a schedule showing the calculation of the financial covenants specified in Section 7.03 [Financial
Covenants] and (2) attaching a schedule listing the Net Cash Proceeds from each Disposition and the amount of insurance proceeds or condemnation awards received by the Loan Parties during the immediately preceding fiscal quarter that are
subject to the prepayment requirements set forth in Sections 2.17(c)(v) [Dispositions] and (vii) [Casualty and Condemnation], respectively, and indicating whether such proceeds shall be used to purchase, replace, repair or restore properties or
acquire assets used in such Person’s business within a period specified in such certificate not to exceed 180 days after the date of receipt of such proceeds and setting forth estimates of the amount of such proceeds to be so expended; 

(v) [Intentionally Omitted]; 

(vi) [Intentionally Omitted]; 

  
 - 110 - 

 (vii) not later than 30 days after the end of each Fiscal Year, financial projections and
operating budget for the Ultimate Parent and its Subsidiaries, supplementing and superseding the financial projections referred to in Section 6.01(g)(ii)(A) [Financial Condition], prepared on a quarterly basis (in the case of income statements)
and a quarterly basis (in the case of balance sheets, statement of operations and statement of cash flows) and otherwise in form and substance reasonably satisfactory to the Agents, for the immediately succeeding Fiscal Year for the Ultimate Parent
and its Subsidiaries, all such financial projections to be prepared on a reasonable basis and in good faith, and to be based on assumptions believed by the Ultimate Parent to be reasonable at the time made and from the best information then
available to the Ultimate Parent; 
 (viii) [Intentionally Omitted]; 

(ix) [Intentionally Omitted]; 

(x) concurrently with the delivery of the Compliance Certificate as required by Section 7.01(a)(iv)(x), all documents and information
furnished to any Governmental Authority during such fiscal quarter in connection with any investigation of any Loan Party by such Governmental Authority other than routine inquiries or other inquires where liability is not reasonably expected to
exceed $2,500,000, but excluding any such documents or information the delivery of which would violate applicable law or result in a breach of a Loan Party’s attorney-client privilege; 

(xi) within 3 days after an Authorized Officer of any Loan Party obtains actual knowledge of the occurrence of an Event of Default or Default
or the occurrence of any event or development that such Authorized Officer has determined could reasonably be expected to have a Material Adverse Effect, the written statement of an Authorized Officer of the Administrative Borrower setting forth the
details of such Event of Default or Default or other event or development having a Material Adverse Effect and the action which the affected Loan Party proposes to take with respect thereto; 

(xii) within 5 days after any Loan Party knows or has reason to know (A) that any Reportable Event with respect to any Pension Benefit Plan
has occurred, (B) that any Termination Event with respect to any Plan has occurred, (D) of receipt by any Loan Party or any ERISA Affiliate thereof of the PBGC’s intention to terminate any Plan or to have a trustee appointed to
administer any Plan, (E) that any Loan Party or any ERISA Affiliate thereof knows or has reason to know that a required installment within the meaning of Section 412 of the Internal Revenue Code has not been made when due with respect to
Pension Benefit Plan, (F) of receipt thereof by any Loan Party from a sponsor of a Multiemployer Plan or from the PBGC, a copy of each notice received by any Loan Party concerning the imposition or amount of withdrawal liability under
Section 4202 of ERISA, (G) that a non-exempt “prohibited transaction (as defined in Section 406 of ERISA or 4975 of the Internal Revenue Code) has occurred, (H) of any material
increase in the benefits of any existing Pension Benefit Plan or the establishment of any new Pension Benefit Plan or the commencement of contributions to any Multiemployer Plan to which any Loan Party or any of its ERISA Affiliates was not
previously contributing, and (I) of the provision of notice of a plant closing or mass layoff (as defined in WARN) to employees; 

  
 - 111 - 

 (xiii) concurrently with the delivery of the Compliance Certificate as required by
Section 7.01(a)(iv)(x), any determination by an Authorized Officer that an action, suit or proceeding before any court or other Governmental Authority or other regulatory body or any arbitrator which could be reasonably expected to be adversely
determined and, if adversely determined, could reasonably be expected to have a Material Adverse Effect, notice thereof; 
 (xiv) within 5
Business Days after execution, receipt or delivery thereof, copies of any material notices that any Loan Party executes or receives relating to a default or termination in connection with any Material Contract; 

(xv) within 5 Business Days after execution, receipt or delivery thereof, copies of any material notices that any Loan Party executes or
receives in connection with the sale or other Disposition of the Equity Interests of, or all or substantially all of the assets of, any Loan Party; 

(xvi) concurrently with the delivery of the Compliance Certificate as required by Section 7.01(a)(iv)(x), copies of any material notices
not delivered in the ordinary course of business that any Loan Party sent to any holders of its Indebtedness or its securities or files with the SEC or any national (domestic or foreign) securities exchange in such fiscal quarter; 

(xvii) concurrently with the delivery of the Compliance Certificate as required by Section 7.01(a)(iv)(x), copies of any management
letters, if any, submitted to any Loan Party by its auditors in connection with any annual or interim audit of the books thereof, solely to the extent disclosure thereof is allowed by the auditors; 

(xviii) promptly upon request, such other information concerning the condition or operations, financial or otherwise, of any Loan Party as
any Agent may from time to time may reasonably request; and 
 (xix) promptly upon learning thereof, such information concerning any
material loss or destruction of, or substantial damage to, any of the Collateral, in excess of $2,500,000. 
 Notwithstanding the foregoing,
(i) in the event that the Ultimate Parent (or the Public Holdco) delivers to the Administrative Agent an Annual Report on Form 10-K for any fiscal year (or similar filing in the applicable jurisdiction),
as filed with the SEC or in such form as would have been suitable for filing with the SEC, within the time frames set forth above, such Form 10-K shall satisfy all requirements of clause (a)(iii) of this
Section 7.01 with respect to such fiscal year to the extent that it contains the information and report and opinion required by such clause (a)(iii) (including, the Consolidating Information) and (ii) in the event that the Ultimate Parent
(or the Public Holdco) delivers to the Administrative Agent a Quarterly Report on Form 10-Q for any fiscal quarter (or similar filing in the applicable jurisdiction), as filed with the SEC or in such form as
would have been suitable for filing with the SEC, within the time frames set forth in clause (a)(i) above, such Form 10-Q shall satisfy all requirements of clause (a)(i) of this Section 7.01 with respect
to such fiscal quarter to the extent that it contains the information required by such clause (a)(i) (including, the Consolidating Information). 

  
 - 112 - 

 (b) Additional Guaranties and Collateral Security. Cause: 

(i) each Subsidiary (other than any Excluded Subsidiary) of any Loan Party that is not in existence on the Effective Date, to execute and
deliver to the Collateral Agent within 30 days (or such longer period of time as the Collateral Agent may agree in its reasonable discretion) after the formation, acquisition or change in status thereof, unless otherwise stated below, (A) a
Joinder Agreement, pursuant to which such Subsidiary shall be made a party to this Agreement as a Guarantor or a Borrower, as applicable, (B) a supplement to the Security Agreement, (C) in the case of this clause (C), 90 days (or such
longer period of time as the Collateral Agent may agree in its reasonable discretion) one or more Mortgages creating on the real property of such Subsidiary a perfected, first priority Lien on such real property to the extent required by
Section 7.01(o), and such other Real Property Deliverables as may be required by the Collateral Agent and (D) such other agreements, instruments, approvals or other documents reasonably requested by the Collateral Agent in order to create,
perfect, establish the first priority (subject to Permitted Liens) of or otherwise protect any Lien purported to be covered by any such Security Documents or otherwise to effect the intent that such Subsidiary shall become bound by all of the terms,
covenants and agreements contained in the Loan Documents and that all property and assets of such Subsidiary shall become Collateral for the Obligations in a manner consistent with the assets of the other corresponding Loan Parties that constitute
Collateral on the Effective Date; and 
 (ii) each Loan Party that is the owner of the Equity Interests of any Subsidiary (including any
first tier Excluded Foreign Subsidiary not in existence on the Effective Date) to execute and deliver promptly and in any event within 30 days (or such longer period of time as the Collateral Agent may agree in its reasonable discretion) after the
formation or acquisition of such Subsidiary a Pledge Amendment or other comparable document (as defined in the applicable Security Documents), together with (A) if applicable, certificates evidencing all (or, in the case of a first tier
Excluded Foreign Subsidiary, 65% of its voting stock and 100% of its non-voting stock) of the Equity Interests of such Subsidiary, (B) if applicable, undated stock powers or other appropriate instruments
of assignment executed in blank with signature guaranteed, (C) such opinions of counsel as the Collateral Agent may reasonably request and (D) such other agreements, instruments, approvals or other documents reasonably requested by the
Collateral Agent. 
 (iii) Notwithstanding the foregoing, no Excluded Subsidiary shall be required to become a Loan Party hereunder (and,
as such, shall not be required to deliver the documents required by clause (i) above) and no Loan Party shall be required to provide any security interest in any Excluded Property (as defined in the appropriate Security Documents). 

(c) Compliance with Laws, Etc. (i) Except as could not reasonably be expected to result in a Material Adverse Effect, comply and
cause each of its Subsidiaries to comply, with all Requirements of Law (including, without limitation, all Environmental Laws), judgments and awards (including any settlement of any claim that, if breached, could give rise to any of the foregoing),
(ii) pay all national and Federal, and all material state and provincial taxes and governmental charges or levies imposed upon it or upon its income or profits or upon any of its properties, and (iii) pay all lawful claims which if unpaid could
reasonably be expected to become a Lien or charge upon any of its properties, in each case, except in the cause of clauses 

  
 - 113 - 

 
(i) and (ii), (A) to the extent contested in good faith by proper proceedings which stay the imposition of any penalty, fine or Lien resulting from the
non-payment thereof and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP or (B) any such taxes, assessments and governmental charges the
aggregate amount of which does not exceed $20,000. 
 (d) Preservation of Existence, Etc. (i) Maintain and preserve, and cause
each of its Subsidiaries to maintain and preserve, its (A) existence (except to the extent otherwise permitted to merge, dissolve or liquidate pursuant to this Agreement) and (B) material rights and privileges, and (ii) become or
remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such
qualification necessary unless the failure to comply with clause (i)(B) or to be so qualified and in good standing could not reasonably be expected to result in a Material Adverse Effect. 

(e) Keeping of Records and Books of Account. Keep, and cause each of its Subsidiaries to keep, adequate records and books of account,
with complete entries made to permit the preparation of financial statements in accordance with GAAP. 
 (f) Inspection Rights.
Permit the Agents and representatives of any Agent at any time and from time to time during normal business and, so long as no Event of Default shall have occurred and be continuing, upon not less than 30 days’ prior notice, in a manner which
reasonably endeavors to minimize disruption to the business of the Loan Parties and at the expense of the Borrowers, to examine and make copies of and abstracts from its records and books of account, to visit and inspect its properties, to verify
materials, leases, notes, accounts receivable, deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals, (and, if reasonably requested under the circumstances and permitted by the terms of the engagement with
such environmental consultant, including, if necessary, following the procurement of a standard non-reliance letter executed by such consultant and the Agent, Phase I Environmental Site Assessments) or
examinations and to discuss its affairs, finances and accounts with any of its directors, officers, managerial employees, independent accountants or any of its other representatives (provided that the Administrative Borrower shall be
present for such meetings); provided that, excluding any such visits and inspections during the continuation of an Event of Default, (i) only the Administrative Agent on behalf of the Lenders may exercise such rights and
(ii) the Administrative Agent shall not exercise such rights more often than two times during any calendar year. 
 (g) Maintenance
of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its material properties which are necessary in the proper conduct of its business in good working order and condition, ordinary wear
and tear (and casualty events) excepted, and except as could not reasonably be expected to result in a Material Adverse Effect, comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases to which it is a
party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder. 

  
 - 114 - 

 (h) Maintenance of Insurance. 

(i) Maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies or associations
(including, without limitation, comprehensive general liability, hazard, rent and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering such
risks as is required by any Governmental Authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and in any event in an amount,
adequacy and scope reasonably satisfactory to the Agents. All liability, casualty and property insurance policies covering the Collateral are to be made payable to the Collateral Agent for the benefit of the Agents and the Lenders, as its interests
may appear, in case of loss, under a standard non-contributory “lender” or “secured party” clause and are to contain such other provisions as the Agents may reasonably require to fully
protect the Lenders’ interest in the Collateral and to any payments to be made under such policies; provided that, prior to an Event of Default, if any Agent or Lender shall receive any insurance proceeds, such insurance proceeds shall
be turned over to such Loan Party within fifteen (15) Business Days of receipt, which shall be considered the date of receipt by such Loan Party for Section 2.17(c)(vii). All certificates of insurance are to be delivered to the Collateral
Agent and the policies shall include a loss payee and additional insured endorsement in favor of the Collateral Agent and such other Persons as the Collateral Agent may designate from time to time, and shall provide for not less than 30 days’
prior written notice (or 10 days’ prior written notice in the case of non-payment of premiums) to the Collateral Agent of the exercise of any right of cancellation. Following an Event of Default that has
occurred and is continuing, if any Loan Party or any of its Subsidiaries fails to maintain such insurance, the Collateral Agent may arrange for such insurance, but at the Borrowers’ expense and without any responsibility on the Agents’
part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the sole
right, in the name of the Lenders, any Loan Party and its Subsidiaries, to file claims under any insurance policies, to receive and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts,
releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. 

(ii) With respect to each improved real property subject to a Mortgage that is located in an area identified by the Federal Emergency
Management Agency (or any successor agency) as a “special flood hazard area” with respect to which flood insurance has been made available under Flood Insurance Laws, the applicable Loan Party (A) will maintain, with financially sound
and reputable insurance companies, such flood insurance sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (B) promptly upon request of the Administrative Agent will deliver to
the Administrative Agent (which the Administrative Agent will deliver to the Lenders), evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent or including, without limitation, evidence of annual renewals
of such insurance. 
 (i) Obtaining of Permits, Etc. Except as could not reasonably be expected to result in a Material Adverse
Effect, obtain, maintain and preserve, and cause each of its Subsidiaries to obtain, maintain and preserve, and take all necessary action to timely renew, all material permits, licenses, authorizations, approvals, entitlements and accreditations
which are necessary or useful in the proper conduct of its business. 

  
 - 115 - 

 (j) Environmental. (i) Keep any property either owned or operated by it or any
of its Subsidiaries free of any Environmental Liens for which any Loan Party is liable; (ii) except as could not reasonably be expected to result in a Material Adverse Effect, comply, and cause each of its Subsidiaries to comply with all
Environmental Laws and provide to the Collateral Agent any documentation of such compliance which the Collateral Agent may reasonably request; (iii) (A) concurrently with the delivery of the Compliance Certificate as required by
Section 7.01(a)(iv)(x), provide the Agents written notice of any Release of a Hazardous Material in excess of any reportable quantity from or onto property owned or operated by it or any of its Subsidiaries and which any Loan Party is required
to report to a Governmental Authority under any applicable Environmental Law, except to the extent that that the failure to issue such report could not reasonably be expected to result in liability in excess of $2,500,000 and, (B) to the extent
required by Environmental Laws in order to ensure material compliance therewith, take any Remedial Actions required to abate said Release, except to the extent that the failure to abate said Release could not reasonably be expected to result in a
Material Adverse Effect; and (iv) concurrently with the delivery of the Compliance Certificate as required by Section 7.01(a)(iv)(x), provide the Administrative Agent with written notice of any of the following: (A) notice that an
Environmental Lien has been filed against any property of any Loan Party or any of its Subsidiaries; (B) commencement of any Environmental Action or notice that an Environmental Action will be filed against any Loan Party or any of its
Subsidiaries that could reasonably be expected to result in liability in excess of $2,500,000; and (C) notice of a violation, citation or other administrative order which could reasonably be expected to have a Material Adverse Effect. 

(k) Further Assurances. Take such action and execute, acknowledge and deliver, and cause each of its Subsidiaries to take such action
and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as any Agent may reasonably require from time to time in order (i) to carry out more effectively the purposes of this Agreement
and the other Loan Documents, (ii) to subject to valid and perfected first priority Liens (subject to Permitted Liens) any of the Collateral or any other property of any Loan Party and its Subsidiaries that is required to be included in the
Collateral, (iii) to establish and maintain the validity and effectiveness of any of the Loan Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (iv) to better assure, convey, grant,
assign, transfer and confirm unto each Agent, each Lender and the L/C Issuer the rights now or hereafter intended to be granted to it under this Agreement or any other Loan Document. In furtherance of the foregoing, to the maximum extent permitted
by applicable law, each Loan Party authorizes each Agent to file any financing statement required hereunder or under any other Loan Document, and any continuation statement or amendment with respect thereto, in any appropriate filing office without
the signature of such Loan Party. 
 (l) Change in Collateral; Collateral Records. Advise the Agents promptly, in sufficient detail,
of any material adverse change relating to the Lien granted on any Collateral. 

  
 - 116 - 

 (m) Landlord Waivers; Collateral Access Agreements. (1) At any time (a) any
Collateral with an aggregate book value in excess of the Dollar Equivalent of $1,000,000 (when aggregated with all other Collateral at such locations) or (b) any books and records of Loan Parties (other than books and records that are
duplicative of those maintained at other locations) are located on any real property of a Loan Party (whether such real property is now existing or acquired after the Effective Date) which is not owned by a Loan Party, use commercially reasonable
efforts to obtain written subordinations or waivers, in form and substance reasonably satisfactory to Collateral Agent, of all present and future Liens to which the owner or lessor of such premises may be entitled to assert against the Collateral;
and 
 (ii) At any time any Collateral with an aggregate book value in excess of the Dollar Equivalent of $1,000,000 (when aggregated with
all other Collateral at all such locations) is stored on the premises of a bailee, warehouseman, or similar party (excluding any vendor or processor), use commercially reasonable efforts to obtain written access agreements, in form and substance
reasonably satisfactory to the Collateral Agent, providing for access to such Collateral located on such premises in order to remove such Collateral from such premises during an Event of Default. 

(n) Subordination. Cause all Indebtedness (other than any Indebtedness in respect of the Intercompany Loan) and other obligations now
or hereafter owed by such Loan Party to any of its Affiliates, to be subordinated in right of payment and security to the Indebtedness and other Obligations owing to the Agents and the Lenders in accordance with the Intercompany Subordination
Agreement or such other applicable subordination agreement in form and substance reasonably satisfactory to the Agents. 
 (o) After
Acquired Real Property. 
 (i) Upon the acquisition by any Loan Party after the date hereof of any fee interest in any real property
(wherever located) (each such interest being a “New Facility”) with a Current Value (as defined below) in excess of $1,000,000, promptly so notify the Collateral Agent, setting forth with specificity a description of the interest
acquired, the location of the real property, any structures or improvements thereon and either an appraisal or such Loan Party’s good-faith estimate of the current value of such real property (for purposes of this Section, the “Current
Value”). The Collateral Agent shall notify such Loan Party whether it intends to require a Mortgage and the other Real Property Deliverables. Upon receipt of such notice requesting a Mortgage, the Person that has acquired such New Facility
shall promptly furnish to the Collateral Agent each of the applicable Real Property Deliverables, reasonably requested by the Collateral Agent. The Borrowers shall pay all fees and expenses, including reasonable attorneys’ fees and expenses,
and all title insurance charges and premiums, in connection with each Loan Party’s obligations under this Section 7.01(o). 

(ii) Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any improved real property
acquired by any Loan Party after the Closing Date until (1) (a) if such improved real property is not located in a “special flood hazard area”, the date that is five (5) Business Days or (b) if such improved real property is
located in a “special flood hazard area”, the date that occurs 14 days after the Administrative Agent has delivered to the Lenders (which may be delivered electronically) the following documents in respect of such real property: (i) a
completed flood hazard determination from a third party vendor; (ii) if such real property is located in a “special flood hazard area”, (A) a notification to the applicable Loan Party of that fact and (if applicable) notification to
the applicable Loan Party that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Loan Party of such notice; and (iii) if such notice is required to be provided to the applicable Loan Party and
flood insurance is available in the community in which such real property is located, evidence of required flood insurance. 

  
 - 117 - 

 (p) Fiscal Year. Cause the Fiscal Year of the Ultimate Parent and its Subsidiaries to
end as set forth in the definition of “Fiscal Year” unless the Agents consent to a change in such Fiscal Year (and appropriate related changes to this Agreement). 

(q) Certificate of Beneficial Ownership and Other Additional Information. Provide to Administrative Agent and the Lenders:
(i) promptly, upon request, confirmation of the accuracy of the information set forth in the most recent Certificate of Beneficial Ownership provided to the Administrative Agent and Lenders; (ii) a new Certificate of Beneficial Ownership,
in form and substance acceptable to Administrative Agent and each Lenders, when the individual(s) to be identified as a Beneficial Owner have changed; and (iii) such other information and documentation as may reasonably be requested by
Administrative Agent or any Lender from time to time for purposes of compliance by Administrative Agent or such Lender with applicable laws (including without limitation the USA Patriot Act, 31 C.F.R. §1010.230 and other “know your
customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by Administrative Agent or such Lender to comply therewith. 

(r) Lender Meetings. Upon the request of any Agent or the Required Lenders (which request, so long as no Event of Default shall have
occurred and be continuing, shall not be made more than once during each Fiscal Year), participate in a meeting (which may be conducted via a conference call) with the Agents and the Lenders at the Borrowers’ corporate offices (or at such other
location as may be agreed to by the Administrative Borrower and such Agent or the Required Lenders) at such time as may be agreed to by the Administrative Borrower and such Agent or the Required Lenders. 

(s) Federal Reserve Regulations. Ensure that any Loan or the proceeds of any Loan under this Agreement are not used for any purpose
that would cause such Loan to be a purpose credit under the provisions of Regulation T, U or X of the Board. 
 (t) Investment Company
Act of 1940. Ensure that none of the Loan Parties is or is required to be registered as an “investment company” under the Investment Company Act of 1940, as amended. 

(u) ERISA. Comply with the requirements of ERISA or the Code or other Applicable Laws in respect of any Plan. 

(v) Environmental. Except, in each case, to the extent that the failure to do so could not reasonably be expected to have a Material
Adverse Effect; (I) comply, and take commercially reasonable efforts to cause all lessees operating or occupying its properties to comply with all Environmental Laws; and (ii) to the extent required under Environmental Laws, conduct any
investigation, mitigation, study, sampling and testing, and undertake any cleanup, removal or remedial, corrective or other action necessary to respond to and remove and clean up all Hazardous Materials from any of its properties, in accordance with
the requirements of applicable Environmental Laws. 

  
 - 118 - 

 (w) Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
Lender-Provided Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree that, with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provision below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New
York and/or of the United States or any other state of the United States), in the event a QFC Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit
Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in
property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under
the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies
of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

(x) EEA Financial Institution. Ensure that none of the Loan Parties is an EEA Financial Institution. 

Section 7.02 Negative Covenants. So long as the Obligations have not been Paid in Full, each Loan Party shall not, unless the
Required Lenders shall otherwise consent in writing: 
 (a) Liens, Etc. Create, incur, assume or suffer to exist, or permit any of its
Subsidiaries to create, incur, assume or suffer to exist, any Lien upon or with respect to any of its properties, whether now owned or hereafter acquired; file or suffer to exist under the Uniform Commercial Code or any Requirement of Law of any
jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries that are Loan Parties as debtor; sign or suffer to exist any security agreement authorizing any secured party thereunder to file such financing
statement (or the equivalent thereof); sell any of its 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 it or any of
its Subsidiaries; other than, as to all of the above, Permitted Liens. 

  
 - 119 - 

 (b) Indebtedness. Create, incur, assume, guarantee or suffer to exist, or otherwise
become or remain liable with respect to, or permit any of its Subsidiaries to create, incur, assume, guarantee or suffer to exist or otherwise become or remain liable with respect to, any Indebtedness other than Permitted Indebtedness. 

(c) Fundamental Changes; Dispositions. Wind-up, liquidate or dissolve, or merge, consolidate or
amalgamate with any Person, or convey, sell, lease or sublease, transfer, assign or otherwise dispose of, whether in one transaction or a series of related transactions, all or substantially all of its business, property or assets (including
accounts and rights to receive income), whether now owned or hereafter acquired (or agree to do any of the foregoing), or purchase or otherwise acquire, whether in one transaction or a series of related transactions, all or substantially all of the
assets of any Person (or any division thereof) (or agree to do any of the foregoing), or permit any of its Subsidiaries to do any of the foregoing; provided, however, that 

(i) any wholly-owned Subsidiary of any Loan Party (other than Ultimate Parent or the Parent) may be merged into such Loan Party or another
wholly-owned Subsidiary of such Loan Party, or may consolidate with another wholly-owned Subsidiary of such Loan Party, so long as (A) no other provision of this Agreement would be violated thereby, (B) such Loan Party gives the Agents at least
10 days’ prior written notice (or such shorter period as the Administrative Agent may agree in its reasonable discretion) of such merger or consolidation, (C) no Default or Event of Default shall have occurred and be continuing either
before or after giving effect to such transaction, (D) the Lenders’ rights in any Collateral, including, without limitation, the existence, perfection and priority of any Lien thereon, are not adversely and materially affected by such
merger or consolidation and (E) in the case of any merger involving a Loan Party, the surviving Subsidiary, if any, becomes a Loan Party by operation of law or is joined as a Loan Party hereunder pursuant to a Joinder Agreement and is a party
to a Security Agreement and the Equity Interests of such Subsidiary is the subject of a Security Agreement, in each case, which is in full force and effect on the date of and immediately after giving effect to such merger or consolidation; 

(ii) any Loan Party and its Subsidiaries may (A) sell Inventory in the ordinary course of business, (B) dispose of obsolete, worn-out or surplus equipment in the ordinary course of business, (C) sell or otherwise dispose of other property or assets (other than Accounts Receivable or Inventory of any Loan Party) for an aggregate
amount not less than the fair market value of such property or assets, so long as (x) at least 85% of the consideration for each such Disposition is for cash and (y) the Loan Parties will be in compliance with the financial covenants set
forth in Section 7.03 [Financial Covenants] calculated on a pro forma basis to give effect to such Disposition, (D) consummate any transactions constituting a Permitted Investment, (E) use or transfer money or Cash Equivalents in a
manner that is not prohibited by the terms of this Agreement or the other Loan Documents, and (F) enter into non-exclusive license agreements with respect to intellectual property rights in the ordinary course of business, provided that
the Net Cash Proceeds of such Dispositions (1) in the case of clause (C) above, do not exceed $10,000,000 in the aggregate in any Fiscal Year and (2) in all cases, the applicable requirements of Section 2.17(c)(v) [Dispositions]
are satisfied; 

  
 - 120 - 

 (iii) any dormant Subsidiary of any Loan Party (other than a Borrower or the Parent),
owning assets the aggregate value of which does not exceed $500,000 at any time, may wind-up, liquidate or dissolve, so long as (A) no other provision of this Agreement would be violated thereby,
(B) in the case of any wind-up, liquidation or dissolution involving a Loan Party, such Loan Party gives the Agents at least 10 days’ prior written notice (or such shorter period as the
Administrative Agent may agree in its reasonable discretion) of such winding up, liquidation or dissolution, (C) no Default or Event of Default shall have occurred and be continuing either before or after giving effect to such transaction,
(D) the Lenders’ rights in any Collateral, including, without limitation, the existence, perfection and priority of any Lien thereon, are not adversely and materially affected by such dissolution or liquidation and (E) the aggregate
value of all such dormant Subsidiaries that wind-up, liquidate or dissolve does not exceed $1,500,000; and 

(iv) any Subsidiary of any Loan Party (other than Ultimate Parent or the Parent), may merge with any Person in connection with a Permitted
Acquisition, so long as (A) no other provision of this Agreement would be violated thereby, (B) in the case of a merger involving a Loan Party, such Loan Party gives the Agents at least 10 days’ prior written notice of such merger or
consolidation, (C) no Default or Event of Default shall have occurred and be continuing either before or after giving effect to such transaction, (D) the Lenders’ rights in any Collateral, including, without limitation, the existence,
perfection and priority of any Lien thereon, are not adversely and materially affected by such merger and (E) in the case of any merger involving a Loan Party, the surviving Subsidiary, if any, becomes a Loan Party by operation of law or is
joined as a Loan Party hereunder pursuant to a Joinder Agreement and is a party to a Security Agreement and the Equity Interests of such Subsidiary is the subject of a Security Agreement, in each case, which is in full force and effect on the date
of and immediately after giving effect to such merger or consolidation. 
 (d) Change in Nature of Business. 

(i) Make, or permit any of its Subsidiaries to make, any material change in the nature of its business as described in Section 6.01(l)
[Nature of Business]. 
 (ii) Permit the Parent to have any material liabilities (other than liabilities arising under the Loan Documents,
liabilities imposed by law, including tax liabilities, obligations under any employment agreement, stock option plan or other benefit plan for management or employees of the Parent and its Subsidiaries, and other liabilities (not including
Indebtedness) incidental to its existence and permitted business and activities), engage in any operations or business (other than the ownership of its Subsidiaries), or own any material assets (other than the ownership of Equity Interests of its
Subsidiaries and activities incidental thereto, including corporate maintenance activities (including the payment of expenses) associated with being a holding company for a consolidated group, cash and Permitted Investments). 

(e) Loans, Advances, Investments, Etc. Make or commit or agree to make, or permit any of its Subsidiaries to make or commit or agree to
make (other than non-binding commitments or commitments contingent upon the Payment in Full of the Obligations or the obtaining of the requisite approvals hereunder), any Investment in any other Person except
for Permitted Investments. 

  
 - 121 - 

 (f) Split Limited Liability Companies. Permit any Loan Party or Subsidiary that is a
limited liability company to divide itself into two or more limited liability companies (pursuant to a “plan of division” as contemplated under the Delaware Limited Liability Company Act or otherwise) unless, in the event that any Loan
Party or Subsidiary that is a limited liability company divides itself into two or more limited liability companies (with or without the prior consent of Administrative Agent as required above), such limited liability companies formed as a result of
such division shall be required to comply with the obligations set forth in Section 7.01(b) and the other further assurances obligations set forth in the Loan Documents and become a Borrower or Guarantor (as required by the
Administrative Agent) under this Agreement and the other Loan Documents. 
 (g) [Intentionally Omitted]. 

(h) Restricted Payments. (i) Declare or pay any dividend or other distribution, direct or indirect, on account of any Equity Interests
of any Loan Party or any of its Subsidiaries, now or hereafter outstanding, (ii) make any repurchase, redemption, retirement, defeasance, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any
Equity Interests of any Loan Party or any of its Subsidiaries or any direct or indirect parent of any Loan Party, now or hereafter outstanding, (iii) make any payment to retire, or to obtain the surrender of, any outstanding warrants, options
or other rights for the purchase or acquisition of shares of any class of Equity Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding, (iv) return any Equity Interests to any shareholders or other equity holders
of any Loan Party or any of its Subsidiaries, or make any other distribution of property, assets, shares of Equity Interests, warrants, rights, options, obligations or securities thereto as such, (v) pay any management fees or any other fees or
expenses (including the reimbursement thereof by any Loan Party or any of its Subsidiaries) pursuant to any management, consulting or other services agreement to any of the shareholders or other equity holders of any Loan Party or any of its
Subsidiaries or other Affiliates, or to any other Subsidiaries or Affiliates of any Loan Party or (vi) make or permit any of its Subsidiaries to make any prepayments or payments of Indebtedness for borrowed money (other than with respect to the
Obligations and the Intercompany Loan) in excess of $10,000,000 in any Fiscal Year if (1) an Event of Default has occurred and is in existence or (2) the Leverage Ratio of Borrowers as of any quarter end for which financial statements are
available, calculated on trailing twelve month basis, for such year is in excess of 2.00 to 1.00; provided, however, that (A) (I) the Loan Parties may make payments to or on behalf Parent or Ultimate Parent in an amount sufficient
to pay franchise taxes and other costs and expenses required to be paid to maintain the legal existence of Parent and Ultimate Parent, solely to the extent such payments are actually applied to pay such franchise taxes, costs and expenses,
(II) the Loan Parties may make payments to or on behalf of Parent and Ultimate Parent in an amount sufficient to pay out-of-pocket legal, accounting and filing
costs and other expenses in the nature of overhead in the ordinary course of business of Parent and Ultimate Parent, in the case of this subclause (A)(II), in an aggregate amount not to exceed $500,000 in any Fiscal Year and (III) the Loan
Parties may make distributions to or on behalf of the Ultimate Parent in amounts sufficient to enable Ultimate Parent to make all tax distributions required pursuant to Section 4.01(b) of the Funko LLC Agreement or the Funko Pre-IPO LLC Agreement (and Ultimate Parent shall be permitted to make all such tax distributions), (B) any Subsidiary of 

  
 - 122 - 

 
any Borrower may pay dividends to any Loan Party (other than the Parent or Ultimate Parent) or, in the case of any Subsidiary that is not a Loan Party, to any other Subsidiary, (C) the
Parent and Ultimate Parent may pay dividends in the form of Qualified Equity Interests, including dividends in the form of Equity Interests in the Public Holdco, (D) the Loan Parties may make payments to or on behalf of Parent, Ultimate Parent
and/or Public Holdco, the purpose of which is to repurchase or retire Equity Interests of any Loan Party or any of its subsidiaries or any direct or indirect parent of any Loan Party held by officers, directors, employees and members of any of the
foregoing (or any spouse, former spouse, successor, executor, administrator, heir, legatee or distributee of any of the foregoing), so long as such repurchase or retirement is pursuant to, and in accordance with the terms of, any management,
director and/or employee equity or stock option or benefit plans, stock subscription agreement, the organizational documents of any such party, or any agreement between any employee, officer or director of any Loan Party or any of its subsidiaries
or any director or indirect parent of any Loan Party, in the case of this subclause (D), in an aggregate amount not to exceed $10,000,000 in any Fiscal Year (in each case, with unused amounts in any Fiscal Year being permitted to be carried over for
the next two succeeding Fiscal Years), (E) the Loan Parties may make dividends, distributions or other payments for the purpose of making Permitted Underground Toys Earnout, (F) [intentionally omitted], (G) [intentionally omitted], (H)
[intentionally omitted], (I) [intentionally omitted], (J) non-cash repurchases of any Equity Interests in Ultimate Parent in exchange for the termination, reduction or forgiveness of loans and advances of
funds used to purchase such Equity Interests in accordance with clause (j) of the definition of “Permitted Investments”, and any further distributions to the Ultimate Parent of the Equity Interests that are acquired in such
transaction, (K) [intentionally omitted], (L) [intentionally omitted], (M) [intentionally omitted], and (N) so long as no Event of Default shall have occurred and be continuing or would result therefrom, the Loan Parties may make distributions
to Ultimate Parent (1) to provide funds that are used by Public Holdco to pay amounts required to be paid by Public Holdco under the Tax Receivable Agreement (and Ultimate Parent may make distributions to Public Holdco of such amounts); (2) to
provide funds that are used by Ultimate Parent (or distributed by Ultimate Parent for use by Public Holdco) to (i) pay Public Company Expenses, (ii) reimburse expenses of Public Holdco to the extent required by the Funko LLC Agreement or the
Registration Rights Agreement, and (iii) make indemnification payments to the extent required by the Funko LLC Agreement; (3) make distributions of up to
$10,000,00025,000,000 during any period of four
fiscal quarters (which amounts to the extent not utilized may be carried over to future periods) to provide funds that are used by Ultimate Parent to pay dividends ratably to its unitholders (including Public Holdco); provided that
(i) the funds received by Public Holdco are used to pay dividends to its shareholders, and (ii) immediately after giving pro forma effect to the payment of such dividend, (A) the Leverage Ratio of the Ultimate Parent and its Subsidiaries
is not in excess 2.00:1.00greater than a ratio that is 0.50:1.00 less than the Leverage Ratio
required under Section 7.03(a) [Leverage Ratio] for the applicable Fiscal Quarter, and (B) Availability is not less than $25,000,000; and (4) distributions and/or payments to
Ultimate Parent (and from Ultimate Parent to Public Holdco) that are used for “Cash Settlements” or “Share Settlements” pursuant to the Funko LLC Agreement. 

(i) [Intentionally Omitted]. 

  
 - 123 - 

 (j) Transactions with Affiliates. Enter into, renew, extend or be a party to, or
permit any of its Subsidiaries to enter into, renew, extend or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange of property or assets of any kind or the
rendering of services of any kind) with any Affiliate, except (i) in the ordinary course of business in a manner and necessary or desirable for the prudent operation of its business, for fair consideration and on terms no less favorable to it
or its Subsidiaries than would be obtainable in a comparable arm’s length transaction with a Person that is not an Affiliate thereof, (ii) transactions with another Loan Party or transactions among Subsidiaries not involving any Loan
Party, (iii) transactions permitted by Section 7.02(e) [Loans, Advances, Investments, Etc.] and Section 7.02(h) [Restricted Payments], (iv) sales of Qualified Equity Interests of the Ultimate Parent to Affiliates of the Ultimate
Parent not otherwise prohibited by the Loan Documents and the granting of registration and other customary rights in connection therewith and (v) agreements entered into on or prior to the date hereof in connection with the initial public
offering of stock of Funko Inc. that were publicly filed in connection with such initial public offering. 
 (k) Limitations on Dividends
and Other Payment Restrictions Affecting Subsidiaries. Create or otherwise cause, incur, assume, suffer or permit to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of any
Loan Party (i) to pay dividends or to make any other distribution on any shares of Equity Interests of such Subsidiary owned by any Loan Party or any of its Subsidiaries, (ii) to pay or prepay or to subordinate any Indebtedness owed to any
Loan Party or any of its Subsidiaries, (iii) to make loans or advances to any Loan Party or any of its Subsidiaries or (iv) to transfer any of its property or assets to any Loan Party or any of its Subsidiaries, or permit any of its
Subsidiaries to do any of the foregoing; provided, however, that nothing in any of clauses (i) through (iv) of this Section 7.02(k) shall prohibit or restrict compliance with: 

(A) this Agreement and the other Loan Documents; 

(B) any agreements in effect on the date of this Agreement and described on Schedule 7.02(k) to the extent any encumbrance or restriction
contained therein could not reasonably be expected to have an adverse impact in any material respect on the interests of any Loan Party, the Agents or the Lenders; 

(C) any applicable law, rule or regulation (including, without limitation, applicable currency control laws and applicable state corporate
statutes restricting the payment of dividends in certain circumstances); 
 (D) in the case of clause (iv), any agreement setting forth
customary restrictions on the subletting, assignment or transfer of any property or asset that is the subject of any lease, license, conveyance, sale or similar transaction; or 

(E) in the case of clause (iv), any agreement, instrument or other document evidencing a Permitted Lien (or the Indebtedness secured thereby)
from restricting on customary terms the transfer of any property or assets subject thereto. 

  
 - 124 - 

 (l) Limitation on Issuance of Equity Interests. Except for Dispositions permitted by
Section 7.02(c) [Fundamental Changes; Dispositions], issue or sell, or permit any of its Subsidiaries to issue or sell, any shares of its Equity Interests, any securities convertible into or exchangeable for its Equity Interests or any
warrants; provided that the Ultimate Parent may issue Qualified Equity Interests so long as no Change of Control would result therefrom and any Subsidiary of the Ultimate Parent may issue Equity Interests to any Loan Party or any Subsidiary
thereof. 
 (m) Modifications of Indebtedness, Organizational Documents and Certain Other Agreements; Etc. 

