Document:

EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT TO CREDIT AGREEMENT 

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Third Amendment”), dated as of January 9, 2015, is by and among
NEW MEDIA HOLDINGS I LLC, a Delaware limited liability company (“Holdings”), NEW MEDIA HOLDINGS II LLC, a Delaware limited liability company (the “Borrower”), certain Subsidiaries of Holdings party
hereto (together with Holdings, collectively, the “Guarantors”), the several banks and other financial institutions or entities party hereto (the “Incremental Term Lenders”), the Revolving Credit Lenders and
CITIZENS BANK OF PENNSYLVANIA, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement. 
 W I T N E S S E T H 

WHEREAS, the Borrower, Holdings, certain banks and financial institutions from time to time party thereto (the
“Lenders”) and the Administrative Agent are parties to that certain credit agreement dated as of June 4, 2014 (as previously amended or modified pursuant to that certain letter agreement dated as of July 17, 2014, that
certain First Amendment dated as of September 3, 2014 and that certain Second Amendment dated as of November 20, 2014, and as further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit
Agreement”); 
 WHEREAS, the Loan Parties have informed the Administrative Agent that the Borrower shall indirectly acquire
(the “Acquisition”) certain assets of Halifax Media Group, LLC, a Florida limited liability company, and its Subsidiaries (the “Acquired Business”), pursuant to the asset purchase agreement, dated as of
November 20, 2014, between Halifax Media Group, LLC and its Subsidiaries party thereto, as sellers (the “Sellers”), and Cummings Acquisition, Inc., a Delaware corporation, as buyer (the “Acquisition
Agreement”); 
 WHEREAS, pursuant to Section 2.24 of the Credit Agreement, the Borrower has notified the Administrative
Agent that it is requesting (i) an Incremental Term Loan in an aggregate principal amount of $102,000,000 to finance a portion of the Acquisition (the “Third Amendment Incremental Term Loan”) on the terms set forth in this
Third Amendment, (ii) an Incremental Revolving Credit Commitment in an aggregate principal amount of $50,000,000 to finance a portion of the Acquisition (the “Third Amendment Incremental Revolver Increase”) and (iii) that
the Administrative Agent, the Incremental Term Lenders and the Revolving Credit Lenders amend the Credit Agreement to effect such amendments as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower,
to effect the Third Amendment Incremental Term Loan and the Third Amendment Incremental Revolver Increase; 
 WHEREAS, pursuant to
Section 9.1(c)(i) of the Credit Agreement, the Borrower has requested that the Revolving Credit Lenders agree to certain amendments to the Credit 

 
Agreement that solely affect the rights or duties under the Credit Agreement of the Revolving Credit Lenders; and 

WHEREAS, (i) the Incremental Term Lenders are willing to provide such Third Amendment Incremental Term Loan, (ii) Citizens
Bank of Pennsylvania is willing to provide the Third Amendment Incremental Revolver Increase and (iii) the Incremental Term Lenders, Citizens Bank of Pennsylvania and the Revolving Credit Lenders are willing and to make such amendments to the
Credit Agreement, in accordance with and subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of
the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 AMENDMENT

 1.1 Third Amendment. This Third Amendment constitutes an “Incremental Amendment” pursuant to
Section 2.24 of the Credit Agreement and an amendment solely affecting the rights or duties under the Credit Agreement of the Revolving Credit Lenders pursuant to Section 9.1(c)(i) of the Credit Agreement. 

1.2 Amendments to Credit Agreement. From and after the Third Amendment Effective Date (as hereinafter defined), the Credit
Agreement is amended pursuant to this Third Amendment and amendments to the Credit Agreement prior to the date hereof to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and
to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as
Annex A to this Third Amendment. 
 1.3 Amendments to Schedules 2.1 and 2.2. From and after the Third Amendment
Effective Date, Schedules 2.1 and 2.2 to the Credit Agreement are hereby amended and supplemented to add the information set forth on the Supplement to Schedule 2.1 attached as Annex B to this Third Amendment and to replace Schedule 2.2 to
the Credit Agreement with the Schedule 2.2 attached as Annex C to this Third Amendment. All other Schedules to the Credit Agreement shall not be modified or otherwise affected. 

1.4 Credit Agreement Governs. Except as set forth in this Third Amendment and in the form of the Credit Agreement attached
hereto as Annex A to this Third Amendment, (i) the Third Amendment Incremental Term Loans shall have identical terms as the Initial Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the
rights, or regarding the obligations, of the Loan Parties or any provisions regarding the rights of the Lenders, of the Credit Agreement and the other Loan Documents and (ii) the Third Amendment Incremental Revolver Increase shall have
identical terms as the existing Revolving Credit Facility and shall otherwise be subject to the provisions, including any provisions restricting the 

  
 2 

 
rights, or regarding the obligations, of the Loan Parties or any provisions regarding the rights of the Lenders, of the Credit Agreement and the other Loan Documents. 

ARTICLE II 
 INTEREST
PERIODS 
 In connection with this Third Amendment, the Interest Periods applicable to the Initial Term Loan and the First Amendment
Incremental Term Loans shall be reset as necessary to cause the Interest Periods applicable to the Initial Term Loan and the First Amendment Incremental Term Loans to be identical to the Interest Periods applicable to the Third Amendment Incremental
Term Loans funded on the Third Amendment Effective Date. The Borrower shall be responsible for any costs arising under Section 2.19 of the Credit Agreement resulting from such action. 

ARTICLE III 
 CONDITIONS
TO EFFECTIVENESS 
 3.1 Closing Conditions. This Third Amendment shall become effective as of the day and year set forth
above (the “Third Amendment Effective Date”) upon satisfaction (or waiver) of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent): 

(a) Executed Third Amendment. The Administrative Agent shall have received a copy of this Third Amendment duly executed
by each of the Loan Parties, the Administrative Agent, the Incremental Term Lenders and the Revolving Credit Lenders. 
 (b)
Financial Statements. The Administrative Agent shall have received (i) audited financial statements for the Acquired Business for the two fiscal years most recently ended at least 90 days prior to the Third Amendment Effective Date,
(ii) unaudited consolidated balance sheets and related statements of income and cash flows of the Acquired Business for the nine month period ended September 30, 2014, which financial statements shall contain only adjustments that are
consistent with financial statements referenced in clause (i) and (iii) pro forma consolidated financial statements for Holdings and its Subsidiaries for the four-quarter period most recently ended prior to the Third Amendment Effective
Date for which financial statements are available giving pro forma effect to the Transactions and a pro forma balance sheet of Holdings and its Subsidiaries as of the Third Amendment Effective Date giving pro forma effect to the Transactions, which
pro forma financial statements and balance sheet including adjustments for partial periods and otherwise shall be in form and substance reasonably satisfactory to the Administrative Agent. 

(c) Acquisition Documents. The Administrative Agent shall have received evidence, in form and substance reasonably
satisfactory to the Administrative Agent, that the Acquisition constitutes a Permitted Acquisition and has been consummated, or shall be consummated substantially simultaneously with the borrowing of the Third Amendment Incremental Term Loan, in all
material respects in accordance with the 

  
 3 

 
Acquisition Agreement as in effect on November 20, 2014, without any amendment, consent or waiver (including (i) any waiver of a condition precedent to the Borrower’s or its
applicable affiliate’s obligation to close under the Acquisition Agreement or otherwise consummate the Acquisition and (ii) any reduction in the purchase price set forth in the Acquisition Agreement as in effect on November 20, 2014
by more than 10%; provided that any purchase price reduction shall be allocated to reduce on a ratable basis the amount of cash equity contribution and the amount of the Third Amendment Incremental Term Loan utilized to pay such purchase price and
pay fees, commissions and expenses in connection with the Acquisition, the Third Amendment Incremental Term Loan and the transactions contemplated thereby (collectively with the Acquisition and the Third Amendment Incremental Term Loan, the
“Transactions”), to the extent any such amendment, consent or waiver is material and adverse to the interests of the Incremental Term Lenders as reasonably determined by Administrative Agent unless consented to by the Administrative
Agent (such consent not to be unreasonably withheld or delayed). The Administrative Agent hereby acknowledges that it is satisfied with the Acquisition Agreement, as in effect on November 20, 2014, and the disclosure schedules and exhibits
thereto. 
 (d) Material Adverse Effect. Except as set forth in the Sellers Disclosure Schedule (as defined in the
Acquisition Agreement), since December 31, 2013 and until November 20, 2014, there shall not have been any event, occurrence, effect or change that, individually or in the aggregate, has had a Material Adverse Effect. Since
November 20, 2014, no event, occurrence, effect or change has occurred that, individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect. For purposes hereof, “Material Adverse Effect”
means any event, occurrence, effect or change that, individually or in the aggregate, (a) would have (or would reasonably be expected to have) a material adverse effect on the Business (as defined in the Acquisition Agreement), taken as a whole
or (b) materially impairs the ability of the Sellers to consummate, or prevents or materially delays, the transactions contemplated by the Acquisition Agreement or the Ancillary Agreements (as defined in the Acquisition Agreement); provided,
however, that Material Adverse Effect shall not include any event, occurrence, effect or change resulting from: (i) any change affecting general national, international, regional or local political, economic, financial or capital market
conditions, including changes in interest or exchange rates; (ii) any change generally affecting the industries in which the Business operates; (iii) any change in applicable Law or GAAP (each as defined in the Acquisition Agreement), or
any interpretation thereof; (iv) acts of war, sabotage or terrorism, or any escalation or worsening thereof; (v) any change relating to or arising from the execution, announcement or pendency of the Acquisition Agreement, the Ancillary
Agreements or any of the transactions contemplated thereby (but excluding any event, occurrence, effect or change resulting from any breach by the Sellers of any of the provisions of the Acquisition Agreement); (vi) any action contemplated by
the Acquisition Agreement as in effect on November 20, 2014; and (vii) any failure of the Business to meet any projections (provided, however, that this clause (vii) shall not exclude the underlying cause of any such failure if such
cause otherwise constitutes a Material Adverse Effect); provided, further, that any event, occurrence, effect or change that results from the 