(i) Amend, modify or otherwise change (or permit the amendment, modification or other change in any manner of) any of the provisions of any
Indebtedness of a Loan Party or of any instrument or agreement (including, without limitation, any purchase agreement, indenture, loan agreement or security agreement) relating to any such Indebtedness if such amendment, modification or change would
(A) shorten the final maturity or average life to maturity of, or require any payment to be made earlier than the date originally scheduled on, such Indebtedness if such modification would result in the Indebtedness becoming due and payable
prior to the Obligations hereunder, (B) change the subordination provision, if any, of such Indebtedness in a manner adverse to the Lenders, or (C) otherwise be on terms and conditions that, taken as a whole, are adverse to the Lenders in
any material respect. For the avoidance of doubt, increases in the outstanding principal balance of the Intercompany Loan pursuant to the terms thereof are not deemed adverse to the
Lenders. 
 (ii) (A) except for (v) the Intercompany Loan,
(w) intercompany loans, (x) the Obligations, (y) the termination of Capitalized Leases in respect of assets no longer used in the business of any Loan Party and (z) Indebtedness of any Subsidiary that is not a Loan Party, make any
voluntary or optional payment (including, without limitation, any payment of interest in cash that, at the option of the issuer, may be paid in cash or in kind), prepayment, redemption, defeasance, sinking fund payment or other acquisition for value
of any Indebtedness for borrowed money of any Loan Party (including, without limitation, by way of depositing money or securities with the trustee therefor before the date required for the purpose of paying any portion of such Indebtedness when
due), or refund, refinance, replace or exchange any other Indebtedness for any such Indebtedness (except to the extent such Indebtedness is otherwise permitted by the definition of “Permitted Indebtedness”), or (B) make any payment,
prepayment, redemption, defeasance, sinking fund payment or repurchase of any Subordinated Indebtedness in violation of the subordination provisions thereof or any subordination agreement with respect thereto; 

(iii) amend, modify or otherwise change its name, jurisdiction of organization, organizational identification number or FEIN, except that a
Loan Party may (A) change its name, jurisdiction of organization, organizational identification number or FEIN in connection with a transaction permitted by Section 7.02(c) [Fundamental Changes; Dispositions] and (B) change its name,
jurisdiction of organization or organizational identification number; provided that the Administrative Borrower must notify the Collateral Agent in writing within 10 days (or such longer period as may be approved by the Collateral Agent in
its sole discretion) of such change and works with the Collateral Agent to provide any financing statements or fixture filings necessary to perfect and continue perfected the Collateral Agent’s Liens; provided, further, no Loan
Party may amend or otherwise change its jurisdiction of organization to anywhere outside of the United States, any state thereof or the District of Columbia; 

  
 - 125 - 

 (iv) amend, modify or otherwise change any of its Governing Documents, including, without
limitation, by the filing or modification of any certificate of designation, or any agreement or arrangement entered into by it, with respect to any of its Equity Interests (including any shareholders’ agreement), or enter into any new
agreement with respect to any of its Equity Interests, except any such amendments, modifications or changes or any such new agreements or arrangements pursuant to this clause (iv) that either individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect; or 
 (v) agree to any amendment, modification or other change to or waiver of
any of its rights under any Material Contract if such amendment, modification, change or waiver would be adverse, taken as a whole, in any material respect to any Loan Party or any of its Subsidiaries or the Agent and the Lenders. 

(n) Anti-Bribery. Use the proceeds of the Loans, directly or indirectly, for any payments that could constitute a violation of the
FCPA. 
 (o) Limitations on Negative Pledges. Enter into, incur or permit to exist, or permit any Loan Party to enter into, incur or
permit to exist, directly or indirectly, any agreement, instrument, deed, lease or other arrangement that prohibits, restricts or imposes any condition upon the ability of any Loan Party to create, incur or permit to exist any Lien upon any of its
property or revenues, whether now owned or hereafter acquired, or that requires the grant of any security for an obligation if security is granted for another obligation, except the following: (i) this Agreement and the other Loan Documents,
(ii) restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by Section 7.02(b) of this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness,
(iii) any customary restrictions and conditions contained in agreements relating to the sale or other disposition of assets or of a Subsidiary pending such sale or other disposition; provided that such restrictions and conditions apply
only to the assets or Subsidiary to be sold or disposed of and such sale or disposition is permitted hereunder, (iv) customary provisions in leases, licenses and contracts restricting the assignment or sublet thereof, and (v) restrictions
arising under applicable law. 
 (p) Anti-Terrorism Laws. (2) None of the Loan Parties or, to the knowledge of the Loan Parties
or their subsidiaries, their respective agents acting or benefiting in any capacity in connection with the Loans, Letters of Credit or other transactions hereunder: 

(A) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving any contribution
of funds, goods or services to or for the benefit of any Blocked Person in violation of any Anti-Terrorism Law, 
 (B) deal in, or
otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the OFAC Sanctions Programs in violation of any Anti-Terrorism Law, or 

  
 - 126 - 

 (C) engage in or conspire to engage in any transaction that evades or avoids, or has the
purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in the OFAC Sanctions Programs, the USA PATRIOT Act or any other Anti-Terrorism Law. 

(ii) The Borrowers shall deliver to the Lenders any certification or other evidence reasonably requested from time to time by any Lender in
its Permitted Discretion, confirming the Borrowers’ compliance with this
Section 7.02(p)Section 7.02(p)(i).

 (iii) Without limiting or contradicting (or being limited or contradicted by) the foregoing, Loan Parties further covenants and
agree that: (i) no Covered Entity will engage in activities that provide basis for designation as a Sanctioned Person, (ii) no Covered Entity, either in its own right or through any third party, will (A) have any of its assets in a
Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti- Terrorism Law; (B) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country
or Sanctioned Person in violation of any Anti-Terrorism Law; (C) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (D) use the Loans to fund any operations in, finance any investments or activities in, or, make
any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law, (iii) the funds used to repay the Obligations will not be derived from any unlawful activity, (iv) each Covered Entity shall comply with all
Anti-Terrorism Laws and (v) the Borrowers shall promptly notify the Agent in writing upon the occurrence of a Reportable Compliance Event. 

Section 7.03 Financial Covenants. So long as the Obligations have not been Paid in Full, each Loan Party shall not, unless the
Required Lenders shall otherwise consent in writing: 
 (a) Leverage Ratio. Permit the Leverage Ratio of the Ultimate Parent and its
Subsidiaries, measured for the four consecutive Fiscal Quarter period ending as of the last day of each Fiscal Quarter of the Ultimate Parent and its Subsidiaries set forth below, to be greater than the ratio set forth opposite such date: 

 

			
	 Fiscal Quarter Ending On or About
	  	 Leverage Ratio

	December 31, 2018	  	3.00:1.00
	March 31, 2019	  	3.00:1.00
	June 30, 2019	  	3.00:1.00
	September 30, 2019	  	3.00:1.00
	December 31, 2019	  	2.75:1.00
	March 31, 2020	  	2.75:1.00
	June 30, 2020	  	2.75:1.00
	September 30, 2020	  	2.75:1.00

  
 - 127 - 

			
	 Fiscal Quarter Ending On or About
	  	 Leverage Ratio

	December 31, 2020	  	2.50:1.00
	March 31, 2021	  	2.50:1.00
	June 30, 2021	  	2.50:1.00
	September 30, 2021	  	2.50:1.00
	December 31, 2021 and each Fiscal Quarter ended thereafter	  	2.25:1.00

 The Loan Parties may elect to increase the
Leverage Ratio required to be maintained pursuant to the table above by 0.25:1.00 for the four consecutive Fiscal Quarter ending dates (or such shorter time, as may be elected by the Loan Parties) immediately following the consummation of a Material
Acquisition by any Loan Party subject to the following terms: (a) such election shall be made in writing to the Administrative Agent at least ten (10) Business Days prior to the date such Material Acquisition is consummated (or such
shorter period as the Administrative Agent may agree in its sole discretion), (b) such election may only be made twice during the term of this Agreement and (c) no more than one such election may be made in any period of four consecutive Fiscal
Quarters. 
 (b) Fixed Charge Coverage Ratio. Permit the Fixed Charge
Coverage Ratio of the Ultimate Parent and its Subsidiaries, measured for the four consecutive Fiscal Quarter period ending as of the last day of each Fiscal Quarter of the Ultimate Parent and its Subsidiaries set forth below, to be less than the
ratio set forth opposite such date: 
  

			
	 Fiscal Quarter Ending On or About
	  	 Fixed Charge Coverage Ratio

	December 31, 2018 and each Fiscal Quarter ended thereafter	  	1.25:1.00

 ARTICLE VIII. 

MANAGEMENT OF COLLATERAL 

Section 8.01 Collection of Accounts Receivable; Management of Collateral. iii) The Loan Parties shall establish and maintain cash
management services of a type and on terms reasonably satisfactory to the Agents (it being understood that the cash management services in effect on the Effective Date are satisfactory to the Agents) at one or more of the banks or their affiliates
set forth on Schedule 8.01 (each a “Cash Management Bank”). 
 (b) Subject to 8.01(a), and except as otherwise agreed by
the Agents, the Loan Parties shall, with respect to each Cash Management Account, deliver to the Collateral Agent a Cash Management Agreement with respect to such Cash Management Account. The Loan 

  
 - 128 - 

 
Parties shall not maintain cash, Cash Equivalents or other amounts in any deposit account or securities account, unless the Collateral Agent shall have received a Cash Management Agreement in
respect of each such deposit account or securities account (other than accounts excluded from the definition of “Cash Management Accounts”). For the avoidance of doubt and notwithstanding anything herein to the contrary, no Cash Management
Agreements shall be required for any accounts at PNC. 
 (c) The deposit accounts and securities accounts of Funko UK shall not maintain
cash, Cash Equivalents or other amounts of more than $5,000,000 in the aggregate at any time (which balance shall be calculated based on the average daily balance for the preceding thirty (30) days). The deposit accounts and securities accounts
of all of the Foreign Subsidiaries (other than Funko UK) shall not maintain cash, Cash Equivalents or other amounts of more than $1,000,000 in the aggregate at any time (which balance shall be calculated based on the average daily balance for the
preceding thirty (30) days). 
 (d) [Intentionally Omitted]. 

(e) So long as no Default or Event of Default has occurred and is continuing, the Borrowers may, upon notice to the Collateral Agent, amend
Schedule 8.01(A) to add or replace a Cash Management Bank or Cash Management Account; provided, however, that (i) such prospective Cash Management Bank shall be reasonably satisfactory to the Collateral Agent, and except in the
case of accounts established with the Administrative Agent, the Collateral Agent shall have consented in writing in advance to the opening of such Cash Management Account with the prospective Cash Management Bank, and (ii) prior to the time of
the opening of such Cash Management Account, the applicable Loan Party and such Cash Management Bank shall have executed and delivered to the Collateral Agent a Cash Management Agreement. Each Loan Party shall close any of its Cash Management
Accounts (and establish replacement cash management accounts in accordance with the foregoing sentence) promptly and in any event, to the extent reasonably practicable, within 30 days (or such longer period as the Collateral Agent may agree in its
reasonable discretion, it being agreed that if a replacement Cash Management Bank requires more than 30 days to ensure compliance with the USA PATRIOT Act or any other Anti-Terrorism Law in connection with establishing a new Cash Management Account,
the Collateral Agent shall agree to such extension) of notice from the Collateral Agent that the creditworthiness of any Cash Management Bank is no longer acceptable in any Agent’s Permitted Discretion, or that the operating performance, funds
transfer, or availability procedures or performance of such Cash Management Bank with respect to Cash Management Accounts or the Collateral Agent’s liability under any Cash Management Agreement with such Cash Management Bank is no longer
acceptable in any Agent’s Permitted Discretion. 

  
 - 129 - 

 ARTICLE IX. 

EVENTS OF DEFAULT 

Section 9.01 Events of Default. If any of the following Events of Default shall occur and be continuing: 

(a) any Borrower shall fail to pay any principal of or interest on any Loan, any Agent Advance, any Reimbursement Obligation or any fee,
indemnity or other amount payable under this Agreement or any other Loan Document when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and, in the case of interest, fees and indemnities, such failure
continues for a period of three Business Days; 
 (b) any representation or warranty made or deemed made by or on behalf of any Loan Party
or by any officer of the foregoing under or in connection with any Loan Document or under or in connection with any report, certificate or other document delivered to any Agent, any Lender or the L/C Issuer pursuant to any Loan Document, which
representation or warranty is subject to a materiality or a Material Adverse Effect qualification, shall have been incorrect in any respect when made or deemed made; or any representation or warranty made or deemed made by or on behalf of any Loan
Party or by any officer of the foregoing under or in connection with any Loan Document or under or in connection with any report, certificate or other document delivered to any Agent, any Lender or the L/C Issuer pursuant to any Loan Document, which
representation or warranty is not subject to a materiality or a Material Adverse Effect qualification, shall have been incorrect in any material respect when made or deemed made; 

(c) any Loan Party shall fail to perform or comply with any covenant or agreement contained in (i) Sections 7.01(a)(xi) [Reporting
Requirements], 7.01(d)(i)(A) [Preservation of Existence], 7.02 [Negative Covenants], 7.03 [Financial Covenants] or ARTICLE VIII [Management of Collateral], (ii) Section 7.01(a)(xii) [Reporting Requirements] and Section 7.01(b) [Additional
Guaranties and Collateral Security], and such failure, if capable of being remedied, shall remain unremedied for 10 days after the earlier of the date a Senior Officer of any Loan Party becomes aware of such failure and the date written notice of
such default shall have been given by any Agent to such Loan Party and (iii) Sections 7.01(a)(i) [Reporting Requirements], 7.01(a)(iii) [Reporting Requirements], 7.01(a)(iv) [Reporting Requirements], 7.01(a)(vii) [Reporting Requirements],
7.01(a)(x) [Reporting Requirements], 7.01(a)(xiii) [Reporting Requirements], 7.01(a)(xiv) [Reporting Requirements], 7.01(h) [Maintenance of Insurance] and 7.01(l) [Change in Collateral; Collateral Records], and such failure, if capable of being
remedied, shall remain unremedied for 5 Business Days after the earlier of the date a Senior Officer of any Loan Party becomes aware of such failure and the date written notice of such default shall have been given by any Agent to such Loan Party,
provided that Borrower may not exercise its rights of remedy under this clause (iii) more than three times in any calendar year; 
 (d)
any Loan Party shall fail to perform or comply with any other term, covenant or agreement contained in any Loan Document to be performed or observed by it and, except as set forth in subsections (a), (b) and (c) of this Section 9.01, such
failure, if capable of being remedied, shall remain unremedied for 30 days after the earlier of the date a Senior Officer of any Loan Party becomes aware of such failure and the date written notice of such default shall have been given by any Agent
to such Loan Party; 
 (e) any Loan Party or any of its Subsidiaries shall fail to pay any of its Indebtedness in excess of $7,500,000, or
any payment of principal, interest or premium thereon, when due (whether by scheduled maturity, required prepayment, acceleration, demand or 

  
 - 130 - 

 otherwise) and such failure shall continue after the applicable grace period, if any, specified in the
agreement or instrument relating to such Indebtedness, or any other default under any agreement or instrument relating to any such Indebtedness, or any other event, shall occur and shall continue after the applicable grace period, if any, specified
in such agreement or instrument, if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be
prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof;

 (f) any Loan Party or any of its Subsidiaries that is not an Immaterial Subsidiary (i) shall institute any proceeding or voluntary
case seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency,
reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, (ii) shall be
generally not paying its debts as such debts become due or shall admit in writing its inability to pay its debts generally, (iii) shall make a general assignment for the benefit of creditors, or (iv) shall take any action to authorize or
effect any of the actions set forth above in this subsection (f); 
 (g) any proceeding shall be instituted against any Loan Party or any of
its Subsidiaries that is not an Immaterial Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, suspension of payments, reorganization, arrangement, adjustment, protection, relief of debtors,
or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian, administrator or other similar official for any such Person or for any substantial part of its property, and, in the case of the Loan Parties, either
such proceeding shall remain undismissed or unstayed for a period of sixty (60) days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against any such Person or the appointment of
a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur; 
 (h)
[Intentionally Omitted]. 
 (i) any material provision of any Loan Document shall at any time for any reason (other than pursuant to the
express terms thereof) cease to be valid and binding on or enforceable against any Loan Party intended to be a party thereto, or the validity or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by
any Loan Party or any Governmental Authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or any Loan Party shall deny in writing that it has any liability or obligation purported to be
created under any Loan Document; 
 (j) any Security Document, any Mortgage or any other security document, after delivery thereof pursuant
hereto, shall for any reason fail or cease to create a valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien in favor of the Collateral Agent for the benefit of the Agents and the LendersSecured Parties on any Collateral
purported to be covered thereby; 

  
 - 131 - 

 (k) one or more judgments, orders or awards (or any settlement of any claim that, if
breached, could result in a judgment, order or award) for the payment of money exceeding $7,500,000 in the aggregate shall be rendered against any Loan Party and remain unsatisfied and either (i) enforcement proceedings shall have been
commenced by any creditor upon any such judgment, order, award or settlement, (ii) there shall be a period of 30 consecutive days after entry thereof during which a stay of enforcement of any such judgment, order, award or settlement, by reason
of a pending appeal or otherwise, shall not be in effect, (iii) at any time during which a stay of enforcement of any such judgment, order, award or settlement, by reason of a pending appeal or otherwise, is in effect, such judgment, order,
award or settlement is not bonded to the extent required to keep such stay in effect or (iv) any Lien arising from any such judgment, order, award or settlement over the assets of any Loan Party becomes enforceable and any step (including the
taking of possession or the appointment of a receiver, managers or similar person) is taken to enforce that Lien; provided, however, that any such judgment, order, award or settlement shall not give rise to an Event of Default under
this subsection (k) if and for so long as (A) the amount of such judgment, order, award or settlement is covered by a valid and binding policy of insurance between the defendant and the insurer covering full payment thereof and
(B) such insurer has been notified, and has not disputed the claim made for payment, of the amount of such judgment, order, award or settlement; 

(l) any cessation of a substantial part of the business of any Loan Party for a period which could reasonably be expected to have a Material
Adverse Effect on the ability of the Loan Parties to continue its business on a profitable basis; 
 (m) any Termination Event hereof shall
occur which, individually or in the aggregate with any other Termination Event, could reasonably be expected to have a Material Adverse Effect; 

(n) a Change of Control shall have occurred; 

then, and in any such event, the any Agent may, and shall at the request of the Required Lenders, by notice to the Administrative Borrower, (i) terminate
or reduce all Commitments, whereupon all Commitments shall immediately be so terminated or reduced, (ii) declare all or any portion of the Loans and Reimbursement Obligations then outstanding to be due and payable, whereupon all or such portion
of the aggregate principal of all Loans and Reimbursement Obligations, all accrued and unpaid interest thereon, all fees and all other amounts payable under this Agreement and the other Loan Documents shall become due and payable immediately,
without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by each Loan Party and (iii) exercise any and all of its other rights and remedies under applicable law, hereunder and under the other
Loan Documents; provided, however, that upon the occurrence of any Event of Default described in subsection (f) or (g) of this Section 9.01 with respect to any Loan Party, without any notice to any Loan Party or any other
Person or any act by any Agent or any Lender, all Commitments shall automatically terminate and all Loans and Reimbursement Obligations then outstanding, together with all accrued and unpaid interest thereon, all fees and all other amounts due under
this Agreement and the other Loan Documents shall become due and payable automatically and immediately, without presentment, demand, protest or notice of 

  
 - 132 - 

 any kind, all of which are expressly waived by each Loan Party. Subject to Section 4.09(b), the
Administrative Agent may, and shall at the request of the Required Lenders, after the occurrence and during the continuation of any Event of Default, require the Borrowers to Cash Collateralize each Letter of Credit then outstanding. 

Notwithstanding anything to the contrary contained in Section 9.01, if the Loan Parties fail to comply with any financial covenant set forth in
Section 7.03 [Financial Covenants] as of any date or for any period, until the expiration of the tenth (10th) Business Day following the date on which financial statements are required to be
delivered with respect to the applicable Fiscal Quarter hereunder, the Ultimate Parent may sell or issue common Qualified Equity Interest of the Ultimate Parent (the “Permitted Cure Stock”) the proceeds of which shall be deemed to
increase Consolidated EBITDA (solely for purposes of Section 7.03(a) [Leverage Ratio] and (b) [Fixed Charge Coverage Ratio] and not for any other purpose) on a
dollar-for-dollar basis for the Fiscal Quarter most recently ended, with the effect that such financial covenants shall be recalculated on a pro forma basis, and, if
after giving effect to such recalculation, the Borrowers are in compliance with such financial covenants, the Borrowers shall be deemed to have satisfied such financial covenants as of the relevant date of determination with the same effect as
though there had been no failure to comply therewith; provided, however, that (i) such proceeds do not exceed the aggregate amount necessary to cure such Event of Default under Section 7.03(a) [Leverage Ratio] and (b) [Fixed
Charge Coverage Ratio] for the applicable period, (ii) the cure right under this paragraph shall be available up to four non-consecutive times during the term of this Agreement, (iii) the amount of
proceeds arising from the issuance of the Permitted Cure Stock shall not represent more than 20% of Ultimate Parent’s TTM Consolidated EBITDA for the most recently ended Fiscal Quarter, (iv) such proceeds shall be paid to Administrative
Agent and applied to the Loans in accordance with Section 2.17(d) [Application of Payments], (v) Indebtedness shall not be deemed reduced by any payment made pursuant to subclause (iv) above at any time that such related Consolidated
EBITDA increase pursuant to this paragraph exists and (vi) during the 10 Business Day period referred to above, neither the Administrative Agent nor any Lender may exercise any rights or remedies under Section 9.01 (or under any other Loan
Document) on the basis of any actual or purported Event of Default under Section 9.01(c) for a breach of Section 7.03; provided, that, no Lender shall be required to make any extension of credit hereunder until the proceeds of Permitted
Cure Stock are actually received by the Borrowers. 
 ARTICLE X. 

AGENTS 
 Section 10.01
Appointment. Each Lender (and each subsequent maker of any Loan by its making thereof) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to perform the duties of each such Agent as set forth in this
Agreement including: (i) to receive on behalf of each Lender any payment of principal of or interest on the Loans outstanding hereunder and all other amounts accrued hereunder for the account of the Lenders and paid to such Agent, and, subject
to Section 4.02 [Pro Rata Treatment of Lenders] of this Agreement, to distribute promptly to each Lender its Ratable Share of all payments so received; (ii) to distribute to each Lender copies of all material notices and agreements
received by such Agent and not required to be delivered to each Lender pursuant to the terms of this 

  
 - 133 - 

 
Agreement, provided that the Agents shall not have any liability to the Lenders for any Agent’s inadvertent failure to distribute any such notices or agreements to the Lenders; (iii) to
maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations, the Loans, and related matters and to maintain, in accordance with its customary business practices, ledgers and records
reflecting the status of the Collateral and related matters; (iv) to execute or file any and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written
agreements with respect to this Agreement or any other Loan Document; (v) to make the Loans and Agent Advances, for such Agent or on behalf of the applicable Lenders as provided in this Agreement or any other Loan Document; (vi) to
perform, exercise, and enforce any and all other rights and remedies of the Lenders with respect to the Loan Parties, the Obligations, or otherwise related to any of same to the extent reasonably incidental to the exercise by such Agent of the
rights and remedies specifically authorized to be exercised by such Agent by the terms of this Agreement or any other Loan Document; (vii) to incur and pay such fees necessary or appropriate for the performance and fulfillment of its functions
and powers pursuant to this Agreement or any other Loan Document; and (viii) subject to Section 10.03 [Rights, Exculpation, Etc.] of this Agreement, to take such action as such Agent deems appropriate on its behalf to administer the Loans
and the Loan Documents and to exercise such other powers delegated to such Agent by the terms hereof or the other Loan Documents (including, without limitation, the power to give or to refuse to give notices, waivers, consents, approvals and
instructions and the power to make or to refuse to make determinations and calculations) together with such powers as are reasonably incidental thereto to carry out the purposes hereof and thereof. As to any matters not expressly provided for by
this Agreement and the other Loan Documents (including, without limitation, enforcement or collection of the Loans), the Agents shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from
acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions of the Required Lenders shall be binding upon all Lenders and all makers of Loans; provided,
however, that the L/C Issuer shall not be required to refuse to honor a drawing under any Letter of Credit and the Agents shall not be required to take any action which, in the reasonable opinion of any Agent, exposes such Agent to liability
or which is contrary to this Agreement or any other Loan Document or applicable law. 
 Section 10.02 Nature of Duties;
Delegation. iv) The Agents shall have no duties or responsibilities except those expressly set forth in this Agreement or in the other Loan Documents. The duties of the Agents shall be mechanical and administrative in nature. The Agents shall
not have by reason of this Agreement or any other Loan Document a fiduciary relationship in respect of any Lender. Nothing in this Agreement or any other Loan Document, express or implied, is intended to or shall be construed to impose upon the
Agents any obligations in respect of this Agreement or any other Loan Document except as expressly set forth herein or therein. Each Lender shall make its own independent investigation of the financial condition and affairs of the Loan Parties in
connection with the making and the continuance of the Loans hereunder and shall make its own appraisal of the creditworthiness of the Loan Parties and the value of the Collateral, and the Agents shall have no duty or responsibility, either initially
or on a continuing basis, to provide any Lender with any credit or other information with respect thereto, whether coming into their possession before the initial Loan hereunder or at any time or times thereafter, provided that, upon the reasonable
request of a Lender, each Agent shall provide to such Lender any documents or reports delivered to such 

  
 - 134 - 

 
Agent by the Loan Parties pursuant to the terms of this Agreement or any other Loan Document. If any Agent seeks the consent or approval of the Required Lenders to the taking or refraining from
taking any action hereunder, such Agent shall send notice thereof to each Lender. Each Agent shall promptly notify each Lender any time that the Required Lenders have instructed such Agent to act or refrain from acting pursuant hereto. 

(b) Each Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate
or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee,
attorney-in-fact and any other Person (including any Lender). Any such Person shall benefit from this Article X to the extent provided by the applicable Agent. 

(c) An Agent may employ agents and attorneys in fact and shall not be liable for the default or misconduct of any such agents or attorneys in
fact selected by such Agent with reasonable care. 
 Section 10.03 Rights, Exculpation, Etc.. The Agents and their directors,
officers, agents or employees shall not be liable for any action taken or omitted to be taken by them under or in connection with this Agreement or the other Loan Documents, except for their own gross negligence or willful misconduct as determined
by a final non-appealable judgment of a court of competent jurisdiction. Without limiting the generality of the foregoing, the Agents (i) may treat the payee of any Loan as the owner thereof until the
Agents receive written notice of the assignment or transfer thereof, pursuant to Section 12.07 [Amendments and Participations] hereof, signed by such payee and in form reasonably satisfactory to the Agents; (ii) may consult with legal
counsel (including, without limitation, counsel to any Agent), independent public accountants, and other experts selected by any of them and shall not be liable for any action taken or omitted to be taken in good faith by any of them in accordance
with the advice of such counsel or experts; (iii) make no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, certificates, warranties or representations made in or in connection with this
Agreement or the other Loan Documents; (iv) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on the part of any
Person, the existence or possible existence of any Default or Event of Default, or to inspect the Collateral or other property (including, without limitation, the books and records) of any Person; (v) shall not be responsible to any Lender for
the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; and (vi) shall not be deemed to
have made any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Loan Party in
connection therewith, nor shall the Agents be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. The Agents shall not be liable for any apportionment or distribution of payments made in good
faith pursuant to Section 4.09 [Apportionment of Payments], and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Lender to whom payment was due but not made, shall be to
recover from other Lenders any payment in excess of the amount which they are determined to be entitled. The Agents may at any time request instructions from the Lenders with respect to any actions or 

  
 - 135 - 

 
approvals which by the terms of this Agreement or of any of the other Loan Documents the Agents are permitted or required to take or to grant, and if such instructions are promptly requested, the
Agents shall be absolutely entitled to refrain from taking any action or to withhold any approval under any of the Loan Documents until they shall have received such instructions from the Required Lenders (unless unanimity is required). Without
limiting the foregoing, no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of
the Required Lenders (unless unanimity is required). The Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Agent in writing by the Borrower, a Lender or an Issuing Lender. 

Section 10.04 Reliance. Each Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other
documents or any telephone message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and with respect to all matters pertaining to this Agreement or any of the other Loan Documents and
its duties hereunder or thereunder, upon advice of counsel selected by it. 
 Section 10.05 Indemnification. To the extent that
any Agent or the L/C Issuer is not reimbursed and indemnified by any Loan Party, and whether or not such Agent or the L/C Issuer has made demand on any Loan Party for the same, the Lenders will, within five days of written demand by such Agent or
the L/C Issuer, reimburse and indemnify such Agent and the L/C Issuer from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, client charges and
expenses of counsel or any other advisor to such Agent or the L/C Issuer), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against such Agent or the L/C Issuer in any way relating to or
arising out of this Agreement or any of the other Loan Documents or any action taken or omitted by such Agent or the L/C Issuer under this Agreement or any of the other Loan Documents, in proportion to each Lender’s Ratable Share, including,
without limitation, advances and disbursements made pursuant to Section 10.08 [Collateral Matters]; provided, however, that (a) no Lender shall be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses, advances or disbursements for which there has been a final non-appealable judicial determination that such liability resulted from such Agent’s or
the L/C Issuer’s gross negligence or willful misconduct, and (b) only the Revolving Loan Lenders shall be obligated to indemnify the L/C Issuer for any amounts owing to the L/C Issuer pursuant to this Section 10.05. The obligations of
the Lenders under this Section 10.05 shall survive the Payment in Full of the Loans and the termination of this Agreement. 

Section 10.06 Agents Individually. With respect to its Ratable Share of the Total Commitment hereunder and the Loans made by it,
each Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or maker of a Loan. The terms “Lenders” or
“Required Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity as a Lender or one of the Required Lenders. Each Agent and their Affiliates may accept deposits
from, lend money to, and generally engage in any kind of banking, trust or other business with any Borrower as if it were not acting as an Agent pursuant hereto without any duty to account to the other Lenders. 

  
 - 136 - 

 Section 10.07 Successor Agent. v) Any Agent may at any time give at least thirty
(30) (or, if the Total Revolving Credit Commitment is reduced to zero, ten (10)) days prior written notice of its resignation to the Lenders, the L/C Issuer and the Administrative Borrower, provided that, if the continuing Agent assumes all
of the resigning Agent’s duties hereunder, such resigning Agent may provide notice on the effective date of its resignation. Upon receipt of any such notice of resignation, (i) the Required Lenders shall have the right, with the consent of
the Administrative Borrower (which consent shall not be unreasonably withheld or delayed nor shall it be required during the existence of a payment or bankruptcy Event of Default), to appoint a successor Collateral Agent, and (ii) the
Collateral Agent shall have the right, with the consent of the Required Lenders and of the Administrative Borrower (which consent shall not be unreasonably withheld or delayed nor shall it be required during the existence of a payment or bankruptcy
Event of Default), to appoint a successor Administrative Agent. If no such successor Agent shall have been so appointed by the Required Lenders or Collateral Agent, as applicable, and shall have accepted such appointment within thirty (30) (or, if
the Total Revolving Credit Commitment is reduced to zero, ten (10)) days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”),
then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders and the L/C Issuer, appoint a successor Agent. Whether or not a successor Agent has been appointed, such resignation shall become effective in accordance with such
notice on the Resignation Effective Date. 
 (b) With effect from the Resignation Effective Date, (i) the retiring Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by such Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Agent
shall continue to hold such collateral security until such time as a successor Agent is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through such retiring Agent shall instead be made by or to
the surviving Agent directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above. Upon the acceptance of a successor’s Agent’s appointment as Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. After the retiring
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article, Section 12.04 [Expenses] and Section 12.16 [Indemnification, Etc.] shall continue in effect for the benefit of such retiring Agent in respect
of any actions taken or omitted to be taken by it while the retiring Agent was acting as Agent. 
 Section 10.08 Collateral
Matters. 
 (a) Each Agent may from time to time make such disbursements and advances (“Agent Advances”) which such
Agent, in its sole discretion, deems necessary or desirable to preserve, protect, prepare for sale or lease or dispose of the Collateral or any portion thereof, to enhance the likelihood or maximize the amount of repayment by the Borrowers of the
Loans, Reimbursement Obligations, Letter of Credit Obligations and other Obligations or to pay 

  
 - 137 - 

 
any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including, without limitation, costs, fees and expenses as described in Section 12.04. The Agent
Advances shall be repayable on demand and be secured by the Collateral and shall bear interest at a rate per annum equal to the rate then applicable to Revolving Credit Loans that are Base Rate Loans. The Agent making any Agent Advances shall notify
the other Agent, each Lender and the Administrative Borrower in writing of each such Agent Advance, which notice shall include a description of the purpose of such Agent Advance. Without limitation to its obligations pursuant to Section 10.05
[Indemnification], each Lender agrees that it shall make available to the Agent making any Agent Advances, upon such Agent’s demand, in the currency in which the respective Agent Advance was made in immediately available funds, the amount equal
to such Lender’s Ratable Share of each such Agent Advance, provided that any such amount advanced by a Lender shall be deemed a Loan hereunder. If such funds are not made available to such Agent by such Lender, such Agent shall be entitled to
recover such funds on demand from such Lender, together with interest thereon for each day from the date such payment was due until the date such amount is paid to such Agent, at the Federal Funds Effective Rate for three Business Days and
thereafter at the Base Rate. 
 (b) The Lenders hereby irrevocably authorize the Collateral Agent, at its option and in its discretion, to
release any Lien granted to or held by the Collateral Agent upon any Collateral upon termination of the Total Commitment and Payment in Full of the Obligations; or constituting property being sold or disposed of in the ordinary course of any Loan
Party’s business or otherwise in compliance with the terms of this Agreement and the other Loan Documents; or constituting property in which the Loan Parties owned no interest at the time the Lien was granted or at any time thereafter; or if
approved, authorized or ratified in writing by the applicable Lenders required pursuant to Section 12.02 [ Amendments, Etc.]. Upon request by the Collateral Agent at any time, the Lenders will confirm in writing the Collateral Agent’s
authority to release particular types or items of Collateral pursuant to this Section 10.08(b). 
 (c) Without in any manner limiting
the Collateral Agent’s authority to act without any specific or further authorization or consent by the Lenders (as set forth in Section 10.08(b)), each Lender agrees to confirm in writing, upon request by the Collateral Agent, the
authority to release Collateral conferred upon the Collateral Agent under Section 10.08(b). Upon the prior written request by any Loan Party, the Collateral Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such
documents as may be necessary or reasonably requested by any Loan Party to evidence the release of the Liens granted to the Collateral Agent for the benefit of the Agents and the Lenders upon such Collateral; provided, however, that
(i) the Collateral Agent shall not be required to execute any such document on terms which, in the Collateral Agent’s opinion, would expose the Collateral Agent to liability or create any obligations or entail any consequence other than
the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Lien upon (or obligations of any Loan Party in respect of) all interests in the Collateral
retained by any Loan Party. 

  
 - 138 - 

 (d) Anything contained in any of the Loan Documents to the contrary notwithstanding, the
Loan Parties, each Agent and each Lender hereby agree that (i) no Lender shall have any right individually to realize upon any of the Collateral under any Loan Document or to enforce any Guaranty, it being understood and agreed that all powers,
rights and remedies under the Loan Documents may be exercised solely by the Collateral Agent for the benefit of the Lenders in accordance with the terms thereof, (ii) in the event of a foreclosure by the Collateral Agent on any of the
Collateral pursuant to a public or private sale, the Administrative Agent, the Collateral Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and (iii) the Collateral Agent, as agent for and representative
of the Agents and the Lenders (but not any other Agent or any Lender or Lenders in its or their respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled (either directly or through one or more
acquisition vehicles) for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral to be sold (A) at any public or private sale, (B) at any sale conducted by the Collateral
Agent under the provisions of the Uniform Commercial Code (including pursuant to Sections 9-610 or 9-620 of the Uniform Commercial Code), (C) at any sale or foreclosure
conducted by the Collateral Agent (whether by judicial action or otherwise) in accordance with applicable law or (D) any sale conducted pursuant to the provisions of any Debtor Relief Law (including Section 363 of the Bankruptcy Code), to
use and apply all or any of the Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent at such sale. Except as expressly provided herein, nothing contained herein shall be deemed to authorize any
Agent to authorize or consent to or accept or adopt on behalf of any Lender or L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or L/C Issuer or to authorize any
Agent to vote in respect of the claim of any Lender or L/C Issuer in any such proceeding. 
 (e) The Collateral Agent shall have no
obligation whatsoever to any Lender to assure that the Collateral exists or is owned by the Loan Parties or is cared for, protected or insured or has been encumbered or that the Lien granted to the Collateral Agent pursuant to this Agreement or any
other Loan Document has been properly or sufficiently or lawfully created, perfected, protected or enforced or is entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or
fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent in this Section 10.08 or in any other Loan Document, 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 any other Lender. 
 Section 10.09 Agency for Perfection. Each Agent and
each Lender hereby appoints each other Agent and each other Lender as agent and bailee for the purpose of perfecting the security interests in and liens upon the Collateral in assets which, in accordance with Article 9 of the Uniform Commercial
Code, can be perfected only by possession or control (or where the security interest of a secured party with possession or control has priority over the security interest of another secured party) and each Agent and each Lender hereby acknowledges
that it holds possession of or otherwise controls any such Collateral for the benefit of the Agents and the Lenders as secured party. Should the Administrative Agent or any Lender obtain possession or control of any such Collateral, the
Administrative Agent or such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s request therefor shall deliver such Collateral to the Collateral Agent or in accordance with the Collateral Agent’s
instructions. 

  
 - 139 - 

 
In addition, the Collateral Agent shall also have the power and authority hereunder to appoint such other sub-agents as may be necessary or required under
applicable state law or otherwise to perform its duties and enforce its rights with respect to the Collateral and under the Loan Documents. Each Loan Party by its execution and delivery of this Agreement hereby consents to the foregoing. 

Section 10.10 No Reliance on any Agent’s Customer Identification Program Certifications From Banks and Participants; USA PATRIOT
Act. 
 (a) Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely
on any Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other requirements imposed by the USA PATRIOT Act or the regulations issued thereunder, including the
regulations set forth in 31 CFR § 103.121, as hereafter amended or replaced (“CIP Regulations”), or any other Anti-Terrorism Laws or the equivalent on any applicable jurisdiction, including any programs involving any of
the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (1) any identity verification procedures, (2) any
recordkeeping, (3) comparisons with government lists, (4) customer notices or (5) other procedures required under the CIP Regulations or other regulations issued under the USA PATRIOT Act. Each Lender, Affiliate, participant or
assignee subject to Section 326 of the USA PATRIOT Act will perform the measures necessary to satisfy its own responsibilities under the CIP Regulations or any equivalent provisions in any applicable jurisdiction. 

(b) Each Lender or assignee or participant of a Lender that is not incorporated under the Laws of the United States of America or a state
thereof (and is not excepted from the certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a
physical presence in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign bank) shall deliver to each Agent the certification, or, if
applicable, recertification, certifying that such Lender is not a “shell” and certifying to other matters as required by Section 313 of the USA PATRIOT Act and the applicable regulations: (1) within ten (10) days after the
Effective Date, and (2) as such other times as are required under the USA PATRIOT Act. 
 (c) The USA PATRIOT Act requires all
financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, any Agent or Lender may from time to time
request, and each Loan Party shall provide to such Agent or Lender, such Borrower’s name, address, tax identification number and/or such other identifying information as shall be necessary for Lender to comply with the USA PATRIOT Act and any
other Anti-Terrorism Law. 
 Section 10.11 No Third Party Beneficiaries. The provisions of this Article are solely for the
benefit of the Agents, the Lenders and the L/C Issuer, and, except as provided in Sections 10.07 [Successor Agent] and 10.08 [Collateral Matters], no Loan Party shall have rights as a third-party beneficiary of any of such provisions. 

  
 - 140 - 

 Section 10.12 No Fiduciary Relationship. It is understood and agreed that the
use of the term “agent” herein or in any other Loan Document (or any other similar term) with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

Section 10.13 Confidentiality; Disclaimers. By becoming a party to this Agreement, each Lender agrees to keep all material, non-public information regarding the Ultimate Parent and its Subsidiaries and their operations, assets, and existing and contemplated business plans in a confidential manner in accordance with Section 12.21
[Confidentiality]. 
 Section 10.14 Conduct of Business by the Lenders and Agents. No provision of this Agreement will:
(a) interfere with the right of any Lender or Agent to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; (b) oblige any Lender or Agent to investigate or claim any credit, relief, remission or repayment available to
it or the extent, order and manner of any claim; or (c) oblige any Lender or Agent to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Taxes. 

ARTICLE XI. 
 GUARANTY

 Section 11.01 Guaranty. 

(a) Each Loan Party hereby jointly and severally and unconditionally and irrevocably guarantees the punctual payment when due and payable
(whether at stated maturity, on demand, by acceleration or otherwise), of all Obligations of the
BorrowersLoan Parties, now or hereafter existing
under any Loan Document, whether for principal, interest (including, without limitation, all interest that accrues after the commencement of any Insolvency Proceeding with respect to any
Borrower,Loan Party, whether or not a claim
for post-filing interest is allowed in such Insolvency Proceeding), Letter of Credit Obligations, fees, commissions, expense reimbursements, indemnifications or otherwise, and whether accruing before or subsequent to the commencement of any
Insolvency Proceeding with respect to any BorrowerLoan Party (notwithstanding the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code), and the due performance and observance by the BorrowersLoan Parties of their other Obligations now or
hereafter existing in respect of the Loan Documents (such Obligations, to the extent not paid or performed by the BorrowersLoan Parties, being the ”Guaranteed Obligations”). 

(b) Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part of the
applicable Guaranteed Obligations and would be owed by the BorrowersLoan Parties to the Agents, the Lenders, the Bank Product Providers and the L/C Issuer under any Loan Document but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding
involving the BorrowersLoan Parties.
Notwithstanding any of the foregoing, Guaranteed Obligations shall not include any Excluded Hedge Liabilities. In no event shall the obligation of any Guarantor hereunder exceed the maximum amount such Guarantor could guarantee under any Debtor
Relief Law. 

  
 -141 - 

 Section 11.02 Guaranty Absolute. Each Loan Party jointly and severally
guarantees that the Guaranteed Obligations, will be paid strictly in accordance with the terms of the Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights
of the Agents, the Lenders, the Bank Product Providers or the L/C Issuer with respect thereto. Each Guarantor party hereto agrees that this ARTICLE XI constitutes a guaranty of payment when due and not of collection and waives any right to require
that any resort be made by any Agent or any Lender to any Collateral. The obligations of each Guarantor under this ARTICLE XI are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against each
Guarantor party hereto to enforce such obligations, irrespective of whether any action is brought against any Loan Party or whether any Loan Party is joined in any such action or actions. The liability of each Guarantor party hereto under this
ARTICLE XI shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor party hereto hereby irrevocably waives any defenses it may now or hereafter have in any way relating to, any or all of the following: 

(a) any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any of the applicable Guaranteed Obligations, or
any other amendment or waiver of or any consent to departure from any Loan Document, including, without limitation, any increase in the applicable Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or
otherwise and/or the making available of additional or new type of extensions of credit to any Loan Party that are of a different kind or nature from the types of extensions of credit available to the Loan Parties (or any of them) under the Loan
Documents on the Effective Date; 
 (c) any taking, exchange, release or non-perfection of any
Collateral, or any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the applicable Guaranteed Obligations; 

(d) the existence of any claim, set-off, defense or other right that any Guarantor may have at any
time against any Person, including, without limitation, any Agent, any Lender, any Bank Product Provider or the L/C Issuer; 
 (e) any
change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of any Loan Party; or 

(f) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Agents, the Lenders, the Bank Product Providers or the L/C Issuer that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other guarantor or surety. 

  
 - 142 - 

 This ARTICLE XI shall continue to be effective or be reinstated, as the case may be, if at any time any
payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by the Agents, the Lenders, the Bank Product Providers, the L/C Issuer or any other Person upon the insolvency, bankruptcy or reorganization of any BorrowerLoan Party or otherwise, all as though such payment
had not been made. 
 Section 11.03 Waiver. Each Guarantor hereby waives (i) promptness and diligence, (ii) notice
of acceptance and any other notice with respect to any of the Guaranteed Obligations and this ARTICLE XI and any requirement that the Agents, the Lenders, the Bank Product Providers or the L/C Issuer exhaust any right or take any action against any
Loan Party or any other Person or any Collateral, (iii) any right to compel or direct any Agent, any Lender, any Bank Product Provider or the L/C Issuer to seek payment or recovery of any amounts owed under this ARTICLE XI from any one
particular fund or source or to exhaust any right or take any action against any other Loan Party, any other Person or any Collateral, (iv) any requirement that any Agent, any Lender, any Bank Product Provider, any Bank Product Provider or the
L/C Issuer protect, secure, perfect or insure any security interest or Lien on any property subject thereto or exhaust any right to take any action against any Loan Party, any other Person or any Collateral, and (v) any other defense available
to any Guarantor (other than Payment in Full of the Guaranteed Obligations). Each Guarantor agrees that the Agents, the Lenders, the Bank Product Providers and the L/C Issuer shall have no obligation to marshal any assets in favor of any Guarantor
or against, or in payment of, any or all of the Guaranteed Obligations. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated herein and that the waiver set forth in this
Section 11.03 is knowingly made in contemplation of such benefits. Each Guarantor hereby waives any right to revoke this ARTICLE XI, and acknowledges that this ARTICLE XI is continuing in nature and applies to all Guaranteed Obligations,
whether existing now or in the future. 
 Section 11.04 Continuing Guaranty; Assignments. This ARTICLE XI is a continuing
guaranty and shall (a) in the case of each Loan Party, remain in full force and effect until the later of the Payment in Full of the Guaranteed Obligations (other than indemnification obligations as to which no claim has been made) and all
other amounts payable under this ARTICLE XI and the Final Maturity Date and (b) inure to the benefit of and be enforceable by the Agents, the Lenders, the Bank Product Providers and the L/C Issuer and their successors, pledgees, transferees and
assigns. Without limiting the generality of the foregoing clause (c), any Lender may pledge, assign or otherwise transfer all or any portion of its rights and obligations under this Agreement (including, without limitation, all or any portion of its
Commitments, its Loans, the Reimbursement Obligations and the Letter of Credit Obligations owing to it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted such Lender herein or
otherwise, in each case as provided in Section 12.07. 
 Section 11.05 Subrogation. No Guarantor party hereto will exercise
any rights that it may now or hereafter acquire against any Loan Party or any other guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this ARTICLE XI, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Agents, the Lenders, the Bank Product Providers and the L/C Issuer against any Loan Party or
any other guarantor or any Collateral, whether or not such claim, remedy or right arises 

  
 - 143 - 

 in equity or under contract, statute or common law, including, without limitation, the right to take or
receive from any Loan Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right,
unless and until all of the Guaranteed Obligations, and all other amounts payable under this ARTICLE XI shall have been Paid in Full and the Final Maturity Date shall have occurred. If any amount shall be paid to any Guarantor party hereto in
violation of the immediately preceding sentence at any time prior to the later of (x) the Payment in Full of the Guaranteed Obligations, and all other amounts payable under this ARTICLE XI and (y) the Final Maturity Date, such amount shall
be held in trust for the benefit of the Agents, the Lenders, the Bank Product Providers and the L/C Issuer and shall forthwith be paid to the Agents, the Lenders, the Bank Product Providers and the L/C Issuer to be credited and applied to the
Guaranteed Obligations, and all other amounts payable under this ARTICLE XI, whether matured or unmatured, in accordance with the terms of this Agreement, or to be held as Collateral for any Guaranteed Obligations, or other amounts payable under
this ARTICLE XI thereafter arising. If (i) any Guarantor party hereto shall make payment to the Agents. the Lenders, the Bank Product Providers and the L/C Issuer of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed
Obligations, and all other amounts payable under this ARTICLE XI shall be Paid in Full and (iii) the Final Maturity Date shall have occurred, the Agents, the Lenders, the Bank Product Providers and the L/C Issuer will, at such Guarantor’s
request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor party hereto of an interest in the
Guaranteed Obligations, resulting from such payment by such Guarantor party hereto. 
 ARTICLE XII. 

MISCELLANEOUS 

Section 12.01 Notices, Etc.. 

(a) Notices Generally. All notices and other communications provided for hereunder shall be in writing and shall be mailed (certified
mail, postage prepaid and return receipt requested), telecopied or delivered by hand, Federal Express or other reputable overnight courier, if to any Loan Party, at the following address: 

if to a Borrower, to it at the following address: 

Funko, LLC 
 Funko Holdings LLC

 2802 Wetmore Avenue 

Everett, Washington 98201 
 with
a copy to: 
 c/o ACON Equity Management, LLC 

1133 Connecticut Avenue, NW, Suite 700 

Washington, DC 20036 

  
 - 144 - 

 Attention: Mr. Ken Brotman 

Telecopy: 202.454.1101 

Telephone: 202.454.1111 
 with a
copy to: 
 Latham & Watkins LLP 

555 Eleventh Street, NW, Suite 1000 

Washington, DC 20004-1304 

Attention: Manu Gayatrinath 

Email: manu.gayatrinath@lw.com 

Telephone: 202.637.2342 
 if to
the Administrative Agent or Collateral Agent, to it at the following 
 address: 

PNC Bank, National Association 

1600 Market Street 

Philadelphia, PA 19103 

Attention: Brandon SchmoyerLiam P. Brickley 

Telephone: 215.585.6960 

Telecopier: 215.585.4771 
 with
a copy to: 
 PNC Bank, National Association 

PNC Agency Services 
 PNC
Firstside Center 
 500 First Avenue, 4th Floor 

Pittsburgh, PA 15219 

Attention: Jessica Miller 

Telephone: (412) 768-2307 

Facsimile: (412) 762-8672 

with a copy to: 
 Blank Rome LLP

 One Logan Square 
 130
North 18th Street 
 Philadelphia, PA 19103 

Attention: Heather Sonnenberg, Esq. 

Telephone: 215-569-5701 

Telecopier: 215-832-5701 

or, as to each party, at such other address as shall be designated by such party in a written notice to the other parties complying as to delivery with the
terms of this Section 12.01. All such notices and other communications shall be effective, (i) if mailed (certified mail, postage prepaid and return receipt requested), when received or 3 days after deposited in the mails, whichever occurs
first, (ii) if telecopied, when transmitted and confirmation received, or (iii) if delivered by hand, Federal Express or other reputable overnight courier, upon delivery, except that notices to any Agent or the L/C Issuer pursuant to
ARTICLE II and ARTICLE III shall not be effective until received by such Agent or the L/C Issuer, as the case may be. 

  
 - 145 - 

 (b) Electronic Communications. 

(i) Each Agent, Administrative Borrower and Administrative Borrower 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. Notices and other communications to the Lenders and the L/C
Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) in accordance with clause (b)(ii) below or otherwise pursuant to procedures
approved by the Agents, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to ARTICLE II and ARTICLE III if such Lender or the L/C Issuer, as applicable, has notified the Agents that it is
incapable of receiving notices under such Article by electronic communication. 
 (ii) Unless the Administrative Agent otherwise
prescribes, (A) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other written acknowledgement), and (B) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (A), of notification that such notice or communication is available and identifying the
website address therefor; provided that, for both clauses (A) and (B) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the recipient. 
 Section 12.02 Amendments, Etc.. vi) No
amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed (x) in the case of an
amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Agents and the Lenders or extending an existing Lien over additional property, by the Agents and the Borrowers (or by
the Administrative Borrower on behalf of the Borrowers), (y) in the case of any other waiver or consent by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and (z) in the case of any other amendment
by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and the Borrowers (or by the Administrative Borrower on behalf of the Borrowers), and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall: 

(i) increase any Commitment of any Lender, reduce the principal of, or interest on, the Loans or the Reimbursement Obligations payable to any
Lender, reduce the amount of any fee payable for the account of any Lender, or postpone or extend any scheduled date fixed for any payment of principal of, or interest or fees on, the Loans or Letter of Credit Obligations payable to any Lender, in
each case, without the written consent of such Lender; 

  
 - 146 - 

 (ii) [Intentionally Omitted.] 

(iii) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans that is required for the Lenders or
any of them to take any action hereunder without the written consent of each Lender; 
 (iv) amend the definition of “Required
Lenders” or “Ratable Share” without the written consent of each Lender; 
 (v) release all or substantially all of the
Collateral or subordinate all or substantially all of the Liens of the Administrative Agent, or release any Borrower or all or substantially all of Guarantors, in each case, without the written consent of each Lender (except as otherwise provided in
this Agreement and the other Loan Documents); 
 (vi) amend, modify or waive Section 2.17(c) [Mandatory Prepayments],
Section 4.02 [Pro Rata Treatment of Lenders], Section 4.03 [Sharing of Payments by Lenders], Section 4.09 [Apportionment of Payments], Section 10.08 [Collateral Matters] or this Section 12.02 of this Agreement without the
written consent of each Lender; 
 (vii) amend the definition of “Bank Product Provider”, “Bank Product Obligations”
(or any defined term used therein or any provision expressly relating to Bank Product Obligations), “Cash Collateralize” (or any provision hereof relating to the Cash Collateralization of Letter of Credit Obligations), “Excluded Hedge
Liability” (or any defined term used therein or any provision expressly relating to Excluded Hedge Liabilities), “Letter of Credit Sublimit”, “Lender-Provided Hedge Agreement”, or “Permitted Discretion” (as used
with respect to the Administrative Agent), in each case, without the written consent of the Required Lenders; or 
 (viii) Amend the
definition of “Optional Currency” or Section 2.08(b)(iii) [Requests for Additional Optional Currencies] or this Section 12.02, alter any provision regarding the pro rata treatment of the Lenders or requiring all Lenders to
authorize the taking of any action or reduce any percentage specified in the definition of Required Lenders, in each case without the consent of all of the Lenders. 

Notwithstanding the foregoing, (A) no amendment, waiver or consent shall, unless in writing and signed by an Agent, Swing Loan Lender or
the L/C Issuer, affect the rights or duties of such Agent, Swing Loan lender or the L/C Issuer (but not in its capacity as a Lender) under this Agreement or the other Loan Documents, (B) any amendment, waiver or consent to any provision of this
Agreement (including Sections 4.01 and 4.02) that permits any Loan Party or any of their respective Affiliates to purchase Loans on a non-pro rata basis, become an eligible assignee pursuant to
Section 12.07 [Assignments and Participations] and/or make offers to make optional prepayments on a non-pro rata basis shall require the prior written consent of the Required Lenders rather than the prior
written consent of each Lender directly affected thereby and (C) the consent of the Borrowers shall not be required to change any order of priority set forth in Section 4.09 [Apportionment of Payments]. Notwithstanding anything to the 

  
 - 147 - 

 
contrary herein, no Defaulting Lender, Loan Party or any of their respective Affiliates that is a Lender shall have any right to approve or disapprove any amendment, waiver or consent under the
Loan Documents and any Loans held by such Person for purposes hereof shall be automatically deemed to be voted pro rata according to the Loans of all other Lenders in the aggregate (other than such Defaulting Lender, Loan Party or Affiliate);
provided, that, (x) the Commitment of a Defaulting Lender may not be increased or extended without the consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender that by its terms affects such Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. 

(b) If any action to be taken by the Lenders hereunder requires the consent, authorization, or agreement of all of the Lenders or any Lender
affected thereby, such consent, authorization or agreement is provided by the Required Lenders and a Lender (the “Holdout Lender”) fails to give its consent, authorization, agreement, then the Administrative Agent may, or at the
request of the Administrative Borrower, upon at least 5 Business Days prior irrevocable notice to the Holdout Lender, may permanently replace the Holdout Lender with one or more substitute lenders (each, a “Replacement Lender”), and
the Holdout Lender shall have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice
is given. Prior to the effective date of such replacement, the Holdout Lender and each Replacement Lender shall execute and deliver an Assignment and Acceptance, subject only to the Holdout Lender being repaid its share of the outstanding
Obligations without any premium or penalty of any kind whatsoever. If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement, the Holdout Lender shall be
deemed to have executed and delivered such Assignment and Acceptance. The replacement of any Holdout Lender shall be made in accordance with the terms of Section 12.07(b) [Assignments and Participations]. Until such time as the Replacement
Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to make its Ratable Share of
Loans. 
 Section 12.03 No Waiver; Remedies, Etc.. No failure on the part of any Agent or any Lender to exercise, and no delay
in exercising, any right hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right under any Loan Document preclude any other or further exercise thereof or the exercise of
any other right. The rights and remedies of the Agents and the Lenders provided herein and in the other Loan Documents are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of the Agents and
the Lenders under any Loan Document against any party thereto are not conditional or contingent on any attempt by the Agents and the Lenders to exercise any of their rights under any other Loan Document against such party or against any other
Person. 
 Section 12.04 Expenses; Taxes; Attorneys’ Fees. The Borrowers will pay, not later than 15 days after receipt of
a reasonably detailed invoice therefor, all reasonable and documented out-of-pocket costs and expenses incurred by or on behalf of each Agent (and, in the case of
clauses (c) (after the occurrence and during the continuation of an Event of Default), (d), (e) and 

  
 - 148 - 

 (f) below, each Lender), regardless of whether the transactions contemplated hereby are consummated,
including, without limitation, reasonable and documented out-of-pocket fees, costs, client charges and expenses of counsel for each Agent (and, in the case of clauses
(c) (after the occurrence and during the continuation of an Event of Default), (d), (e) and (f) below, each Lender, provided that the obligation to reimburse expenses of counsel shall be limited to one law firm for each Agent and, in the
event of an actual conflict of interest, one additional law firm, together with one additional counsel in each applicable jurisdiction), accounting, due diligence, periodic field audits, physical counts, valuations, investigations, searches and
filings, monitoring of assets, appraisals of Collateral, the rating of the Loans, title searches and reviewing environmental assessments, miscellaneous disbursements, examination, travel, lodging and meals, arising from or relating to: (a) the
negotiation, preparation, execution, delivery, performance and administration of this Agreement and the other Loan Documents (including, without limitation, the preparation of any additional Loan Documents pursuant to Section 7.01(b)
[Additional Guaranties and Collateral Security] or the review of any of the agreements, instruments and documents referred to in Section 7.01(f) [Inspection Rights]), (b) any requested amendments, waivers or consents to this Agreement or the
other Loan Documents whether or not such documents become effective or are given, (c) the preservation and protection of the Agents’ or any of the Lenders’ rights under this Agreement or the other Loan Documents, (d) the defense
of any claim or action asserted or brought against any Agent or any Lender by any Person that arises from or relates to this Agreement, any other Loan Document, the Agents’ or the Lenders’ claims against any Loan Party, or any and all
matters in connection therewith, (e) the commencement or defense of, or intervention in, any court proceeding arising from or related to this Agreement or any other Loan Document, (f) the filing of any petition, complaint, answer, motion
or other pleading by any Agent or any Lender, or the taking of any action in respect of the Collateral or other security, in connection with this Agreement or any other Loan Document, (g) the protection, collection, lease, sale, taking
possession of or liquidation of, any Collateral or other security in connection with this Agreement or any other Loan Document, (h) any attempt to enforce any Lien or security interest in any Collateral or other security in connection with this
Agreement or any other Loan Document, (i) any attempt to collect from any Loan Party or (j) the receipt by any Agent or any Lender of any advice from any accountants, auditors, appraisers, advisors or consultants with respect to any of the
foregoing; provided, however, the foregoing to the contrary notwithstanding, that no Loan Party shall have any obligation to any Agent or any Lender under this Section 12.04 with respect to any Environmental Liabilities and Costs
or with respect to any other obligations to the extent that such obligations (i) are caused by the gross negligence, bad faith or willful misconduct of such Indemnitee, as determined by a final judgment of a court of competent jurisdiction and
(ii) any dispute solely among the Agents and Lenders and not involving the Loan Parties except to the extent such Indemnitee is acting in its capacity as an Agent or Lender; provided, further, that the indemnification described in
the preceding provisions of this Section 12.04 shall not apply to Taxes, except for Taxes that are not addressed by the provisions of Section 2.19. Without limitation of the foregoing or any other provision of any Loan Document:
(x) the Borrowers agree to pay all stamp, document, transfer, recording or filing taxes or fees and similar impositions now or hereafter determined by any Agent or any Lender to be payable in connection with this Agreement or any other Loan
Document, and the Borrowers agree to save each Agent and each Lender harmless from and against any and all present or future claims, liabilities or losses with respect to or resulting from any omission to pay 

  
 - 149 - 

 
or delay in paying any such taxes, fees or impositions, (y) the Borrowers agree to pay all broker fees that may become due in connection with the transactions contemplated by this Agreement
and the other Loan Documents, and (z) if the Borrowers fail to perform any covenant or agreement contained herein or in any other Loan Document, any Agent may itself perform or cause performance of such covenant or agreement, and the expenses
of such Agent incurred in connection therewith shall be reimbursed not later than 15 days after receipt of a reasonably detailed invoice therefor. The obligations of the Borrowers under this Section 12.04 shall survive the repayment of the
Obligations and discharge of any Liens granted under the Loan Documents. 
 Section 12.05 Right of
Set-off. Upon the occurrence and during the continuance of any Event of Default, any Agent or any Lender may, and is hereby authorized to, at any time and from time to time, without notice to any Loan
Party (any such notice being expressly waived by the Loan Parties) and to the fullest extent permitted by law, set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held
and any and all other Indebtedness (in whatever currency) at any time owing by such Agent or such Lender to or for the credit or the account of any Loan Party against any and all Obligations of the Loan Parties either now or hereafter existing under
any Loan Document, irrespective of whether or not such Agent or such Lender shall have made any demand hereunder or thereunder and although such Obligations may be contingent or unmatured; provided that in the event that any Defaulting Lender
shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 4.09 [Apportionment of Payments] and,
pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agents and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a
statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Agent and each Lender agrees to notify such Loan Party promptly after any such set-off and application made by such Agent or such Lender provided that the failure to give such notice shall not affect the validity of such set-off and application. The
rights of the Agents and the Lenders under this Section 12.05 are in addition to the other rights and remedies (including other rights of set-off) which the Agents and the Lenders may have under this
Agreement or any other Loan Documents of law or otherwise. Notwithstanding the foregoing, in no event may the right of set-off described in this Section 12.05 be utilized against any assets that
constitute Excluded Property (as such term is defined in the Security Agreement). 
 Section 12.06 Severability. Any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the
validity or enforceability of such provision in any other jurisdiction. 
 Section 12.07 Assignments and Participations. 

(a) This Agreement and the other Loan Documents shall be binding upon and inure to the benefit of each Loan Party and each Agent and each
Lender and their respective successors and assigns; provided, however, that none of the Loan Parties may assign or transfer any of its rights or Obligations hereunder or under the other Loan Documents without the prior written consent
of each Lender and any such assignment without the Lenders’ prior written consent shall be null and void. 

  
 - 150 - 

 (b) Each Lender may (x) with the written consent of the Administrative Agent (which
consent shall not be unreasonably withheld, conditioned or delayed) assign to one or more other lenders or other entities all or a portion of its rights and obligations under this Agreement with respect to all or a portion of its Term Loan
Commitment and any Term Loan made by it and (y) with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed), assign to one or more other lenders or other entities all or a
portion of its rights and obligations under this Agreement with respect to all or a portion of its Revolving Credit Commitment and the Revolving Credit Loans made by it; provided, however, that (i) such assignment shall require
the prior consent of the Administrative Borrower (which consent shall not be unreasonably withheld, conditioned or delayed nor shall it be required during the existence of a payment or bankruptcy Event of Default) (which consent shall be deemed to
have been given unless Administrative Borrower shall object thereto by written notice to Administrative Agent within 10 Business Days after having received notice thereof), (ii) such assignment is in an amount which is at least $5,000,000 or a
multiple of $1,000,000 in excess thereof (or the remainder of such Lender’s Commitment) (except such minimum amount shall not apply to an assignment by a Lender to (x) a Lender, an Affiliate of such Lender or a Related Fund of such Lender
or (y) a group of new Lenders, each of whom is an Affiliate or Related Fund of each other to the extent the aggregate amount to be assigned to all such new Lenders is at least $5,000,000 or a multiple of $1,000,000 in excess thereof), (iii)
except as provided in the last sentence of this Section 12.07(b) [Assignments and Participations], the parties to each such assignment shall execute and deliver to the Administrative Agent and the Administrative Borrower (and the Administrative
Agent, if applicable), for their acceptance, an Assignment and Acceptance, together with any promissory note subject to such assignment and such parties shall deliver to the Administrative Agent, for the benefit of the Administrative Agent, a
processing and recordation fee of $3,500 (except the payment of such fee shall not be required in connection with an assignment by a Lender to a Lender, an Affiliate of such Lender or a Related Fund of such Lender), (iv) no such assignment shall be
made to (A) the Borrowers or any of their Subsidiaries, (B) any natural persons (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural person) or (C) a Defaulting Lender,
(v) no such assignment shall be made to any of the Borrowers’ Affiliates (the “Affiliate Permitted Assignees”) unless (x) such assignment is with respect to the Term Loans and is of an amount that does not exceed, in
the aggregate with all other Term Loans held by Affiliate Permitted Assignees, 35% of the aggregate principal amount of the then outstanding Term Loans as of such date and (y) no Affiliate Permitted Assignees shall have any right to approve or
disapprove any amendment, waiver or consent under the Loan Documents and any Loans held by such Affiliate Permitted Assignee for purposes hereof shall be automatically deemed to be voted pro rata according to the Loans of all other Lenders in the
aggregate (other than such Affiliate Permitted Assignee); provided, that, (i) the Commitment of an Affiliate Permitted Assignee may not be increased or extended without the consent of such Affiliate Permitted Assignee and
(ii) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects such Affiliate Permitted Assignee disproportionately adversely relative to other affected Lenders shall require
the consent of such Affiliate Permitted Assignee, and (vi) no written consent of the Administrative Agent or the Administrative Borrower shall be required (1) in connection with 

  
 - 151 - 

 
any assignment by a Lender to a Lender, an Affiliate of such Lender, a Related Fund of such Lender; provided, that the outgoing Lender shall provide the Administrative Borrower with at
least ten (10) Business Days’ prior written notice of such assignment or (2) if such assignment is in connection with any merger, consolidation, sale, transfer, or other disposition of all or any substantial portion of the business or
loan portfolio of such Lender. Upon such execution, delivery and acceptance, from and after the effective date specified in each Assignment and Acceptance and recordation on the Register, which effective date shall be at least 3 Business Days after
the delivery thereof to the Administrative Borrower and the Administrative Agent (or such shorter period as shall be agreed to by the Administrative Borrower, the Administrative Agent and the parties to such assignment), (A) the assignee thereunder
shall become a “Lender” hereunder and, in addition to the rights and obligations hereunder held by it immediately prior to such effective date, have the rights and obligations hereunder that have been assigned to it pursuant to such
Assignment and Acceptance and (B) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto).
Notwithstanding anything to the contrary contained in this Section 12.07(b) [Assignments and Participations], a Lender may assign any or all of its rights under the Loan Documents to an Affiliate of such Lender or a Related Fund of such Lender
without delivering an Assignment and Acceptance to the Agents or to any other Person (a “Related Party Assignment”); provided, however, that (I) the Borrowers and the Administrative Agent may continue to deal
solely and directly with such assigning Lender until an Assignment and Acceptance has been delivered to the Administrative Agent for recordation on the Register, (II) the Administrative Agent may continue to deal solely and directly with such
assigning Lender until receipt by the Administrative Agent of a copy of the fully executed Assignment and Acceptance pursuant to Section 12.07(e) [Assignments and Participations], (III) the failure of such assigning Lender to deliver an
Assignment and Acceptance to the Agents shall not affect the legality, validity, or binding effect of such assignment, and (IV) an Assignment and Acceptance between the assigning Lender and an Affiliate of such Lender or a Related Fund of such
Lender shall be effective as of the date specified in such Assignment and Acceptance and recordation on the Related Party Register referred to in the last sentence of Section 12.07(d) [Assignments and Participations] below. 

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender and the assignee thereunder confirm to and agree with each
other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, the assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with this Agreement or any other Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto;
(ii) the assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or any of its Subsidiaries or the performance or observance by any Loan Party of any of its
obligations under this Agreement or any other Loan Document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement and the other Loan Documents, together with such other documents and information
it has deemed appropriate to make its own credit analysis and decision to enter into 

  
 - 152 - 

 such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the
assigning Lender, any Agent or any Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan
Documents; (v) such assignee appoints and authorizes the Agents to take such action as agents on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Agents by the terms hereof and
thereof, together with such powers as are reasonably incidental hereto and thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement and the other Loan
Documents are required to be performed by it as a Lender. 
 (d) The Administrative Agent shall, acting solely for this purpose as a
non-fiduciary agent of the Borrowers, maintain, or cause to be maintained at the Payment Office, a copy of each Assignment and Acceptance delivered to and accepted by it and a register (the “Register”) for the recordation of the
names and addresses of the Lenders and the Commitments of, and the principal amount of the Loans (and stated interest thereon) (the “Registered Loans”) and Letter of Credit Obligations owing to each Lender from time to time. Subject
to the last sentence of this Section 12.07(d) [Assignments and Participations], the entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrowers, the Agents and the Lenders may treat each
Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any of the Administrative Borrowers and any Lender, as to the entries related to itself and
only itself, at any reasonable time and from time to time upon reasonable prior notice. In the case of an assignment pursuant to the last sentence of Section 12.07(b) [Assignments and Participations] as to which an Assignment and Acceptance is
not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain, or cause to be maintained, a register (the
“Related Party Register”) comparable to the Register on behalf of the Borrowers. The Related Party Register shall be available for inspection by the Borrowers and any Lender at any reasonable time and from time to time upon
reasonable prior notice. 
 (e) Upon receipt by the Administrative Agent of a completed Assignment and Acceptance, and subject to any
consent required from the Administrative Agent or the Administrative Borrower pursuant to Section 12.07(b) [Assignments and Participations] (which consent of the Administrative Agent must be evidenced by the Administrative Agent’s
execution of an acceptance to such Assignment and Acceptance), the Administrative Agent shall accept such assignment, record the information contained therein in the Register and provide to the Administrative Agent a copy of the fully executed
Assignment and Acceptance. 
 (f) A Registered Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole
or in part only by registration of such assignment or sale on the Register or the Related Party Register (and each registered note shall expressly so provide). Any assignment or sale of all or part of such Registered Loan (and the registered note,
if any, evidencing the same) may be effected only by registration of such assignment or sale on the Register or the Related Party Register, together with the surrender of the registered note, if any, evidencing the same duly endorsed by (or
accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note, whereupon, at the request of the 

  
 - 153 - 

 
designated assignee(s) or transferee(s), one or more new registered notes in the same aggregate principal amount shall be issued to the designated assignee(s) or transferee(s). Prior to the
registration of assignment or sale of any Registered Loan (and the registered note, if any, evidencing the same), the Agents shall treat the Person in whose name such Registered Loan (and the registered note, if any, evidencing the same) is
registered on the Register as the owner thereof for the purpose of receiving all payments thereon, notwithstanding notice to the contrary. 

(g) In the event that any Lender sells participations in a Registered Loan, such Lender shall, acting for this purpose as a non-fiduciary agent on behalf of the Borrowers, maintain, or cause to be maintained, a register, on which it enters the name of all participants in the Registered Loans held by it and the principal amount (and
stated interest thereon) of the portion of the Registered Loan that is the subject of the participation (the “Participant Register”). A Registered Loan (and the registered note, if any, evidencing the same) may be participated in
whole or in part only by registration of such participation on the Participant Register (and each registered note shall expressly so provide). Any participation of such Registered Loan (and the registered note, if any, evidencing the same) may be
effected only by the registration of such participation on the Participant Register. No Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information
relating to a participant’s interest in any Commitments, Loans, Letters of Credit or other Obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter
of Credit or other Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(h) [Intentionally Omitted]. 

(i) Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under
this Agreement and the other Loan Documents (including, without limitation, all or a portion of its Commitments, the Loans made by it and its Ratable Share of the Letter of Credit Obligations); provided, that (i) such Lender’s
obligations under this Agreement (including without limitation, its Commitments hereunder) and the other Loan Documents shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, and the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents; and
(iii) a participant shall not be entitled to require such Lender to take or omit to take any action hereunder except (A) action directly effecting an extension of the maturity dates or decrease in the principal amount of the Loans or
Letter of Credit Obligations, (B) action directly effecting an extension of the due dates or a decrease in the rate of interest payable on the Loans or the fees payable under this Agreement, or (C) actions directly effecting a release of all or
a substantial portion of the Collateral or any Loan Party (except as set forth in Section 10.08 of this Agreement or any other Loan Document). The Loan Parties agree that each participant shall be entitled to the benefits of Section 2.19
[Taxes] and Section 2.20 [Increased Costs and Reduced Return] of this Agreement with respect to its participation in any portion of the Commitments and the Loans as if it was a Lender; provided that, at the time such participant is
claiming benefits pursuant to Section 2.19 [Taxes], such participant shall comply all obligations under Section 2.19 [Taxes] as if it was a Lender thereunder. 

  
 - 154 - 

 (j) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or loans made to such Lender pursuant to securitization or similar credit facility (a
”Securitization”); provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. The Loan Parties
shall cooperate with such Lender and its Affiliates to effect the Securitization including, without limitation, by providing such information as may be reasonably requested by such Lender in connection with the rating of its Loans or the
Securitization. 
 Section 12.08 Counterparts. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or
electronic mail shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or electronic mail also shall deliver an original
executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis
mutandis. 
 Section 12.09 GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE
CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. 

Section 12.10 CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE. vii) EACH OF PARTIES HERETO AGREE THAT ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. 

(b) EACH PARTY HEREBY IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 12.01. SUCH SERVICE TO BECOME
EFFECTIVE TEN (10) DAYS AFTER SUCH MAILING, SERVICE MAY BE MADE ON THE LOAN PARTIES, IN ANY SUCH ACTION OR PROCEEDING, BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, 

  
 - 155 - 

 
POSTAGE PREPAID, TO THE ADMINISTRATIVE BORROWERS AT THEIR RESPECTIVE ADDRESSES FOR NOTICES AS SET FORTH IN SECTION 12.01. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVICE OF
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY LOAN PARTY IN ANY OTHER JURISDICTION. 

(c) EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY PARTY HERETO HAS OR HEREAFTER MAY
ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH PARTY HEREBY
IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 
 Section 12.11
WAIVER OF JURY TRIAL, ETC.. EACH LOAN PARTY, EACH AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY
AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY
SUCH ACTION, PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF ANY AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY
AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS. EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS AND THE LENDERS ENTERING
INTO THIS AGREEMENT. 
 Section 12.12 No Other Duties, etc.. Anything herein to the contrary notwithstanding, neither the
Bookrunners, the Syndication Agent, the Documentation Agent or the Joint Lead Arrangers listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents. 

Section 12.13 No Party Deemed Drafter. Each of the parties hereto agrees that no party hereto shall be deemed to be the drafter of
this Agreement. 

  
 - 156 - 

 Section 12.14 Reinstatement; Certain Payments. If any claim is ever made upon
any Agent, any Lender or the L/C Issuer for repayment or recovery of any amount or amounts received by such Agent, such Lender or the L/C Issuer in payment or on account of any of the Obligations, such Agent, such Lender or the L/C Issuer shall give
prompt notice of such claim to each other Agent and Lender and the Administrative Borrower, and if such Agent, such Lender or the L/C Issuer repays all or part of such amount by reason of (i) any judgment, decree or order of any court or
administrative body having jurisdiction over such Agent, such Lender or the L/C Issuer or any of its property, or (ii) any good faith settlement or compromise of any such claim effected by such Agent, such Lender or the L/C Issuer with any such
claimant, then and in such event each Loan Party agrees that (A) any such judgment, decree, order, settlement or compromise shall be binding upon it notwithstanding the cancellation of any Indebtedness hereunder or under the other Loan
Documents or the termination of this Agreement or the other Loan Documents, and (B) it shall be and remain liable to such Agent, such Lender or the L/C Issuer hereunder for the amount so repaid or recovered to the same extent as if such amount
had never originally been received by such Agent, such Lender or the L/C Issuer. 
 Section 12.15 Flood Insurance. Each of the
parties hereto acknowledges and agrees that, if there are any Mortgages, any increase, extension or renewal of any of the Commitments or Loans (including any increase pursuant to Section 2.26 but excluding (i) any continuation or
conversion of borrowings, (ii) the making of any Revolving Loans or (iii) the issuance, renewal or extension of Letters of Credit) shall be subject to (and conditioned upon) the prior delivery of all flood hazard determination
certifications, acknowledgements and evidence of flood insurance and other flood-related documentation with respect to the real property subject to such Mortgages as required by Flood Insurance Laws. 

Section 12.16 Indemnification; Limitation of Liability for Certain Damages. 

(a) General Indemnity for Obligations. In addition to each Loan Party’s other Obligations under this Agreement, each Loan Party
agrees to, jointly and severally, defend, protect, indemnify and hold harmless each Agent and each Lender and each of their Affiliates and all of their respective officers, directors, employees, attorneys, consultants and agents (collectively called
the “Indemnitees”) from and against any and all losses, damages, liabilities, obligations, penalties, fees, reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, costs and expenses,
provided that the obligation to reimburse expenses of counsel shall be limited as provided in Section 12.04 [Expenses, Etc.] incurred by such Indemnitees, from and after the Effective Date, whether direct, indirect or consequential, as a
result of or arising from or relating to or in connection with any of the following: (i) the negotiation, preparation, execution or performance or enforcement of this Agreement, any other Loan Document or of any other document executed
in connection with the transactions contemplated by this Agreement, (ii) transactions contemplated by this Agreement, (iii) any Agent’s or any Lender’s furnishing of funds to the Borrowers for the account of the Borrowers under
this Agreement or the other Loan Documents, including, without limitation, the management of any such Loans, (iv) any matter relating to the financing transactions contemplated by this Agreement or the other Loan Documents or by any document
executed in connection with the transactions contemplated by this Agreement or the other Loan Documents, or (v) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party
thereto (collectively, the “Indemnified Matters”); provided, however, that the Loan Parties shall not have any obligation to any Indemnitee under this 

  
 - 157 - 

 
subsection (a) for any Indemnified Matter (i) caused by the gross negligence, bad faith or willful misconduct of such Indemnitee, as determined by a final judgment of a court of
competent jurisdiction and (ii) any dispute solely among Indemnities not involving the Loan Parties except to the extent such Indemnitee is acting in its capacity as an Agent or Arranger. 

(b) Environmental Indemnity for Obligations. Each Loan Party agrees to, jointly and severally, defend, indemnify, and hold harmless the
Indemnitees against any and all Environmental Liabilities and Costs and all other claims, demands, penalties, fines, liability (including strict liability), losses, damages, costs and expenses (including without limitation, reasonable legal fees and
expenses, consultant fees and laboratory fees), arising out of (i) any Releases or threatened Releases (x) at any property presently or formerly owned or operated by any Loan Party or any Subsidiary of any Loan Party, or any predecessor in
interest, or (y) of any Hazardous Materials generated and disposed of by any Loan Party or any Subsidiary of any Loan Party, or any predecessor in interest; (ii) any violations of Environmental Laws; (iii) any Environmental Action
relating to any Loan Party or any Subsidiary of any Loan Party, or any predecessor in interest; (iv) any personal injury (including wrongful death) or property damage (real or personal) arising out of exposure to Hazardous Materials used,
handled, generated, transported or relating to any Release of Hazardous Materials by any Loan Party or any Subsidiary of any Loan Party, or any predecessor in interest; and (v) any breach of any warranty or representation regarding
environmental matters made by the Loan Parties in Section 6.01(r) [Environmental Matters] or the breach of any covenant made by the Loan Parties in Section 7.01(j) [Environmental]. Notwithstanding the foregoing, the Loan Parties shall not
have any obligation to any Indemnitee under this subsection (b) regarding any potential environmental matter covered hereunder which (x) is caused by the gross negligence, bad faith, or willful misconduct of such Indemnitee, (y) arose
from Hazardous Materials brought on to any real property after any Indemnitee has taken title to or possession of such property, whether by foreclosure, deed-in-lieu
thereof or otherwise, as determined by a final judgment of a court of competent jurisdiction or (z) is attributable solely to the acts of any of the Agents. 