  
 4 

 
matters set forth in clauses (i), (ii), (iii), or (iv) may be taken into account in determining whether a “Material Adverse Effect” has occurred, or would occur, in each case to
the extent any such event, occurrence, effect or change has a materially disproportionate, adverse impact on the Business, taken as a whole, relative to other businesses operating in the industry in which the Business operates. 

(e) Third Amendment Incremental Term Loan and Third Amendment Incremental Revolving Credit Commitment Conditions. The
conditions set forth in Section 2.24 of the Credit Agreement shall have been satisfied. 
 (f) Fees and Expenses.

 (i) The Borrower shall have paid, or cause to be paid, or shall have arranged for such payment in a manner reasonably
satisfactory to the Administrative Agent, all fees due and payable on the Third Amendment Effective Date pursuant to the terms of that certain Fee Letter, dated as of November 20, 2014, by and among the Borrower, the Administrative Agent, and
Citizens Bank, National Association, as lead arranger, as amended by that certain Amendment to Fee Letter dated as of January 9, 2015, by and among the Borrower, the Administrative Agent and Citizens Bank, National Association, as lead
arranger. 
 (ii) The Administrative Agent shall have received from the Borrower such other fees and expenses that are due
and payable in connection with the consummation of the transactions contemplated hereby and King & Spalding LLP shall have received from the Borrower payment of all outstanding fees and expenses previously incurred and all fees and expenses
incurred in connection with this Third Amendment. 
 (g) Insurance. The Administrative Agent shall have received
(i) insurance binders evidencing environmental liability insurance with respect to the real property being acquired pursuant to the Acquisition with limits, deductibles, and other terms not inconsistent with the quote provided to the
Administrative Agent prior to November 20, 2014 and (ii) an endorsement with respect to such insurance policy naming the Administrative Agent as additional insured, as its interests may appear. 

(h) Closing Certificates. The Administrative Agent shall have received for each Loan Party a certificate
(A) certifying that the articles of incorporation or other organizational documents, as applicable, of each Loan Party that were delivered on the Closing Date (or later date, as applicable) remain true and complete as of the Third Amendment
Effective Date (or certified updates as applicable), (B) certifying that the bylaws, operating agreements or partnership agreements of each Loan Party that were delivered on the Closing Date (or later date, as applicable) remain true and
correct and in force and effect as of the Third Amendment Effective Date (or certified updates as applicable), (C) attaching copies of the resolutions of the board of directors or comparable managing body of each Loan Party approving and
adopting this Third 

  
 5 

 
Amendment, the transactions contemplated herein and authorizing execution and delivery hereof, and certifying such resolutions to be true and correct and in force and effect as of the Third
Amendment Effective Date, (D) attaching certificates of good standing, existence or its equivalent with respect to each Loan Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or
organization, and (E) certifying that each officer listed in the incumbency certification contained in each Loan Party’s secretary’s certificate, delivered on the Closing Date (or later date, as applicable) remains a duly elected and
qualified officer of such Loan Party and such officer remains duly authorized to execute and deliver on behalf of such Loan Party the Third Amendment or attaching a new incumbency certificate for each officer signing this Third Amendment. 

(i) Patriot Act. The Incremental Facility Lenders shall have received the documentation and other information that is
required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and requested at least five (5) Business Days prior to the Third
Amendment Effective Date. 
 (j) Legal Opinion. The Administrative Agent shall have received, in form and substance
reasonably acceptable to the Administrative Agent, the legal opinion of (i) Cleary Gottlieb Steen & Hamilton LLP, New York counsel to Holdings, the Borrower and the Restricted Subsidiaries and (ii) local counsel in Delaware and
Illinois. Such legal opinions (A) shall cover such matters incident to the Transactions as the Administrative Agent may reasonably require to the extent such opinions are customary for transactions of the type contemplated by this Third
Amendment and (B) shall be addressed to the Administrative Agent, the Issuing Bank and the Lenders (including the Incremental Term Lenders). 

(k) Equity Contribution. The Borrower shall have received, directly or indirectly, from New Media Investment Group Inc.
cash in an amount sufficient, together with proceeds from the Third Amendment Incremental Term Loan, to consummate the Acquisition. 

(l) Representations and Warranties. The accuracy and completeness in all material respects (unless already qualified by
materiality) of the representations and warranties set forth in Section 4.2 below. 
 (m) Searches; Payoff
Letters. The Administrative Agent shall have received (i) the results of a recent Uniform Commercial Code, tax, judgment lien, and intellectual property search in each jurisdiction reasonably requested by the Administrative Agent with respect to
the Acquired Business in form and substance reasonably satisfactory to the Administrative Agent, (ii) a duly executed pay-off letter from each of the holders of the Funded Indebtedness (as defined in the Acquisition Agreement), in form and
substance reasonably satisfactory to the Administrative Agent, (A) certifying that the aggregate amount required to be paid to fully satisfy all such Funded Indebtedness that will be outstanding as of the Third Amendment Effective Date,
(B) certifying that all 

  
 6 

 
such Funded Indebtedness owing to such holder shall have been fully paid upon the receipt by such holder of funds pursuant to Section 3.3(a) of the Acquisition Agreement and
(C) authorizing the release and discharge in full of all liens and other security over the properties and assets of the Acquired Business securing all such obligations and all guarantees granted by the Acquired Business, without any recourse or
warranty and (iii) a duly executed letter agreement from each of the holders under the Advantage Debt Documents (as defined below), in form and substance reasonably satisfactory to the Administrative Agent. 

ARTICLE IV 

MISCELLANEOUS 
 4.1
Amended Terms. On and after the Third Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Third Amendment. Except as specifically
amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

4.2 Representations and Warranties of the Loan Parties. Each of (i) the Specified Representations made by any Loan Party in
or pursuant to the Loan Documents are true and correct in all material respects on and as of the date hereof as if made on and as of such date, except to the extent that any such representation and warranty specifically relate to an earlier date, in
which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof and (ii) the representations and warranties regarding the Acquired Business in the Acquisition Agreement as are material to the interests of the
Administrative Agent, the Incremental Term Lenders and the Revolving Credit Lenders, but only to the extent that the Borrower or its Affiliates have the right to terminate the Borrower’s or the Borrower’s Affiliates’ obligations under
the Acquisition Agreement (or the right not to consummate the Acquisition pursuant to the Acquisition Agreement) as a result of a failure of such representations and warranties to be true and correct, are true and correct in all material respects on
and as of the date hereof; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof. 

4.3 Reaffirmation of Obligations. Each Loan Party hereby ratifies the Credit Agreement and acknowledges and reaffirms
(a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations. 

4.4 Loan Document. This Third Amendment shall constitute a Loan Document under the terms of the Credit Agreement. 

4.5 Expenses. The Borrower agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, 

  
 7 

 
execution and delivery of this Third Amendment, including without limitation the reasonable and documented fees and expenses of the Administrative Agent’s legal counsel. 