(c) The indemnification for all of the foregoing losses, damages, fees, costs and expenses of the Indemnitees, respectively are chargeable
against the Loan Account. To the extent that the undertaking to indemnify, pay and hold harmless set forth in this Section 12.16 may be unenforceable because it is violative of any law or public policy, each Loan Party shall, jointly and
severally, contribute the maximum portion which it is permitted to pay and satisfy under applicable law, to the payment and satisfaction of all Indemnified Matters incurred by the Indemnitees. The indemnities set forth in this Section 12.16
shall survive the repayment of the Obligations and discharge of any Liens granted under the Loan Documents. To the extent permitted by applicable law, no Loan Party shall assert, and each hereby waives, any claim against any Indemnitee, on any
theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, any other agreement or instrument
contemplated hereby or thereby, any Loan or the use of the proceeds thereof. 
 (d) The indemnities and waivers set forth in this
Section 12.16 shall survive the repayment of the Obligations and discharge of any Liens granted under the Loan Documents. 

  
 - 158 - 

 Section 12.17 Administrative Borrowers. Each Borrower hereby irrevocably
appoints Funko as the agent and attorney-in-fact for the Borrowers (the “Administrative Borrower”), which appointment shall remain in full force and
effect unless and until the Agents shall have received prior written notice signed by all of the Borrowers that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. It is understood that the
handling of the Loan Account and Collateral of the Borrowers, in a combined fashion, as more fully set forth herein and subject to the limitations set forth herein, is done solely as an accommodation to the Borrowers in order to utilize the
collective borrowing powers of the Borrowers in the most efficient and economical manner and at their request, and that neither the Agents nor the Lenders shall incur liability to the Borrowers as a result hereof. Each of the Borrowers expects to
derive benefit, directly or indirectly, from the handling of the Loan Account and the Collateral in a combined fashion since the successful operation of each Borrower is dependent on the continued successful performance of the integrated group. To
induce the Agents and the Lenders to do so, and in consideration thereof, each of the Borrowers, hereby jointly and severally agrees to indemnify the Indemnitees and hold the Indemnitees harmless against any and all liability, expense, loss or claim
of damage or injury, made against such Indemnitee by any of the Borrowers or by any third party whosoever, arising from or incurred by reason of (a) the handling of the Loan Account and Collateral of the Borrowers as herein provided,
(b) the Agents and the Lenders relying on any instructions of the Administrative Borrower or the Administrative Borrowers, or (c) any other action taken by any Agent or any Lender hereunder or under the other Loan Documents. 

Section 12.18 Records. The unpaid principal of and interest on the Loans, the interest rate or rates applicable to such unpaid
principal and interest, the duration of such applicability, the Commitments, and the accrued and unpaid fees payable pursuant to Section 2.18 [Fees] hereof, including, without limitation, the fees payable under the Fee Letter, Commitment Fee
and the Letter of Credit Fee, shall at all times be ascertained from the records of the Agents (including the Register), which shall be conclusive and binding absent manifest error. 

Section 12.19 Binding Effect. This Agreement shall become effective when it shall have been executed by each Loan Party, each
Agent and each Lender and when the conditions precedent set forth in Section 5.01 [Conditions Precedent to Effectiveness] hereof have been satisfied or waived in writing by the Agents, and thereafter shall be binding upon and inure to the
benefit of each Loan Party, each Agent and each Lender, and their respective successors and assigns, except that the Loan Parties shall not have the right to assign their rights hereunder or any interest herein without the prior written consent of
each Agent and each Lender, and any assignment by any Lender shall be governed by Section 12.07 [Assignments and Participations] hereof. 

Section 12.20 Interest. It is the intention of the parties hereto that each Agent and each Lender shall conform strictly to usury
laws applicable to it. Accordingly, if the transactions contemplated hereby or by any other Loan Document would be usurious as to any Agent or any Lender under laws applicable to it (including the laws of the United States of America and the State
of New York or any other jurisdiction whose laws may be mandatorily applicable to such Agent or such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in this Agreement or
any other Loan Document or any agreement entered into in connection with or as security for the Obligations, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under law applicable

  
 - 159 - 

 
to any Agent or any Lender that is contracted for, taken, reserved, charged or received by such Agent or such Lender under this Agreement or any other Loan Document or agreements or otherwise in
connection with the Obligations shall under no circumstances exceed the maximum amount allowed by such applicable law, any excess shall be canceled automatically and if theretofore paid shall be credited by such Agent or such Lender on the principal
amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be Paid in Full, refunded by such Agent or such Lender, as applicable, to the Borrowers); and (ii) in the event that the
maturity of the Obligations is accelerated by reason of any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to any
Agent or any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled automatically by such Agent or such Lender, as applicable,
as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Agent or such Lender, as applicable, on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations
shall have been or would thereby be Paid in Full, refunded by such Agent or such Lender to the Borrowers). All sums paid or agreed to be paid to any Agent or any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent
permitted by law applicable to such Agent or such Lender, be amortized, prorated, allocated and spread throughout the full term of the Loans until Payment in Full so that the rate or amount of interest on account of any Loans hereunder does not
exceed the maximum amount allowed by such applicable law. If at any time and from time to time (x) the amount of interest payable to any Agent or any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Agent or
such Lender pursuant to this Section 12.20 and (y) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Agent or such Lender would be less than the amount of interest payable to such
Agent or such Lender computed at the Highest Lawful Rate applicable to such Agent or such Lender, then the amount of interest payable to such Agent or such Lender in respect of such subsequent interest computation period shall continue to be
computed at the Highest Lawful Rate applicable to such Agent or such Lender until the total amount of interest payable to such Agent or such Lender shall equal the total amount of interest which would have been payable to such Agent or such Lender
if the total amount of interest had been computed without giving effect to this Section 12.20. 
 For purposes of this
Section 12.20 the term “applicable law” shall mean that law in effect from time to time and applicable to the loan transaction between the Borrowers, on the one hand, and the Agents and the Lenders, on the other, that lawfully permits
the charging and collection of the highest permissible, lawful non-usurious rate of interest on such loan transaction and this Agreement, including laws of the State of New York and, to the extent controlling,
laws of the United States of America. 
 The right to accelerate the maturity of the Obligations does not include the right to accelerate
any interest that has not accrued as of the date of acceleration. 
 Section 12.21 Confidentiality. Each Agent and each Lender
agrees (on behalf of itself and each of its affiliates, directors, officers, employees and representatives) to keep confidential any non-public information supplied to it by the Loan Parties pursuant to this
Agreement or the 

  
 - 160 - 

 
other Loan Documents (and which at the time is not, and does not thereafter become, publicly available or available to such Person from another source not known to be subject to a confidentiality
obligation to such Person not to disclose such information), provided that nothing herein shall limit the disclosure by any Agent or any Lender of any such information (i) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, trustees, counsel, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to
keep such information confidential in accordance with this Section 12.21); (ii) to any other party hereto; (iii) to any assignee or participant (or prospective assignee or participant) so long as such assignee or participant (or
prospective assignee or participant) first agrees, in writing, to be bound by confidentiality provisions similar in substance to this Section 12.21; (iv) to the extent required by any Requirement of Law or judicial process or as otherwise
requested by any Governmental Authority; (v) to examiners, auditors or accountants; (vi) in connection with any litigation to which any Agent or any Lender is a party; (vii) in connection with the exercise of any remedies hereunder or
under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (viii) to its lenders or financing providers; (ix) in connection with
public filings, or (x) with the consent of the Administrative Borrower. 
 Section 12.22 Public Disclosure. Each party
hereto agrees that it will not now or in the future issue any press release or other public disclosure using the name of another party hereto or referring to this Agreement or any other Loan Document without the prior written consent of such other
party, except to the extent that such party is required to do so under applicable law (in which event, such party will consult with such other party before issuing such press release or other public disclosure, if allowed under law). Each Agent and
each Lender agrees that neither it nor any of its Affiliates will now or in the future advertise the closing of the transactions contemplated by this Agreement, or otherwise make appropriate announcements of the financial arrangements entered into
among the parties hereto, including, without limitation, on a home page or similar place for dissemination of information on the Internet or worldwide web, or in announcements commonly known as tombstones, in such trade publications, business
journals, newspapers of general circulation without the prior written consent of the Administrative Borrower, except to the extent that such Agent or Lender is required to do so under applicable law (in which event, such Agent or Lender or such
Affiliate will consult with the Administrative Borrower before taking such action). 
 Section 12.23 Integration. This
Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the
date hereof. 
 Section 12.24 USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby
notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the entities composing the Borrowers, which information includes the name and address of each
such entity and other information that will allow such Lender to identify the entities composing the Borrowers in accordance with the USA PATRIOT Act. Each Loan Party agrees to take such action and execute, acknowledge and deliver at its sole cost
and expense, such instruments and documents as any Lender may reasonably require from time to time in order to enable such Lender to comply with the USA PATRIOT Act. 

  
 - 161 - 

 Section 12.25 Keepwell. Each Loan Party, if it is a Qualified ECP Loan Party,
then jointly and severally, together with each other Qualified ECP Loan Party, hereby absolutely unconditionally and irrevocably (a) guarantees the prompt payment and performance of all Swap Obligations owing by each Non-Qualifying Party (it being understood and agreed that this guarantee is a guaranty of payment and not of collection), and (b) undertakes to provide such funds or other support as may be needed from time to
time by any Non-Qualifying Party to honor all of such Non-Qualifying Party’s obligations under this Agreement or any other Loan Document in respect of Swap
Obligations (provided, however, that each Qualified ECP Loan Party shall only be liable under this Section 12.25 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this
Section 12.25, or otherwise under this Agreement or any other Loan Document, voidable under applicable law, including applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of
each Qualified ECP Loan Party under this Section 12.25 shall remain in full force and effect until payment in full of the Obligations and termination of this Agreement and the other Loan Documents. Each Qualified ECP Loan Party intends that
this Section 12.25 constitute, and this Section 12.25 shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of each other Borrower and Guarantor for all
purposes of Section 1a(18(A)(v)(II) of the CEA. 
 Section 12.26 Acknowledgement and Consent to
Bail-In of EEA Financial Institution. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with the exercise of the
write-down and conversion powers of any EEA Resolution Authority. 

  
 - 162 - 

 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 - 163 - 

 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. 

[Signature pages previously provided on Effective Date] 
  

			
	BORROWERS:
	
	FUNKO ACQUISITION HOLDINGS, L.L.C.
		
	By:	 	 
		 	Name:
		 	Title:
	
	FUNKO HOLDINGS LLC
	By:	 	 
		 	Name:
		 	Title:
	
	FUNKO, LLC
	By:	 	 
		 	Name:
		 	Title:
	
	LOUNGEFLY, LLC
	By:	 	 
		 	Name:
		 	Title:

  
 - i - 

 
			
	COLLATERAL AGENT:
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Credit
Agreement 

Schedule 1.1(B) 

  
 1 

 
					
		 	ADMINISTRATIVE AGENT AND LENDER:
		 	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Signature Page to Credit
Agreement 

  
 - 2 - 

 
			
	 	 	JOINT LEAD ARRANGER AND JOINT
BOOKRUNNER:
		 	PNC CAPITAL MARKETS LLC
		
	By:	 	 
		 	Name:
		 	Title:

  
 Signature Page to Credit Agreement 

 
			
	SYNDICATION AGENT, JOINT LEAD
ARRANGER AND JOINT BOOKRUNNER:
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 
		 	Name:
		 	Title:

  
 Signature Page to Credit Agreement 

 
					
	 	 	DOCUMENTATION AGENTS:
		 	BANK OF THE WEST
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
	 	 	KEYBANK NATIONAL ASSOCIATION
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
		 	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 Signature Page to Credit Agreement 

LENDERS:

[            
    ] 

  
 - i - 

 SCHEDULE 1.1(A) 

PRICING GRID— 
  

																																			
	 Level
	  	 Leverage Ratio
	  	Commitment
Fee	 	  	Letter of
Credit
Fee	 	  	Revolving
Credit
Base Rate
Spread	 	  	Term
Loan Base
Rate
Spread	 	  	Revolving
Credit
Euro-Rate
Spread	 	  	Term
Loan
Euro-Rate
Spread	 	  	Swing
Loan
Base
Rate
Spread	 	  	Swing
Loan
Swing
Rate
Spread	 
	I	  	 Less than 1.50 to 1.00
	  	  
	 0.250.20%
	  
	  	  
	 2.752.00%
	  
	  	  
	 1.751.00%
	  
	  	  
	 1.751.00%
	  
	  	
 

	 2.752.00%
	  
	  	  
	 2.752.00%
	  
	  	  
	 1.00%
	  
	  	  
	 2.00%
	  

	II	  	 Less than 2.25 to 1.00 but greater than or equal to 1.50 to 1.00
	  	 	0.300.25%	 	  	 	3.002.25%	 	  	 	2.001.25%	 	  	 	2.001.25%	 	  	 	3.002.25%	 	  	 	3.002.25%	 	  	 	1.25%	 	  	 	2.25%	 
	III	  	 Greater than or equal to 2.25 to 1.00
	  	 	0.3750.30%	 	  	 	3.252.50%	 	  	 	2.251.50%	 	  	 	2.251.50%	 	  	 	3.252.50%	 	  	 	3.252.50%	 	  	 	1.50%	 	  	 	2.50%	 

 For purposes of determining the Applicable Margin, the Applicable Commitment Fee Rate and the Applicable
Letter of Credit Fee Rate: 
 (a) The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate
shall be Level IIIII on the Second Amendment Effective Date and thereafter until recomputed in accordance with the provisions below. 

(b) The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be recomputed as of the
fiscal quarter ending December 31,2018September 30,
2019 and each fiscal quarter end thereafter based on the Leverage Ratio as of such quarter end. Any increase or decrease in the Applicable Margin, the Applicable Commitment Fee Rate or the
Applicable Letter of Credit Fee Rate computed as of a quarter end 

  
 Schedule 1.1(B) 1 

 shall be effective on the date on which the Compliance Certificate evidencing such computation is due to be
delivered under Section 7.01(a)(iv). If a Compliance Certificate is not delivered when due in accordance with such Section 7.01(a)(iv), then the rates in Level III shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered. 

(c) If, as a result of any restatement of or other adjustment to the financial statements of the Borrowers or for any other reason, the
Borrower or the Lenders determine that (i) the Leverage Ratio as calculated by the Borrowers as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such
period, the Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed
entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Lender), an amount equal to the excess of the
amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing Lender, as
the case may be, under Section 3.01 [Letters of Credit] or Section 2.12 [Interest After Default] or Section 9.01 [Events of Default]. The Borrowers’ obligations under this paragraph shall survive the termination of the
Commitments and the repayment of all other Obligations hereunder. 

  
 - 2 - 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 

Part 1 - Commitments of Lenders and Addresses for Notices to Lenders 
  

															
	 Lender
	  	Amount of
Commitment
for Revolving
Credit Loans	 	  	Amount of
Commitment
for Term
Loans	 	  	Commitment	 	  	Ratable Share
	 Name: PNC Bank, National Association

Address: 500 First Avenue, 4th

Fl., Pittsburgh, PA 15219

Attention: Jessica Miller

Telephone: (412) 768- 2307

Telecopy: (412) 762-8672
	  	$	11,842,105.27	 	  	 $

 
	 37,105,263.15

35,713,815.78
	  
  
	  	$
  
	48,947,368.42

47,555,921.05
	 
  
	  	Revolving Credit
Loans:
 15.789473693% 

Term Loans:
15.789473680%

	 Name: JPMorgan Chase Bank, N.A.

Address: 1301 2nd
Avenue,
 Floor 24, Seattle, WA

98101 2029 Century Park East,

Floor 38, Los Angeles, CA

90067
	  	$	10,526,315.80	 	  	$
  
	32,982,456.13

31,745,614.03
	 
  
	  	$
  
	43,508,771.93

42,271,929.83
	 
  
	  	Revolving Credit
Loans:
 14.035087733% 
 Term
Loans:
14.035087715%

	 Attention: Mike SachwitzPeter
Christensen
 Telephone:
(206310) 500860-13537292
 E-mail:
michael.j.sachwitz@chase.com

peter.christensen@jpmorgan.com
	  				  				  				  	
	 Name: Bank of the West

Address: 701 Pike Street, Suite

2250, Seattle, WA 98101

Attention: Leni Preciado

Telephone: (206) 223-1294

E-mail: Leni.Preciado@bankofthewest.com
	  	$	7,894,736.84	 	  	$
  
	24,736,842.11

23,809,210.52
	 
  
	  	$
  
	32,631,578.95

31,703,947.36
	 
  
	  	Revolving Credit
Loans:
 10.526315786% 
 Term
Loans:
10.526315791%

  
 - 3 - 

															
	 Name: HSBC Bank USA, N.A.

Address: 452 Fifth Avenue, 5th
	  				  				  				  	Revolving Credit
Loans:
	 Floor, New York, NY 10018

Attention: Mire Levy

Telephone: (206) 233-8793

Telecopy: (206) 233-0808
	  	  
	 $7,894,736.84
	  
	  	  
	 $24,736,842.11
	  
	  	  
	 $32,631,578.95
	  
	  	10.526315786%
 Term Loans:
10.526315792%

	 E-mail:
	  				  	 	23,809,210.52	 	  	 	31,703,947.36	 	  	
	 mire.l.levy@us.hsbc.com
	  				  				  				  	
					
	 Name: KeyBank National Association

Address: 4910 Tiedeman Road,

 Brooklyn, OH 441441301 5th
	  				  				  				  	Revolving Credit
Loans:
10.526315786%
	 Avenue Floor 25, Seattle,
WA98101
	  	  
	 $7,894,736.84
	  
	  	  
	 $24,736,842.11
	  
	  	  
	 $32,631,578.95
	  
	  	Term Loans:
10.526315791%
	 Attention: Chelsey R.
	  				  	 	23,809,210.52	 	  	 	31,703,947.36	 	  	
	 LocascioAllyn
Coskun
	  				  				  				  	
	 Telephone: (206)
343684- 691165081
	  				  				  				  	
	 E-mail:
	  				  				  				  	
	 Chelsey_r_locascio@keybank.
com
	  				  				  				  	
	 Allyn_Coskun@keybank.com
	  				  				  				  	
					
	 Name: Bank of America, N.A.
	  				  				  				  	Revolving Credit
	 Address: 214 North Tryon
	  				  				  				  	Loans:
	 Street, Charlotte, NC 28255
	  				  				  				  	7.89473684%
	 Attention: Mark Guthrie
	  				  				  				  	
	 Telephone: (980) 387-4947
	  				  				  				  	Term Loans:
	 E-mail:
	  	 	$5,921,052.63	 	  	 	$18,552,631.58	 	  	 	$24,473,684.21	 	  	7.894736843%
	 Mark.guthrie@bankofamerica.com
	  				  	 	17,856,907.91	 	  	 	23,777,960.54	 	  	
					
	 Name: MUFG Union Bank, N.A.

Address: 1201 3rd Avenue,

Suite 900, Seattle, WA 98101

Attention: Matthew M Norman

Telephone: (206) 587-4787

E-mail: matthew.norman@unionbank.com
	  	 	$5,921,052.63	 	  	 
	$18,552,631.58
17,856,907.91	 
 	  	 
	$24,473,684.21
23,777,960.54	 
 	  	Revolving Credit
Loans:
7.89473684%
Term Loans:
7.894736843%
					
	 Name: U.S. Bank National Association

Address: 10800 NE 8th St. STE

1000, Bellevue, WA 98004

Attention: Ken Case

Telephone: (425) 637-2480

Telecopy: (425) 637-2561

E-mail: ken.case@usbank.com
	  	 	$5,921,052.63	 	  	 
	$18,552,631.58
17,856,907.91	 
 	  	 
	$24,473,684.21
23,777,960.54	 
 	  	Revolving Credit
Loans:
7.89473684%
Term Loans:
7.894736843%

  
   4   

																	
	 Name: Goldman Sachs Bank

USA
	  				  				  				  	 
	Revolving Credit
Loans:	 
 
	 Address: 200 West Street, New
	  				  				  				  	 	6.14035088%	 
	 York, NY 10282
	  				  				  				  			
	 Attn: Thierry C. Le Jouan
	  				  				  				  	 	Term Loans:	 
	 Telephone: (212) 934-3921
	  	$	4,605,263.16	 	  	$	14,429,824.56	 	  	$	19,035,087.72	 	  	 	6.140350877%	 
	 Telecopy: (917) 977-3966
	  				  	 	13,888,706.13	 	  	 	18,493,969.29	 	  			
					
	 Name: CIT Bank, N.A.

Address: 11 W 42nd Street,
	  				  				  				  	 
	Revolving Credit
Loans:	 
 
	 New York, NY 10036
	  				  				  				  	 	5.263157893%	 
	 Attention: Joseph Longobardi

Telephone: (212) 771-9309
	  				  				  				  	  
	 Term Loans:
	  

	 E-mail:
	  	$	3,947,368.42	 	  	$	12,368,421.05	 	  	$	16,315,789.47	 	  	 	5.263157894%	 
	 Joseph.Longobardi@cit.com
	  				  	 	11,904,605.27	 	  	 	15,851,973.69	 	  			
					
	 Name: Columbia Bank

Address: 719 2nd Avenue, Suite
	  				  				  				  	 
	Revolving Credit
Loans:	 
 
	 500, Seattle, WA 98104
	  				  				  				  	 	3.50877192%	 
	 Attention: Christopher Gerwels

Telephone: (206) 223- 4552
	  				  				  				  	  
	 Term Loans:
	  

	 Telecopy: (206) 223-4540
	  	$	2,631,578.94	 	  	$	8,245,614.047,	 	  	$	10,877,192.98	 	  	 	3.508771932%	 
	 E-mail:
	  				  	 	936,403.50	 	  	 	10,567,982.44	 	  			
	 cgerwels@columbiabank.com
	  				  				  				  			
					
	 Total
	  	$	75,000,000	 	  	$	235,000,00022	 	  	$	310,000,00030	 	  	 	100%	 
		  				  	 	6,187,500	 	  	 	1,187,500	 	  			

  
 - 5 - 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 

Part 2 - Addresses for Notices to Borrower and Guarantors: 

ADMINISTRATIVE AGENT 
 PNC Bank, National Association 

1600 Market Street 
 Philadelphia, PA 19103 

Attention: Brandon SchmoyerLiam P. Brickley 
 Telephone:
215.585.6960 
 Telecopier: 215.585.4771 
 with a copy to: 

PNC Bank, National Association 
 PNC Agency Services 

PNC Firstside Center 
 500 First Avenue, 4th Floor 

Pittsburgh, PA 15219 
 Attention: Jessica Miller 

Telephone: (412) 768-2307 

Facsimile: (412) 762-8672 

with a copy to: 
 Blank Rome LLP 

One Logan Square 
 130 North 18th Street 
 Philadelphia, PA 19103 

Attention: Heather Sonnenberg, Esq. 
 Telephone: 215-569-5701 
 Telecopier: 215-832-5701 
 BORROWERS: 

Funko, LLC 
 Funko Holdings LLC 

2802 Wetmore Avenue 
 Everett, Washington 98201 

 with a copy to: 

c/o ACON Equity Management, LLC 
 1133 Connecticut Avenue, NW,
Suite 700 
 Washington, DC 20036 
 Attention: Mr. Ken
Brotman 
 Telecopy: 202.454.1101 
 Telephone: 202.454.1111 

with a copy to: 
 Latham & Watkins LLP 

555 Eleventh Street, NW, Suite 1000 
 Washington, DC 20004-1304

 Attention: Manu Gayatrinath 
 Email: manu.gayatrinath@lw.com

 Telephone: 202.637.2342 

 SCHEDULE 1.1(C) 

SECURITY DOCUMENTS 
  

	1.	 Pledge and Security Agreement, dated as of the date hereof, among the Borrowers and the Collateral Agent

  

	2.	 Trademark Security Agreement, dated as of the date hereof, made by Funko and Loungefly in favor of the
Collateral Agent 

  

	3.	 Copyright Security Agreement, dated as of the date hereof, made by Funko and Loungefly in favor of the
Collateral Agent 

  

	4.	 Charge Over Shares, dated as of the date hereof, between Funko, LLC and the Collateral Agent

 EXHIBIT A 

Form of 
 JOINDER TO
CREDIT AGREEMENT 
 This Joinder to Credit Agreement (this “Joinder”) is executed and delivered as of this
         day of                 , 20     by
                                    , a
                         [(“New Borrower”)] [(“New Guarantor”)], in favor of PNC BANK, NATIONAL
ASSOCIATION, as collateral agent and administrative agent for the Lenders (in such capacities, the “Agent”) under and as defined in the Credit Agreement referred to below. 

Reference is hereby made to that certain Credit Agreement, dated as of October 22, 2018 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) by and among FUNKO ACQUISITION HOLDINGS, L.L.C., a Delaware limited liability company (“Ultimate Parent”), FUNKO HOLDINGS LLC, a Delaware limited
liability company (“Parent”), FUNKO, LLC, a Washington limited liability company (“Funko”), LOUNGEFLY, LLC, a California limited liability company (“Loungefly”, and together with Ultimate Parent,
Parent, and Funko, collectively, the “Existing Borrowers”), each other person that executes a Joinder Agreement and becomes a “Borrower” thereunder, each subsidiary of the Parent listed as a “Guarantor”
thereunder or that otherwise guaranties all or any part of the Obligations, the Agent, the lenders from time to time party thereto (the “Lenders”), PNC Capital Markets LLC and JPMorgan Chase Bank, N.A., each as a joint lead
arranger, PNC Capital Markets LLC and JPMorgan Chase Bank, N.A., each as a joint bookrunner, and Bank of the West, KeyBank National Association and HSBC Bank USA, National Association, each as documentation agent. 

Under the terms of the Credit Agreement, New [Borrower] [Guarantor] is required, and does hereby agree, to expressly join the Credit Agreement
as a [Borrower] [Guarantor], and hereby agrees that it shall be deemed a party to the Credit Agreement. Without limiting the foregoing, New [Borrower] [Guarantor] hereby agrees to be bound by, and a maker and obligor of, all representations,
warranties, indemnities, undertakings, covenants, limitations, waivers, exclusions, acknowledgements and agreements under the Credit Agreement relating to, pertaining to, or binding upon, a [Borrower] [Guarantor] or made or agreed to by a [Borrower]
[Guarantor] to or for the benefit of Agent and/or any of the Lenders. 
 Without limiting the foregoing: (a) New [Borrower]
[Guarantor], as security for the payment and performance in full of the Obligations, does hereby grant, collaterally assign, and pledge to Agent, for the ratable benefit of the Secured Parties, a continuing security interest in and to and Lien on
all assets of the New [Borrower] [Guarantor] that constitute “Collateral” as set forth in the Credit Agreement, whether now owned or hereafter created acquired or arising and wheresoever located and (b) New [Borrower] [Guarantor]
appoints [             ] as its Administrative Borrower in accordance with the terms of Section 12.17 of the Credit Agreement. The information on the attached Schedules
[    ] hereto is hereby added to Schedules [    ] to the Credit Agreement. This Joinder is a supplement to, and not a novation of, the Credit Agreement, which remains in full force and effect, and
the provisions of which are incorporated herein by reference. 
 All notices, requests and demands to or upon the New Guarantor, any Agent
or any Lender shall be governed by the terms of Section 12.01 of the Credit Agreement. 

 THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. 
 This Joinder may be executed in counterparts, each of
which shall constitute an original. Delivery of an executed signature page to this Joinder by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart of this Joinder. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties have executed and delivered this Joinder as part of the
Credit Agreement as of the date and year first set forth above. 
  

			
	NEW BORROWER:	  	[                                      
                                         
                   ]
		  	a
[                                         
                                         
            ]

							
				
		 		 	By:	 	 

							
		 		 	Name:	 	
		 		 	Title:	 	

  

			
	ACCEPTED AND AGREED:
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
Agent

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

 EXHIBIT B 

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 

This ASSIGNMENT AND ACCEPTANCE AGREEMENT (this “Assignment Agreement”) is entered into as
of            , 20     , between
                     (“Assignor”) and
                     (“Assignee”). Reference is made to the Credit Agreement described in Annex I hereto (as amended,
restated, supplemented, renewed, extended, or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Credit Agreement.

  

	 	1.	 In accordance with the terms and conditions of Section 12.07 of the Credit Agreement, the Assignor
hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, that interest in and to the Assignor’s rights and obligations under the Loan Documents as of the date hereof with respect to the
Obligations owing to the Assignor, and Assignor’s portion of the [Revolving Credit Commitments][Revolving Credit Loans][Term Loan Commitment][Term Loans], all to the extent specified on Annex I. 

 

	 	2.	 The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the
interest being assigned by it hereunder and that such interest is free and clear of any adverse claim and (ii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment Agreement and to
consummate the transactions contemplated hereby; (b) makes no representation or warranty and assumes no responsibility with respect to (i) any statements, representations or warranties made in or in connection with the Loan Documents, or
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents, or any other instrument or document furnished pursuant thereto; (c) makes no representation or warranty and assumes no
responsibility with respect to the financial condition of any Borrower or any Guarantor or the performance or observance by any Borrower or any Guarantor of any of their respective obligations under the Loan Documents or any other instrument or
document furnished pursuant thereto, and (d) represents and warrants that the amount set forth as the Purchase Price on Annex I represents the amount owed by Borrowers to Assignor with respect to Assignor’s share of the [Revolving
Credit Commitments][Revolving Credit Loans][Term Loan Commitment][Term Loans] assigned hereunder, as reflected on Assignor’s books and records. 

  

	 	3.	 The Assignee (a) confirms that it has received copies of the Credit Agreement and the other Loan
Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment Agreement; (b) agrees
that it will, independently and without reliance upon Agent, Assignor, or any other Lender, based upon such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any
action under the Loan Documents; (c) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents as are delegated to Agent by the terms thereof, together with such powers as
are reasonably incidental thereto; (d) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are 

	 	
required to be performed by it as a Lender; and (e) attaches the forms prescribed by Section 2.19 of the Credit Agreement and the Internal Revenue Service of the United States
certifying as to the Assignee’s status for purposes of determining exemption from United States withholding taxes with respect to all payments to be made to the Assignee under the Credit Agreement or such other documents as are necessary to
indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treaty. 

  

	 	4.	 Following the execution of this Assignment Agreement by the Assignor and Assignee, the Assignor will deliver
this Assignment Agreement to the Agent for recording by the Agent. The effective date of this Assignment (the “Settlement Date”) shall be the latest to occur of (a) the date of the execution and delivery hereof by the
Assignor and the Assignee, (b) the receipt by Agent for its sole and separate account a processing fee in the amount of $3,500 (unless waived by the Agent), (c) the receipt of any required consent of the Borrowers and the Agent, and
(d) the date specified in Annex I. 

  

	 	5.	 As of the Settlement Date (a) the Assignee shall be a party to the Credit Agreement and, to the extent of
the interest assigned pursuant to this Assignment Agreement, have the rights and obligations of a Lender thereunder and under the other Loan Documents, and (b) the Assignor shall, to the extent of the interest assigned pursuant to this
Assignment Agreement, relinquish its rights and be released from its obligations under the Credit Agreement and the other Loan Documents, provided, however, that nothing contained herein shall release any assigning Lender from
obligations that survive the termination of the Credit Agreement, including such assigning Lender’s obligations under Section 12.07 and Section 12.21 of the Credit Agreement. 

 

	 	6.	 Upon the Settlement Date, Assignee shall pay to Assignor the Purchase Price (as set forth in Annex I).
From and after the Settlement Date, Agent shall make all payments that are due and payable to the holder of the interest assigned hereunder (including payments of principal, interest, fees and other amounts) to Assignor for amounts which have
accrued up to but excluding the Settlement Date and to Assignee for amounts which have accrued from and after the Settlement Date. On the Settlement Date, Assignor shall pay to Assignee an amount equal to the portion of any interest, fee, or any
other charge that was paid to Assignor prior to the Settlement Date on account of the interest assigned hereunder and that are due and payable to Assignee with respect thereto, to the extent that such interest, fee or other charge relates to the
period of time from and after the Settlement Date. 

  

	 	7.	 This Assignment Agreement may be executed in counterparts and by the parties hereto in 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. This Assignment Agreement may be executed and delivered by telecopier or other electronic transmission all
with the same force and effect as if the same were a fully executed and delivered original manual counterpart. 

  

	 	8.	 THIS ASSIGNMENT AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL
WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 12.09, SECTION 12.10 AND SECTION 12.11 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement and Annex I
hereto to be executed by their respective officers, as of the first date written above. 
  

			
	[NAME OF ASSIGNOR], as Assignor

 
			
		
	By 	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	[NAME OF ASSIGNEE], as Assignee

 
			
		
	By 	 	 

 
			
	Name:	 	
	Title:	 	

 ACCEPTED THIS          DAY OF 

                         

 

			
	 PNC BANK, NATIONAL ASSOCIATION,

as Agent

			
		
	By 	 	 

			
	Name:	 	
	Title:	 	

 AND IF REQUIRED BY THE CREDIT AGREEMENT: 
  

			
	FUNKO, LLC

			
		
	By 	 	 

			
	Name:	 	
	Title:	 	

 ANNEX FOR ASSIGNMENT AND ACCEPTANCE 

ANNEX I 
  

							
			
	1.	  	Borrowers:	  	 Funko Acquisition Holdings, L.L.C., a Delaware limited liability company (“Ultimate Parent”)

Funko Holdings LLC, a Delaware limited liability company (“Parent”)

Funko, LLC, a Washington limited liability company (“Funko”)

Loungefly, LLC, a California limited liability company (“Loungefly”)

			
	2.	  	Name and Date of Credit Agreement:	  	
			
		  		  	Credit Agreement, dated as of October 22, 2018 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among the lenders identified on the
signature pages thereto (each of such lenders, together with its successors and assigns, a “Lender”), PNC BANK, NATIONAL ASSOCIATION, as administrative agent and collateral agent for the Lenders (in such capacity, together with its
successors and assigns in such capacity, “Agent”), PNC CAPITAL MARKETS LLC, a national association, and JPMORGAN CHASE BANK, N.A., each as a joint lead arranger and bookrunner, KEYBANK NATIONAL ASSOCIATION, BANK OF THE WEST and HSBC
USA, NATIONAL ASSOCIATION, each as a documentation agent, Ultimate Parent, Parent, Funko and Loungefly (together with Ultimate Parent, Parent, Funko and each other Person that executes a Joinder Agreement and becomes a “Borrower”
thereunder, each a “Borrower”, and collectively, the “Borrowers”), and each subsidiary of the Parent listed as a “Guarantor” on the signature pages thereto (together with each other Person that executes a
Joinder Agreement and becomes a “Guarantor” thereunder or otherwise guaranties all or any part of the obligations, each a “Guarantor” and collectively, the
“Guarantors”).

							
			
	3.	  	Date of Assignment Agreement:	  	                      
			
	4.	  	Amounts:	  	
				
	    	  	a.	  	Assigned Amount of Revolving Credit Commitment	  	$                 
				
		  	b.	  	Assigned Amount of Revolving Credit Loans	  	$                 
				
		  	c.	  	Assigned Amount of Term Loan Commitment	  	$                 
				
		  	d.	  	Assigned Amount of Term Loans	  	$                 
			
	5.	  	Settlement Date:	  	                  
			
	6.	  	Purchase Price:	  	$                 
			
	7.	  	Notice and Payment Instructions, etc.	  	

							
	Assignee:	  		  	Assignor:EXHIBIT 4.1

 

Execution Version

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SPECTRUM BRANDS, INC.

as Issuer

the Guarantors party hereto

and

US BANK NATIONAL ASSOCIATION

as Trustee

Indenture

Dated as of September 24, 2019

5.00% Senior Notes due 2029

TABLE OF CONTENTS

	
ARTICLE 1

	
Definitions and Incorporation by Reference

	
1

	 	 	 
	
Section 1.01

	
Definitions

	
1

	
Section 1.02

	
Rules of Construction

	
32

	 	 	 
	
ARTICLE 2

	
The Notes

	
32

	 	 	 
	
Section 2.01

	
Form, Dating and Denominations; Legends

	
32

	
Section 2.02

	
Execution and Authentication; Additional Notes

	
33

	
Section 2.03

	
Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust

	
34

	
Section 2.04

	
Replacement Notes

	
35

	
Section 2.05

	
Outstanding Notes

	
35

	
Section 2.06

	
Temporary Notes

	
36

	
Section 2.07

	
Cancellation

	
36

	
Section 2.08

	
CUSIP and ISIN Numbers

	
36

	
Section 2.09

	
Registration, Transfer and Exchange

	
37

	
Section 2.10

	
Restrictions on Transfer and Exchange

	
39

	
Section 2.11

	
Temporary Offshore Global Notes

	
41

	 	 	 
	
ARTICLE 3

	
Redemption; Offer to Purchase

	
42

	 	 	 
	
Section 3.01

	
Optional Redemption

	
42

	
Section 3.02

	
Redemption with Proceeds of Equity Offering

	
42

	
Section 3.03

	
Method and Effect of Redemption

	
42

	
Section 3.04

	
Offer to Purchase

	
44

	
Section 3.05

	
Mandatory Redemption

	
45

	 	 	 
	
ARTICLE 4

	
Covenants

	
45

	 	 	 
	
Section 4.01

	
Payment of Notes

	
45

	
Section 4.02

	
Maintenance of Office or Agency

	
46

	
Section 4.03

	
Existence

	
46

	
Section 4.04

	
Payment of Taxes and other Claims

	
47

	
Section 4.05

	
Maintenance of Properties and Insurance

	
47

	
Section 4.06

	
Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock

	
47

	
Section 4.07

	
Limitation on Restricted Payments

	
51

	
Section 4.08

	
Limitation on Liens

	
56

	
Section 4.09

	
Limitation on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries

	
57

	
Section 4.10

	
Guarantees

	
60

	
Section 4.11

	
Repurchase of Notes Upon a Change of Control

	
60

	
Section 4.12

	
Limitation on Asset Sales

	
62

	
Section 4.13

	
Limitation on Transactions with Affiliates

	
64

	
Section 4.14

	
Designation of Restricted and Unrestricted Subsidiaries

	
66

	
Section 4.15

	
Anti-Layering

	
67

	
Section 4.16

	
Reports

	
67

i

	
Section 4.17

	
Reports to Trustee

	
68

	
Section 4.18

	
Limitation on Activities of Holdings

	
69

	
Section 4.19

	
Suspension of Certain Covenants

	
69

	 	 	 
	
ARTICLE 5

	
Consolidation, Merger or Sale of Assets

	
70

	 	 	 
	
Section 5.01

	
Consolidation, Merger or Sale of Assets

	
70

	 	 	 
	
ARTICLE 6

	
Default and Remedies

	
71

	 	 	 
	
Section 6.01

	
Events of Default

	
71

	
Section 6.02

	
Acceleration

	
72

	
Section 6.03

	
Other Remedies

	
72

	
Section 6.04

	
Waiver of Past Defaults

	
73

	
Section 6.05

	
Control by Majority

	
73

	
Section 6.06

	
Limitation on Suits

	
73

	
Section 6.07

	
Rights of Holders to Receive Payment

	
73

	
Section 6.08

	
Collection Suit by Trustee

	
74

	
Section 6.09

	
Trustee May File Proofs of Claim

	
74

	
Section 6.10

	
Priorities

	
74

	
Section 6.11

	
Restoration of Rights and Remedies

	
74

	
Section 6.12

	
Undertaking for Costs

	
75

	
Section 6.13

	
Rights and Remedies Cumulative

	
75

	
Section 6.14

	
Delay or Omission Not Waiver

	
75

	
Section 6.15

	
Waiver of Stay, Extension or Usury Laws

	
75

	 	 	 
	
ARTICLE 7

	
The Trustee

	
75

	 	 	 
	
Section 7.01

	
General

	
75

	
Section 7.02

	
Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d):

	
76

	
Section 7.03

	
Individual Rights of Trustee

	
77

	
Section 7.04

	
Trustee’s Disclaimer

	
77

	
Section 7.05

	
Notice of Default

	
77

	
Section 7.06

	
[Reserved]

	
78

	
Section 7.07

	
Compensation And Indemnity

	
78

	
Section 7.08

	
Replacement of Trustee

	
78

	
Section 7.09

	
Successor Trustee by Merger

	
79

	
Section 7.10

	
Eligibility

	
80

	
Section 7.11

	
Money Held in Trust

	
80

	 	 	 
	
ARTICLE 8

	
Legal Defeasance and Covenant Defeasance; Satisfaction and Discharge

	
80

	 	 	 
	
Section 8.01

	
Option to Effect Legal Defeasance or Covenant Defeasance

	
80

	
Section 8.02

	
Legal Defeasance and Discharge

	
80

	
Section 8.03

	
Covenant Defeasance

	
80

	
Section 8.04

	
Conditions to Legal Defeasance or Covenant Defeasance

	
81

	
Section 8.05

	
Satisfaction and Discharge of Indenture

	
82

	
Section 8.06

	
Survival of Certain Obligations

	
83

ii

	
Section 8.07

	
Acknowledgment of Discharge by Trustee

	
83

	
Section 8.08

	
Deposited Money and Cash Equivalents to Be Held in Trust; Other Miscellaneous Provisions

	
84

	
Section 8.09

	
Repayment to Company

	
84

	
Section 8.10

	
Indemnity for Government Securities

	
84

	
Section 8.11

	
Reinstatement

	
84

	 	 	 
	
ARTICLE 9

	
Amendment, Supplement and Waivers

	
85

	 	 	 
	
Section 9.01

	
Amendments Without Consent of Holders

	
85

	
Section 9.02

	
Amendments With Consent of Holders

	
85

	
Section 9.03

	
[Reserved]

	
87

	
Section 9.04

	
Revocation and Effect of Consents

	
87

	
Section 9.05

	
Notation on or Exchange of Notes

	
87

	
Section 9.06

	
Trustee to Sign Amendments, Etc

	
87

	 	 	 
	
ARTICLE 10

	
Guarantees

	
88

	 	 	 
	
Section 10.01

	
The Guarantees

	
88

	
Section 10.02

	
Guarantee Unconditional

	
88

	
Section 10.03

	
Discharge; Reinstatement

	
88

	
Section 10.04

	
Waiver by the Guarantors

	
89

	
Section 10.05

	
Subrogation and Contribution

	
89

	
Section 10.06

	
Stay of Acceleration

	
89

	
Section 10.07

	
Limitation on Amount of Guarantee

	
89

	
Section 10.08

	
Execution and Delivery of Guarantee

	
89

	
Section 10.09

	
Release of Guarantee

	
89

	 	 	 
	
ARTICLE 11

	
Miscellaneous

	
90

	 	 	 
	
Section 11.01

	
[Reserved]

	
90

	
Section 11.02

	
Noteholder Communications; Noteholder Actions

	
90

	
Section 11.03

	
Notices

	
91

	
Section 11.04

	
Certificate and Opinion as to Conditions Precedent

	
92

	
Section 11.05

	
Statements Required in Certificate or Opinion

	
92

	
Section 11.06

	
Payment Date Other Than a Business Day

	
92

	
Section 11.07

	
Governing Law

	
92

	
Section 11.08

	
No Adverse Interpretation of Other Agreements

	
93

	
Section 11.09

	
Successors

	
93

	
Section 11.10

	
Duplicate Originals

	
93

	
Section 11.11

	
Separability

	
93

	
Section 11.12

	
Table of Contents and Headings

	
93

	
Section 11.13

	
No Liability of Directors, Officers, Employees and Stockholders

	
93

	
Section 11.14

	
Benefits of Indenture

	
93

	
Section 11.15

	
Rules by Trustee and Agents

	
93

iii

EXHIBITS

EXHIBIT A          Form of Note

EXHIBIT B          Form of Supplemental Indenture related to the Guarantors

EXHIBIT C          Restricted Legend

EXHIBIT D          DTC Legend

EXHIBIT E          Regulation S Certificate

EXHIBIT F          Rule 144A Certificate

EXHIBIT G          Institutional Accredited Investor Certificate

EXHIBIT H          Certificate of Beneficial Ownership

EXHIBIT I          Temporary Offshore Global Note Legend

iv

INDENTURE, dated as of September 24, 2019, among Spectrum Brands, Inc., a Delaware corporation, as the Company, the Guarantors party hereto and US Bank National Association, as Trustee.

RECITALS

The Company has duly authorized the execution and delivery of the Indenture to provide for the issuance of up to $300,000,000 aggregate principal amount of the Company’s 5.00% Senior Notes Due 2029, and, if and when issued, any Additional Notes (the “Notes”). All things necessary to make the Indenture a valid agreement of the Company, in accordance with its terms, have been done, and the Company has done all things necessary to make the Notes (in the case of the Additional Notes, when duly authorized), when executed by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of the Company as hereinafter provided.

In addition, the Guarantors party hereto have duly authorized the execution and delivery of the Indenture as guarantors of the Notes. All things necessary to make the Indenture a valid agreement of each Guarantor, in accordance with its terms, have been done, and each Guarantor has done all things necessary to make the Note Guarantees, when the Notes are executed by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of such Guarantor as hereinafter provided.

This Indenture will not be qualified under the Trust Indenture Act and this Indenture will not be deemed to include any of the terms set forth in the Trust Indenture Act, unless such terms are expressly included in this Indenture.

THIS INDENTURE WITNESSETH

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders, as follows:

ARTICLE 1

Definitions and Incorporation by Reference

Section 1.01          Definitions.

“AAG Acquisition” means the acquisition of all of the equity interests of Armored AutoGroup Parent Inc. pursuant to the AAG Merger Agreement.

“AAG Merger Agreement” means the Agreement and Plan of Merger by and among Armored AutoGroup Parent Inc., Spectrum Brands Holdings, Inc., Ignite Merger Sub, Inc. and, solely in its capacity as representative, Avista Capital Partners II GP, LLC, dated as of April 28, 2015, in relation to the AAG Acquisition and as amended from time to time.

“Acquired Debt” means, with respect to any specified Person:

(1)          Indebtedness of any other Person existing at the time such other Person is merged with or into, or becomes a Subsidiary of, such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and

(2)          Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

Acquired Debt will be deemed to have been incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of such assets.

“Additional Notes” means any notes issued under this Indenture in addition to the Initial Notes, having the same terms in all respects as the Initial Notes, or in all respects except with respect to issue price and interest accrued on or prior to the issue date thereof.

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” shall have correlative meanings; provided further that Paula Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs-KG, Mannheim shall not be deemed an Affiliate of the Company or any of its Restricted Subsidiaries solely by virtue of the beneficial ownership by the Company or its Restricted Subsidiaries of up to 20% of the Voting Stock of such entity.

“Affiliate Transaction” has the meaning assigned to such term in Section 4.13.

“Agent” means any Registrar, Paying Agent or Authenticating Agent.

“Agent Member” means a member of, or a participant in, the Depositary.

“Applicable Premium” means, with respect to any Note on any redemption date, the greater of (1) 1.0% of the principal amount of such Note; or (2) the excess of (a) the present value at such redemption date of (i) the redemption price of such Note at October 1, 2024 (as stated in the table in Section 3.01), plus (ii) all required interest payments due on such Note through October 1, 2024 excluding accrued but unpaid interest to the applicable redemption date, computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of such Note.

“Asset Sale” means:

(1)          the sale, lease, conveyance or other disposition of any property or assets of the Company or any Restricted Subsidiary; provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.11 and/or Article 5 and not by Section 4.12; and

2

(2)          the issuance of Equity Interests (other than directors’ qualifying shares) by any of the Company’s Restricted Subsidiaries or the sale by the Company or any Restricted Subsidiary of Equity Interests (other than directors’ qualifying shares) in any of its Subsidiaries.

Notwithstanding the preceding, the following are not included in the definition of “Asset Sale”:

(1)          any single transaction or series of related transactions that involves assets having a fair market value of less than $50.0 million;

(2)          a transfer of assets between or among the Company and its Restricted Subsidiaries;

(3)          an issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary;

(4)          the sale, lease, assignment or other disposition of equipment, inventory, accounts receivable or other assets in the ordinary course of business or consistent with past business practice and any other non-recourse factoring of accounts receivable pursuant to a factoring program sponsored by a retailer of national standing in partnership with a financial institution or otherwise entered into by the Company or any of its Subsidiaries with a financial institution;

(5)          the sale or other disposition of Cash Equivalents;

(6)          a Permitted Investment or Restricted Payment that is permitted by Section 4.07;

(7)          any sale or disposition of any property or equipment that has become damaged, worn out, obsolete or otherwise unsuitable or no longer used or required for use in the ordinary course of the business of the Company or its Restricted Subsidiaries;

(8)          the licensing of intellectual property in the ordinary course of business;

(9)          any sale or other disposition deemed to occur with creating or granting a Lien not otherwise prohibited by the Indenture;

(10)          any surrender or waiver of contract rights pursuant to a settlement, release, recovery on or surrender of contract, tort or other claims of any kind;

(11)          foreclosure or any similar action with respect to any property or other asset of the Company or any of its Restricted Subsidiaries, which foreclosure or other similar action does not otherwise constitute a Default;

(12)          to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any boot thereon) for use in a Permitted Business;

3

(13)          the unwinding of any Hedging Obligation; and

(14)          any disposition (including by capital contribution) of Securitization Assets pursuant to, or in connection with, Permitted Securitization Financings.

For purposes of this definition, any series of related transactions that, if effected as a single transaction, would constitute an Asset Sale, shall be deemed to be a single Asset Sale effected when the last such transaction which is a part thereof is effected.

“Authenticating Agent” refers to a Person engaged to authenticate the Notes in the stead of the Trustee.

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” shall have a corresponding meaning.

“Board of Directors” means:

(1)          with respect to a corporation, the board of directors of the corporation or any direct or indirect parent company of such corporation, or any duly authorized committee thereof having the authority of the full board with respect to the determination to be made;

(2)          with respect to a limited liability company, any managing member thereof or, if managed by managers, the board of managers thereof, or any duly authorized committee thereof having the authority of the full board with respect to the determination to be made;

(3)          with respect to a partnership, the Board of Directors of the general partner of the partnership; and

(4)          with respect to any other Person, the board or committee of such Person or any direct or indirect parent company of such Person serving a similar function.

“Board Resolution” means a resolution duly adopted by the Board of Directors which is certified by the Secretary or an Assistant Secretary of the Company and remains in full force and effect as of the date of its certification.

“Borrowing Base” means the sum of (A) 80% of the net book value of accounts receivable of the Company and its Restricted Subsidiaries and (B) 60% of the net book value of inventory of the Company and its Restricted Subsidiaries (with accounts receivable and inventory calculated on the basis that all Investments, acquisitions, dispositions, mergers, consolidations and disposed operations that have been made by the Company and its Restricted Subsidiaries prior to or substantially contemporaneous with the date of any calculation shall be included or excluded, as the case may be, on a pro forma basis with such calculations made in good faith by a responsible financial or accounting officer of the Company).

4

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or in the city where the Corporate Trust Office of the Trustee is located are authorized by law to close.

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.

“Capital Stock” means:

(1)          in the case of a corporation, corporate stock;

(2)          in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

(3)          in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

(4)          any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

“Cash Equivalents” means (a) United States dollars, Euros, British Pounds Sterling or any other currencies received in the ordinary course of business; (b) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition; (c) time deposits, certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any bank or trust company organized or licensed under the laws of the United States or any state thereof or the District of Columbia whose short-term debt is rated “A-2” or higher by S&P or “P-2” or higher by Moody’s; (d) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (c) above; (e) commercial paper having at least a “P-1” rating from Moody’s or “A-1” from S&P and in each case maturing within nine months after the date of acquisition; (f) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof having the highest ratings obtainable from Moody’s or S&P and maturing within six months from the date of acquisition thereof; (g) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (f) of this definition; and (h) in the case of a Foreign Subsidiary, substantially similar investments, of comparable credit quality, denominated in local currency held by such Foreign Subsidiary from time to time in the ordinary course of business.

“Cash Management Obligations” means, with respect to any Person, all obligations, whether now owing or hereafter arising, of such Person in respect of overdrafts and related liabilities or arising from (i) services in connection with operating, collections, payroll, trust or other depository or disbursement accounts, including automated clearinghouse, e-

5

payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox or stop payment services, (ii) commercial credit card and merchant card services; and (iii) other banking products or services (other than letters of credit and leases).

“Certificate of Beneficial Ownership” means a certificate substantially in the form of Exhibit H.

“Certificated Note” means a Note in registered individual form without interest coupons.

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

(1)          the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act);

(2)          the adoption of a plan relating to the liquidation or dissolution of the Company;

(3)          any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the ultimate Beneficial Owner, directly or indirectly, of 50% or more of the voting power of the Voting Stock of the Company or Holdings;

(4)          the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; or

(5)          Holdings ceases to directly own all Capital Stock of the Company.

For purposes of this definition, (i) any direct or indirect holding company of the Company (including Holdings) shall not itself be considered a Person for purposes of clause (3) or (5) above or a “person” or “group” for purposes of clause (3) or (5) above, provided that no “person” or “group” (other than another such holding company) Beneficially Owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of such company, and a majority of the Voting Stock of such holding company immediately following it becoming the holding company of the Company is Beneficially Owned by the Persons who Beneficially Owned the voting power of the Voting Stock of the Company immediately prior to it becoming such holding company and (ii) a Person shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement.

“Change of Control Offer” has the meaning assigned to such term in Section 4.11.

“Change of Control Payment” has the meaning assigned to such term in Section 4.11.

6

 “Change of Control Payment Date” has the meaning assigned to such term in Section 4.11.

“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute thereto.

 “Commission” means the Securities and Exchange Commission.

“Company” means the party named as such in the first paragraph of the Indenture or any successor obligor under the Indenture and the Notes pursuant to Article 5.

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication:

(a)          provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus

(b)          Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that any such Fixed Charges were deducted in computing such Consolidated Net Income; plus

(c)          depreciation, amortization (including amortization of goodwill, software and other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; plus

(d)          (i) unusual or non-recurring charges, (ii) relocation costs and integration costs or reserves (including such items related to proposed and completed acquisitions and Asset Sales and to closure/consolidation of facilities), (iii) Transaction Expenses, (iv) Prior Transaction Expenses, (v) severance costs, including such costs related to proposed and completed Permitted Investments and Asset Sales and to closure/consolidation of facilities and (vi) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Permitted Securitization Financing, in each case incurred by the Company and its Restricted Subsidiaries; plus

(e)          the amount of cost savings, operational expense improvements and synergies projected by such Person in good faith to be realized as a result of actions taken during such period or to be taken in connection with a transaction that is being given pro forma effect (calculated on a pro forma basis as though such cost savings, operational expense improvements and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that (x) such cost savings, operational expense improvements and synergies are reasonably identifiable and factually supportable and (y) such cost savings, operational expense improvements and synergies are expected in good faith to be realized within 18 months of the end of such period; minus

7

(f)          non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue consistent with past practice; plus

(g)          the amount of loss on sale of Securitization Assets (or discount with respect to any financing thereof) in connection with a Permitted Securitization Financing,

in each case, on a consolidated basis and determined in accordance with GAAP.

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that:

(1)          the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary thereof;

(2)          the Net Income of any Restricted Subsidiary (other than a Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its equityholders;

(3)          the Net Income of any Person acquired during the specified period for any period prior to the date of such acquisition shall be excluded;

(4)          the cumulative effect of a change in accounting principles shall be excluded;

(5)          notwithstanding clause (1) above, the Net Income (but not loss) of any Unrestricted Subsidiary shall be excluded, whether or not distributed to the specified Person or one of its Subsidiaries;

(6)          (a) unrealized gains and losses due solely to fluctuations in currency values and the related tax effects according to GAAP shall be excluded (until realized, at which time such gains or losses shall be included); and (b) unrealized gains and losses with respect to Hedging Obligations shall be excluded (until realized, at which time such gains or losses shall be included);

(7)          any non-cash charge or expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, Preferred Stock or other rights shall be excluded;

(8)          (a)(i) the non-cash portion of “straight line” rent expense less (ii) the cash portion of “straight line” rent expense which exceeds the amount expensed in respect of such 

8

rent expense shall be excluded and (b) non-cash gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations shall be excluded (until realized, at which time such gains or losses shall be included);

(9)          to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) approved by the applicable carrier in writing within 180 days and (b) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), (i) expenses with respect to liability or casualty events or business interruption shall be excluded and (ii) amounts received, or estimated in good faith to be received, from insurance in respect of lost earnings in respect of liability or causality events or business interruption shall be included (with a deduction for (x) amounts actually received up to such estimated amount to the extent included in Net Income in a future period and (y) for estimated amounts in excess of amounts actually received in a future period);

(10)          any charges resulting from the application of FASB ASC 350, Intangibles — Goodwill and Other, Accounting Standards Codification Topic 360-10-35-15, Impairment or Disposal of Long-Lived Assets, Accounting Standards Codification Topic 480-10-25-4, Distinguishing Liabilities from Equity—Overall Recognition, or Accounting Standards Codification Topic 820 Fair Value Measurements and Disclosures, the amortization of intangibles arising pursuant to FASB ASC 805, Business Combinations, non-cash interest expense resulting from the application of Accounting Standards Codification Topic 470-20 Debt—Debt with Conversion Options—Recognition, and any non-cash income tax expense that results from the inability to include deferred tax liabilities related to indefinite-lived intangible assets as future reversals of temporary differences under FASB ASC 740-10-30-18, shall be excluded; and

(11)          restructuring and related charges and acquisition and related integration charges, including but not limited to, restructuring charges related to the Prior Transactions and the Transactions, shall be excluded.

“Consolidated Total Debt Ratio” means, with respect to any specified Person, as of any date of determination, the ratio of (1) Consolidated Total Indebtedness of such Person and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur minus Cash Equivalents included on the consolidated balance sheet of such Person as of the end of such most recent fiscal quarter to (2) Consolidated Cash Flow of such Person for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and Consolidated Cash Flow as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio.

9

“Consolidated Total Indebtedness” means, as of any date of determination, an amount equal to the sum (without duplication) of (a) the aggregate principal amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries (excluding any undrawn letters of credit) consisting of bankers’ acceptances, Obligations in respect of Capital Lease Obligations, debt obligations evidenced by promissory notes and similar instruments and Indebtedness for borrowed money, plus (b) the aggregate amount of all outstanding Disqualified Stock of the Company and its Restricted Subsidiaries, with the amount of such Disqualified Stock equal to the greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated basis in accordance with GAAP.

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company or Holdings who:

(1)          was a member of such Board of Directors on the Issue Date or

(2)          was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election.

“Contribution Debt” means Indebtedness or Disqualified Stock of the Company or any Guarantor in an aggregate principal amount or liquidation preference not greater than twice the aggregate amount of cash received from the issuance and sale of Qualified Equity Interests of the Company after the Issue Date; provided that:

(1)          such cash has not been used to make a Restricted Payment and shall thereafter be excluded from any calculation under Section 4.07(a)(iii)(B) or used to make any Restricted Payment pursuant to Section 4.07(b) (it being understood that if any such Indebtedness or Disqualified Stock incurred as Contribution Debt is redesignated as incurred under any provision other than Section 4.06(b)(16), the related issuance of Equity Interests may be included in any calculation under Section 4.07(a)(iii)(B)); and

(2)          such Contribution Debt (a) is incurred within 180 days after the making of such cash contributions and (b) is so designated as Contribution Debt pursuant to an Officer’s Certificate on the incurrence date thereof.

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee is principally administered, which at the date of the Indenture is located at 333 Commerce Street, Suite 800, Nashville, Tennessee 37201.

“Covenant Defeasance” has the meaning assigned to such term in Section 8.03.

“Covenant Suspension Event” has the meaning assigned to such term in Section 4.19.

“Credit Agreement” means the credit agreement dated as of June 23, 2015 among the Company, as lead borrower, the lenders party thereto from time to time and Royal Bank of Canada, as administrative agent, together with any related documents, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection 

10

therewith, in each case as such credit agreement, in whole or in part, in one or more instances, may be amended, restated, amended and restated, renewed, extended, substituted, refinanced, restructured, replaced, supplemented or otherwise modified from time to time (including any successive restatements, renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing and including any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more borrowers or other parties thereto (whether or not such added or substituted parties are banks or other institutional lenders)), including into one or more debt facilities, commercial paper facilities or other debt instruments, indentures or agreements (including by means of sales of debt securities (including Additional Notes) to institutional investors), providing for revolving credit loans, term loans, letters of credit or other debt obligations, whether any such restatements, renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications (1) occurs simultaneously or not with the termination or repayment of a prior credit agreement or (2) occurs on one or more separate occasions.

“Credit Facilities” means, one or more debt facilities (including, without limitation, the Credit Agreement), or commercial paper facilities with banks or other institutional lenders or investors or indentures or other agreements providing for revolving credit loans, term loans, debt securities (including related exchange notes and guarantees thereof), receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or other long-term indebtedness and, in each case, as such agreements may be amended, amended and restated, supplemented, in any manner whatsoever modified, refinanced, extended, substituted, replaced, renewed, or otherwise restructured or refunded, in whole or in part, in one or more instances, from time to time (including any successive renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing and including any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks or other lenders)), including into one or more debt facilities, commercial paper facilities or other debt instruments, indentures or agreements (including by means of sales of debt securities (including Additional Notes)), providing for revolving credit loans, term loans, letters of credit or other debt obligations, whether any such extension, replacement or refinancing (1) occurs simultaneously or not with the termination or repayment of a prior debt facility or (2) occurs on one or more separate occasions.

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

“Depositary” means the depositary of each Global Note, which will initially be DTC.

“Designated Non-cash Consideration” means any non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is 

11

designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate executed by an Officer of the Company or such Restricted Subsidiary at the time of such Asset Sale.

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date that is the earlier date on which the Notes mature and the date the Notes are no longer outstanding, except to the extent such Capital Stock is solely redeemable with, or solely exchangeable for, any Equity Interests of the Company that are not Disqualified Stock; provided that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligation; provided, further, that any Capital Stock held by any future, present or former employee, director, officer, manager or consultant (or their estates, spouses or former spouses) of the Company, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any stockholders agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries following the termination of employment of such employee, director, officer, manager or consultant with the Company or any of its Subsidiaries (so long as, in each case referred to in this sentence, any such requirement is made subject to compliance with the Indenture). Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07. The term “Disqualified Stock” shall also include any options, warrants or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the holder, or required to be redeemed, prior to the date that is 91 days after the date on which the Notes mature.

“DTC” means The Depository Trust Company, a New York corporation, and its successors.

“DTC Legend” means the legend set forth in Exhibit D.

“Domestic Subsidiary” means any Restricted Subsidiary of the Company other than a Restricted Subsidiary that is (1) a “controlled foreign corporation” under Section 957 of the Internal Revenue Code or (2) a Subsidiary of any such controlled foreign corporation.

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).

12

“Equity Offering” means a primary offering, after the Issue Date, of Qualified Equity Interests of the Company or of Holdings or any direct or indirect parent of Holdings (to the extent the proceeds thereof are contributed to the common equity of the Company) other than an issuance registered on Form S-4 or S-8 or any successor thereto or any issuance pursuant to employee benefit plans or otherwise in compensation to officers, directors or employees.

“Event of Default” has the meaning assigned to such term in Section 6.01.

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

“Existing Indebtedness” means the aggregate principal amount of Indebtedness of the Company and its Subsidiaries (other than Indebtedness described in Section 4.06(b)(1) and (b)(3)) in existence on the Issue Date, until such amounts are repaid.

“Existing Notes” means, collectively, the Company’s (i) 6.625% Senior Notes due 2022 outstanding on the Issue Date, (ii) 6.125% Senior Notes due 2024 outstanding on the Issue Date, (iii) 5.75% Senior Notes due 2025 outstanding on the Issue Date and (iv) 4.00% Senior Notes due 2026 outstanding on the Issue Date.

“fair market value” means the price that would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors, whose determination shall be conclusive if evidenced by a resolution of the Board of Directors.

“Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Subsidiaries incurs, assumes, Guarantees, repays, retires, extinguishes, repurchases or redeems any Indebtedness (other than in the case of any Permitted Securitization Financing, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable period) or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, retirement, extinguishment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of the applicable four-quarter reference period.

In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

(1)          Investments or acquisitions and dispositions of business entities or property and assets constituting a division or line of business of any Person that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date shall be

13

given pro forma effect as if they had occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period shall be calculated on a pro forma basis, but without giving effect to clause (3) of the proviso set forth in the definition of Consolidated Net Income;

(2)          the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, shall be excluded;

(3)          the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Subsidiaries following the Calculation Date; and

(4)          consolidated interest expense attributable to interest on any Indebtedness (whether existing or being incurred) computed on a pro forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Calculation Date (taking into account any interest rate option, swap, cap or similar agreement applicable to such Indebtedness if such agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period.

For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officer’s Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event.

“Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication, of:

(1)          the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit, bankers’ acceptance financings or any Permitted Securitization Financing which are payable to Persons other than the Company and its Restricted Subsidiaries, and net of the effect of all payments made, received or accrued in connection with Hedging Obligations (but excluding unrealized gains or losses with respect thereto), but excluding (i) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (ii) any expensing of bridge, commitment and other financing fees, (iii) any redemption premiums, prepayment fees, or other charges or penalties incurred in connection with the Transactions or the Prior Transactions and (iv) any premiums, fees or other charges incurred in connection with the refinancing of the Existing Indebtedness on the Issue Date (in each case of (i) through (iv), to the extent included in any of the foregoing items listed in clause (1)); plus

14

(2)          the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

(3)          any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus

(4)          the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock or Preferred Stock of such Person or any of its Restricted Subsidiaries, other than (i) dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or (ii) dividends to the Company or a Restricted Subsidiary of the Company, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP.

Notwithstanding the foregoing, any additional charges arising from (i) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities from Equity— Overall—Recognition” to any series of preferred stock other than Disqualified Equity Interests or (ii) the application of Accounting Standards Codification Topic 470-20-25 “Debt—Debt with Conversion Options—Recognition,” in each case, shall be disregarded in the calculation of Consolidated Fixed Charges.

“Foreign Subsidiary” means any Restricted Subsidiary of the Company other than a Domestic Subsidiary.

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and in the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on December 4, 2014.

“GAC Divestiture” means the completed sale of Spectrum Brands Holdings, Inc.’s global auto care business, as contemplated by the Acquisition Agreement, dated as of November 15, 2018, by and among Spectrum Brands Holdings, Inc. and Energizer Holdings, Inc.

“GBL Divestiture” means the completed sale of Spectrum Brands Holdings, Inc.’s global battery, lighting and portable power business, as contemplated by the Amended and Restated Acquisition Agreement, dated as of November 15, 2018, by and among Spectrum Brands Holdings, Inc. and Energizer Holdings, Inc.

“Global Note” means a Note in registered global form without interest coupons.

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America for the payment of which guarantee or obligations the full faith and credit of the United States is pledged.

15

“Guarantee” means, as to any Person, a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another Person.

“Guarantors” means:

(1)          Holdings and each direct or indirect Domestic Subsidiary of the Company that guarantees Indebtedness under a Credit Facility or any of the Existing Notes on the Issue Date; and

(2) any other subsidiary that executes a Note Guarantee in accordance with the provisions of the Indenture; and their respective successors and assigns until released from their obligations under their Note Guarantees and the Indenture in accordance with the terms of the Indenture.

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under:

(1)          interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and other agreements or arrangements designed for the purpose of managing interest rate risk;

(2)          commodity swap agreements, commodity option agreements, forward contracts and other agreements or arrangements designed for the purpose of managing commodity price risk; and

(3)          foreign exchange contracts, currency swap agreements and other agreements or arrangements designed for the purpose of managing foreign currency exchange rate risk.

“Holder” or “Noteholder” means the registered holder of any Note.

“Holdings” means SB/RH Holdings, LLC or any successor obligor under this Indenture and its Notes Guarantee pursuant to Section 4.10(b)(2).

“HRG Merger” means the series of transactions contemplated by the Agreement and Plan of Merger, dated as of February 24, 2018, as amended by Amendment No. 1 thereto, dated as of June 8, 2018, by and among Spectrum Brands Legacy, Inc., Spectrum Brands Holdings, Inc., HRG SPV Sub I, Inc. and HRG SPV Sub II, Inc.

“IAI Global Note” means a Global Note resold to Institutional Accredited Investors bearing the Restricted Legend.

“incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become directly or indirectly liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that 

16

(1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company will be deemed to be incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Company and (2) neither the accrual of interest nor the accretion of original issue discount nor the payment of interest in the form of additional Indebtedness with the same terms and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock (to the extent provided for when the Indebtedness or Disqualified Stock on which such interest or dividend is paid was originally issued) shall be considered an incurrence of Indebtedness; provided that in each case the amount thereof is for all other purposes included in the Fixed Charges and Indebtedness of the Company or its Restricted Subsidiary as accrued.

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

(1)          in respect of borrowed money;

(2)          evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof), but excluding obligations with respect to letters of credit (including trade letters of credit) securing obligations entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement;

(3)          in respect of banker’s acceptances;

(4)          in respect of Capital Lease Obligations;

(5)          in respect of the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable;

(6)          representing Hedging Obligations, other than Hedging Obligations that are incurred in the ordinary course of business for the purpose of fixing, hedging, swapping, managing interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for speculative purposes, and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in interest rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; or

(7)          representing Disqualified Stock valued at the greater of its voluntary or involuntary maximum fixed repurchase price plus accrued dividends;

if and to the extent that any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of the specified Person prepared in accordance with GAAP or, in the case of any earn-out obligation or purchase price adjustment, would have been recorded as a liability under GAAP prior to the adoption of Financial Accounting Standards Board Statement No. 141R. In addition, the term “Indebtedness” includes (x) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person),

17

provided that the amount of such Indebtedness shall be the lesser of (A) the fair market value of such asset at such date of determination and (B) the amount of such Indebtedness, and (y) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock, such fair market value shall be determined in good faith by the Board of Directors of the issuer of such Disqualified Stock.

The amount of any Indebtedness outstanding as of any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation, and shall be:

(1)          the accreted value thereof, in the case of any Indebtedness issued with original issue discount; and

(2)          the principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness;

provided that Indebtedness shall not include:

(i)          any liability for federal, state, local or other taxes;

(ii)          performance, surety or appeal bonds provided in the ordinary course of business;

(iii)          agreements providing for indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition), so long as the principal amount does not exceed the gross proceeds actually received by the Company or any Restricted Subsidiary in connection with such disposition;

(iv)          deferred revenue; or

(v)          obligations under or in respect of Permitted Securitization Financing.

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

“Initial Notes” means the Notes issued on the Issue Date and any Notes issued in replacement thereof.

18

“Initial Purchasers” means the initial purchasers party to a Purchase Agreement with the Company relating to the sale of the Initial Notes or Additional Notes by the Company.

“Institutional Accredited Investor” means an institutional “accredited investor” (as defined) in Rule 501(a), (2), (3) or (7) under the Securities Act.

“Institutional Accredited Investor Certificate” means a certificate substantially in the form of Exhibit G hereto.

“Investment Grade” means a rating of BBB- or higher by S&P and Baa3 or higher by Moody’s, or the equivalent of such ratings by another Rating Agency.

“interest”, in respect of the Notes, unless the context otherwise requires, refers to interest and Additional Interest, if any.

“Interest Payment Date” means each October 1 and April 1 of each year, commencing April 1, 2020.

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans or other extensions of credit (including Guarantees, but excluding advances to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the Company or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of business), advances (excluding commission, travel, payroll and similar advances to officers and employees made consistent with past practices), capital contributions (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.

If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Investment in such Restricted Subsidiary not sold or disposed of in an amount determined as provided in Section 4.07(c). The acquisition by the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person shall be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person only if such Investment was made in contemplation of, or in connection with, the acquisition of such Person by the Company or such Restricted Subsidiary and the amount of any such Investment shall be determined as provided in Section 4.07(c).

“Issue Date” means September 24, 2019, the date on which the Initial Notes are originally issued under this Indenture.

“Legal Defeasance” has the meaning assigned to such term in Section 8.02.

19

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

“Moody’s” means Moody’s Investors Service, Inc. and its successors.

“Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends, excluding, however:

(1)          any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: (a) any sale of assets outside the ordinary course of business of such Person; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and

(2)          any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss.

“Net Proceeds” means the aggregate cash proceeds, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not the interest component, thereof) received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale, including, without limitation, legal, accounting, brokerage and investment banking fees, and sales commissions, and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as a result thereof, in each case, after taking into account any available tax credits or deductions arising therefrom and any tax sharing arrangements in connection therewith, (3) amounts required to be applied to the repayment of Indebtedness or other liabilities, secured by a Lien on the asset or assets that were the subject of such Asset Sale, or required to be paid as a result of such sale, and (4) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP.

“New Term Loan Commitment Agreement” means the new term loan commitment agreement no. 2 among Holdings, the Company, as lead borrower, the lenders party thereto and Deutsche Bank AG New York Branch, as agent.

“Non-U.S. Person” means a Person that is not a U.S. person, as defined in Regulation S.

“Notes” has the meaning assigned to such term in the Recitals.

“Note Guarantee” means the Guarantee by each Guarantor of the Company’s payment obligations under this Indenture and on the Notes, executed pursuant to this Indenture.

20

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.

“Offer to Purchase” has the meaning assigned to such term in Section 3.04.

“Offering Memorandum” means the Offering Memorandum dated September 10, 2019 relating to the sale of the Initial Notes.

“Officer” means the chairman of the Board of Directors, the president or chief executive officer, any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, of the Company.

“Officer’s Certificate” means a certificate signed in the name of the Company by any of the chairman of the Board of Directors, the president or chief executive officer, the chief financial officer, a vice president, the treasurer or any assistant treasurer or the secretary or any assistant secretary.

“Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S.

“Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, satisfactory to the Trustee.

“Paying Agent” means an office or agency where Notes may be presented for payment.

“Permanent Offshore Global Note” means an Offshore Global Note that does not bear the Temporary Offshore Global Note Legend.

“Permitted Business” means any business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on the Issue Date and other businesses complementary, similar or reasonably related, ancillary or incidental thereto or reasonable extensions thereof.

“Permitted Debt” has the meaning assigned to such term in Section 4.06.

“Permitted Investments” means:

(1)          any Investment in the Company or in a Restricted Subsidiary of the Company;

(2)          any Investment in Cash Equivalents;

(3)          any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:

(a)          such Person becomes a Restricted Subsidiary of the Company; or

21

(b)          such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company;

(4)          any Investment made as a result of the receipt of non-cash consideration from an Asset Sale (including Designated Non-Cash Consideration) that was made pursuant to and in compliance with Section 4.12;

(5)          Hedging Obligations that are incurred in the ordinary course of business for the purpose of managing interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for speculative purposes, and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in interest rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder;

(6)          stock, obligations or securities received in satisfaction of judgments;

(7)          Investments in securities of trade debtors or customers received (x) pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in good faith settlement of delinquent obligations of such trade debtors or customers or in compromise or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates, (y) as a result of the foreclosure by the Company or any Restricted Subsidiaries with respect to any secured Investment or other transfer of title, or (z) as a result of litigation, or other disputes with Persons who are not Affiliates;

(8)          other Investments in any Person engaged in a Permitted Business having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (8) since the Issue Date, not to exceed the greater of (x) $200.0 million and (y) 20.0% of Consolidated Cash Flow, in each case, net of any return of or on such Investment received by the Company or a Restricted Subsidiary;

(9)          Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment, or the licensing or contribution of intellectual property pursuant to joint marketing, joint development or similar arrangements with other Persons;

(10)          advances, loans, rebates and extensions of credit (including the creation of receivables) to suppliers, customers and vendors, and performance guarantees, in each case in the ordinary course of business;

(11)          Investments in prepaid expenses, negotiable instruments held for collection and lease and utility and worker’s compensation deposits provided to third parties in the ordinary course of business;

(12)          Investments (other than in Restricted Subsidiaries) outstanding on the Issue Date or made pursuant to binding agreements in effect on the Issue Date, including any extension, modification or renewal of such Investments, to the extent not involving any 

22

additional Investment other than as the result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities;

(13)          advances and loans to officers, directors or employees for business-related travel expenses, moving expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practice or to fund such person’s purchase of Equity Interests of the Company or any direct or indirect parent of the Company;

(14)          Investments in joint ventures having an aggregate fair market value, when taken together with all other Investments made pursuant to this clause that are at the time outstanding, not to exceed $100.0 million at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (14) is made in any Person that is not the Company or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes the Company or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (14) for so long as such Person continues to be the Company or a Restricted Subsidiary;

(15)          Investments in Unrestricted Subsidiaries having an aggregate fair market value, when taken together with all other Investments made pursuant to this clause that are at the time outstanding, not to exceed $100.0 million at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value);

(16)          Investments consisting of Securitization Assets or arising as a result of Permitted Securitization Financings; and

(17)          any Investment in an entity which is not a Restricted Subsidiary to which a Restricted Subsidiary sells Securitization Assets pursuant to a Permitted Securitization Financing.

“Permitted Liens” means:

(1)          Liens securing Indebtedness incurred and then outstanding pursuant to Section 4.06(b)(1) and other Obligations in respect thereof;

(2)          Liens in favor of the Company or any Guarantor;

(3)          Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company or the Restricted Subsidiary;

(4)          Liens on property existing at the time of acquisition thereof by the Company or any Restricted Subsidiary of the Company, provided that such Liens were in 

23

existence prior to the contemplation of such acquisition and do not extend to any property other than the property so acquired by the Company or the Restricted Subsidiary;

(5)          Liens existing on the Issue Date not otherwise permitted hereby;

(6)          Liens securing Permitted Refinancing Indebtedness (other than in respect of Indebtedness referred to in clause (1)); provided that such Liens do not extend to any property or assets other than the property or assets that secure the Indebtedness being refinanced;

(7)          Liens incurred in the ordinary course of business of the Company or any Restricted Subsidiary of the Company with respect to obligations that do not exceed the greater of $200.0 million or 20.0% of Consolidated Cash Flow;

(8)          Liens on the assets of a Foreign Subsidiary securing Indebtedness of a Foreign Subsidiary that was permitted by the terms of this Indenture to be incurred;

(9)          pledges or deposits under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts or leases, or to secure public or statutory obligations, surety bonds, customs duties and the like, or for the payment of rent, in each case incurred in the ordinary course of business and not securing Indebtedness;

(10)          Liens imposed by law, such as carriers’, vendors’, warehousemen’s and mechanics’ liens or other similar liens, in each case for sums not yet due or being contested in good faith and by appropriate proceedings;

(11)          Liens in respect of taxes and other governmental assessments and charges which are not yet due or which are being contested in good faith and by appropriate proceedings;

(12)          Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the proceeds thereof;

(13)          (x) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or the ownership of its properties, not interfering in any material respect with the conduct of the business of the Company and its Restricted Subsidiaries or (y) any zoning or similar law or right reserved to or vested in any governmental authority to control or regulate the use of any real property;

(14)          licenses or leases or sublicenses or subleases as licensor, lessor, sublicensor or sublessor of any of its property, including intellectual property, in the ordinary course of business;

24

(15)          customary Liens in favor of trustees and escrow agents, and netting and setoff rights, banker’s liens and the like in favor of financial institutions and counterparties to financial obligations and instruments, including Hedging Agreements;

(16)          Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets;

(17)          options, put and call arrangements, rights of first refusal and similar rights relating to Investments in joint ventures, partnerships and the like;

(18)          judgment liens, and Liens securing appeal bonds or letters of credit issued in support of or in lieu of appeal bonds, so long as no Event of Default then exists as a result thereof;

(19)          Liens incurred in the ordinary course of business not securing Indebtedness and not in the aggregate materially detracting from the value of the properties or their use in the operation of the business of the Company and its Restricted Subsidiaries;

(20)          Liens (including the interest of a lessor under a Capital Lease) on property that secure Indebtedness incurred under clause (4) of Permitted Debt for the purpose of financing all or any part of the purchase price or cost of construction or improvement of such property and which attach within 365 days after the date of such purchase or the completion of construction or improvement;

(21)          deposits in the ordinary course of business to secure liability to insurance carriers;

(22)          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;

(23)          Liens consisting of contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Company and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Company or any of its Restricted Subsidiaries in the ordinary course of business;

(24)          Liens arising from financing statements filings under the Uniform Commercial Code or similar state laws regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business;

(25)          Liens securing Cash Management Obligations and all Obligations under the Hedging Agreements owed to Persons that were agents and the lenders under the Credit Agreement or their affiliates at the time of entry into the agreements governing such obligations;

25

(26)          Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Company and its subsidiaries in the ordinary course of business;

(27)          Liens created for the benefit of the Notes or the Note Guarantees with respect thereto; and

(28)          Liens in respect of Permitted Securitization Financings that extend only to the assets subject thereto and Liens on the Equity Interests of Special Purpose Securitization Subsidiaries.