4.6 Further Assurances. The Loan Parties agree to promptly take such action, upon the reasonable request of the Administrative
Agent, as is necessary to carry out the intent of this Third Amendment. 
 4.7 Entirety. This Third Amendment and the other
Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

4.8 Counterparts; Telecopy. This Third Amendment may be executed in any number of counterparts, each of which when so executed
and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Third Amendment by telecopy or other electronic means shall be effective as an original and shall
constitute a representation that an original will be delivered. 
 4.9 GOVERNING LAW. THIS THIRD AMENDMENT SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

4.10 Successors and Assigns. This Third Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 4.11 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The
jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 9.12 and 9.18 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

4.12 Assumed Debt Covenant. With respect to any Indebtedness assumed by the Credit Parties and their Subsidiaries in
connection with the Acquisition under (a) that certain Consolidated Amended and Restated Credit Agreement dated January 6, 2012 among Halifax Media Group, LLC, Advantage Capital Community Development Fund XXVIII, L.L.C., a Delaware limited
liability company (as successor by merger to Advantage Capital Community Development Fund XXX, L.L.C., a Delaware limited liability company), and Florida Community Development Fund II, L.L.C., a Delaware limited liability company, as amended or
modified prior to the date hereof, and (b) that certain Credit Agreement dated June 18, 2013 between Halifax Alabama, LLC and Southeast Community Development Fund V, L.L.C, as amended or modified prior to the date hereof (together with all
loan documents executed in connection therewith or related thereto, the “Advantage Debt Documents”), (i) no Advantage Debt Document shall be amended, restated, supplemented or otherwise modified on or after the Third Amendment
Effective Date in any manner that would adversely impact the Lenders in any material respect unless such amendment, restatement, supplement or other modification has been approved in writing by the Administrative Agent in its reasonable discretion,
(ii) the Credit Parties shall take such actions as are necessary or otherwise reasonably required by the Administrative Agent to insure that (A) each obligor under the Advantage Debt Documents is a

  
 8 

 
Credit Party and (B) the Advantage Debt Documents are secured only by Liens on a portion of the Collateral (including the assets acquired in the Acquisition) and that such Liens are second
in priority to the first priority perfected Liens of the Administrative Agent under the Loan Documents and (iii) within forty-five (45) days after the Third Amendment Effective Date (or such extended period of time as agreed to by the
Administrative Agent in its sole discretion), the Advantage Debt Documents (as amended, restated, supplemented or otherwise modified) shall become subject to an intercreditor and subordination agreement among the lenders thereunder and the
Administrative Agent, which agreement shall be in form and substance reasonably satisfactory to the Administrative Agent. 
 [REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK] 

  
 9 

 IN WITNESS WHEREOF the parties hereto have caused this Third Amendment to be duly executed on the
date first above written. 
  

							
	BORROWER:	 		 	NEW MEDIA HOLDINGS II LLC
				
		 		 	By:	 	/s/ Michael E. Reed
		 		 	Name:	 	Michael E. Reed
		 		 	Title:	 	Chief Executive Officer
			
	GUARANTORS:	 		 	NEW MEDIA HOLDINGS I LLC
				
		 		 	By:	 	/s/ Michael E. Reed
		 		 	Name:	 	Michael E. Reed
		 		 	Title:	 	Chief Executive Officer
			
		 		 	LOCAL MEDIA GROUP HOLDINGS LLC
		 		 	LOCAL MEDIA GROUP, INC.
		 		 	SEACOAST NEWSPAPERS, INC.
		 		 	LMG MASSACHUSETTS, INC.
		 		 	LMG PENNSYLVANIA MANAGEMENT, INC.
		 		 	THE INQUIRER AND MIRROR, INC.
		 		 	LMG PENNSYLVANIA HOLDINGS, INC.
		 		 	 LMG PENNSYLVANIA, L.P., by its general partner,

LMG Pennsylvania Management, Inc.

		 		 	THE MAIL TRIBUTE, INC.
		 		 	LMG NATIONAL PUBLISHING, INC.
		 		 	THE NICKEL OF MEDFORD, INC.
		 		 	LMG STOCKTON, INC.
				
		 		 	By:	 	/s/ Gregory W. Freiberg
		 		 	Name:	 	Gregory W. Freiberg
		 		 	Title:	 	Chief Financial Officer

  
 THIRD AMENDMENT
SIGNATURE PAGE 

 

	
	COPLEY OHIO NEWSPAPERS, INC.
	ENHE ACQUISITION, LLC
	ENTERPRISE NEWSMEDIA HOLDING, LLC
	ENTERPRISE NEWSMEDIA, LLC
	ENTERPRISE PUBLISHING COMPANY, LLC
	GATEHOUSE MEDIA ARKANSAS HOLDINGS, INC.
	GATEHOUSE MEDIA CALIFORNIA HOLDINGS, INC.
	GATEHOUSE MEDIA COLORADO HOLDINGS, INC.
	GATEHOUSE MEDIA CONNECTICUT HOLDINGS, INC.
	GATEHOUSE MEDIA CORNING HOLDINGS, INC.
	GATEHOUSE MEDIA DELAWARE HOLDINGS, INC.
	GATEHOUSE MEDIA DIRECTORIES HOLDINGS, INC.
	GATEHOUSE MEDIA FLORIDA HOLDINGS, INC.
	GATEHOUSE MEDIA FREEPORT HOLDINGS, INC.
	GATEHOUSE MEDIA HOLDCO, LLC
	GATEHOUSE MEDIA ILLINOIS HOLDINGS II, INC.
	GATEHOUSE MEDIA ILLINOIS HOLDINGS, INC.
	GATEHOUSE MEDIA INTERMEDIATE HOLDCO, LLC
	GATEHOUSE MEDIA IOWA HOLDINGS, INC.
	GATEHOUSE MEDIA KANSAS HOLDINGS II, INC.
	GATEHOUSE MEDIA KANSAS HOLDINGS, INC.
	GATEHOUSE MEDIA LANSING PRINTING, INC.
	GATEHOUSE MEDIA LOUISIANA HOLDINGS, INC.
	GATEHOUSE MEDIA MANAGEMENT SERVICES, INC.
	GATEHOUSE MEDIA MICHIGAN HOLDINGS II, INC.
	GATEHOUSE MEDIA MICHIGAN HOLDINGS, INC.

	
	GATEHOUSE MEDIA MINNESOTA HOLDINGS, INC.
	GATEHOUSE MEDIA MISSOURI HOLDINGS II, INC.
	GATEHOUSE MEDIA MISSOURI HOLDINGS, INC.
	GATEHOUSE MEDIA MASSACHUSETTS I, INC.
	GATEHOUSE MEDIA MASSACHUSETTS II, INC.
	GATEHOUSE MEDIA NEBRASKA HOLDINGS, INC.
	GATEHOUSE MEDIA VIRGINIA HOLDINGS, INC.
	GATEHOUSE MEDIA NEW YORK HOLDINGS, INC.
	GATEHOUSE MEDIA NORTH DAKOTA HOLDINGS,
    INC.
	GATEHOUSE MEDIA OHIO HOLDINGS, INC.
	GATEHOUSE MEDIA OKLAHOMA HOLDINGS, INC.
	GATEHOUSE MEDIA OPERATING, LLC
	 GATEHOUSE MEDIA PENNSYLVANIA HOLDINGS,

     INC.

	GATEHOUSE MEDIA SUBURBAN NEWSPAPERS, INC.
	GATEHOUSE MEDIA TENNESSEE HOLDINGS, INC.
	GATEHOUSE MEDIA TEXAS HOLDINGS, INC.
	GATEHOUSE MEDIA VENTURES, INC.
	GATEHOUSE MEDIA, LLC
	GEORGE W. PRESCOTT PUBLISHING COMPANY, LLC
	LIBERTY SMC, L.L.C.
	LOW REALTY, LLC
	LRT FOUR HUNDRED, LLC
	 MINERAL DAILY NEWS TRIBUNE, INC.
 NEWS LEADER,
INC.

	SUREWEST DIRECTORIES
	TERRY NEWSPAPERS, INC.
	THE PEORIA JOURNAL STAR, INC.

 
 

  

			
	 By:
	 	/s/ Kirk A. Davis
	 Name:
	 	Kirk A. Davis
	 Title:
	 	Chief Executive Officer

  
 THIRD AMENDMENT
SIGNATURE PAGE 

							
		 		 	GATEHOUSE MEDIA TEXAS HOLDINGS II, INC.
		 		 	LMG RHODE ISLAND HOLDINGS, INC.
		 		 	LMG MAINE HOLDINGS, INC.
		 		 	CUMMINGS ACQUISITION, INC.
				
		 		 	 By:
	 	/s/ Kirk A. Davis
		 		 	 Name:
	 	Kirk A. Davis
		 		 	 Title:
	 	Chief Executive Officer

  
 THIRD AMENDMENT
SIGNATURE PAGE 

							
		 		 	 CA DAYTONA HOLDINGS, INC.
 CA
ALABAMA HOLDINGS, INC.
 CA FLORIDA HOLDINGS, INC.
 CA SOUTH
CAROLINA HOLDINGS, INC.
 CA NORTH CAROLINA HOLDINGS, INC.
 CA
LOUISIANA HOLDINGS, INC.
 CA MASSACHUSETTS HOLDINGS, INC.