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

(1)          the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest thereon and the amount of any reasonably determined premium necessary to accomplish such refinancing (including tender premiums) and such reasonable expenses, defeasance costs and fees incurred in connection therewith);

(2)          such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded;

(3)          if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes or the Note Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes or such Note Guarantees on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and

(4)          in no event may Indebtedness of the Company or any Guarantor be refinanced by means of Indebtedness of a Restricted Subsidiary that is not a Guarantor.

“Permitted Securitization Documents” means all documents and agreements evidencing, relating to or otherwise governing a Permitted Securitization Financing.

“Permitted Securitization Financing” means one or more securitization transactions pursuant to which (i) Securitization Assets or interests therein are sold to or financed by one or more Special Purpose Securitization Subsidiaries, and (ii) such Special Purpose Securitization Subsidiaries finance their acquisition of such Securitization Assets or interests therein, or the financing thereof, by selling such Securitization Assets to a Person that is not the Company or a Restricted Subsidiary or borrowing against Securitization Assets from a Person that is not the Company or a Restricted Subsidiary; provided, that (i) such Permitted 

26

Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Company and the Restricted Subsidiaries (as determined by the Company in good faith), (ii) all sales of Securitization Assets and related assets by the Company or any Restricted Subsidiary to any Special Purpose Securitization Subsidiary or any other Person are made at fair market value (as determined by the Company in good faith), (iii) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined by the Company in good faith) and (iv) the obligations under such Permitted Securitization Financing are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Company or any of the Restricted Subsidiaries (other than a Special Purpose Securitization Subsidiary).

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.

“Preferred Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemption upon liquidation.

“principal” of any Indebtedness means the principal amount of such Indebtedness, (or if such Indebtedness was issued with original issue discount, the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness), together with, unless the context otherwise indicates, any premium then payable on such Indebtedness.

“Prior Transaction Expenses” means fees and expenses payable or otherwise borne by the Company and its Restricted Subsidiaries in connection with the Prior Transactions and incurred before, or on or about, the issue date of the Company’s 4.00% Senior Notes due 2026, including the costs of legal and financial advisors to the Company.

“Prior Transactions” means, collectively, (a) the execution, delivery and performance by the Company and the other parties thereto of the New Term Loan Commitment Agreement and the making of the borrowings thereunder, (b) the issuance of the Company’s 6.125% Senior Notes due 2024 outstanding on the Issue Date, (c) the consummation of the acquisition of (i) Tell Manufacturing, Inc., (ii) Proctor and Gamble’s European pet food business and (iii) Salix Animal Health, LLC., (d) the issuance of the Company’s 5.75% Senior Notes due 2025, (e) the issuance by Spectrum Brands Legacy, Inc. (formerly known as “Spectrum Brands Holdings, Inc.”) of its common stock in the registered offering completed in connection with the AAG Acquisition, (f) the consummation of the AAG Acquisition, (g) the issuance of the Company’s 4.00% Senior Notes due 2026, (h) the consummation of the HRG Merger, (i) the consummation of the GBL Divestiture and (j) the consummation of the GAC Divestiture.

“Purchase Agreement” means (i) the Purchase Agreement dated September 10, 2019 among the Company, the Guarantors and the Initial Purchasers entered into in connection with the sale and issuance of the Initial Notes and (ii) with respect to any Additional Notes, any 

27

purchase agreement between the Company and the Initial Purchasers party thereto relating to the purchase from the Company of such Additional Notes.

“Qualified Equity Interests” means all Equity Interests of a Person other than Disqualified Stock.

“Rating Agencies” means S&P and Moody’s; provided, that if either S&P or Moody’s (or both) shall cease issuing a rating on the Notes for reasons outside the control of the Company, the Company may select a nationally recognized statistical rating agency to substitute for S&P or Moody’s (or both).

“Receivables Assets” means, accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Company or any Subsidiary.

“Register” has the meaning assigned to such term in Section 2.09.

“Registrar” means an office or agency where Notes may be presented for registration of transfer or for exchange.

“Regular Record Date” for the interest payable on any Interest Payment Date means the March 15 or September 15 (whether or not a Business Day) next preceding such Interest Payment Date.

“Regulation S” means Regulation S under the Securities Act.

“Regulation S Certificate” means a certificate substantially in the form of Exhibit E hereto.

 “Replacement Assets” means (1) non-current assets (other than securities of any Person) that will be used or useful in a Permitted Business or (2) all or substantially all of the assets of a Permitted Business or Voting Stock of any Person engaged in a Permitted Business that will become on the date of acquisition thereof a Restricted Subsidiary.

“Restricted Investment” means an Investment other than a Permitted Investment.

“Restricted Legend” means the legend set forth in Exhibit C.

“Restricted Payment” has the meaning assigned to such term in Section 4.07.

“Restricted Period” means the relevant 40-day distribution compliance period as defined in Regulation S.

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Unless the context otherwise requires, “Restricted Subsidiary” refers to a Restricted Subsidiary of the Company.

“Reversion Date” has the meaning assigned to such term in Section 4.19.

28

“Rule 144A” means Rule 144A under the Securities Act.

“Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit F hereto or (ii) a written certification addressed to the Company and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such information.

“S&P” means S&P Global Ratings, a division of McGraw Hill, Inc. and its successors.

“Secured Leverage Ratio” means, on any date of determination (the “transaction date”), the ratio of (x) the aggregate amount of all Consolidated Total Indebtedness secured (or deemed secured pursuant to Section 4.06(b)(1)(y)) by a Lien on an any asset of the Company or any of its Restricted Subsidiaries (other than Liens described in clauses (2), (8), (25) and (27) of the definition of “Permitted Liens”) of the Company and its Restricted Subsidiaries, determined on a consolidated basis (with any Indebtedness incurred pursuant to Section 4.06(b)(1)(y) deemed to be secured Indebtedness for this purpose in connection with any measurement of the Secured Leverage Ratio pursuant to such clause) minus the aggregate amount of unrestricted cash and Cash Equivalents owned by the Company and its Restricted Subsidiaries on a consolidated basis to (y) the aggregate amount of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the four fiscal quarters immediately prior to the transaction date for which internal financial statements are available in each case with such pro forma adjustments to Indebtedness and Consolidated Cash Flow as are consistent with the pro forma adjustment provisions of the Fixed Charges Coverage Ratio.

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

“Securitization Assets” means any of the following assets (or interests therein) from time to time originated, acquired or otherwise owned by the Company or any Restricted Subsidiary or in which the Company or any Restricted Subsidiary has any rights or interests, in each case, without regard to where such assets or interests are located: (1) Receivables Assets and (2) any other assets and property to the extent customarily included in accounts receivable securitization transactions of the relevant type in the applicable jurisdictions (as determined by the Company in good faith).

“Securitization Fees” means distributions or payments made directly or by means of discounts with respect to any participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Permitted Securitization Financing.

29

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Permitted Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a Securitization Asset or portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

“Significant Subsidiary” means any Subsidiary that would constitute a “significant subsidiary” within the meaning of Article 1, Rule 1-02(w)(1) or (2) of Regulation S-X of the Securities Act.

“Special Purpose Securitization Subsidiary” means (i) a direct or indirect Restricted Subsidiary of the Company established in connection with a Permitted Securitization Financing for the acquisition of Securitization Assets or interests therein and/or Equity Interests in other Special Purpose Securitization Subsidiaries, and which is organized in a manner (as determined by the Company in good faith) intended to reduce the likelihood that it would be substantively consolidated with the Company or any of its Restricted Subsidiaries (other than Special Purpose Securitization Subsidiaries) in the event the Company or any such Restricted Subsidiary becomes subject to a proceeding under the Bankruptcy Code (or other insolvency law) and (ii) any subsidiary of a Special Purpose Securitization Subsidiary.

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

“Subsidiary” means, with respect to any specified Person:

(1)          any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

(2)          any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof).

“Suspended Covenants” has the meaning assigned to such term in Section 4.19.

“Suspension Period” has the meaning assigned to such term in Section 4.19.

“Temporary Offshore Global Note” means an Offshore Global Note that bears the Temporary Offshore Global Note Legend.

“Temporary Offshore Global Note Legend” means the legend set forth in Exhibit  I.

30

“Termination Date” has the meaning assigned to such term in Section 3.05.

“Transaction Expenses” means fees and expenses payable or otherwise borne by the Company and its Restricted Subsidiaries in connection with the Transactions, including the costs of legal and financial advisors to the Company.

“Transactions” means collectively (a) the issuance of the Notes and (b) the Company’s tender offer and consent solicitation described under “Concurrent Transactions” in the Offering Memorandum.

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to October 1, 2024; provided, however, that if the period from the redemption date to October 1, 2024, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

“Trustee” means the party named as such in the first paragraph of this Indenture or any successor trustee under this Indenture pursuant to Article 7.

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

“U.S. Global Note” means a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A.

“Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors in compliance with Section 4.14, and any Subsidiary of such Subsidiary.

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

(1)          the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

(2)          the then outstanding principal amount of such Indebtedness.

“Wholly Owned” means, with respect to any Restricted Subsidiary, a Restricted Subsidiary all of the outstanding Capital Stock of which (other than any director’s qualifying 

31

shares) is owned by the Company and one or more Wholly Owned Restricted Subsidiaries (or a combination thereof).

Section 1.02          Rules of Construction.  Unless the context otherwise requires or except as otherwise expressly provided,

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

(2)          “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Section, Article or other subdivision;

(3)          all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless otherwise indicated;

(4)          references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations); and

(5)          in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions the Company may classify such transaction as it, in its sole discretion, determines.

ARTICLE 2

The Notes

Section 2.01          Form, Dating and Denominations; Legends.  (a) The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The terms and provisions contained in the form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of this Indenture. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. The Notes may have notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the Company is subject, or usage. Each Note will be dated the date of its authentication. The Notes will be issuable in denominations of $2,000 in principal amount and any multiple of $1,000 in excess thereof; provided that Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by a DTC participant in denominations of less than $2,000.

(b)          (1) Except as otherwise provided in paragraph (c), Section 2.10(b)(3), (b)(5), or (c) or Section 2.09(b)(4), each Initial Note or Additional Note (other than a Permanent Offshore Note) will bear the Restricted Legend.

(2)          Each Global Note, whether or not an Initial Note or Additional Note, will bear the DTC Legend.

32

(3)          Each Temporary Offshore Global Note will bear the Temporary Offshore Global Note Legend.

(4)          Initial Notes and Additional Notes offered and sold in reliance on Regulation S will be issued as provided in Section 2.11(a).

(5)          Initial Notes and Additional Notes offered and sold in reliance on any exception under the Securities Act other than Regulation S and Rule 144A will be issued, and upon the request of the Company to the Trustee, Initial Notes offered and sold in reliance on Rule 144A may be issued, and any Initial Notes sold to an Affiliate of the Company shall be issued, in the form of Certificated Notes.

(6)          Initial Notes resold to Institutional Accredited Investors will be in the form of an IAI Global Note.

(c)       (1) If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current public information and that the Restricted Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, or

(2) after an Initial Note or any Additional Note is sold pursuant to an effective registration statement under the Securities Act, the Company shall instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such instruction.

(d)          By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Indenture and such legend.

Section 2.02          Execution and Authentication; Additional Notes.  (a) An Officer shall execute the Notes for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still be valid.

(b)          A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note, with the signature conclusive evidence that the Note has been authenticated under this Indenture.

(c)          At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication. The Trustee will authenticate and deliver

33

(i)          Initial Notes for original issue in the aggregate principal amount not to exceed $300,000,000; and

(ii)          Additional Notes from time to time for original issue and any unlegended notes issued in exchange for such Initial Notes or Additional Notes pursuant to Section 2.01(c) hereof in aggregate principal amounts specified by the Company after the following conditions have been met:

(1)          Receipt by the Trustee of an Officer’s Certificate specifying

(A)          the amount of Notes to be authenticated and the date on which the Notes are to be authenticated,

(B)          whether the Notes are to be Initial Notes or Additional Notes,

(C)          in the case of Additional Notes, that the issuance of such Notes does not contravene any provision of Article 4 and all steps required thereunder have been complied with,

(D)          whether the Notes are to be issued as one or more Global Notes or Certificated Notes, and

(E)          other information the Company may determine to include or the Trustee may reasonably request.

(2)          To the extent required by applicable tax regulations, if Additional Notes are not fungible with other Notes for U.S. federal income tax purposes, the Additional Notes shall be issued under a separate CUSIP number and shall be treated as a separate class for purposes of transfer and exchange.

(d)          The Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture, other than as specified in clause (2) of Section 2.02(c), and shall vote together as one class on all matters with respect to the Notes.

Section 2.03          Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust.  (a) The Company may appoint one or more Registrars and one or more Paying Agents, and the Trustee may appoint an Authenticating Agent, in which case each reference in this Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to be references to the Agent. The Company may act as Registrar or (except for purposes of Article 8) Paying Agent. In each case the Company and the Trustee will enter into an appropriate agreement with the Agent implementing the provisions of this Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and Paying Agent.

(b)          The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of the 

34

Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the Notes and will promptly notify the Trustee of any default by the Company in making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to the Trustee.

(c)          The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with the clause (i) above.

Section 2.04          Replacement Notes.  If a mutilated Note is surrendered to the Trustee or if a Holder claims that its Note has been lost, destroyed or wrongfully taken, and the Company receives evidence to its satisfaction of the ownership and loss, mutilation or destruction of such Note, the Company will issue and the Trustee will authenticate a replacement Note of like tenor, series and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note is an additional obligation of the Company and entitled to the benefits of this Indenture. If required by the Trustee or the Company, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the Company to protect the Company and the Trustee from any loss they may suffer if a Note is replaced. The Company may charge the Holder for all expenses of the Company and the Trustee in replacing a Note (including attorney’s fees). In case the mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note.

Section 2.05          Outstanding Notes.  (a) Notes outstanding at any time are all Notes that have been authenticated by the Trustee except for

(1)          Notes cancelled by the Trustee or delivered to it for cancellation;

(2)          any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a protected purchaser as defined in Section 8-303 of the New York Uniform Commercial Code; and

(3)          on or after the maturity date or any redemption date or date for purchase of Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay all amounts then due.

35

(b)          A Note does not cease to be outstanding because the Company or one of its Affiliates holds the Note, provided that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder, Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding (it being understood that in determining whether the Trustee is protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which the Trustee knows to be so owned will be so disregarded). Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. Notes that are to be acquired by the Company or an Affiliate of the Company pursuant to an exchange offer, Offer to Purchase, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such Notes passes to such entity.

Section 2.06          Temporary Notes.  Until definitive Notes are ready for delivery, the Company may prepare and the Trustee will authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for the purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any temporary Notes the Company will execute and the Trustee will authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes will be entitled to the same benefits under the Indenture as definitive Notes.

Section 2.07          Cancellation.  The Company at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold. Any Registrar or the Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered for transfer, exchange, payment or cancellation and dispose of them in accordance with its normal procedures or the written instructions of the Company. Certification of the disposition of cancelled Notes shall, upon the request of the Company, be delivered to the Company. The Company may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation.

Section 2.08          CUSIP and ISIN Numbers.  The Company in issuing the Notes may use “CUSIP” and “ISIN” numbers, and the Trustee will use CUSIP numbers or ISIN numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders, the notice to state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange or Offer to Purchase. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN numbers.

36

Section 2.09          Registration, Transfer and Exchange.  (a) The Notes will be issued in registered form only, without coupons, and the Company shall cause the Trustee to maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and exchanges of the Notes.

(b)       (1) Each Global Note will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend.

(2)          Each Global Note will be delivered to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section 2.09(b)(4) and (2) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section and Section 2.10 or Section 2.01(b)(5) and only under the circumstances provided for in Sections 2.01(b)(5) or 2.09(b)(4) unless otherwise agreed to by the Company.

(3)          Agent Members will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a Holder is entitled to take under the Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any security.

(4)          If (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for a Global Note and a successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee has received a request from the Depositary, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Note will be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend. If such Note bears the Restricted Legend, then the Certificated Notes issued in exchange therefor will bear the Restricted Legend, provided that any Holder of any such Certificated Note issued in exchange for a beneficial interest in a Temporary Offshore Global Note will have the right upon presentation to the Trustee of a duly completed Certificate of Beneficial Ownership after the Restricted Period to exchange such Certificated Note for a Certificated Note of like tenor and amount that does not bear the Restricted Legend, registered in the name of such Holder.

37

(c)          Each Certificated Note will be registered in the name of the holder thereof or its nominee.

(d)          A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document required by Section 2.10. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section by noting the same in the register maintained by the Trustee for the purpose; provided that

(x)          no transfer or exchange will be effective until it is registered in such register and

(y)          the Trustee will not be required (i) to issue, register the transfer of or exchange any Note for a period of 15 days before a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in part, except, in the case of a partial redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Regular Record Date but on or before the corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration of any transfer, the Company, the Trustee and their agents will treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary.

From time to time the Company will execute and the Trustee will authenticate Additional Notes as necessary in order to permit the registration of a transfer or exchange in accordance with this Section.

No service charge will be imposed in connection with any transfer or exchange of any Note, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable upon exchange pursuant to subsection (b)(4)).

(e)          (1) Global Note to Global Note.  If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.

38

(2)          Global Note to Certificated Note.  If, under the circumstances provided for under Sections 2.01(b)(5) or 2.09(b)(4), a beneficial interest in a Global Note is transferred or exchanged for a Certificated Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable.

(3)          Certificated Note to Global Note.  If a Certificated Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof.

(4)          Certificated Note to Certificated Note.  If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof.

Section 2.10          Restrictions on Transfer and Exchange.  (a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and Section 2.09 and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence.

(b)          Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column C below.

	

A

 

	 	

B

 

	 	

C

 

	
U.S. Global Note

	 	
U.S. Global Note

	 	
(1)

	
U.S. Global Note

	 	
Offshore Global Note

	 	
(2)

	
U.S. Global Note

	 	
Certificated Note

	 	
(3)

 

39

	
Offshore Global Note

	 	
U.S. Global Note

	 	
(4)

	
Offshore Global Note

	 	
Offshore Global Note

	 	
(1)

	
Offshore Global Note

	 	
Certificated Note

	 	
(5)

	
Certificated Note

	 	
U.S. Global Note

	 	
(4)

	
Certificated Note

	 	
Offshore Global Note

	 	
(2)

	
Certificated Note

	 	
Certificated Note

	 	
(3)

(1)          No certification is required.

(2)          The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required.

(3)          The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly completed Rule 144A Certificate, (y) a duly completed Regulation S Certificate or (z) a duly completed Institutional Accredited Investor Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. In the event that (i) the requested transfer or exchange takes place after the Restricted Period and a duly completed Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a Certificated Note that does not bear the Restricted Legend.

(4)          The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate.

(5)          Notwithstanding anything to the contrary contained herein, no such exchange is permitted if the requested exchange involves a beneficial interest in a Temporary Offshore Global Note. If the requested transfer involves a beneficial interest in a Temporary Offshore Global Note, the Person requesting the transfer must deliver or cause to be delivered to the Trustee (x) a duly completed Rule 144A Certificate or (y) a duly completed Institutional Accredited Investor Certificate and/or an Opinion of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States. If the requested transfer or exchange involves a beneficial interest in a Permanent Offshore Global Note, no certification is required and the Trustee will deliver a Certificated Note that does not bear the Restricted Legend.

(c)          No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein) (1) after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for 

40

current public information; provided that the Company has provided the Trustee with an Officer’s Certificate to that effect, and the Company may require from any Person requesting a transfer or exchange in reliance upon this clause (1) an opinion of counsel and any other reasonable certifications and evidence in order to support such certificate; or (2) sold pursuant to an effective registration statement. Any Certificated Note delivered in reliance upon this paragraph will not bear the Restricted Legend.

(d)          The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee.

Section 2.11          Temporary Offshore Global Notes.  (a) Each Note originally sold by the Initial Purchasers in reliance upon Regulation S will be evidenced by one or more Offshore Global Notes that bear the Temporary Offshore Global Note Legend.

(b)          An owner of a beneficial interest in a Temporary Offshore Global Note (or a Person acting on behalf of such an owner) may provide to the Trustee (and the Trustee will accept) a duly completed Certificate of Beneficial Ownership at any time after the Restricted Period (it being understood that the Trustee will not accept any such certificate during the Restricted Period). Promptly after acceptance of a Certificate of Beneficial Ownership with respect to such a beneficial interest, the Trustee will cause such beneficial interest to be exchanged for an equivalent beneficial interest in a Permanent Offshore Global Note, and will (x) permanently reduce the principal amount of such Temporary Offshore Global Note by the amount of such beneficial interest and (y) increase the principal amount of such Permanent Offshore Global Note by the amount of such beneficial interest.

(c)          Notwithstanding paragraph (b), if after the Restricted Period any Initial Purchaser owns a beneficial interest in a Temporary Offshore Global Note, such Initial Purchaser may, upon written request to the Trustee accompanied by a certification as to its status as an Initial Purchaser, exchange such beneficial interest for an equivalent beneficial interest in a Permanent Offshore Global Note, and the Trustee will comply with such request and will (x) permanently reduce the principal amount of such Temporary Offshore Global Note by the amount of such beneficial interest and (y) increase the principal amount of such Permanent Offshore Global Note by the amount of such beneficial interest.

(d)          Notwithstanding anything to the contrary contained herein, any owner of a beneficial interest in a Temporary Offshore Global Note shall not be entitled to receive payment of principal or interest on such beneficial interest or other amounts in respect of such beneficial interest until such beneficial interest is exchanged for an interest in a Permanent Offshore Global Note or transferred for an interest in another Global Note or a Certificated Note.

41

ARTICLE 3

Redemption; Offer to Purchase

Section 3.01          Optional Redemption.

(a)          At any time on or after October 1, 2024, the Company may redeem all or a part of the Notes, from time to time, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, to the applicable redemption date, in cash, if redeemed during the twelve-month period beginning on October 1 in the years indicated below:

	

Year

 

	 	

Percentage

 

	
2024          

	 	
102.500%

	
2025          

	 	
101.667%

	
2026          

	 	
100.833%

	
2027 and thereafter          

	 	
100.000%

(b)          At any time prior to October 1, 2024, the Company may redeem the Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, the applicable redemption date.

Section 3.02          Redemption with Proceeds of Equity Offering.  At any time and from time to time prior to October 1, 2022, the Company may redeem the Notes with an amount of cash equal to the net cash proceeds received by the Company from one or more Equity Offerings at a redemption price equal to 105.00% of the principal amount plus accrued and unpaid interest to the redemption date, in an aggregate principal amount for all such redemptions not to exceed 35% of the aggregate principal amount of the Notes issued under this Indenture (calculated after giving effect to any issuance of Additional Notes), provided that

(1)          in each case the redemption takes place not later than 90 days after the closing of the related Equity Offering, and

(2)          not less than 65% of the aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) issued under the Indenture remains outstanding immediately thereafter.

Section 3.03          Method and Effect of Redemption.  (a) Any redemption at the option of the Company or notice thereof may, at the Company’s discretion, be subject to one or more conditions precedent. If the Company elects to redeem Notes, it must notify the Trustee in writing of the redemption date and the principal amount of Notes to be redeemed by delivering an Officer’s Certificate at least 45 days before the redemption date (unless a shorter period is satisfactory to the Trustee).

42

If less than all of the Notes are to be redeemed at any time, the Officer’s Certificate must also specify a record date not less than 15 days after the date of the notice of redemption is given to the Trustee, and the Trustee will select the Notes to be redeemed as follows: (1) if the Notes are listed, in compliance with the requirements of the principal securities exchange on which the Notes are listed; or (2) if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate. No Notes of less than $2,000 shall be redeemed in part. The Trustee will notify the Company promptly of the Notes or portions of Notes to be called for redemption. Notices of redemption shall be mailed by first class mail, or delivered electronically if held by DTC, at least 30 but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed at its registered address, except that redemption notices may be delivered more than 60 days prior to the redemption date if the notice is issued in connection with the defeasance of the Notes or a satisfaction and discharge of the Indenture.

(b)          The notice of redemption will identify the Notes to be redeemed and will include or state the following:

(1)          the redemption date;

(2)          the redemption price, including the portion thereof representing any accrued interest;

(3)          the place or places where the Notes are to be surrendered for redemption;

(4)          Notes called for redemption must be so surrendered in order to collect the redemption price;

(5)          interest on the Notes called for redemption will cease to accrue on and after the redemption date;

(6)          if any Note is redeemed in part, the portion of the principal amount of the Note to be redeemed and on and after the redemption date, upon surrender of such Note, new Notes equal in principal amount to the unredeemed portion will be issued;

(7)          if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes; and

(8)          if the redemption is subject to the satisfaction of one or more conditions precedent, the notice thereof shall describe each such condition and, if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), and/or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date as so delayed, and/or that 

43

such notice may be rescinded at any time by the Company if the Company determines in its sole discretion that any or all of such conditions will not be satisfied (or waived).

(c)          Once notice of redemption is sent to the Holders, subject to any conditions specified in such notice of redemption, the Notes called for redemption become due and payable at the redemption price on the redemption date, and upon surrender of the Notes called for redemption, the Company shall redeem such Notes at the redemption price. On and after the redemption date, Notes redeemed will cease to accrue interest. Upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note.

Section 3.04          Offer to Purchase.  (a) An “Offer to Purchase” means an offer by the Company to purchase Notes as required by this Indenture. An Offer to Purchase must be made by written offer (the “offer”) sent to the Holders. The Company will notify the Trustee in writing at least 15 days (or such shorter period as is acceptable to the Trustee) prior to sending the offer to Holders of its obligation to make an Offer to Purchase, and the offer will be sent by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company.

(b)          The offer must include or state the following as to the terms of the Offer to Purchase:

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

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

(3)          the purchase price, including the portion thereof representing accrued interest;

(4)          an expiration date (the “expiration date”) not less than 30 days or more than 60 days after the date of the offer, and a settlement date for purchase (the “purchase date”) not more than five Business Days after the expiration date;

(5)          a Holder may tender all or any portion of its Notes, subject to the requirement that any portion of a Note tendered must be in equal to $2,000 or a higher multiple of $1,000;

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

(7)          each Holder electing to tender a Note pursuant to the offer will be required to surrender such Note at the place or places specified in the offer prior to the close of business on the expiration date (such Note being, if the Company or the Trustee so requires, duly endorsed or accompanied by a duly executed written instrument of transfer);

44

(8)          interest on any Note not tendered, or tendered but not purchased by the Company pursuant to the Offer to Purchase, will continue to accrue;

(9)          on the purchase date the purchase price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date;

(10)          Holders are entitled to withdraw Notes tendered by giving notice, which must be received by the Company or the Trustee not later than the close of business on the expiration date, setting forth the name of the Holder, the principal amount of the tendered Notes, the certificate number of the tendered Notes and a statement that the Holder is withdrawing all or a portion of the tender;

(11)          (i) if Notes in an aggregate principal amount less than or equal to the purchase amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company will purchase all such Notes, and (ii) if the Offer to Purchase is for less than all of the outstanding Notes, and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis based on principal amount tendered, with adjustments so that only Notes in multiples of $1,000 principal amount will be purchased;

(12)          if any Note is purchased in part, new Notes of such series equal in principal amount to the unpurchased portion of the Note will be issued; and

(13)          if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN number either as printed on the Notes or as contained in the offer and that the Holder should rely only on the other identification numbers printed on the Notes.

(c)          Prior to or on the purchase date, the Company will accept tendered Notes for purchase as required by the Offer to Purchase and deliver to the Trustee all Notes so accepted together with an Officer’s Certificate specifying which Notes have been accepted for purchase. On the purchase date the purchase price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date. The Trustee will promptly return to Holders any Notes not accepted for purchase and send to Holders new Notes equal in principal amount to any unpurchased portion of any Notes accepted for purchase in part.

(d)          The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with any Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the Offer to Purchase provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of such compliance.

45

Section 3.05          Mandatory Redemption.  The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

ARTICLE 4

Covenants

Section 4.01          Payment of Notes.  (a) The Company agrees to pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and this Indenture. Not later than 11:00 A.M. (New York City time) on the due date of any principal of or interest on any Notes, or any redemption or purchase price of the Notes, the Company will deposit with the Trustee (or Paying Agent) money in immediately available funds sufficient to pay such amounts, provided that if the Company or any Affiliate of the Company is acting as Paying Agent, it will, on or before each due date, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in this Indenture. In each case the Company will promptly notify the Trustee of its compliance with this paragraph.

(b)          An installment of principal or interest will be considered paid on the date due if the Trustee (or Paying Agent, other than the Company or any Affiliate of the Company) holds on that date money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as Paying Agent, an installment of principal or interest will be considered paid on the due date only if paid to the Holders.

(c)          The Company agrees to pay interest on overdue principal, and, to the extent lawful, overdue installments of interest at the rate per annum specified in the Notes.

(d)          Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will make all payments by wire transfer of immediately available funds to the accounts specified by the Holders thereof at least ten Business Days prior to the date of such payment or, if no such account is specified, by mailing a check to each Holder’s registered address.

Section 4.02          Maintenance of Office or Agency.  The Company will maintain in the United States of America, an office or agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served to the Trustee.

The Company may also from time to time designate one or more other offices or agencies where the Notes may be surrendered or presented for any of such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the

46

Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

Section 4.03          Existence.  The Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries in accordance with their respective organizational documents, and the material rights, licenses and franchises of the Company and each Restricted Subsidiary, provided that the Company is not required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if (i) the maintenance or preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole or (ii) where the failure to so preserve such right, license or franchise would not have a material adverse effect on the Company and its Restricted Subsidiaries; and provided further that this Section does not prohibit any transaction otherwise permitted by Section 4.12 or Article 5.

Section 4.04          Payment of Taxes and other Claims.  The Company will pay or discharge, and cause each of its Subsidiaries to pay or discharge before the same become delinquent (i) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or its income or profits or property, and (ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon the property of the Company or any Subsidiary, other than any such tax, assessment or charge the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established or where failure to pay would not have a material adverse effect on the Company and its Restricted Subsidiaries.

Section 4.05          Maintenance of Properties and Insurance.  (a) The Company will cause all properties used or useful in the conduct of its business or the business of any of its Restricted Subsidiaries to be maintained and kept in good condition, repair and working order as in the judgment of the Company may be necessary so that the business of the Company and its Restricted Subsidiaries may be properly and advantageously conducted at all times; provided that nothing in this Section prevents the Company or any Restricted Subsidiary from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole.

(b)          The Company will provide or cause to be provided, for itself and its Restricted Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds customarily insured against by corporations similarly situated and owning like properties, including, but not limited to, products liability insurance and public liability insurance, with reputable insurers, in such amounts, with such deductibles and by such methods as are customary for corporations similarly situated in the industry in which the Company and its Restricted Subsidiaries are then conducting business.

Section 4.06          Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock.  (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, incur any Indebtedness (including Acquired Debt), and the Company will not permit any of its Restricted Subsidiaries to issue any Preferred Stock; provided, however, that the Company or any Restricted Subsidiary may incur Indebtedness, if the Fixed Charge 

47

Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred at the beginning of such four-quarter period; provided, further, that any Restricted Subsidiary that is not a Guarantor may not incur Indebtedness or issue shares of Disqualified Stock or Preferred Stock in a principal amount (or accreted value, as applicable) that, when aggregated with the principal amount (or accreted value, as applicable) of all Indebtedness then outstanding and incurred by such non-Guarantor Restricted Subsidiaries under this clause (a), together with all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any such Indebtedness, exceeds the greater of $650.0 million and 65.0% of the Consolidated Cash Flow of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred and after giving pro forma effect thereto (including a pro forma application of the net proceeds therefrom) as if such indebtedness had been incurred at the beginning of such four fiscal quarters.

(b)          Notwithstanding the foregoing, Section 4.06(a) will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”):

(1)          the incurrence by the Company or any Restricted Subsidiaries of Indebtedness (including Indebtedness under the Credit Agreement) under Credit Facilities (and the incurrence of Guarantees thereof) in an aggregate principal amount at any one time outstanding pursuant to this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed the sum of (A) the greater of $1,000 million and the Borrowing Base and (B) the greater of (x) $2,800 million and (y) an amount such that, on a pro forma basis after giving effect to the incurrence of such Indebtedness (and application of the net proceeds therefrom), the Secured Leverage Ratio would be no greater than 3.25 to 1.0 (provided that all Indebtedness incurred under clause (B)(y), whether or not secured, shall be included when calculating the Secured Leverage Ratio for purposes of this clause (B)(y)); less the aggregate amount of all Net Proceeds of Asset Sales applied by the Company or any Restricted Subsidiary to permanently repay any such Indebtedness (and, in the case of any revolving credit Indebtedness, to effect a corresponding commitment reduction thereunder) pursuant to Section 4.12;

(2)          the incurrence of Existing Indebtedness;

(3)          the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes (excluding any Additional Notes) and the related Note Guarantees;

(4)          the incurrence by the Company or any Restricted Subsidiary of the Company of Indebtedness (including Capital Lease Obligations, mortgage financings or purchase money obligations), incurred for the purpose of financing or reimbursing all or any part of the purchase price or cost of the acquisition, development, construction, purchase, lease, repair, addition or improvement of property (real or personal), plant, equipment 

48

or other fixed or capital assets that are used or useful in the Permitted Business, whether through the direct purchase of assets or the purchase of Equity Interests of any Person owning such assets (in each case, incurred within 365 days of such acquisition, development, construction, purchase, lease, repair, addition or improvement), in a principal amount that, when aggregated with the principal amount of all Indebtedness then outstanding under this clause (4), together with all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any such Indebtedness incurred under this clause (4), does not exceed the greater of (a) $300.0 million and (b) 30% of Consolidated Cash Flow of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred and after giving pro forma effect thereto as if such event occurred at the beginning of such four fiscal quarters;

(5)          the incurrence by the Company or any Restricted Subsidiary of the Company of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace Indebtedness (other than intercompany Indebtedness) that was permitted by the Indenture to be incurred under Section 4.06(a) or clause (2), (3), (4), (5), (8), (10), (11) or (16) of this Section 4.06(b);

(6)          the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness owing to and held by the Company or any of its Restricted Subsidiaries; provided, however, that:

(a)          if the Company or any Guarantor is the obligor on such Indebtedness, such Indebtedness must be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor; and

(b)          (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary thereof and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary thereof, shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6);

(7)          the Guarantee by the Company or any Restricted Subsidiary of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.06;

(8)          the incurrence by the Company or any Restricted Subsidiary of the Company of other Indebtedness in a principal amount (or accreted amount as applicable) that, when aggregated with the principal amount of all Indebtedness then outstanding under this clause (8), together with all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any such Indebtedness incurred under this clause (8), does not exceed the greater of (a) $550.0 million and (b) 55% of Consolidated Cash Flow of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred and after 

49

giving pro forma effect thereto (including a pro forma application of the net proceeds therefrom) as if such event occurred at the beginning of such four fiscal quarters;

(9)          the incurrence of Indebtedness by the Company or any Restricted Subsidiary of the Company arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of incurrence;

(10)          Acquired Debt; provided that after giving effect to the incurrence thereof, the Company either (x) could incur $1.00 of indebtedness under Section 4.06(a) or (y) would have had a Fixed Charge Coverage Ratio equal to or greater than the actual Fixed Charge Coverage Ratio of the Company for the four-quarter period immediately prior to such transaction;

(11)          the incurrence of Indebtedness by Foreign Subsidiaries; provided that the principal amount (or accreted value, as applicable) incurred under this clause (11), when aggregated with the principal amount (or accreted value, as applicable) of all other Indebtedness then outstanding and incurred under this clause (11), together with all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (11), does not exceed the greater of $750.0 million and 75% of Consolidated Cash Flow of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred and after giving pro forma effect thereto (including a pro forma application of the net proceeds therefrom) as if such event occurred at the beginning of such four fiscal quarters, and Guarantees thereof by any Foreign Subsidiary;

(12)          (A) Indebtedness in respect of bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations or health, disability or other benefits to employees or former employees or their families, and Indebtedness incurred in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from governmental authorities, in each case incurred in the ordinary course of business, including guarantees or obligations of the Company or any Restricted Subsidiary with respect to letters of credit supporting such obligations (in each case other than for an obligation for money borrowed); and (B) Indebtedness consisting of the financing of insurance premiums, in the ordinary course of business;

(13)          Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business;

(14)          Indebtedness of the Company or any Restricted Subsidiary incurred in the ordinary course of business under guarantees of Indebtedness of suppliers, licensees, franchisees or customers in an aggregate amount not to exceed $10.0 million at any time outstanding;

50

(15)          the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness solely in respect of premium financing or similar deferred payment obligations with respect to insurance policies purchased in the ordinary course of business;

(16)          Contribution Debt;

(17)          Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures of the Company or any Restricted Subsidiary; provided however, that the aggregate principal amount of Indebtedness incurred under this clause (17) when aggregated with the principal amount of all other Indebtedness then outstanding and incurred pursuant to this clause (17) does not exceed the greater of $100.0 million and 10.0% of Consolidated Cash Flow of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred and after giving pro forma effect thereto (including a pro forma application of the net proceeds therefrom) as if such event occurred at the beginning of such four fiscal quarters; and

(18)          Indebtedness in connection with Permitted Securitization Financings.

(c)          For purposes of determining compliance with this Section 4.06, in the event that any proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (18) above, or is entitled to be incurred pursuant to Section 4.06(a), the Company will be permitted to divide, classify or reclassify at the time of its incurrence such item of Indebtedness in any manner that complies with this Section 4.06. In addition, any Indebtedness originally classified as incurred pursuant to Section 4.06(a) or clauses (1) through (18) above may later be reclassified by the Company such that it will be deemed as having been incurred pursuant to another of such clauses or Section 4.06(a) above to the extent that such reclassified Indebtedness could be incurred pursuant to such new clause or Section 4.06(a) at the time of such reclassification (based on circumstances existing at the time of such reclassification). An item of Indebtedness may be divided or classified in more than one of the types of Indebtedness described in Section 4.06(a) and clauses (1) through (18) above (other than with respect to Indebtedness Incurred under clause (10)) without giving pro forma effect to the Indebtedness simultaneously Incurred pursuant to clauses (1) through (18) above when calculating the amount of Indebtedness that may be Incurred pursuant to Section 4.06(a). If any Contribution Debt is designated as incurred under any provision other than under Section 4.06(b)(16), the related issuance of Equity Interests may be included in any calculation under Section 4.07(a)(iii)(B).