				
		 		 	 By:
	 	/s/ Mark Maring
		 		 	 Name:
	 	Mark Maring
		 		 	 Title:
	 	Treasurer

  
 THIRD AMENDMENT
SIGNATURE PAGE 

							
	ADMINISTRATIVE AGENT:	 		 	CITIZENS BANK OF PENNSYLVANIA, as Administrative Agent
				
		 		 	 By:
	 	/s/ Arthur D. Burns
		 		 	 Name:
	 	Arthur D. Burns
		 		 	 Title:
	 	Senior Vice President

  
 NEW MEDIA HOLDINGS II
LLC 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

							
	INCREMENTAL TERM LENDER:	 		 	CITIZENS BANK OF PENNSYLVANIA, as an Incremental Term Lender
				
		 		 	 By:
	 	/s/ Arthur D. Burns
		 		 	 Name:
	 	Arthur D. Burns
		 		 	 Title:
	 	Senior Vice President

  
 NEW MEDIA HOLDINGS II
LLC 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

							
	REVOLVING CREDIT LENDERS:	 		 	CITIZENS BANK OF PENNSYLVANIA, as a Revolving Credit Lender
				
		 		 	 By:
	 	/s/ Arthur D. Burns
		 		 	 Name:
	 	Arthur D. Burns
		 		 	 Title:
	 	Senior Vice President

  
 NEW MEDIA HOLDINGS II
LLC 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

							
	REVOLVING CREDIT LENDERS:	 		 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Revolving Credit Lender
				
		 		 	 By:
	 	/s/ Christopher Day
		 		 	 Name:
	 	Christopher Day
		 		 	 Title:
	 	Authorized Signatory
				
		 		 	 By:
	 	/s/ Whitney Gaston
		 		 	 Name:
	 	Whitney Gaston
		 		 	 Title:
	 	Authorized Signatory

  
 NEW MEDIA HOLDINGS II
LLC 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

 Annex A 

Amended Credit Agreement 

  

 

$250,000,000402,000,000 

CREDIT AGREEMENT 
 among 

NEW MEDIA HOLDINGS I LLC, 
 as
Holdings, 
 NEW MEDIA HOLDINGS II LLC, 

as the Borrower, 
 The Several
Lenders 
 from Time to Time Parties Hereto, 

RBS CITIZENS, N.A. 
 and 

CREDIT SUISSE SECURITIES (USA) LLC 

as Joint Lead Arrangers and Joint Bookrunners, 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Syndication Agent, 
 and 

CITIZENS BANK OF PENNSYLVANIA, 
 as
Administrative Agent 
 Dated as of June 4, 2014 

As amended by that certain letter agreement dated as of July 17, 2014
and2014, that certain First Amendment dated as of September 3, 2014 and2014, that
certain Second Amendment dated as of November 20, 2014 and that certain Third Amendment dated as of January 9, 2015 

 
  

 
  

 TABLE OF CONTENTS 
  

							
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	SECTION 1. DEFINITIONS	  	 	12	  
	1.1	  	Defined Terms	  	 	12	  
	1.2	  	Other Definitional Provisions	  	 	4850	  
	1.3	  	Timing of Payment or Performance	  	 	4951	  
	1.4	  	Guaranties of Hedging Obligations	  	 	4951	  
	1.5	  	Financial Information	  	 	4951	  
		
	SECTION 2. AMOUNT AND TERMS OF COMMITMENTS	  	 	5052	  
	2.1	  	Term Loan Facility	  	 	5052	  
	2.2	  	Revolving Credit Commitments	  	 	5054	  
	2.3	  	Swing Line Loans	  	 	5156	  
	2.4	  	Issuance of Letters of Credit and Purchase of Participations Therein	  	 	5458	  
	2.5	  	Repayment of Loans; Evidence of Debt	  	 	6165	  
	2.6	  	Evidence of Debt; Register; Lenders’ Books and Records; Notes	  	 	6166	  
	2.7	  	Commitment Fees, etc.	  	 	6267	  
	2.8	  	Termination or Reduction of Revolving Credit Commitments	  	 	6368	  
	2.9	  	Optional Prepayments	  	 	6469	  
	2.10	  	Mandatory Prepayments and Commitment Reductions	  	 	6570	  
	2.11	  	Conversion and Continuation Options	  	 	6874	  
	2.12	  	Interest Rates and Payment Dates	  	 	6974	  
	2.13	  	Computation of Interest and Fees	  	 	7075	  
	2.14	  	Inability to Determine Interest Rate	  	 	7176	  
	2.15	  	Pro Rata Treatment and Payments	  	 	7176	  
	2.16	  	Ratable Sharing	  	 	7379	  
	2.17	  	Requirements of Law	  	 	7479	  
	2.18	  	Taxes	  	 	7581	  
	2.19	  	Funding Losses	  	 	7883	  
	2.20	  	Illegality	  	 	7883	  
	2.21	  	Change of Lending Office	  	 	7884	  
	2.22	  	Defaulting Lenders	  	 	7984	  
	2.23	  	Replacement of Lenders under Certain Circumstances	  	 	8187	  
	2.24	  	Incremental Facilities	  	 	8288	  
	2.25	  	Extensions of Loans	  	 	8691	  
	2.26	  	Quarterly Excess Cash Flow Calculations	  	 	9196	  
		
	SECTION 3. REPRESENTATIONS AND WARRANTIES	  	 	9197	  
	3.1	  	Financial Condition	  	 	9197	  
	3.2	  	No Change	  	 	9197	  
	3.3	  	Corporate Existence; Compliance with Law	  	 	9197	  
	3.4	  	Corporate Power; Authorization; Enforceable Obligations	  	 	9298	  

  
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	3.5	  	No Contravention	  	 	9298	  
	3.6	  	No Material Litigation	  	 	9298	  
	3.7	  	No Default	  	 	9398	  
	3.8	  	Ownership of Property; Liens	  	 	9398	  
	3.9	  	Intellectual Property	  	 	9399	  
	3.10	  	Taxes	  	 	9399	  
	3.11	  	Federal Regulations	  	 	9499	  
	3.12	  	Labor Matters	  	 	9499	  
	3.13	  	ERISA	  	 	9499	  
	3.14	  	Investment Company Act	  	 	94100	  
	3.15	  	Subsidiaries	  	 	94100	  
	3.16	  	Use of Proceeds	  	 	95100	  
	3.17	  	Environmental Matters	  	 	95101	  
	3.18	  	Accuracy of Information, etc.	  	 	96102	  
	3.19	  	Security Documents	  	 	96102	  
	3.20	  	Solvency	  	 	97102	  
	3.21	  	USA PATRIOT Act and OFAC	  	 	97102	  
	3.22	  	Regulation H	  	 	97103	  
	3.23	  	Subordination of Junior Financing	  	 	97103	  
	3.24	  	Holdings as a Holding Company	  	 	98103	  
	3.25	  	Insurance	  	 	98103	  
	3.26	  	No Burdensome Restrictions	  	 	98103	  
		
	SECTION 4. CONDITIONS PRECEDENT	  	 	98104	  
	4.1	  	Conditions to Effectiveness	  	 	98104	  
	4.2	  	Conditions to Each Extension of Credit	  	 	101106	  
		
	SECTION 5. AFFIRMATIVE COVENANTS	  	 	102107	  
	5.1	  	Financial Statements	  	 	102107	  
	5.2	  	Certificates; Other Information	  	 	103107	  
	5.3	  	Conduct of Business and Maintenance of Existence, Compliance	  	 	104109	  
	5.4	  	Maintenance of Properties	  	 	105109	  
	5.5	  	Payment of Taxes	  	 	105109	  
	5.6	  	Insurance	  	 	105110	  
	5.7	  	Inspection of Property; Books and Records; Discussions	  	 	105110	  
	5.8	  	Notices	  	 	106110	  
	5.9	  	Environmental Laws	  	 	106111	  
	5.10	  	Use of Proceeds	  	 	107111	  
	5.11	  	Subsidiaries	  	 	107111	  
	5.12	  	Further Assurances	  	 	108113	  
	5.13	  	Post-Closing Covenants	  	 	109113	  
		
	SECTION 6. NEGATIVE COVENANTS	  	 	109114	  
	6.1	  	Financial Condition Covenant	  	 	109114	  
	6.2	  	Limitation on Indebtedness	  	 	109114	  
	6.3	  	Limitation on Liens	  	 	113118	  

  
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	6.4	  	Limitation on Fundamental Changes	  	 	117121	  
	6.5	  	Limitation on Disposition of Property	  	 	118122	  
	6.6	  	Limitation on Restricted Payments	  	 	120125	  
	6.7	  	Limitation on Investments	  	 	124128	  
	6.8	  	Limitation on Modifications of Organizational Documents	  	 	126130	  
	6.9	  	Limitation on Transactions with Affiliates	  	 	126130	  
	6.10	  	Limitation on Sales and Leasebacks	  	 	127131	  
	6.11	  	Limitation on Changes in Fiscal Year	  	 	127131	  
	6.12	  	Limitation on Negative Pledge Clauses	  	 	127131	  
	6.13	  	Limitation on Restrictions on Subsidiary Distributions	  	 	128132	  
	6.14	  	Limitation on Lines of Business	  	 	129133	  
	6.15	  	Modification of Terms of Junior Indebtedness	  	 	129133	  
	6.16	  	Limitation on Activities of Holdings	  	 	129133	  
	6.17	  	Modification of Terms of Management Agreement	  	 	130133	  
		