Subject to the foregoing, any Indebtedness incurred pursuant to Section 4.06(b)(1) shall be deemed for purposes of this covenant to have been incurred on the date such Indebtedness was first incurred until such Indebtedness is actually repaid, other than pursuant to “cash sweep” provisions or any similar provisions under any Credit Facility that provides that such Indebtedness is deemed to be repaid daily (or otherwise periodically).

(d)          The amount of Indebtedness incurred in any foreign currency for purposes of this Indenture shall be converted into U.S. dollars at the time of first incurrence, in 

51

the case of term debt, or first committed or first incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt, and the amount of such Indebtedness outstanding will not be deemed to change as a result of fluctuations in currency exchange rates after such date of incurrence. However, if the Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and the refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of the refinancing, the U.S. dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount of the refinancing Indebtedness does not exceed the principal amount of the Indebtedness being refinanced.

Section 4.07          Limitation on Restricted Payments.  (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

(1)          declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than (A) dividends, payments or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or to the Company or a Restricted Subsidiary of the Company and (B) dividends, payments or distributions by a Restricted Subsidiary so long as, in the case of any dividends, payments or distributions payable on or in respect of any class or series of securities issued by a Restricted Subsidiary that is not Wholly Owned, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividends, payments or distributions in accordance with its Equity Interests in such class or series of securities);

(2)          purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company, including Holdings;

(3)          make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is contractually subordinated in right of payment to the Notes or the Note Guarantees, except (a) payments of interest on or after Stated Maturity thereof, (b) payments, purchases, redemptions, defeasances or other acquisitions or retirements for value of principal on or after the date that is one year prior to the Stated Maturity thereof or (c) payments on Indebtedness permitted to be incurred pursuant to clause (6) of Section 4.06(b), or

(4)          make any Restricted Investment

(all such payments and other actions set forth in clauses (1) through (4) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment:

52

(i)          no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; and

(ii)          The Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.06(a); and

(iii)          such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after December 4, 2014 (excluding Restricted Payments permitted by clauses (2), (3) and (4) (to the extent such dividends are paid to the Company or any of its Restricted Subsidiaries) and (5), (6), (8), (9)(i), (ii) or (iv), (10), (11), (12) and (13) of the next succeeding paragraph (b)), is less than the sum, without duplication, of:

(A)          50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from October 1, 2014 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus

(B)          100% of the aggregate net cash proceeds (and fair market value of marketable securities or other property) received by the Company after December 4, 2014 as a contribution to its common equity capital or from the issue or sale of Equity Interests (other than Disqualified Stock) of the Company or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company); plus

(C)          with respect to Restricted Investments made by the Company and its Restricted Subsidiaries after December 4, 2014, an amount equal to the net reduction in Investments (other than reductions in Permitted Investments) in any Person resulting from repayments of loans or advances, or other transfers of assets, in each case to the Company or any Restricted Subsidiary or from the net cash proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Consolidated Net Income) from the release of any Guarantee (except to the extent any amounts are paid under such Guarantee) or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries, not to exceed, in each case, the amount of Investments previously made by the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary; plus

(D)          $350.0 million.

(b)          So long as, in the case of clauses (7), (8) and (15), no Default has occurred and is continuing or would be caused thereby, the preceding provisions will not prohibit:

53

(1)          the payment of any dividend or distribution or consummation of a redemption within 60 days after the date of declaration thereof or the giving of the redemption notice, as applicable, if at said date of declaration or notice such payment would have complied with the provisions of this Indenture;

(2)          the redemption, repurchase, retirement, defeasance or other acquisition of any subordinated Indebtedness of the Company or any Guarantor or of any Equity Interests (including Disqualified Stock) of the Company or any Restricted Subsidiary in exchange for, or out of the net cash proceeds of a contribution to the common equity of the Company or sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company or any direct or indirect parent of the Company (other than Disqualified Stock) contributed to the equity of the Company, in each case, within 60 days of such redemption, repurchase, retirement, defeasance or other acquisition; provided that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other acquisition shall be excluded from clause (iii)(B) of the preceding paragraph (a);

(3)          the defeasance, repayment, redemption, repurchase or other acquisition of subordinated Indebtedness of the Company or any Guarantor with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness;

(4)          the payment of any dividend or distribution by a Restricted Subsidiary of the Company to the holders of its common Equity Interests on a pro rata basis;

(5)          Investments acquired as a capital contribution to, or in exchange for, or out of the net cash proceeds of an offering of, Equity Interests (other than Disqualified Stock) of the Company or other contributions to the common equity capital of the Company, in each case within 60 days of the acquisition of such Investment; provided that the amount of any such net cash proceeds that are utilized for any such acquisition or exchange shall be excluded from clause (3)(B) of the preceding paragraph (a);

(6)          the repurchase of Capital Stock deemed to occur upon the exercise of options, warrants or other convertible or exchangeable securities or the vesting of restricted stock, restricted stock units, or similar instruments if such Capital Stock represents fractional shares or all or a portion of the exercise price thereof or withholding taxes payable in connection with the exercise thereof;

(7)          the repurchase, redemption or other acquisition or retirement for value of (or payments to Holdings to fund any such repurchase, redemption or other acquisition of value) any Equity Interests of Holdings (or any direct or indirect parent of Holdings) or the Company held by any employee, former employee, director or former director of the Company (or any of its Restricted Subsidiaries) or Holdings (or any direct or indirect parent of Holdings) or any permitted transferee of any of the foregoing pursuant to the terms of any employee equity subscription agreement, stock option agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests in any fiscal year, and any payment by the Company to Holdings to enable Holdings (or any direct or indirect parent of Holdings) to make such payments, shall not exceed the sum of (x) $5.0 million and (y) the amount of Restricted Payments permitted but not made 

54

pursuant to this clause (7) in prior fiscal years; provided that no more than $10.0 million may be carried forward in any fiscal year; provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed;

(A)          the cash proceeds received by the Company or any of its Restricted Subsidiaries from the sale of Equity Interests (other than Disqualified Stock) of the Company or any direct or indirect parent of the Company (to the extent contributed to the Company) to members of management, directors, employees or consultants of the Company, its Restricted Subsidiaries or any direct or indirect parent of the Company that occurs after December 4, 2014 (provided that the amount of cash proceeds utilized for any such repurchase, redemption or other acquisition or dividend will not increase the amount available for Restricted Payments under clause (3)(b) of the preceding paragraph (A)); plus

(B)          the cash proceeds of key man life insurance policies received by the Company or any direct or indirect parent of the Company (to the extent contributed to the Company) or the Restricted Subsidiaries after December 4, 2014; provided that cancellation of Indebtedness owing to the Company or any Restricted Subsidiary from any present or former employees, directors, officers or consultants of the Company, any Restricted Subsidiary or the direct or indirect parents of the Company in connection with a repurchase of Equity Interests of the Company or any of its direct or indirect parents will not be deemed to constitute a Restricted Payment for purposes of this Section 4.07 or any other provision of this Indenture;

(8)          the payment, repurchase, redemption, defeasance or other acquisition or retirement for value of any subordinated Indebtedness required in accordance with provisions applicable thereto similar to those described under Sections 4.11 and 4.12; provided that all Notes tendered by Holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value;

(9)          payments made to Holdings (i) to allow Holdings (or any direct or indirect parent of Holdings) to pay administrative expenses and corporate overhead, franchise fees, public company costs (including SEC and auditing fees) and customary director fees in an aggregate amount not to exceed $5.0 million in any calendar year; (ii) to allow Holdings to pay premiums and deductibles in respect of directors and officers insurance policies and umbrella excess insurance policies obtained from third-party insurers and indemnities for the benefit of its directors, officers and employees, (iii) to allow Holdings or such other parent of the Company to pay reasonable fees and expenses incurred in connection with any unsuccessful debt or equity offering or any unsuccessful acquisition or strategic transaction by such direct or indirect parent company of the Company and (iv) to allow Holdings (or any direct or indirect parent of Holdings) to pay income taxes attributable to the Company and its Subsidiaries in an amount not to exceed the amount of such taxes that would be payable by the Company and its Subsidiaries on a stand-alone basis (if the Company were a corporation and parent of a consolidated group including its Subsidiaries); provided that any payments pursuant to this clause (iv) in any period not otherwise deducted in calculating Consolidated Net Income shall be deducted in calculating Consolidated Net Income for such period (and shall be deemed to be a provision for taxes for purposes of calculating Consolidated Cash Flow for such period);

55

(10)          Restricted Payments not otherwise permitted hereby in an aggregate amount not to exceed the greater of 17.5% of Consolidated Cash Flow and $175.0 million;

(11)          (A) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiary issued in accordance with Section 4.06 to the extent such dividends are included in the definition of Fixed Charges and payment of any redemption price or liquidation value of any such Disqualified Stock or Preferred Stock when due at final maturity in accordance with its terms and (B) the declaration and payment of dividends to a direct or indirect parent company of the Company, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Preferred Stock (other than Disqualified Stock) of such parent company issued after December 4, 2014; provided that (i) the aggregate amount of dividends paid pursuant to this clause (B) shall not exceed the aggregate amount of cash actually contributed to the Company from the sale of such Preferred Stock and (ii) the amount of cash used to make any payments pursuant to this clause (B) shall be excluded from calculations pursuant to clause (3) of the first paragraph above and shall not be used for the purpose of any other Restricted Payment;

(12)          (a) any Restricted Payments used to fund the Transactions and the fees and expenses related thereto, including those owed to Affiliates and (b) any Restricted Payments used to fund the Prior Transactions and the fees and expenses related thereto, including those owed to Affiliates;

(13)          any “deemed dividend” resulting under the tax laws from, or in connection with, the filing of a consolidated or combined tax return by Holdings or any direct or indirect parent of the Company (and not involving any cash distribution from the Company or any Restricted Subsidiary except as permitted by clause (9)(iv) above);

(14)          the payment of dividends to Holdings to fund a payment of dividends on Holdings’ common stock (or the common stock of any direct or indirect parent of Holdings) of up to 6% per annum of the net cash proceeds received by or contributed to the Company as a contribution to equity in or from any public offering of common stock of Holdings (or the common stock of any direct or indirect parent of Holdings) other than public offerings registered on Form S-4 or Form S-8 (or their successor or equivalent forms);

(15)          any Restricted Payment if, at the time of making of such payment and after giving effect thereto (including the incurrence of any Indebtedness to finance such payments) the Consolidated Total Debt Ratio shall be no greater than 4.0 to 1.0; and

(16)          purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation in connection with a Permitted Securitization Financing and the payment or distribution of Securitization Fees.

(c)          The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued to or by the Company or such Subsidiary, as the case may 

56

be, pursuant to the Restricted Payment. The fair market value of any assets or securities in excess of $10.0 million that are required to be valued by this covenant shall be determined by the Board of Directors.

(d)          For purposes of determining compliance with this Section 4.07, in the event that a proposed Restricted Payment (or portion thereof) meets the criteria of more than one of the categories of Restricted Payments described in clauses (1) through (16) above, or is entitled to be incurred pursuant to Section 4.07(a), the Company will be entitled to divide, classify or re-classify (based on circumstances existing on the date of such reclassification) such restricted payment or portion thereof in any manner that complies with this Section 4.07 and such Restricted Payment will be treated as having been made pursuant to only such clause or clauses or Section 4.07(a).

Section 4.08          Limitation on Liens.  (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired, without effectively providing that the Notes are secured equally and ratably with (or, if the obligation to be secured by the Lien is subordinated in right of payment to the Notes or any Note Guarantee, prior to) the obligations so secured for so long as such obligations are so secured.

(b)          For purposes of determining compliance with this Section 4.08, (A) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens described in clauses (1) through (28) of the definition of “Permitted Liens” or pursuant to clause (a) of this Section 4.08 but may be permitted in part under any combination thereof and (B) in the event that a Lien securing an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens described in clauses (1) through (28) of the definition of “Permitted Liens” or pursuant to Section 4.08(a), the Company shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant and will only be required to include the amount and type of such Lien or such item of Indebtedness secured by such Lien in one of the clauses of the definition of “Permitted Liens” and such Lien securing such item of Indebtedness will be treated as being incurred or existing pursuant to only one of such clauses or pursuant to the first paragraph hereof.

(c)          With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, the payment of dividends on preferred stock in the form of additional shares of preferred stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in subclause (x) of the second paragraph of the definition of “Indebtedness”.

57

Section 4.09          Limitation on Dividend and other Payment Restrictions Affecting Restricted Subsidiaries.  (a) Except as provided in paragraph (b) of this Section 4.09, the Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

(1)          pay dividends or make any other distributions on its Capital Stock (or with respect to any other interest or participation in, or measured by, its profits) to the Company or any of its Restricted Subsidiaries or pay any liabilities owed to the Company or any of its Restricted Subsidiaries;

(2)          make loans or advances to the Company or any of its Restricted Subsidiaries; or

(3)          transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

(b)          The provisions of 4.09(a) do not apply to any encumbrances or restrictions existing under or by reason of or with respect to:

(1)          the Credit Agreement, Existing Indebtedness or any other agreements as in effect on the Issue Date;

(2)          applicable law, rule, regulation or order;

(3)          any Person or the property or assets of a Person acquired by the Company or any of its Restricted Subsidiaries existing at the time of such acquisition and not incurred in connection with or in contemplation of such acquisition, which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired;

(4)          in the case of clause (a)(3) of this Section 4.09:

(a)          provisions that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset;

(b)          restrictions existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company or any Restricted Subsidiary not otherwise prohibited by this Indenture; or

(c)          restrictions arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary;

(5)          customary provisions with respect to the disposition or distribution of assets or property in joint venture agreements and other agreements;

58

(6)          any agreement for the sale or other disposition of all or substantially all of the capital stock of, or property and assets of, a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending such sale or other disposition;

(7)          Indebtedness of a Foreign Subsidiary permitted to be incurred under this Indenture; provided that (a) such encumbrances or restrictions are ordinary and customary with respect to the type of Indebtedness being incurred and (b) such encumbrances or restrictions will not materially (in good faith by the Board of Directors of the Company) impair the Company’s ability to make principal and interest payments on the Notes;

(8)          this Indenture, the Notes, any Additional Notes or the Guarantees;

(9)          restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

(10)          other Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries permitted to be incurred after the Issue Date pursuant to Section 4.06; provided that such restrictions will not materially (in the good faith judgment of the Board of Directors of the Company) impair the Company’s ability to make principal and interest payments on the Notes;

(11)          restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase or other agreement to which the Company or any of its Restricted Subsidiaries is a party and entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance of solely the property or assets of the Company or such Restricted Subsidiary that are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Company or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary;

(12)          any instrument governing any Indebtedness or Capital Stock of a Person that is an Unrestricted Subsidiary as in effect on the date that such Person becomes a Restricted Subsidiary, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person who became a Restricted Subsidiary, or the property or assets of the Person who became a Restricted Subsidiary and was not entered into in contemplation of the designation of such Subsidiary as a Restricted Subsidiary; provided that, in the case of Indebtedness, the incurrence of such Indebtedness as a result of such Person becoming a Restricted Subsidiary was permitted by the terms of this Indenture;

(13)          purchase money obligations for property acquired and Capital Lease Obligations in the ordinary course of business that impose restrictions of the nature discussed in Section 4.09 (a)(3) above, on the property so acquired;

(14)          any encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) of Section 4.09(a) imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the 

59

contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company’s Board of Directors, not materially 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; and

(15)          any encumbrances or restrictions contained in any Permitted Securitization Document with respect to any Special Purpose Securitization Subsidiary that are necessary or advisable to effect a Permitted Securitization Financing (as determined by the Company in good faith).

For purposes of determining compliance with this Section 4.09, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the Company or a Restricted Subsidiary of the Company to other Indebtedness incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

Section 4.10          Guarantees.  (a) If an existing or newly acquired or created Domestic Subsidiary that is not a Guarantor guarantees Indebtedness under a Credit Facility or any of the Existing Notes on or after the Issue Date, then that newly acquired or created Domestic Subsidiary must promptly become a Guarantor and execute a supplemental indenture in the form of Exhibit B and deliver an Opinion of Counsel to the Trustee.

(b)          A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor unless:

(1)          immediately after giving effect to that transaction, no Default or Event of Default exists; and

(2)          either:

(a)          the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) is a Person organized or existing under the laws of the United States, any state thereof or the District of Columbia and assumes all the obligations of that Guarantor under the Indenture and Note Guarantee pursuant to a supplemental indenture satisfactory to the Trustee; or

(b)          except in the case of Holdings, such sale or other disposition or consolidation or merger complies with Section 4.12.

Section 4.11          Repurchase of Notes Upon a Change of Control.  (a) If a Change of Control occurs, each Holder of Notes shall have the right to require the Company to 

60

repurchase all or any part (equal to $2,000 or a higher multiple of $1,000) of that Holder’s Notes pursuant to an Offer to Purchase (the “Change of Control Offer”). In such Change of Control Offer, the Company will offer a payment (such payment, a “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest thereon, if any, to the date of purchase.

(b)          Within 30 days following any Change of Control, the Company will mail, or deliver electronically if held by DTC, a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the date specified in such notice (the “Change of Control Payment Date”), which date shall be no earlier than 30 days and no later than 60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described in such notice.

(c)          On or before the Change of Control Payment Date, the Company will, to the extent lawful:

(1)          accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

(2)          deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof properly tendered; and

(3)          deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company.

(d)          The Paying Agent will promptly mail or wire transfer to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that such new Note will be in a principal amount of $2,000 or a higher integral multiple of $1,000.

(e)          This Section 4.11 shall be applicable regardless of whether any other Sections of this Indenture are applicable.

(f)          The Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (2) notice of redemption has been given pursuant to this Indenture as described under Section 3.01, unless and until there is a default in payment of the applicable redemption price.

(g)          A Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control or other events, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

61

(h)          If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described under the preceding clause (f), purchases all of the Notes validly tendered and not withdrawn by such holders, the Company or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption.

(i)          Notes repurchased by the Company pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Company. Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and outstanding unless and until they are delivered to the Company for cancellation.

Section 4.12          Limitation on Asset Sales.  (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

(1)          The Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of; and

(2)          at least 75% of the consideration therefore received by the Company or such Restricted Subsidiary is in the form of Cash Equivalents or Replacement Assets. For purposes of this clause, each of the following shall be deemed to be Cash Equivalents:

(A)          any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent liabilities, Indebtedness that is by its terms subordinated to the Notes or any Note Guarantee and liabilities to the extent owed to the Company or any Affiliate of the Company) that are assumed by the transferee of any such assets and with respect to which the Company and its Restricted Subsidiaries are unconditionally released from further liability in writing or that are otherwise cancelled or terminated in connection with the transaction with such transferee;

(B)          any securities, notes or other obligations or assets received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion) within 360 days of the applicable Asset Sale; and

(C)          any Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C) that is at that time outstanding, not to exceed the greater of $20.0 million or 2.0% of Consolidated Cash Flow at the time of the receipt of such Designated Non-cash Consideration (with the fair market value of each item of Designated Non-cash 

62

Consideration being measured at the time received and without giving effect to subsequent changes in value).

If at any time any non-cash consideration received by the Company or any Restricted Subsidiary, as the case may be, in connection with any Asset Sale is repaid or converted into or sold or otherwise disposed of for cash (other than interest received with respect to any such non-cash consideration), then the date of such repayment, conversion or disposition shall be deemed to constitute the date of an Asset Sale hereunder and the Net Proceeds thereof shall be applied in accordance with this Section 4.12.

(b)          Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company may apply such Net Proceeds at its option:

(1)          to repay secured Indebtedness or Indebtedness of a non- Guarantor Restricted Subsidiary owed to a Person that is not an Affiliate of the Company and, except in the case of Indebtedness under the Credit Agreement, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto;

(2)          to prepay, repay or repurchase any Indebtedness of the Company or any of its Restricted Subsidiaries which is not expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor; or

(3)          to purchase Replacement Assets or make a capital expenditure in or that is used or useful in a Permitted Business; provided that, if during the 365 day period following the consummation of an Asset Sale, the Company or a Restricted Subsidiary enters into a definitive binding agreement committing it to apply the Net Proceeds in accordance with the requirements of this clause (3) after such 365 day period, such 365 day period will be extended with respect to the amount of Net Proceeds so committed until such Net Proceeds are required to be applied in accordance with such agreement (but such extension will in no event be for a period longer than 180 days) or, if earlier, the date of termination of such agreement; provided, further, that in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, then such Net Proceeds shall constitute Excess Proceeds unless the Company or such Restricted Subsidiary enters into another binding commitment (a “Second Commitment”) within six months of such cancellation or termination of the prior binding commitment; provided, further, that the Company or such Restricted Subsidiary may only enter into a Second Commitment under the foregoing provision one time with respect to each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied or are not applied within 180 days of such Second Commitment, then such Net Proceeds shall constitute Excess Proceeds.

Following the entering into of a binding agreement with respect to an Asset Sale and prior to the consummation thereof, Cash Equivalents (whether or not actual Net Proceeds of such Asset Sale) used for the purposes described in clause (3) that are designated as used in accordance with clause (3), and not previously or subsequently so designated in respect of any other Asset Sale, shall be deemed to be Net Proceeds applied in accordance with clause (3).

63

(c)          Pending the final application of any such Net Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture.

(d)          Any Net Proceeds from Asset Sales that are not applied or invested as provided in clause (1), (2) or (3) of Section 4.12(b) will constitute “Excess Proceeds.” Within 30 days after the aggregate amount of Excess Proceeds exceeds $50.0 million, the Company will make an Asset Sale Offer (using the procedures set forth in Section 3.04) to all Noteholders and all holders of other Indebtedness that is pari passu with the Notes or any Note Guarantee containing provisions similar to those set forth in this Indenture with respect to offers to purchase with the proceeds of sales of assets, to purchase the maximum principal amount of the Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The Company and its Restricted Subsidiaries may make an Asset Sale Offer under this section using Net Proceeds prior to the time any such Net Proceeds become Excess Proceeds, in which case such Net Proceeds shall be deemed to have been applied within the time frame required by this Section 4.12. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus accrued and unpaid interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of the Notes and such other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the principal amount of the Notes and such other pari passu Indebtedness tendered. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

Section 4.13          Limitation on Transactions with Affiliates.  (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into, make, amend, renew or extend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”) involving payments of consideration in excess of $5.0 million, unless:

(1)          such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable arm’s-length transaction by the Company or such Restricted Subsidiary with a Person that is not an Affiliate of the Company as determined in good faith by a majority of the disinterested members of the Board of Directors; and

(2)          the Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors set forth in an Officer’s Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with clause (1) of this Section 4.13(a) and that such Affiliate Transaction or series of related Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors.

64

(b)          The following items shall not be deemed to be Affiliate Transactions and, therefore, will not be subject to Section 4.13(a):

(1)          transactions between or among the Company and/or its Restricted Subsidiaries;

(2)          payment of reasonable and customary fees and compensation to, and reasonable and customary indemnification arrangements and similar payments on behalf of, directors of the Company;

(3)          Restricted Payments that are permitted by Section 4.07 or any Permitted Investments;

(4)          any sale of Capital Stock (other than Disqualified Stock) of the Company;

(5)          loans and advances to officers and employees of the Company or any of its Restricted Subsidiaries or Holdings (or any direct or indirect parent of Holdings) for bona fide business purposes in the ordinary course of business consistent with past practice;

(6)          any employment, consulting, service or termination agreement, or reasonable and customary indemnification arrangements, entered into by the Company or any of its Restricted Subsidiaries with officers and employees of the Company or any of its Restricted Subsidiaries or Holdings (or any direct or indirect parent of Holdings) and the payment of compensation to officers and employees of the Company or any of its Restricted Subsidiaries (including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), in each case in the ordinary course of business;

(7)          any agreements or arrangements in effect on the Issue Date, or any amendment, modification, or supplement thereto or any replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a whole, is not more disadvantageous to the Company and its Restricted Subsidiaries than the original agreement as in effect on the Issue Date, as determined in good faith by the Company’s Board of Directors, and any transactions contemplated by any of the foregoing agreements or arrangements;

(8)          transactions with customers, clients, suppliers, joint ventures, joint venture partners, Unrestricted Subsidiaries or purchasers or sellers of goods and services, in each case in the ordinary course of business and on terms no less favorable than that available from non-affiliates (as determined by the Company) and otherwise not prohibited by this Indenture;

(9)          any transaction with an Affiliate (i) where the only consideration paid by the Company or any Restricted Subsidiary is Qualified Equity Interests or (ii) consisting of the provision of customary registration rights;

65

(10)          (a) the payment of all Transaction Expenses by the Company and its Restricted Subsidiaries and (b) the payment of all Prior Transaction Expenses by the Company and its Restricted Subsidiaries;

(11)          any merger, consolidation or reorganization of the Company (otherwise permitted by this Indenture) with an Affiliate of the Company solely for the purpose of (a) reorganizing to facilitate an initial public offering of securities of the Company or a direct or indirect parent of the Company, (b) forming or collapsing a holding company structure or (c) reincorporating the Company in a new jurisdiction;

(12)          transactions between the Company or any of its Restricted Subsidiaries and any Person that is an Affiliate solely because one or more of its directors is also a director of the Company or any direct or indirect parent of the Company; provided that such director abstains from voting as a director of the Company or such direct or indirect parent, as the case may be, on any matter involving such other Person;

(13)          the entering into of any tax sharing agreement or arrangement or any other transactions undertaken in good faith that is consistent with paragraph (b)(9)(iv) of Section 4.07;

(14)          any transaction by the Company or any Restricted Subsidiary with any Affiliate for any financial advisory, financing (including the extension of credit or making of loans by any Affiliate), underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved by a majority of the members of the Board of Directors of the Company in good faith;

(15)          transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an independent accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 4.13(a)(1); and

(16)          any customary transaction (as determined by the Company in good faith) with a Special Purpose Securitization Subsidiary pursuant to any Permitted Securitization Financing.

Section 4.14          Designation of Restricted and Unrestricted Subsidiaries.  (a) The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary; provided that:

(1)          any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated will be deemed to be an incurrence of Indebtedness by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation, and such incurrence of Indebtedness would be permitted under Section 4.06;

66

(2)          the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary being so designated (including any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of such Subsidiary) will be deemed to be a Restricted Investment made as of the time of such designation and that such Investment would be permitted under Section 4.07;

(3)          such Subsidiary does not own any Equity Interests of, or hold any Liens on any Property of, the Company or any Restricted Subsidiary;

(4)          the Subsidiary being so designated:

(a)          is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company that would not be permitted under Section 4.13 and;

(b)          except as permitted under clauses (1) and (2) above, is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results.

(5)          no Default or Event of Default would be in existence following such designation.

(b)       (1) If, at any time, any Unrestricted Subsidiary would fail to meet any of the preceding requirements described in clause (4) above, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness, Investments, or Liens on the property, of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness, Investments or Liens are not permitted to be incurred as of such date under this Indenture, the Company shall be in default under this Indenture.

(2)          The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that:

(A)          such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if such Indebtedness is permitted under Section 4.06, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period;

(B)          all outstanding Investments owned by such Unrestricted Subsidiary will be deemed to be made as of the time of such designation and such Investments shall only be permitted if such Investments would be permitted under Section 4.07;

(C)          all Liens upon property or assets of such Unrestricted Subsidiary existing at the time of such designation would be permitted under Section 4.08; and

67

(D)          no Default or Event of Default would be in existence following such designation.

Section 4.15          Anti-Layering.  The Company shall not incur any Indebtedness that is subordinated or junior in right of payment to any Indebtedness of the Company unless it is subordinated in right of payment to the Notes at least to the same extent. No Guarantor shall incur any Indebtedness that is subordinated or junior in right of payment to the Indebtedness of such Guarantor unless it is subordinated in right of payment to such Guarantor’s Note Guarantee at least to the same extent. For purposes of the foregoing, no Indebtedness will be deemed to be subordinated or junior in right of payment to any other Indebtedness of the Company or any Guarantor, as applicable, solely by reason of any Liens or Guarantees arising or created in respect thereof or by virtue of the fact that the holders of any secured Indebtedness have entered into intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them.

Section 4.16          Reports.  (a) So long as any Notes are outstanding, the Company will file with the Commission and furnish to the Trustee and, upon request, to the Holders:

(1)          within 90 days after the end of each fiscal year, an annual report on Form 10-K;

(2)          within 45 days after the end of each of the first three fiscal quarters of each fiscal year, a quarterly report on Form 10-Q; and

(3)          promptly from time to time after the occurrence of an event required to be therein reported pursuant to Form 8-K, a current report on Form 8-K.

If the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in the preceding paragraphs of this Section 4.16 with the Commission within the time periods specified above unless the Commission will not accept such a filing. If the Commission will not accept the Company’s filings for any reason, the Company will furnish the reports referred to in the preceding paragraphs to the Trustee within the time periods that would apply if the Company were required to file those reports with the Commission. The Company will not take any action for the purpose of causing the Commission not to accept any such filings. Any information filed with, or furnished to, the Commission via EDGAR shall be deemed to have been made available to the Trustee and the registered Holders of the Notes.

(b)          Notwithstanding the foregoing, (A) if Holdings or any other direct or indirect parent of the Company fully and unconditionally guarantees the Notes, the filing of such reports by such parent within the time periods specified above will satisfy such obligations of the Company; provided that such reports shall include the information required by Rule 3-10 of Regulation S-X with respect to the Company and the Guarantors and (B) if neither the Company nor Holdings is subject to Section 13 or 15(d) of the Exchange Act, the financial statements, information and other documents required to be provided as described above, may be those of (i) the Company or (ii) any direct or indirect parent of the Company, so long as in the case of (ii) such direct or indirect parent of the Company shall not conduct,

68

transact or otherwise engage, or commit to conduct, transact or otherwise engage, in any business or operations other than its direct or indirect ownership of all of the Equity Interests in, and its management of, the Company; provided that, if the financial information so furnished relates to such direct or indirect parent of the Company, the same is accompanied by a reasonably detailed description of the quantitative differences between the information relating to such parent, on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand.

(c)          The Company shall distribute such information and such reports to the Trustee, and make them available, upon request, to any Holder and to any such prospective investor or securities analyst. To the extent not satisfied by the foregoing, the Company shall also make publicly available the information required to be available pursuant to Rule 144A(d)(4) under the Securities Act.

Section 4.17          Reports to Trustee.  (a) The Company will deliver to the Trustee within 120 days after the end of each fiscal year, commencing with the fiscal year ending September 30, 2019, an Officer’s Certificate stating that the Company has fulfilled its obligations hereunder or, if there has been a Default or an Event of Default, specifying the Default or Event of Default and its nature and status.

(b)          The Company will deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware or should reasonably become aware of the occurrence of any Default or an Event of Default, an Officer’s Certificate setting forth the details of the Default or Event of Default, and the action which the Company proposes to take with respect thereto.

(c)          The Company will notify the Trustee when any Notes are listed on any national securities exchange and of any delisting.

Section 4.18          Limitation on Activities of Holdings.  Holdings shall not engage in any material activities or hold any material assets other than holding the Capital Stock of the Company and those activities incidental thereto and will not incur any material liabilities other than liabilities relating to its Guarantee of the Notes, its Guarantee of any other Indebtedness of the Company or any of its Subsidiaries and any other obligations or liabilities incidental to its activities as a holding company.

Section 4.19          Suspension of Certain Covenants.  If at any time after the Issue Date (i) the Notes are rated Investment Grade by each of S&P and Moody’s (or, if either (or both) of S&P and Moody’s have been substituted in accordance with the definition of “Rating Agencies,” by each of the then applicable Rating Agencies) and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), the Company and its Restricted Subsidiaries will not be subject to the covenants in Section 4.06, Section 4.07, Section 4.09, Section 4.12, Section 4.13 and Section 5.01(a)(2)(C) (the foregoing, the “Suspended Covenants”).

69

Additionally, during such time as the above referenced covenants are suspended (a “Suspension Period”), the Company will not be permitted to designate any Restricted Subsidiary as an Unrestricted Subsidiary.

The Company shall promptly upon its occurrence deliver to the Trustee an Officer’s Certificate setting forth the occurrence of any Covenant Suspension Event or Reversion Date, and the dates thereof. The Trustee shall not have any obligation to monitor the occurrence and dates of a Covenant Suspension Event or Reversion Date and may rely conclusively on such Officer’s Certificate. The Trustee shall not have any duty to notify the Holders of any such events or dates.

In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the condition set forth in clause (i) of the first paragraph of this section is no longer satisfied, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events.

On each Reversion Date, all Indebtedness incurred during the Suspension Period prior to such Reversion Date will be deemed to be Indebtedness incurred pursuant to Section 4.06(b)(2). For purposes of calculating the amount available to be made as Restricted Payments under Section 4.07(a)(iii), calculations under such covenant shall be made as though such covenant had been in effect since the Issue Date and prior, but not during, the Suspension Period. Restricted Payments made during the Suspension Period will not reduce the amount available to be made as Restricted Payments under Section 4.07(a). For purposes of Section 4.12, on the Reversion Date, the amount of unutilized Excess Proceeds will be reset to zero. Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default shall be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during a Suspension Period (or on the Reversion Date after a Suspension Period based solely on events that occurred during the Suspension Period).

ARTICLE 5

Consolidation, Merger or Sale of Assets

Section 5.01          Consolidation, Merger or Sale of Assets.  (a) The Company will not, directly or indirectly:

(1)          consolidate or merge with or into another Person (whether or not the Company is the surviving corporation) or

(2)          sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person or Persons, unless:

(A)          either: (x) the Company is the surviving corporation; or (y) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made (i) is a corporation or limited liability company organized or existing under 

70

the laws of the United States, any state thereof or the District of Columbia and (ii) assumes all the obligations of the Company under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee;

(B)          immediately after giving effect to such transaction no Default or Event of Default exists; and

(C)          immediately after giving effect to such transaction on a pro forma basis, the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition shall have been made, will, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be (i) permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.06(a) or (ii) have had a Fixed Charge Coverage Ratio equal to or greater than the actual Fixed Charge Coverage Ratio of the Company for the four-quarter period immediately prior to such transaction.

In addition, neither the Company nor any Restricted Subsidiary may, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person. Clauses (B) and (C) of Section 5.01(a)(2) will not apply to any merger, consolidation or sale, assignment, transfer, lease, conveyance or other disposition of assets between or among the Company and any of its Restricted Subsidiaries.

(b)          Upon the consummation of any transaction effected in accordance with these provisions, if the Company is not the continuing Person, the resulting, surviving or transferee Person will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such successor Person had been named as the Company in this Indenture. Upon such substitution, except in the case of a sale, conveyance, transfer or disposition of less than all its assets the Company will be released from its obligations under this Indenture and the Notes.

ARTICLE 6

Default and Remedies

Section 6.01          Events of Default.  Each of the following is an “Event of Default”:

(1)          default for 30 days in the payment when due of interest on Notes;

(2)          default in payment when due (whether at maturity, upon acceleration, redemption or otherwise) of the principal of, or premium, if any, on Notes;

(3)          failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.10(b), 4.11, 4.12 or Article 5;

71

(4)          failure by the Company or any of its Restricted Subsidiaries for 60 days after written notice by the Trustee or Holders representing 25% or more of the aggregate principal amount of outstanding Notes to comply with any of the other agreements in this Indenture;

(5)          default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the Issue Date (other than Indebtedness owing to the Company or a Restricted Subsidiary or any Permitted Securitization Financing), if that default:

(a)          is caused by a failure to make any payment of principal at the final maturity of such Indebtedness (a “Payment Default”); or

(b)          results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $75.0 million or more;

(6)          failure by the Company or any of its Restricted Subsidiaries to pay final judgments (to the extent such judgments are not paid or covered by insurance provided by a carrier that has acknowledged coverage in writing and has the ability to perform) aggregating in excess of $75.0 million, which judgments are not paid, discharged or stayed for a period of 60 days;

(7)          except as permitted by this Indenture, any Note Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any authorized Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Note Guarantee;

(8)          an involuntary case or other proceeding is commenced against the Company or any Significant Subsidiary with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 days; or an order for relief is entered against the Company or any Significant Subsidiary under the federal bankruptcy laws as now or hereafter in effect; and

(9)          the Company or any of its Significant Subsidiaries (i) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any of its Significant Subsidiaries or for all or substantially all of the property and assets of the Company or any of its Significant Subsidiaries or (iii) effects any general assignment for the benefit of creditors (an event of default specified in clause (8) or (9) a “bankruptcy default”).

72

Section 6.02          Acceleration.  (a) In the case of an Event of Default arising from a bankruptcy default, with respect to the Company, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately by notice in writing to the Company specifying the Event of Default. Upon a declaration of acceleration, such principal and interest will become immediately due and payable.

(b)          The Holders of a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if

(1)          all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by the declaration of acceleration, have been cured or waived, and

(2)          the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.

Section 6.03          Other Remedies.  If an Event of Default occurs and is continuing, the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.

Section 6.04          Waiver of Past Defaults.  Except as otherwise provided in Sections 6.02, 6.07 and 9.02, the Holders of a majority in principal amount of the outstanding Notes may, by notice to the Trustee on behalf of the Holders of all of the Notes, waive an existing Default and its consequences. Upon such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other Default or impair any right consequent thereon.

Section 6.05          Control by Majority.  The Holders of a majority in principal amount of the then outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders.

Section 6.06          Limitation on Suits.  A Holder may not institute any proceeding, judicial or otherwise, with respect to this Indenture or the Notes, or form the appointment of a recipient or a trustee, or pursue any remedy with respect to this Indenture or the Notes unless:

73

(1)          the Holder gives the Trustee written notice of a continuing Event of Default;

(2)          the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the Trustee to institute a proceeding or pursue the remedy;

(3)          such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;

(4)          the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

(5)          during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request.

Section 6.07          Rights of Holders to Receive Payment.  Notwithstanding anything to the contrary, the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest on its Note on or after the Stated Maturities thereof, or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, shall not be impaired or affected without the consent of the Holder.

Section 6.08          Collection Suit by Trustee.  If an Event of Default in payment of principal or interest specified in clause (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount of principal and accrued interest remaining unpaid, together with interest on overdue principal and, to the extent lawful, overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as is sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee hereunder.

Section 6.09          Trustee May File Proofs of Claim.  The Trustee may file proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder) and the Holders of Notes allowed in any judicial proceedings relating to the Company or any Guarantor or their respective creditors or property, and is entitled and empowered to collect, receive and distribute any money, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such claims. Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee hereunder. Nothing in this Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition 

74

affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

Section 6.10          Priorities.  If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order:

First: to the Trustee for all amounts due hereunder;

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

Third: to the Company or as a court of competent jurisdiction may direct.

The Trustee, upon written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this Section.

Section 6.11          Restoration of Rights and Remedies.  If the Trustee or any Holder has instituted a proceeding to enforce any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the Company, any Guarantors, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, any Guarantors, the Trustee and the Holders will continue as though no such proceeding had been instituted.

Section 6.12          Undertaking for Costs.  In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by a Holder to enforce payment of principal of or interest on any Note on the respective due dates, or a suit by Holders of more than 10% in principal amount of the outstanding Notes.

Section 6.13          Rights and Remedies Cumulative.  No right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy.

Section 6.14          Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to 

75

the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

Section 6.15          Waiver of Stay, Extension or Usury Laws.  The Company and each Guarantor covenants, to the extent that it may lawfully do so, that it will 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 or any usury law or other law that would prohibit or forgive the Company or the Guarantor from paying all or any portion of the principal of, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of the Indenture. The Company and each Guarantor hereby expressly waives, to the extent that it may lawfully do so, all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

ARTICLE 7

The Trustee

Section 7.01          General.  (a) The duties and responsibilities of the Trustee are as provided by the provisions of the Trust Indenture Act made applicable to this Indenture and as set forth herein. Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article.

(b)          Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee. In case an Event of Default has occurred and is continuing, and is actually known to the Trustee, the Trustee shall exercise those rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

(c)          No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own bad faith or willful misconduct.

Section 7.02          Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d):

(1)          In the absence of bad faith on its part, the Trustee may rely, and will be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee shall examine the 

76

document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit.

(2)          Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel conforming to Section 11.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate or opinion.

(3)          The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent (other than an agent who is an employee of the Trustee) appointed with due care.

(4)          The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

(5)          The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 6.05 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.

(6)          The Trustee may consult with counsel, and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

(7)          No provision of this Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense.

Section 7.03          Individual Rights of Trustee.  The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6):

(a)          “cash transaction” means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and

77

(b)          “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

Section 7.04          Trustee’s Disclaimer.  The Trustee (i) makes no representation as to the validity or adequacy of this Indenture or the Notes, (ii) is not accountable for the Company’s use or application of the proceeds from the Notes and (iii) is not responsible for any statement in the Notes other than its certificate of authentication.

Section 7.05          Notice of Default.  If any Default occurs and is continuing and is known to the Trustee, the Trustee will send notice of the Default to each Holder within 90 days after the Trustee’s receipt of notice of its occurrence, unless the Default has been cured; provided that, except in the case of a default in the payment of the principal of or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors of the Trustee in good faith determines that withholding the notice is in the interest of the Holders. Notice to Holders under this Section will be given in the manner and to the extent provided in Trust Indenture Act Section 313(c).

Section 7.06          [Reserved].

Section 7.07          Compensation And Indemnity.  (a) The Company will pay the Trustee compensation as agreed upon in writing for its services. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel. When the Trustee incurs expenses or renders services after a “bankruptcy default” has occurred, the expenses and compensation for the services (including the fees and expenses of its agents and counsel) are intended, to the extent permitted by applicable law, to constitute expenses of administration under Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

(b)          The Company will indemnify the Trustee for, and hold it harmless against, any loss or liability or expense incurred by it without negligence, bad faith or willful misconduct on its part arising out of or in connection with the acceptance or administration of this Indenture and its duties under this Indenture and the Notes, including the costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties under this Indenture and the Notes. The Trustee shall promptly notify the Company of any claim asserted against the Trustee or any of its agents for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee and its agents subject to the claim may have separate counsel, and the Company 

78

shall pay the reasonable fees and expenses of such counsel if the Trustee concludes, upon advice of counsel, that there exists a conflict of interest between the Company and the Trustee and its agents subject to the claim in connection with such defense. The Company need not pay for any settlement made without its written consent. The Company need not reimburse any expense or indemnify against any loss or liability to the extent incurred by the Trustee through the Trustee’s negligence, bad faith or willful misconduct.

(c)          To secure the Company’s payment obligations in this Section, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, and interest on particular Notes. Such lien will survive the satisfaction and discharge of this Indenture.

(d)          The obligations of the Company under this Section 7.07 will survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee.

Section 7.08          Replacement of Trustee.  (a)(i) The Trustee may resign at any time by providing 30 days prior written notice to the Company.

(ii)          The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee, by written notice to the Trustee.

(iii)          If the Trustee is no longer eligible under Section 7.10 or in the circumstances described in Trust Indenture Act Section 310(b), any Holder that satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

(iv)          The Company may remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.10; (ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting.

A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

(b)          If the Trustee has been removed by the Holders, Holders of a majority in principal amount of the Notes may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of a majority in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

(c)          Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company, (i) the retiring Trustee will transfer 

79

all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. Upon request of any successor Trustee, the Company will execute any and all instruments for fully and vesting in and confirming to the successor Trustee all such rights, powers and trusts. The successor Trustee will give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office.

(d)          Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee.

(e)          The Trustee agrees to give the notices provided for in, and otherwise comply with, Trust Indenture Act Section 310(b).

Section 7.09          Successor Trustee by Merger.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in this Indenture.

Section 7.10          Eligibility.  This Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.

Section 7.11          Money Held in Trust.  The Trustee will not be liable for interest on any money received by it except as it may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article 8.

ARTICLE 8

Legal Defeasance and Covenant Defeasance; Satisfaction and Discharge

Section 8.01          Option to Effect Legal Defeasance or Covenant Defeasance.  The Company may, at any time, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

Section 8.02          Legal Defeasance and Discharge.  Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from its obligations with respect to all outstanding Notes and all obligations of the Guarantors shall be deemed to have been discharged with respect to their obligations under the Note Guarantees, on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which 

80

shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.08 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following clauses, which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section 8.04, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due, (b) the Company’s obligations with respect to such Notes under Article 2, Section 4.02 and Section 8.08, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and Guarantors’ obligations in connection therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03.

Section 8.03          Covenant Defeasance.  Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their respective obligations under the covenants set forth in Sections 4.04 through 4.16, 4.18 and clauses (B) and (C) of 5.01(a)(2), inclusive with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, clauses (3) through (7) of Section 6.01 hereof shall cease to operate and not constitute Events of Default.

Section 8.04          Conditions to Legal Defeasance or Covenant Defeasance.  The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes:

In order to exercise either Legal Defeasance or Covenant Defeasance:

(a)          the Company shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants (or, if two or more nationally recognized firms of independent public accountants decline to issue such opinion as a matter of policy, in the opinion of the Company’s chief financial officer), to pay the principal of, premium, if any, and interest on the outstanding Notes on the Stated Maturity or on the 

81

applicable redemption date, as the case may be, and the Company shall specify whether such Notes are being defeased to maturity or to a particular redemption date;

(b)          in the case of an election under Section 8.02, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

(c)          in the case of an election under Section 8.03, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

(d)          no Default or Event of Default shall have occurred and be continuing on the date of such deposit other than a Default resulting from the borrowing of funds to be applied to such deposit;

(e)          such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

(f)          the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of Notes over any other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others;

(g)          if the Notes are to be redeemed prior to their Stated Maturity, the Company shall have delivered to the Trustee irrevocable instructions to redeem all of the Notes on the specified redemption date; and

(h)          the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent, including, without limitation, the conditions set forth in this Section 8.04, provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

In the case of defeasance, upon any redemption that requires the payment of the Applicable Premium, the amount deposited with the trustee shall be sufficient for purposes of clause (a) above and this Indenture to the extent that an amount is deposited with the trustee equal to the Applicable Premium calculated as of the date of such deposit, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be 

82

deposited with the trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption.

Section 8.05          Satisfaction and Discharge of Indenture.  This Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder when:

(i)          either:

(A)          all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation; or

(B)          all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the making of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts, as determined by the Company, as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption;

(ii)          no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit (other than from the borrowing of funds to be applied to such deposit) and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound;

(iii)          the Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and

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

In the case of satisfaction and discharge, upon any redemption that requires the payment of the Applicable Premium, the amount deposited with the trustee shall be sufficient for purposes of clause (i) above and this Indenture to the extent that an amount is deposited with the trustee equal to the Applicable Premium calculated as of the date of such deposit, with any Applicable Premium Deficit only required to be deposited with the trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption.

83

In addition, the Company shall deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

Section 8.06          Survival of Certain Obligations.  Notwithstanding Sections 8.02, 8.03 and 8.05, any obligations of the Company and the Guarantors in Sections 2.03 through 2.11, 6.07, Article 7, and 8.07 through 8.11 shall survive until the Notes have been paid in full. Thereafter, any obligations of the Company and the Guarantors in Article 7 and Sections 8.07, 8.08 and 8.10 shall survive such satisfaction and discharge. Nothing contained in this Article 8 shall abrogate any of the obligations or duties of the Trustee under this Indenture.

Section 8.07          Acknowledgment of Discharge by Trustee.  After the conditions of Section 8.02, 8.03 or 8.05 have been satisfied, the Trustee upon written request shall acknowledge in writing the discharge of all of the Company’s obligations under this Indenture except for those surviving obligations specified in this Article 8.

Section 8.08          Deposited Money and Cash Equivalents to Be Held in Trust; Other Miscellaneous Provisions.  Subject to Section 8.09, all money and non-callable Cash Equivalents (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.08, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Cash Equivalents deposited pursuant to Section 8.04(a) or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Cash Equivalents held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04 hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 8.09          Repayment to Company.  Subject to applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, and interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, and interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as 

84

an unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company.

Section 8.10          Indemnity for Government Securities.  The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Securities or the principal and interest, if any, received on such Government Securities.

Section 8.11          Reinstatement.  If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02, 8.03 or 8.05, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02, 8.03 or 8.05 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02, 8.03 or 8.05, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE 9

Amendment, Supplement and Waivers

Section 9.01          Amendments Without Consent of Holders.  Notwithstanding Section 9.02, without the consent of any Holder of Notes, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, or the Notes or the Note Guarantees:

(a)          to cure any ambiguity, defect or inconsistency;

(b)          to provide for uncertificated Notes in addition to or in place of Certificated Notes;

(c)          to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the assets of the Company or of such Guarantor;

(d)          to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under this Indenture of any such Holder;

85

(e)          to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act;

(f)          to comply with the requirements of Section 4.10;

(g)          to evidence and provide for the acceptance of appointment by a successor Trustee;

(h)          to provide for the issuance of Additional Notes in accordance with this Indenture; or

(i)          to conform any provision to the “Description of Notes” in the Offering Memorandum.

Section 9.02          Amendments With Consent of Holders.  (a) Except as provided in Section 9.01 or below in this Section 9.02, this Indenture, the Notes or the Note Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.02, 6.04 and 6.07 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, tender offer or exchange offer for, Notes).

(b)          It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof.

(c)          Without the consent of each Holder of Notes affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):

(i)          reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

(ii)          reduce the principal of or change the fixed maturity of any Note or alter the provisions, or waive any payment, with respect to the redemption of the Notes (other than the notice period with respect to the redemption of Notes);

(iii)          reduce the rate of or change the time for payment of interest on any Note;

(iv)          waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration);

86

(v)          make any Note payable in money other than U.S. dollars;

(vi)          make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, or interest or premium, if any, on the Notes;

(vii)         release any Guarantor from any of its obligations under its Note Guarantee or this Indenture except in accordance with the terms of this Indenture;

(viii)        impair the right to institute suit for the enforcement of any payment on or with respect to the Notes or the related Note Guarantees;

(ix)          amend, change or modify the obligation of the Company to make and consummate an Asset Sale Offer with respect to any Asset Sale in accordance with Section 4.12 after the obligation to make such an Asset Sale Offer has arisen, or the obligation of the Company to make and consummate a Change of Control Offer in the event of a Change of Control in accordance with Section 4.11 after such Change of Control has occurred, including, in each case, amending, changing or modifying any definition relating thereto;

(x)           except as otherwise permitted by Article 5, consent to the assignment or transfer by the Company of any of its rights or obligations under this Indenture; or

(xi)          make any change in Section 6.02, 6.04 or 6.07 or in this Section 9.02.

(d)          An amendment, supplement or waiver under this Section will become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the outstanding Notes. After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.

Section 9.03          [Reserved].

Section 9.04          Revocation and Effect of Consents.  Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by such Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

Section 9.05          Notation on or Exchange of Notes.  The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon 

87

receipt of a certificate of authentication, authenticate new Notes that reflect the amendment, supplement or waiver.

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

Section 9.06          Trustee to Sign Amendments, Etc.  The Trustee shall sign any amended or supplemental indenture or Note authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, Note or any waiver, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents required by Section 11.04, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver which affects the Trustee’s rights, duties or immunities under this Indenture or otherwise. In signing any amendment, supplement or waiver, the Trustee shall be entitled to receive an indemnity reasonably satisfactory to it.

ARTICLE 10

Guarantees

Section 10.01          The Guarantees.  Subject to the provisions of this Article, to the fullest extent permitted by applicable law, each Guarantor hereby irrevocably and unconditionally guarantees, jointly and severally, on an unsubordinated basis, the full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an Offer to Purchase or acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Company under this Indenture. Upon failure by the Company to pay punctually any such amount, each Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in this Indenture.

Section 10.02          Guarantee Unconditional.  The obligations of each Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, to the fullest extent permitted by applicable law, will not be released, discharged or otherwise affected by

(1)          any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under this Indenture or any Note, by operation of law or otherwise;

(2)          any modification or amendment of or supplement to this Indenture or any Note;

(3)          any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Note;

88

(4)          the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Company, the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim;

(5)          any invalidity or unenforceability relating to or against the Company for any reason of this Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or interest on any Note or any other amount payable by the Company under this Indenture; or

(6)          any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder.

Section 10.03          Discharge; Reinstatement.  Each Guarantor’s obligations hereunder will remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Company under this Indenture have been paid in full. If at any time any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Company under this Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had been due but not made at such time.

Section 10.04          Waiver by the Guarantors.  To the fullest extent permitted by applicable law, each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company or any other Person.

Section 10.05          Subrogation and Contribution.  Upon making any payment with respect to any obligation of the Company under this Article the Guarantor making such payment will be subrogated to the rights of the payee against the Company with respect to such obligation, provided that the Guarantor may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid.

Section 10.06          Stay of Acceleration.  If acceleration of the time for payment of any amount payable by the Company under this Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the Guarantors hereunder forthwith on demand by the Trustee or the Holders.

Section 10.07          Limitation on Amount of Guarantee.  Notwithstanding anything to the contrary in this Article, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions of the 

89

United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor (other than Holdings) under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law.

Section 10.08          Execution and Delivery of Guarantee.  The execution by each Guarantor of the Indenture (or a supplemental indenture in the form of Exhibit B) evidences the Note Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of each Guarantor.

Section 10.09          Release of Guarantee.  The Note Guarantee of a Guarantor (other than Holdings) will terminate:

(1)          in connection with any sale or other disposition of all of the Capital Stock of a Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, if the sale of all such Capital Stock of that Guarantor does not violate Section 4.12;

(2)          if the Company designates such Guarantor as an Unrestricted Subsidiary in accordance with the provisions of this Indenture;

(3)          upon legal or covenant defeasance of the Notes or satisfaction and discharge of this Indenture as provided in Article 8;

(4)          upon a sale of Capital Stock which causes such Guarantor to cease to be a Subsidiary if such sale does not violate any of the provisions of this Indenture; provided that such Guarantor is concurrently released from any other Guarantees of Indebtedness of the Company or any of its Restricted Subsidiaries at such time; or

(5)          when such Guarantor does not guarantee Indebtedness under a Credit Facility or any of the Existing Notes.

Upon delivery by the Company to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the foregoing effect, the Trustee will execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under its Note Guarantee.

ARTICLE 11

Miscellaneous

Section 11.01          [Reserved].

90

Section 11.02          Noteholder Communications; Noteholder Actions.  (a) The rights of Holders to communicate with other Holders with respect to this Indenture or the Notes are as provided by the Trust Indenture Act, and the Company and the Trustee shall comply with the requirements of Trust Indenture Act Sections 312(a) and 312(b). Neither the Company nor the Trustee will be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act.

(b)       (1) Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an “act”) may be evidenced by an instrument signed by such Holder delivered to the Trustee. The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient.

(2)          The Trustee may make reasonable rules for action by or at a meeting of Holders which will be binding on all the Holders.

(c)          Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (d), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation before the date the amendment or waiver or other consequence of the act becomes effective.

(d)          The Company may, but is not obligated to, fix a record date for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of Default, only the Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date is fixed, those Persons that were Holders of Notes at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective if taken more than 90 days after the record date.

Section 11.03          Notices.  (a) Any notice or communication to the Company will be deemed given if in writing (i) when delivered in person or (ii) five days after mailing when mailed by first class mail, or (iii) when sent by facsimile transmission, with transmission confirmed. Notices or communications to a Guarantor will be deemed given if given to the Company. Any notice to the Trustee will be effective only upon receipt. In each case the notice or communication should be addressed as follows:

if to the Company:

Spectrum Brands, Inc.

3001 Deming Way

Middleton, Wisconsin 53562

Attention: General Counsel

(608) 275-3340

if to the Trustee:

91

US Bank National Association

333 Commerce Street, Suite 800

Nashville, Tennessee 37201

Attention: Corporate Trust Services

(615) 251-0737

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

(b)          Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or, as to any Global Note registered in the name of DTC or its nominee, as agreed by the Company, the Trustee and DTC. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders.

(c)          Where this Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such waivers.

Section 11.04          Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company will furnish to the Trustee:

(1)          an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

(2)          an Opinion of Counsel stating that all such conditions precedent have been complied with.

Section 11.05          Statements Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include:

(1)          a statement that each person signing the certificate or opinion has read the covenant or condition and the related definitions;

(2)          a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in the certificate or opinion is based;

(3)          a statement that, in the opinion of each such person, that person has made such examination or investigation as is necessary to enable the person to 

92

express an informed opinion as to whether or not such covenant or condition has been complied with; and

(4)          a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with, provided that an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials with respect to matters of fact.

Section 11.06          Payment Date Other Than a Business Day.  If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period.

Section 11.07          Governing Law.  This Indenture, including any Note Guarantees, and the Notes, shall be governed by, and construed in accordance with, the laws of the State of New York.

Section 11.08          No Adverse Interpretation of Other Agreements.  This Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company and no such indenture or loan or debt agreement may be used to interpret this Indenture.

Section 11.09          Successors.  All agreements of the Company or any Guarantor in the Indenture and the Notes will bind its successors. All agreements of the Trustee in the Indenture will bind its successor.

Section 11.10          Duplicate Originals.  The parties may sign any number of copies of the Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

Section 11.11          Separability.  In case any provision in the Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

Section 11.12          Table of Contents and Headings.  The Table of Contents, Cross- Reference Table and headings of the Articles and Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part of the Indenture and in no way modify or restrict any of the terms and provisions of the Indenture.

Section 11.13          No Liability of Directors, Officers, Employees and Stockholders.  No director, officer, employee, incorporator, stockholder or controlling person of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

93

Section 11.14          Benefits of Indenture.  Nothing in this Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors thereunder, any Paying Agent and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 11.15          Rules by Trustee and Agents.  The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its function.

94

SIGNATURES

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

	 	
SPECTRUM BRANDS, INC.

as Issuer

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Executive Vice President,

General Counsel and Corporate

Secretary 

	 
	 	 	 	 

	 	
US BANK NATIONAL ASSOCIATION

as Trustee

	 
	 	 	 	 
	
 

	
By: 

	/s/ Wally Jones	 
	 	 	Name:	Wally Jones	 
	 	 	Title:	Vice President	 
	 	 	 	 

[Signature Page to Indenture]

	 	
SB/RH HOLDINGS, LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Executive Vice President,

General Counsel & Corporate Secretary 

	 
	 	 	 	 

	 	
APPLICA MEXICO HOLDINGS, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President, General Counsel and 

Corporate Secretary 

	 
	 	 	 	 

	 	
ALASKA MERGER ACQUISITION CORP.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President 

	 
	 	 	 	 

	 	
GLOFISH LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President and Secretary

	 
	 	 	 	 

[Signature Page to Indenture]

	 	
NATIONAL MANUFACTURING MEXICO A 

LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President, General Counsel 

and Secretary 

	 
	 	 	 	 

	 	
NATIONAL MANUFACTURING MEXICO B 

LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President, General Counsel 

and Secretary 

	 
	 	 	 	 

	 	
NATIONAL OPENINGS, LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President 

	 
	 	 	 

 

	 	
ROV HOLDING, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Executive Vice President & Corporate

Secretary 

	 
	 

[Signature Page to Indenture]

 

	 	
ROV INTERNATIONAL HOLDINGS LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Executive Vice President & Secretary 

	 
	 

	 	
SALIX ANIMAL HEALTH, LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Senior Vice President, Secretary 

& General Counsel

	 
	 

	 	
SCHULTZ COMPANY

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President 

	 
	 	 	 

 

	 	
SHASER, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Secretary

	 
	 	 	 

 

[Signature Page to Indenture]

	 	
SPECTRUM BRANDS PET LLC

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President 

	 
	 	 	 

 

	 	
SPECTRUM BRANDS PET GROUP INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President and Secretary

	 
	 	 	 

 

	 	
UNITED INDUSTRIES CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ehsan Zargar	 
	 	 	Name:	Ehsan Zargar	 
	 	 	Title:	
Vice President and Assistant Secretary

	 
	 	 	 

 

 

[Signature Page to Indenture]

EXHIBIT A

[FACE OF NOTE]

SPECTRUM BRANDS, INC.

5.00% Senior Note Due 2029

	
 

	
[CUSIP] [ISIN]1 ________

	 	 
	
No.________

	
 [Initially]2  $ ________

Spectrum Brands, Inc., a Delaware corporation (the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to ___________________, or its registered assigns, the principal sum of _________  DOLLARS ($ ________________) [or such other amount as indicated on the Schedule of Exchange of Notes attached hereto]3 on October 1, 2029.

Interest Rate: 5.00% per annum.

Interest Payment Dates: October 1 and April 1, commencing [April 1, 2020].4

Regular Record Dates: March 15 and September 15.

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this place.

	
1

	
144A Cusip: 84762L AV7

144A ISIN:    US84762LAV71

Reg S Cusip: U84569 AK5

Reg S ISIN:  USU84569AK55

 

	
2

	
For Global Notes.

	
3

	
For Global Notes.

	
4

	
For Initial Notes only.

A-1

IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officers.

	
Date:

	
SPECTRUM BRANDS, INC.

	 
	 	 	 
	 	
By:

	   	 
	 	 	
Name:

	 
	 	 	
Title:

	 

A-2

(Form of Trustee’s Certificate of Authentication)

This is one of the 5.00% Senior Notes due 2029 described in the Indenture referred to in this Note.

	 	
US BANK NATIONAL ASSOCIATION

as Trustee

	 
	 	 	 	 
	 	
By:

	    	 
	 	 	
Authorized Signatory

	 
	 	 	 	 

A-3

[REVERSE SIDE OF NOTE]

SPECTRUM BRANDS, INC.

5.00% Senior Note Due 2029

1.          Principal and Interest.

The Company promises to pay the principal of this Note on October 1, 2029.

The Company promises to pay interest on the principal amount of this Note on each interest payment date, as set forth on the face of this Note, at the rate of 5.00% per annum.

Interest will be payable semiannually (to the holders of record of the Notes at the close of business on the March 15 or September 15 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing [April 1, 2020].1

Interest on this Note will accrue from the most recent date to which interest has been paid on this Note (or, if there is no existing default in the payment of interest and if this Note is authenticated between a Regular Record Date and the next Interest Payment Date, from such Interest Payment Date) or, if no interest has been paid, from [the Issue Date].2 Interest will be computed in the basis of a 360-day year of twelve 30-day months.

If any Interest Payment Date, the maturity date for this Note or earlier date of redemption or repurchase for this Note falls on a day that is not a Business Day, the required payment will be made on the next Business Day as if it were made on the date the payment was due and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date, maturity date or date of redemption or repurchase, as the case may be.

The Company will pay interest on overdue principal, premium, if any, and, to the extent lawful, interest at a rate per annum that is 1.0% in excess of 5.00%. Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each Holder and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid.

2.          Indentures; Note Guarantee.

This is one of the Notes issued under an Indenture dated as of September 24, 2019 (as amended from time to time, the “Indenture”), among the Company, the Guarantors party thereto and US Bank National Association, as Trustee. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated 

	 	
1

	
Include only for Initial Notes. 

 

	 	
2

	
For Additional Notes, should be the date of their original issue.

A-4

in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control.

The Indenture limits the original aggregate principal amount of the Notes to $300,000,000, but Additional Notes may be issued pursuant to the Indenture. The originally issued Notes and all such Additional Notes vote together for all purposes as a single class. This Note is guaranteed, as set forth in the Indenture.

3.          Redemption and Repurchase; Discharge Prior to Redemption or Maturity.

This Note is subject to optional redemption, and may be the subject of an Offer to Purchase, as further described in the Indenture. There is no sinking fund or mandatory redemption applicable to this Note.

If the Company deposits with the Trustee money or Government Securities sufficient to pay the then outstanding principal of, premium, if any, and accrued interest on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations under certain provisions of the Indenture.

4.          Registered Form; Denominations; Transfer; Exchange.

The Notes are in registered form without coupons in denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof; provided that Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by a DTC participant in denominations of less than $2,000. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note.

5.          Defaults and Remedies.

If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies.

6.          Amendment and Waiver.

A-5

Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency if such amendment or supplement does not adversely affect the interests of the Holders in any material respect.

7.          Authentication.

This Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note.

8.          Governing Law.

This Note shall be governed by, and construed in accordance with, the laws of the State of New York.

9.          Abbreviations.

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act).

The Company will furnish a copy of the Indenture to any Holder upon written request and without charge.

A-6

[FORM OF TRANSFER NOTICE]

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

Insert Taxpayer Identification No.

	 
	 
	 
	 
	
Please print or typewrite name and address including zip code of assignee

	 
	 
	
the within Note and all rights thereunder, hereby irrevocably constituting and appointing

	 
	 
	
 

attorney to transfer said Note on the books of the Company with full power of substitution in the premises.

A-7

[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

In connection with any transfer of this Note occurring prior to ____________________, the undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising and further as follows:

Check One

	
☐          (1) This Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit F to the Indenture is being furnished herewith.

 

	
☐           (2) This Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit E to the Indenture is being furnished herewith.

 

	
or

 

	
☐          (3) This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture.

If none of the foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.

Date: _________________

	 	 
	 	
  Seller

	 	
By:

	 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

A-8

	
Signature Guarantee:1

	 	 
	 	
 

By:

	 
	 	 	To be executed by an executive officer

 

1 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

A-9

OPTION OF HOLDER TO ELECT PURCHASE

If you wish to have all of this Note purchased by the Company pursuant to Section 4.11 or Section 4.12 of the Indenture, check the box: ☐

If you wish to have a portion of this Note purchased by the Company pursuant to Section 4.11 or Section 4.12 of the Indenture, state the amount (in original principal amount) below:

$ ________________

Date: ____________

Your Signature:_____________________________________

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

Signature Guarantee:1 ________________________________

1 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

A-10

SCHEDULE OF EXCHANGES OF NOTES1

The following exchanges of a part of this Global Note for Certificated Notes or a part of another Global Note have been made:

	
Date of Exchange

	 	
Amount of 

decrease in 

principal amount 

of this Global Note

	 	
Amount of increase 

in principal 

amount of this 

Global Note

	 	
Principal amount 

of this Global Note 

following such 

decrease (or 

increase)

	 	
Signature of 

authorized officer 

of Trustee

	 	 	 	 	 	 	 	 	 

	 	
1

	
For Global Notes

A-11

EXHIBIT B

SUPPLEMENTAL INDENTURE

dated as of ___________, _____

among

SPECTRUM BRANDS, INC.,

The Guarantor(s) Party Hereto

and

US BANK NATIONAL ASSOCIATION,

as Trustee

_____________

5.00% Senior Notes Due 2029

THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of _____________, ____ among Spectrum Brands, Inc., a Delaware corporation (the “Company”) [insert each Guarantor executing this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and US Bank National Association, as trustee (the “Trustee”).

RECITALS

WHEREAS, the Company, the Guarantors party thereto and the Trustee entered into the Indenture, dated as of September 24, 2019 (the “Indenture”), relating to the Company’s 5.00% Senior Notes due 2029 (the “Notes”);

WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause any existing or newly acquired or created Domestic Subsidiaries to provide Guarantees.

AGREEMENT

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows:

Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof.

Section 3. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

Section 4. This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.

Section 5. This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.

B-1

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

	 	
SPECTRUM BRANDS, INC., as Issuer

	 
	 	 	 	 
	
 

	
By: 

	  	 
	 	 	Name:		 
	 	 	Title:	
 

	 
	 	 	 	 

	 	
[guarantor]

	 
	 	 	 	 
	
 

	
By: 

	  	 
	 	 	Name:		 
	 	 	Title:	
 

	 
	 	 	 	 

	 	
US BANK NATIONAL ASSOCIATION,

  as Trustee

	 
	 	 	 	 
	
 

	
By: 

	  	 
	 	 	Name:		 
	 	 	Title:	
 

	 
	 	 	 	 

 

B-2

EXHIBIT C

RESTRICTED LEGEND

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

(1)          REPRESENTS THAT

(A)          IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT,

(B)          IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a) (1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”) OR

(C)          IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) AND

(2)          AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY

(A)          TO THE COMPANY, HOLDINGS OR ANY OF ITS SUBSIDIARIES,

(B)          PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT,

(C)          TO A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,

(D)          IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,

(E)          IN A PRINCIPAL AMOUNT OF NOT LESS THAN $250,000 TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO THE TRUSTEE A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE 

C-1

TRUSTEE) RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE, OR

(F)          PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

(3) REPRESENTS THAT

(A) EITHER: (X) THE ACQUIRER IS NOT A PLAN (WHICH TERM IS DEFINED AS (I) “EMPLOYEE BENEFIT PLANS” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT ARE SUBJECT TO TITLE I OF ERISA, (II) PLANS, INDIVIDUAL RETIREMENT ACCOUNTS AND OTHER ARRANGEMENTS THAT ARE SUBJECT TO SECTION 4975 OF THE CODE, OR TO PROVISIONS UNDER SIMILAR LAWS AND (III) ENTITIES THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS) AND IT IS NOT PURCHASING THIS NOTE ON BEHALF OF, OR WITH THE “PLAN ASSETS” OF, ANY PLAN; OR (Y) THE PURCHASE, HOLDING AND SUBSEQUENT DISPOSITION OF THIS NOTE EITHER (I) ARE NOT A PROHIBITED TRANSACTION UNDER ERISA OR THE CODE AND ARE OTHERWISE PERMISSIBLE UNDER ALL APPLICABLE SIMILAR LAWS OR (II) ARE ENTITLED TO EXEMPTIVE RELIEF FROM THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND THE CODE IN ACCORDANCE WITH ONE OR MORE AVAILABLE STATUTORY, CLASS OR INDIVIDUAL PROHIBITED TRANSACTION EXEMPTIONS AND ARE OTHERWISE PERMISSIBLE UNDER ALL APPLICABLE SIMILAR LAWS.

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) OR (F) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION OR WARRANTY IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

C-2

EXHIBIT D

DTC LEGEND

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE 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 A BENEFICIAL INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

D-1

EXHIBIT E

Regulation S Certificate

_____________, ______

US Bank National Association

333 Commerce Street, Suite 800

Nashville, Tennessee 37201

Attention: Corporate Trust Services

		Re:	
Spectrum Brands, Inc.

5.00% Senior Notes due 2029

(the “Notes”) Issued under the Indenture (the “Indenture”) dated as

of September 24, 2019 relating to the Notes

Ladies and Gentlemen:

Terms are used in this Certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein.

[CHECK A OR B AS APPLICABLE.]

	 	
☐          A.

	
This Certificate relates to our proposed transfer of $____________ principal amount of Notes issued under the Indenture. We hereby certify as follows:

	 	 	 	 
	 	 	
1.

	
The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)).and such offer and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens abroad.

	 	 	 	 
	 	 	
2.

	
Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States.

	 	 	 	 
	 	 	
3.

	
Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United 

 

E-1

	 	 	 	States with respect to the Notes.
	 	 	 	 
	 	 	
4.

	
The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

	 	 	 	 
	 	 	
5.

	
If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed transfer takes place during the Restricted Period (as defined in the Indenture), or we are an officer or director of the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the provisions of Rule 904(b) of Regulation S.

	 	 	 
	 	
☐          B.

	
This Certificate relates to our proposed exchange of $__________ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us. We hereby certify as follows:

	 	 	 	 
	 	 	
1.

	
At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad.

	 	 	 	 
	 	 	
2.

	
Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States.

	 	 	 	 
	 	 	
3.

	
The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

E-2

You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

	 	Very truly yours,	 
	 	 	 	 
	 	 	 	 
	 	
[NAME OF SELLER (FOR TRANSFERS)

   OR OWNER (FOR EXCHANGES)]

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	   	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 
	 	 	 	 

 

Date: _______________

E-3

EXHIBIT F

Rule 144A Certificate

US Bank National Association

333 Commerce Street, Suite 800

Nashville, Tennessee 37201

Attention: Corporate Trust Services

		Re:	
Spectrum Brands, Inc.

5.00% Senior Notes due 2029

(the “Notes”) Issued under the Indenture (the “Indenture”) dated as

of September 24, 2019 relating to the Notes

Ladies and Gentlemen:

 TO BE COMPLETED BY PURCHASER IF (1) ON THE NOTE IS CHECKED.

 This Certificate relates to:

[CHECK A OR B AS APPLICABLE.]

	
☐          A.

	
Our proposed purchase of $__________ principal amount of Notes issued under the Indenture.

	
☐          B.

	
Our proposed exchange of $__________ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

We and, if applicable, each account for which we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of ___________          , 20__, which is a date on or since close of our most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information.

F-1

You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

	 	Very truly yours,	 
	 	 	 	 
	 	 	 	 
	 	
[NAME OF PURCHASER (FOR

   TRANSFERS) OR OWNER (FOR

   EXCHANGES)]

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	  	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 
	 	 	 	 

 Date: _______________

F-2

EXHIBIT G

Institutional Accredited Investor Certificate

US Bank National Association

333 Commerce Street, Suite 800

Nashville, Tennessee 37201

Attention: Corporate Trust Services

		Re:	
Spectrum Brands, Inc.

5.00% Senior Notes due 2029

(the “Notes”) Issued under the Indenture (the “Indenture”) dated as

of September 24, 2019 relating to the Notes

Ladies and Gentlemen:

This Certificate relates to:

[CHECK A OR B AS APPLICABLE.]

	
☐          A.

	
Our proposed purchase of $__________ principal amount of Notes issued under the Indenture.

	 	 
	
☐          B.

	
Our proposed exchange of $__________ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

	 	
We hereby confirm that:

	 	 	 
	 	
1.

	
We are an institutional “accredited investor” within the meaning of Rule 501(a)(l), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”) (an “Institutional Accredited Investor”).

	 	 	 
	 	
2.          .

	
Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors as to which we exercise sole investment discretion

	 	 	 
	 	
3.

	
We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of an investment in the Notes and we and any accounts for which we are acting are able to bear the economic risks of and an entire loss of our or their investment in the Notes.

	 	 	 
	 	
4.

	
We are not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any 

 

G-1

	 	 	 
	 	
 

	
accounts for which we are acting as fiduciary will remain at all times within our and their control.

	 	 	 
	 	
5.

	
We acknowledge that the Notes have not been registered under the Securities Act and that the Notes may not be offered or sold within the United States or to or for the benefit of U.S. persons except as set forth below.

	 	 	 
	 	
6.

	
The principal amount of Notes to which this Certificate relates is at least equal to $250,000.

We agree for the benefit of the Company, on our own behalf and on behalf of each account for which we are acting, that such Notes may be offered, sold, pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and only (a) to the Company, Holdings or any of their respective subsidiaries, (b) pursuant to a registration statement which has become effective under the Securities Act, (c) to a qualified institutional buyer in compliance with Rule 144A under the Securities Act, (d) in an offshore transaction in compliance with Rule 904 of Regulation S under the Securities Act, (e) in a principal amount of not less than $250,000, to an Institutional Accredited Investor that, prior to such transfer, delivers to the Trustee a duly completed and signed certificate (the form of which may be obtained from the Trustee) relating to the restrictions on transfer of the Notes or (f) pursuant to an exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities Act.

Prior to the registration of any transfer in accordance with (c) or (d) above, we acknowledge that a duly completed and signed certificate (the form of which may be obtained from the Trustee) must be delivered to the Trustee. Prior to the registration of any transfer in accordance with (e) or (f) above, we acknowledge that the Company reserves the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities Act and applicable state securities laws. We acknowledge that no representation is made as to the availability of any Rule 144 exemption from the registration requirements of the Securities Act.

We understand that the Trustee will not be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Company and the Trustee that the foregoing restrictions on transfer have been complied with. We further understand that the Notes acquired by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting the substance of the preceding paragraph. We further agree to provide to any person acquiring any of the Notes from us a notice advising such person that resales of the Notes are restricted as stated herein and that certificates representing the Notes will bear a legend to that effect.

G-2

We agree to notify you promptly in writing if any of our acknowledgments, representations or agreements herein ceases to be accurate and complete.

We represent to you that we have full power to make the foregoing acknowledgments, representations and agreements on our own behalf and on behalf of any account for which we are acting.

You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

	 	Very truly yours,	 
	 	 	 	 
	 	 	 	 
	 	
[NAME OF PURCHASER (FOR

   TRANSFERS) OR OWNER (FOR

   EXCHANGES)]

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	    	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 
	 	 	 	 

Date: _______________

G-3

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows:

	
By:

	 	 
	 	 	 
	
Date:

	 	 
	 	 	 
	
Taxpayer ID number:

	 	 

G-4

EXHIBIT H

[COMPLETE FORM I OR FORM II AS APPLICABLE.]

[FORM I]

Certificate of Beneficial Ownership

	To:	
US Bank National Association

333 Commerce Street, Suite 800

Nashville, Tennessee 37201

Attention: Corporate Trust Services OR

[Name of DTC Participant]

		Re:	
Spectrum Brands, Inc.

5.00% Senior Notes due 2029

(the “Notes”) Issued under the Indenture (the “Indenture”) dated as

of September 24, 2019 relating to the Notes

Ladies and Gentlemen:

We are the beneficial owner of $________ principal amount of Notes issued under the Indenture and represented by a Temporary Offshore Global Note (as defined in the Indenture).

We hereby certify as follows:

[CHECK A OR B AS APPLICABLE.]

	
☐          A.

	
We are a non-U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended).

	 	 
	
☐          B.

	
We are a U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended) that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as amended.

You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

H-1-1

	 	Very truly yours,	 
	 	 	 	 
	 	 	 	 
	 	
[NAME OF BENEFICIAL OWNER]

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	  	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 
	 	 	 	 

Date: _______________

H-1-2

[FORM II]

Certificate of Beneficial Ownership

	To:	
US Bank National Association

333 Commerce Street, Suite 800

Nashville, Tennessee 37201

Attention: Corporate Trust Services

	Re:	
Spectrum Brands, Inc.

5.00% Senior Notes, due 2029 (the “Notes”)

Issued under the Indenture (the “Indenture”) dated

as of September 24, 2019 relating to the Notes

Ladies and Gentlemen:

This is to certify that based solely on certifications we have received in writing, by tested telex or by electronic transmission from Institutions appearing in our records as persons being entitled to a portion of the principal amount of Notes represented by a Temporary Offshore Global Note issued under the above-referenced Indenture, that as of the date hereof, $__________ principal amount of Notes represented by the Temporary Offshore Global Note being submitted herewith for exchange is beneficially owned by persons that are either (i) non-U.S. persons (within the meaning of Regulation S under the Securities Act of 1933, as amended) or (ii) U.S. persons that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as amended.

We further certify that (i) we are not submitting herewith for exchange any portion of such Temporary Offshore Global Note excepted in such certifications and (ii) as of the date hereof we have not received any notification from any Institution to the effect that the statements made by such Institution with respect to any portion of such Temporary Offshore Global Note submitted herewith for exchange are no longer true and cannot be relied upon as of the date hereof.

H-2-1

You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

	 	Very truly yours,	 
	 	 	 	 
	 	 	 	 
	 	
[NAME OF DTC PARTICIPANT]

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	  	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 
	 	 	 	 

Date: _______________

 

H-2-2

EXHIBIT I

THIS NOTE IS A TEMPORARY GLOBAL NOTE. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.

NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNTIL SUCH BENEFICIAL INTEREST IS EXCHANGED OR TRANSFERRED FOR AN INTEREST IN ANOTHER NOTE

H-2-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]