	SECTION 7. EVENTS OF DEFAULT	  	 	130134	  
	7.1	  	Events of Default	  	 	130134	  
	7.2	  	Application of Proceeds	  	 	134138	  
	7.3	  	Cure Rights	  	 	135138	  
		
	SECTION 8. THE AGENTS; LENDERS	  	 	136139	  
	8.1	  	Appointment	  	 	136139	  
	8.2	  	Delegation of Duties	  	 	136140	  
	8.3	  	Exculpatory Provisions	  	 	136140	  
	8.4	  	Reliance by Agents	  	 	137140	  
	8.5	  	Notice of Default	  	 	137141	  
	8.6	  	Non-Reliance on Agents and Other Lenders	  	 	137141	  
	8.7	  	Indemnification	  	 	138141	  
	8.8	  	Agent in Its Individual Capacity	  	 	138142	  
	8.9	  	Successor Administrative Agent	  	 	139142	  
	8.10	  	Secured Cash Management Agreements and Specified Hedge Agreements	  	 	139143	  
	8.11	  	Authorization to Release Liens and Guarantees	  	 	139143	  
	8.12	  	The Arrangers; the Syndication Agent	  	 	140143	  
	8.13	  	Lenders as Qualified Persons	  	 	140143	  
		
	SECTION 9. MISCELLANEOUS	  	 	140143	  
	9.1	  	Amendments and Waivers	  	 	140143	  
	9.2	  	Notices	  	 	144147	  
	9.3	  	No Waiver; Cumulative Remedies	  	 	145148	  
	9.4	  	Survival of Representations and Warranties	  	 	145149	  
	9.5	  	Payment of Expenses	  	 	145149	  
	9.6	  	Successors and Assigns; Participations and Assignments	  	 	147150	  
	9.7	  	Adjustments; Set-off	  	 	154158	  
	9.8	  	Counterparts	  	 	155158	  
	9.9	  	Severability	  	 	155158	  
	9.10	  	Integration	  	 	156159	  

  
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	9.11	  	GOVERNING LAW	  	 	156159	  
	9.12	  	Submission To Jurisdiction; Waivers	  	 	156159	  
	9.13	  	Acknowledgments	  	 	157160	  
	9.14	  	Confidentiality	  	 	157160	  
	9.15	  	Release of Collateral and Guarantee Obligations	  	 	158160	  
	9.16	  	Accounting Changes	  	 	159161	  
	9.17	  	USA PATRIOT Act	  	 	159162	  
	9.18	  	WAIVERS OF JURY TRIAL	  	 	159162	  

  
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	SCHEDULES:
	I	  	Material Subsidiaries
	2.1	  	Term Commitments
	2.2	  	Revolving Credit Commitment
	3.15	  	Subsidiaries
	3.19	  	UCC Filing Jurisdictions
	5.13	  	Post-Closing Actions
	6.2(d)	  	Existing Indebtedness
	6.3(i)	  	Existing Liens
	6.5(i)	  	Certain Asset Sales
	6.7(r)	  	Existing Investments
	6.9	  	Transactions with Affiliates
	6.12	  	Existing Negative Pledges
	6.13	  	Existing Subsidiary Distributions
	
	EXHIBITS:
		
	A	  	Form of Borrowing Notice
	B	  	Form of Collateral Agreement
	C	  	Form of Compliance Certificate
	D	  	Form of Guarantee
	E	  	Form of Pledge Agreement
	F-1	  	Form of Term Note
	F-2	  	Form of Revolving Credit Note
	F-3	  	Form of Swing Line Note
	G	  	Form of United States Tax Compliance Certificate
	H-1	  	Form of Assignment and Acceptance
	H-2	  	Form of Affiliated Lender Assignment and Assumption

 CREDIT AGREEMENT, dated as of June 4, 2014 among New Media Holdings I LLC, a Delaware
limited liability company (“Holdings”), New Media Holdings II LLC, a Delaware limited liability company (“the Borrower”), the several banks and other financial institutions or entities from time to time parties to
this Agreement (the “Lenders”), RBS Citizens, N.A. and Credit Suisse Securities (USA) LLC, as joint lead arrangers (in such capacity, the “Arrangers”) and joint bookrunners, Credit Suisse AG, Cayman Islands Branch,
as syndication agent (in such capacity, the “Syndication Agent”), and CITIZENS BANK OF PENNSYLVANIA, as administrative agent (in such capacity, together with any successor appointed in accordance with Section 8.9, the
“Administrative Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Borrower has requested the Lenders to extend credit in the form of (i) Initial Term Loans in an aggregate principal amount
of $200,000,000, (ii) First Amendment Incremental Term Loans in an aggregate principal amount of $25,000,000 and (iii25,000,000, (iii) Third Amendment Incremental
Term Loans in an aggregate principal amount as of the Third Amendment Effective Date of $102,000,000 and (iv) Revolving Credit Commitments in an initial aggregate principal amount of $25,000,000 (which may be used for the issuance of
one or more Letters of Credit from time to time and one or more Swing Line Loans from time to time), which Revolving Credit Commitments shall be increased to $75,000,000 as of the Third
Amendment Effective Date by an Incremental Revolving Credit Commitment of $50,000,000 (such increase, the “Third Amendment Incremental Revolver Increase” and the Revolving Credit Loans made thereunder, the “Third Amendment Incremental
Revolving Credit Loans”) and which Third Amendment Incremental Revolving Credit Loans may be converted to Third Amendment Incremental Term Loans in accordance with the terms of Section 2.27 hereof; 

WHEREAS, the proceeds of the Initial Term Loans extended by the Lenders hereunder on the Closing Date are to be used (i) to repay in full
all amounts outstanding under, and termination of the commitments with respect to, the Existing Credit Facilities (the “Refinancing”), (ii) to pay the Transaction Expenses and (iii) for working capital and other general
business purposes of the Borrower and its Subsidiaries; 
 WHEREAS, amounts available under the Revolving Credit Facility will be used
(A) to provide for the ongoing working capital requirements of the Borrower and its Subsidiaries, (B) for capital expenditures, Permitted Acquisitions and permitted Investments, (C) for general corporate purposes and (D) for the
issuance of (or to provide credit support for) letters of credit; 
 NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereto agree as follows: 

 SECTION 1. DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth
in this Section 1.1. 
 “2014 Quarterly Excess Cash Flow” has the meaning set forth in Section 2.26(a). 

“Account” means an account (as that term is defined in the UCC). 

“Accounting Change” has the meaning set forth in Section 9.16. 

“Acquisition” means, as to any Person, the acquisition by such Person of (a) a majority of the Capital Stock of any
other Person or (b) all or a substantial portion of the Property of any other Person. 
 “Additional Lender” means, at
any time, any bank, other financial institution or institutional lender or investor that, in any case, is not an existing Lender and that agrees to provide any portion of any (a) Incremental Revolving Credit Commitment or Incremental Loan in
accordance with Section 2.25 or (b) Replacement Loans pursuant to Section 9.1; provided that each Additional Lender shall be subject to the approval of the Administrative Agent, such approval not to be unreasonably withheld or
delayed, to the extent that any such consent would be required from the Administrative Agent under Section 9.6(c) for an assignment of Loans to such Additional Lender, and in the case of Incremental Revolving Credit Commitments with respect to
the Revolving Credit Facility, the Swing Line Lender and Issuing Bank, solely to the extent such consent would be required for any assignment to such Additional Lender. 

“Administrative Agent” has the meaning set forth in the preamble hereto. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, 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, to direct or cause the direction of the management and policies of such Person, whether by contract or
otherwise. Notwithstanding anything to the contrary set forth herein, neither the Administrative Agent nor any Lender shall be deemed to be an Affiliate of any Loan Party solely by virtue of being a party hereto or complying with the terms and
provisions of the Loan Documents. 
 “Affiliated Lender” means the Sponsor or any Affiliate of the Sponsor other than
(a) Holdings, the Borrower or any Subsidiary of the Borrower, (b) any Debt Investment Affiliate and (c) any natural person. 

“Affiliated Lender Assignment and Assumption” has the meaning set forth in Section 9.6(g)(v). 

“Affiliated Lender Cap” has the meaning set forth in Section 9.6(g)(ii). 

“Agents” means the collective reference to the Syndication Agent and the Administrative Agent. 

  
 2 

 “Aggregate Amounts Due” has the meaning set forth in Section 2.16. 

“Agreement” means this Credit Agreement, as amended, restated, amended and restated, supplemented or otherwise modified from
time to time. 
 “All-In Yield” means, as to any Indebtedness, the yield thereof, whether in the form of interest rate,
margin, OID, upfront fees, a Eurodollar Rate or Base Rate floor (solely with respect to Section 2.24, in the case of any Incremental Term Loan solely to the extent greater than 1.00% or 2.00%, respectively (with such increased amount being
equated to interest margins for purposes of determining any increase to the Applicable Margin under any Facility), or otherwise incurred or payable by the Borrower generally to all the lenders of such Indebtedness; provided that OID and
upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time of its incurrence of the applicable Indebtedness); provided, further, that
“All-In Yield” shall not include arrangement fees, structuring fees, commitment fees, underwriting fees and similar fees (regardless of whether paid in whole or in part to any or all lenders) or other fees not paid generally to all lenders
of such Indebtedness or, if applicable, ticking fees accruing prior to the funding of such Indebtedness or consent fees for an amendment paid generally to consenting lenders. 

“Amendment No. 2 Effective Date” means November 20, 2014.

 “Annual Excess Cash Flow” has the meaning set forth in Section 2.10(c). 

“Applicable Margin” means a percentage per annum equal to: 

            (a) with respect to Initial Term Loans, (x) 6.25%
for Eurodollar Rate Loans and (y) 5.25% for Base Rate Loans; 

            (b) with respect to First Amendment Incremental Term
Loans, (x) 6.25% for Eurodollar Rate Loans and (y) 5.25% for Base Rate Loans; and 

            
(c) with respect to Third Amendment Incremental Term Loans, (x) 6.25% for Eurodollar Rate Loans and (y) 5.25% for Base Rate Loans; and 

            
(d) (c) with respect to Revolving Credit Loans and Letter of Credit fees (i) until delivery of financial statements for the first full fiscal quarter ending
after the Closing Date pursuant to Section 5.1, (x) 5.25% for Eurodollar Rate Loans and Letter of Credit fees and (y) 4.25% for Base Rate Loans, and (ii) thereafter, the following percentages per annum, based upon the Total
Leverage Ratio as specified in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 5.2(a): 
  

							
	   Pricing
   Level
	  	Total Leverage Ratio	  	Eurodollar Rate
and Letter of
Credit Fees	 	Base Rate
	      1
	  	3 1.75:1.00	  	5.25%	 	4.25%
	      2
	  	< 1.75:1.00	  	5.00%	 	4.00%

  
 3 

 Any increase or decrease in the Applicable Margin resulting from a change in the Total Leverage Ratio shall
become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.2(a); provided that “Pricing Level 1” (as set forth above) shall apply as of the first
Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including the date on which such Compliance Certificate is so delivered (and thereafter
the pricing level otherwise determined in accordance with this definition shall apply). In the event that any Compliance Certificate delivered pursuant to Section 5.2 is shown to be inaccurate (regardless of whether this Agreement or the
Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin
applied for such Applicable Period, the Borrower shall promptly (a) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Period, (b) determine the Applicable Margin for such Applicable Period based on
the corrected Compliance Certificate, and (c) promptly and in any event, within 3 Business Days, pay to the Administrative Agent for the benefit of the Lenders the accrued additional interest and other fees owing as a result of such increased
Applicable Margin for such Applicable Period, which payment shall be promptly distributed by the Administrative Agent to the Lenders entitled thereto. The Applicable Margin for any other Class of Loans shall be as set forth in the applicable
Extension Amendment or Incremental Amendment. 
 “Arrangers” has the meaning set forth in the preamble hereto. 

“Asset Sale” means any Disposition of Property or series of substantially related Dispositions of Property which yields gross
proceeds to any NM Group Member (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of
$1,000,000, other than (i) transfers to the Borrower or any Guarantor, or from a Restricted Subsidiary that is not a Guarantor to another Restricted Subsidiary that is not a Guarantor, (ii) inventory (or other assets) sold, leased or
licensed in the ordinary course of business (excluding any such sales, leases or licenses by operations or divisions discontinued or to be discontinued) and (iii) dispositions of Investments or other assets and dispositions or compromises of
loans or other receivables, in each case, in connection with the workout, compromise, settlement or collection thereof or exercise of remedies with respect thereto, in the ordinary course of business or in bankruptcy, foreclosure or similar
proceedings. 
 “Asset Sale Threshold Amount” has the meaning set forth in Section 2.10(b). 

“Assignee” has the meaning set forth in Section 9.6(c). 

“Assignment and Acceptance” has the meaning set forth in Section 9.6(c). 

“Assignor” has the meaning set forth in Section 9.6(c). 

“Available Amount” means, on any date, an amount equal to: 

  
 4 

 (a) the sum of: (i) $15,000,000 plus (ii) the Available ECF Amount on such date, plus
(iii) the cumulative proceeds from (A) any capital contribution to Holdings made on or prior to such date (but after the Closing Date) (other than (1) capital contributions utilized contemporaneously upon receipt thereof to finance
capital expenditures or to make Restricted Payments pursuant to Section 6.6(h) and (2) in connection with any Cure Right) and designated as being applied to increase the Available Amount or (B) any public equity offerings of New Media
(to the extent contributed to Holdings and other than (1) to the extent utilized contemporaneously upon receipt thereof to finance capital expenditures or to make Restricted Payments pursuant to Section 6.6(g) or Section 6.6(h) and
(2) in connection with any Cure Right) made on or prior to such date (but after the Closing Date) and designated as being applied to increase the Available Amount; minus 

(b) the aggregate amount of (i) Restricted Payments made prior to such date (but after the Closing Date) pursuant to Section 6.6(k)
and (ii) Investments made prior to such date (but after the Closing Date) pursuant to Section 6.7(w). 
 “Available ECF
Amount” means, on any date, an amount equal to (i) 100% minus the ECF Percentage multiplied by (ii) the 2014 Quarterly Excess Cash Flow, the Quarterly Excess Cash Flow or the Annual Excess Cash Flow, as the case may
be; provided that such calculation shall not include any Excess Cash Flow accumulated prior to the Closing Date; provided further that (i) any unused Available ECF Amount in any fiscal quarter or fiscal year may be carried
forward and utilized in the next three succeeding fiscal quarters (subject to a cap of $20,000,000 in the aggregate for any carry forward amounts for the fiscal quarters ended September 28, 2014 and December 28, 2014) and (ii) any
Restricted Payments or Investments made during any such succeeding fiscal quarter pursuant to Section 6.6(k) and 6.7(w), respectively, shall be deemed to be made first with respect to the Available Amount available for such fiscal quarter or
fiscal year and then with respect to any carry forward amount to the extent applicable. 
 “Available Incremental Amount”
has the meaning set forth in Section 2.24(d)(ii). 
 “Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and
(c) the Eurodollar Rate for an Interest Period of one month; provided, however, that notwithstanding the foregoing, the Base Rate with respect to Initial Term Loans
and, First Amendment Incremental Term Loans and Third Amendment Incremental Term Loans shall at no time be
less than 2.0% per annum. For purposes hereof: “Prime Rate” shall mean the prime lending rate as publicly announced by the Administrative Agent, as in effect from time to time; each change in the Prime Rate shall be effective
from and including the date such change is publicly announced as being effective. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available. Any change in the Base Rate due to a change in the
Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

“Base Rate Loans” means Loans for which the applicable rate of interest is based on the Base Rate. 

  
 5 

 “Benefited Lender” has the meaning set forth in Section 9.7(a). 

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

“Borrower” has the meaning set forth in the preamble. 

“Borrowing” means a borrowing consisting of Loans of the same Class and Type made, converted or continued on the same date
and, in the case of Eurodollar Rate Loans, having the same Interest Period. 
 “Borrowing Date” means any Business Day
specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder. 
 “Borrowing
Notice” means, with respect to any request for borrowing of Loans hereunder, a notice from the Borrower, substantially in the form of, and containing the information prescribed by, Exhibit A, delivered to the Administrative Agent.

 “Business Day” means (a) for all purposes other than as covered by clause (b) below, any day excluding
Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or the State of Massachusetts or is a day on which banking institutions located in such state are authorized or required by law or other governmental
action to close and (b) with respect to all notices, determinations, fundings and payments in connection with, and payments of principal and interest on, Eurodollar Rate Loans, any day which is a Business Day described in clause (a) and
which is also a day for trading by and between banks in Dollar deposits in the interbank Eurodollar market. 
 “Capital
Lease” means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP; provided that if at any time an operating lease (or a lease or other arrangement to use property that would be an
operating lease under GAAP as in effect on the Closing Date) is required to be recharacterized (on a prospective or retroactive basis or otherwise) as a capital lease as a result of a change in GAAP after the Closing Date (including as a result of
the implementation of proposed Accounting Standards Update (ASU) Leases (Topic 840) issued August 17, 2010, or any successor proposal), then for all purposes hereof such lease shall continue to be treated as an operating lease and not a Capital
Lease. 
 “Capital Lease Obligations” means, for any period, the aggregate of all expenditures (whether paid in cash or
accrued as liabilities and including in all events all amounts expended or capitalized under Capital Lease Obligations) by the Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be
included as capital expenditures on the consolidated statement of cash flows of the Borrower and the Restricted Subsidiaries. 

“Capital Stock” means: (a) in the case of a corporation, corporate stock; (b) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company, partnership or membership interests (whether
general or limited); and (d) any other interest or participation that confers on a Person the right to receive a share of the 

  
 6 

 
profits and losses of, or distributions of assets of, the issuing Person but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt
securities include any right of participation with Capital Stock. 
 “Cash Collateral Account” has the definition set forth
in Section 2.10(e). 
 “Cash Collateralize” means, in respect of an Obligation, to provide and pledge (as a first
priority perfected security interest) cash collateral (or, with respect to Letters of Credit outstanding at the time the aggregate Commitments are terminated and all other Obligations are paid in full (other than contingent obligations not yet due
and payable), a backstop letter of credit reasonably acceptable to the Issuing Banks) in Dollars, at a location and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the Issuing Bank (and
“Cash Collateralization” has a corresponding meaning). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United
States or Canadian government or issued by any agency thereof and backed by the full faith and credit of the United States or Canada, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time
deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of (x) the United States of America or
any state thereof having combined capital and surplus of not less than $500,000,000 as of the date of acquisition thereof; (c) commercial paper of an issuer rated (i) in the United States at least A-2 by S&P or P-2 by Moody’s as
of the date of acquisition thereof or (ii) an equivalent thereof by any other nationally recognized rating agency as of the date of acquisition thereof, if both named rating agencies cease publishing ratings of commercial paper issuers
generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days
with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or
foreign government (as the case may be) are rated at least A by S&P or A by Moody’s as of the date of acquisition thereof; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of
credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; and (g) shares of money market mutual or similar funds which invest in assets substantially all of which satisfy the
requirements of clauses (a) through (f) of this definition. With respect to any Investments made by any Foreign Subsidiary or any Investments made in a country outside of the United States, Cash Equivalents shall also include
(i) investments of the type and maturity described in clauses (a) through (g) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses (or reasonably equivalent
ratings from comparable foreign rating agencies) and (ii) other short-term investments used by such Foreign Subsidiaries in accordance with normal investment practices for cash management in 

  
 7 

 
investments reasonably analogous to the foregoing investments described in clauses (a) through (g) above and in this sentence. 

“Cash Management Bank” means any Person that is (a) a Lender or an Affiliate of a Lender at the time it provides any
Cash Management Services, whether or not such Person subsequently ceases to be a Lender or an Affiliate of a Lender or (b) a Lender or an Affiliate of a Lender on the Closing Date and the Cash Management Services were provided on or prior to
the Closing Date, whether or not such Person subsequently ceases to be a Lender or an Affiliate of a Lender. 
 “Cash Management
Obligations” means obligations owed by the Borrower or any Restricted Subsidiary to any Cash Management Bank in respect of or in connection with any Cash Management Services. 

“Cash Management Services” means operating, collections, payroll, trust or other depository or disbursement accounts,
including automated clearing house, controlled disbursement, depository, electronic funds transfer, information reporting, lockbox, stop payment, overdraft and/or wire transfer services and all other treasury and cash management services. 

“CFC” means a controlled foreign corporation within in the meaning of Section 957(a) of the Code. 

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

“Change of Control” means (a)(i) any Person (other than a Permitted Holder), or (ii) Persons (other than one or more
Permitted Holders) constituting a “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person and its Subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan), becomes the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 of the Exchange Act), directly or indirectly, of Equity Interests representing more than
thirty-five percent (35%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings Entity and the percentage of aggregate ordinary voting power so held is greater than the percentage of the
aggregate ordinary voting power represented by the Equity Interests of Holdings Entity beneficially owned, 

  
 8 

 
directly or indirectly, in the aggregate by the Permitted Holders, unless the Permitted Holders have, at such time, the right or the ability by voting power, contract or otherwise to elect or
designate for election at least a majority of the board of directors of any Holdings Entity (or a direct or indirect parent entity thereof) or otherwise control any Holdings Entity (or a direct or indirect parent entity thereof), directly or
indirectly, by management, contract or otherwise (it being understood that the Management Agreement shall meet the foregoing control requirement), (b) New Media shall fail, directly or indirectly, to legally and beneficially own 100% of the
Equity Interests of Holdings or (c) Holdings shall fail, directly or indirectly, to legally and beneficially own 100% of the Equity Interests of the Borrower. 

“Class” means (a) when used with respect to Lenders, whether such Lenders have Loans or Commitments with respect to a
particular Class of Loans or Commitments, (b) when used with respect to Commitments, whether such Commitments are Initial Term Commitments, Revolving Credit Commitments, Incremental Revolving Credit Commitments, Incremental Term Commitments, or
Commitments in respect of any Class of Replacement Loans or a Class of Loans to be made pursuant to a given Extension Series not designated part of another existing Class and (c) when used with respect to Loans or a Borrowing, whether such
Loans, or the Loans comprising such Borrowing, are Initial Term Loans, Revolving Credit Loans under the Initial Revolving Credit Facility, Incremental Term Loans, Replacement Loans, Extended Term Loans or Loans made pursuant to Extended Revolving
Credit Commitments, in each case, not designated part of another existing Class. Commitments (and, in each case, the Loans made pursuant to such Commitments) that have different terms and conditions shall be construed to be in different Classes.
Commitments (and, in each case, the Loans made pursuant to such Commitments) that have identical terms and conditions shall be construed to be in the same Class. 

“Closing Date” means the date on which the conditions precedent set forth in Section 4.1 shall have been satisfied. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all Property of the Loan Parties, now owned or hereafter acquired, identified in the granting clause of
any Security Documents, other than Excluded Assets. 
 “Collateral Agreement” means a collective reference to (i) the
Security Agreement, dated as of the Closing Date, made by the Loan Parties creating a security interest in favor of the Administrative Agent for the benefit of the Secured Parties, substantially in the form attached hereto as Exhibit B,
together with any supplements or joinders thereto executed and delivered pursuant to Section 5.11 and (ii) any such other collateral or security agreement made in favor of the Administrative Agent for the benefit of the Secured Parties in
form and substance reasonably satisfactory to the Administrative Agent, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Commitment” means, with respect to any Lender, a Revolving Credit Commitment, Incremental Revolving Credit Commitment,
Initial Term Commitment, Incremental Term Commitment, Extended Revolving Credit Commitment of a given Extension Series, Extended Term Loan Commitment of a given Extension 

  
 9 

 
Series, or any commitment in respect of Replacement Loans, as the context may require. 

“Commitment Fee Rate” means 0.50% per annum. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et. seq.), as amended from time to time and any
successor statute. 
 “Commonly Controlled Entity” means an entity, whether or not incorporated, that is under common
control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 

“Compliance Certificate” means a certificate duly executed by a Responsible Officer, substantially in the form of
Exhibit C. 
 “Consolidated Capital Expenditures” means, for any period, the aggregate of all expenditures of
Holdings, the Borrower and its Restricted Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment” or similar items reflected in the
consolidated statement of cash flows of Holdings, the Borrower and its Restricted Subsidiaries; provided that Consolidated Capital Expenditures shall not include any (i) expenditures for replacements and substitutions for fixed assets,
capital assets or equipment to the extent made with Net Cash Proceeds from Recovery Events invested pursuant to Section 2.10(b) or with Net Cash Proceeds from Asset Sales invested pursuant to Section 2.10(b), (ii) capital expenditures
financed with the proceeds of equity contributions to Holdings solely to the extent such proceeds are utilized contemporaneously upon receipt thereof and are identified as such or (iii) Permitted Acquisitions. 

“Consolidated Current Assets” means, as at any date of determination, the total assets of a Person and its Subsidiaries on a
consolidated basis that may properly be classified as current assets in conformity with GAAP, excluding cash and Cash Equivalents. 

“Consolidated Current Liabilities” means, as at any date of determination, the total liabilities of a Person and its
Subsidiaries on a consolidated basis that may properly be classified as current liabilities in conformity with GAAP, excluding the current portion of long term debt. 

“Consolidated EBITDA” means, with respect to Holdings, the Borrower, and its Restricted Subsidiaries during such period
determined on a consolidated basis, Consolidated Net Income, plus, without duplication (to the extent deducted in calculating Consolidated Net Income): 

(i) Consolidated Interest Expense for such period; 

(ii) Consolidated Income Tax Expense for such period; 

(iii) depreciation and amortization expense for such period; 

  
 10 

 (iv) deferred financing costs; 

(v) management fee incentive expense incurred and paid using common equity; 

(vi) (A) restructuring and integration costs that are determined by the Borrower in good faith to be non-recurring, including, without
limitation, operational initiatives, severance costs, relocation costs, costs associated with discontinued operations and costs associated with curtailments or modifications to pension and post-retirement employee benefit and (B) amounts
charged in respect of discontinued operations or restructuring activities and losses from discontinued operations; provided that the aggregate amount of add backs for cash expenses made pursuant to this clause (vi) shall not exceed 12.5%
of Consolidated EBITDA for such fiscal period, unless agreed upon by the Administrative Agent; 
 (vii) all other non-cash items (other than
any such non-cash item to the extent it represents an accrual of or reserve for cash expenditures in any future period) including, without limitation, non-cash items arising from impairments of goodwill, intangibles and fixed assets, and changes in
the values of the assets of any pension and post-retirement benefit plans; 
 (viii) fees, costs and expenses in connection with the
Transactions; 
 (ix) fees, costs and expenses relating to contemplated or completed Acquisitions or Dispositions; provided that the
aggregate amount of add backs for fees, costs and expenses made pursuant to this clause (ix) in connection with Acquisitions or Dispositions that are not actually consummated shall not exceed 5% of Consolidated EBITDA for such fiscal period;

 (x) pro forma “run rate” cost savings, operating expense reductions and synergies related to Acquisitions that are reasonably
identifiable, factually supportable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of
the Borrower) within 18 months after such Acquisition; provided that the aggregate amount of cost savings, operating expense reductions and synergies added pursuant to this clause (x) shall not exceed 10% of Consolidated EBITDA for such
fiscal period, unless agreed upon by the Administrative Agent; 
 (xi) any non-cash expenses relating to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement; 
 (xii) out-of-pocket expenses or charges relating to any
contemplated or completed offering of securities; 
 (xiii) non-cash losses from early extinguishments of Indebtedness of Holdings, the
Borrower or any of its Restricted Subsidiaries; 
 (xiv) any extraordinary, unusual or non-recurring losses on sales of assets; and 

  
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 (xv) non-cash losses from Hedge Agreements of Holdings; the Borrower or any of its Restricted
Subsidiaries; 
 minus the sum of the following to the extent included in calculating Consolidated Net Income, without duplication:

 (i) any extraordinary, unusual or non-recurring gains on sales of assets; 

(ii) gains from early extinguishment of Indebtedness; 

(iii) non-cash charges previously added back to Consolidated Net Income in determining Consolidated EBITDA to the extent such non-cash charges
have become cash charges during such period; 
 (iv) non-cash gains from Hedge Agreements of Holdings or any of its Subsidiaries; and 

(v) any other non-recurring cash or non-cash gains during such period. 

For the purposes of calculating Consolidated EBITDA under this Agreement for any period that includes the following fiscal quarters,
(a) Consolidated EBITDA for the fiscal quarter ended March 30, 2014, shall be deemed to be $8,868,873, (b) Consolidated EBITDA for the fiscal quarter ended December 29, 2013, shall be deemed to be $34,051,000, (c) Consolidated
EBITDA for the fiscal quarter ended September 29, 2013, shall be deemed to be $23,898,000, and (d) Consolidated EBITDA for the fiscal quarter ended June 30, 2013, shall be deemed to be $24,493,000. 

“Consolidated Income Tax Expense” shall mean, for any period, the income tax expense of Holdings, the Borrower and its
Restricted Subsidiaries (other than Excluded Subsidiaries) on a consolidated basis. 
 “Consolidated Interest Expense”
means, with respect to any Person for any period, without duplication, the sum of: 
 (a) consolidated interest expense in respect of
Indebtedness of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (i) amortization of original issue discount resulting from
the issuance of Indebtedness at less than par, (ii) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (iii) non-cash interest payments (but excluding any non-cash interest
expense attributable to the movement in the mark to market valuation of obligations under Hedge Agreements or other derivative instruments pursuant to GAAP), (iv) the interest component of Capital Lease Obligations, (v) net payments, if
any, made (less net payments, if any, received), pursuant to obligations under interest rate Hedge Agreements with respect to Indebtedness, and excluding (vi) any prepayment premium or penalty, (vii) annual agency fees paid to the
administrative agents and collateral agents under any credit facilities or other debt instruments or document, (viii) costs associated with agreements in respect of obligations under Hedge Agreements and breakage costs in respect of agreements
in respect of obligations under Hedge 

  
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Agreements related to interest rates, (ix) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or, if applicable,
purchase accounting in connection with the Transactions or any acquisition (or purchase of assets), (x) penalties and interest relating to taxes and any other financing fees related to the Transactions or any acquisition (or purchase of assets)
after the Closing Date, (xi) any “additional interest” or “liquidated damages” with respect to any debt securities for failure to timely comply with registration rights obligations, (xii) amortization of deferred
financing fees, debt issuance costs, commissions, fees and expenses and discounted liabilities (other than accretion of OID and payment-in-kind of interest), (xiii) any amortization or expensing of bridge, arranging, structuring, commitment and
other financing fees and (xiv) any accretion of accrued interest on discounted liabilities (other than accretion of OID and payment-in-kind of interest); plus 

(b) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less

 (c) interest income of such Person and its Restricted Subsidiaries for such period. 

For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to
be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. 
 “Consolidated Net Income”
means for any period, the consolidated net income (or loss) of Holdings, the Borrower and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net
Income of Holdings, the Borrower and the Restricted Subsidiaries for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated
with an NM Group Member or that Person’s assets are acquired by an NM Group Member, (b) the income (or deficit) of any Person (other than a Restricted Subsidiary of the Borrower or any Restricted Subsidiaries) in which any NM Group Member
has an ownership interest, except to the extent that any such income is actually received by an NM Group Member in the form of dividends or similar distributions, (c) any after-tax gains or losses attributable to Asset Sales or returned surplus
assets of any Pension Plan and (d) to the extent not included in clauses (a) through (c) above, any net extraordinary gains or net extraordinary losses. 

“Consolidated Total Debt” means, at any date, without duplication, the aggregate principal amount of all Funded Debt of the
NM Group Members at such date, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Working
Capital” means, as at any date of determination, the excess of Consolidated Current Assets of Holdings, the Borrower and its Restricted Subsidiaries over Consolidated Current Liabilities of Holdings, the Borrower and its Restricted
Subsidiaries. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or
of any indenture, Mortgage, contract, agreement, instrument or other 

  
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undertaking to which such Person is a party or by which it or any of its Property is bound or to which it or any of its Property is subject. 

“Controlled Investment Affiliate” means, as to any Person, any other Person, other than the Sponsor, which directly or
indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Borrower
and/or other companies. 
 “Conversion Date” means the earlier of
(i) the date which is five (5) Business Days following the Equity Contribution and (ii) January 30, 2015. 

“Converted Term Loans” has the meaning set forth in Section 2.27.

 “Corrective Extension Amendment” has the meaning set forth in Section 2.25(f). 

“Cure Amount” has the meaning set forth in Section 7.3(a). 

“Cure Right” has the meaning set forth in Section 7.3(a). 

“Currency Agreement” means any foreign exchange contract, currency swap agreement, futures contract, option contract,
synthetic cap or other similar agreement or arrangement, each of which is for the purpose of hedging the foreign currency risk associated with the Borrower’s and its Subsidiaries’ operations and not for speculative purposes. 

“Declined Proceeds” has the meaning set forth in Section 2.10(f). 

“Debt Investment Affiliate” means any Affiliate of the Sponsor that is engaged in making, purchasing, holding or otherwise
investing in commercial loans, bonds and/or similar debt securities in the ordinary course of its business (but shall not include any natural person or Holdings, the Borrower or any of the Restricted Subsidiaries). 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, composition, winding-up, dissolution, adjustment of debt, ad-ministration, judicial management, insolvency, reorganization, or similar debtor relief Laws of the United
States or any state thereof or other applicable domestic or foreign jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Default” means any of the events specified in Section 7, whether or not any requirement for the giving of notice, the
lapse of time, or both, has been satisfied. 
 “Defaulting Lender” means, subject to Section 2.22(c), any Lender that
(a) has failed to fund any portion of the Loans, participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder within two (2) Business Days of the date required to be funded by it hereunder,
unless the subject of a good faith dispute (or a good faith dispute that is subsequently cured), (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder

  
 14 

 
within two (2) Business Days of the date when due, unless the subject of a good faith dispute (or a good faith dispute that is subsequently cured), (c) has been deemed insolvent or
become the subject of a bankruptcy or insolvency proceeding or (d) has notified the Borrower and/or the Administrative Agent that it does not intend to comply with its funding obligations or has made a public statement or provided any written
notification to any Person to that effect with respect to its funding obligations hereunder; 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. 
 “Designated Non-Cash Consideration” means the
fair market value of non-cash consideration received by the Borrower or a Restricted Subsidiary in connection with a Disposition pursuant to Section 6.5(f) that is so designated as Designated Non-Cash Consideration pursuant to a certificate of a
Responsible Officer, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale, redemption or repurchase of or collection or payment on such Designated Non-Cash
Consideration. 
 “Designated Preferred Stock” means Preferred Stock of the Borrower (other than Disqualified Stock) that
is issued for cash (other than to the Borrower or a Restricted Subsidiary or an employee stock ownership plan or trust established by the Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to a
certificate of a Responsible Officer, on or promptly after the issuance date thereof, the cash proceeds of which are excluded from the calculation of the Available Amount. 

“Disposition” means, with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer,
exchange or other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Institutions” means the financial institutions and competitors specifically identified in writing to the
Administrative Agent prior to April 22, 2014 as “Disqualified Lenders” and competitors that were not competitors on such date identified in writing to the Administrative Agent from time to time as “Disqualified Lenders”.

 “Disqualified Stock” means that portion of 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 at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute a Change of Control), matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control) on or prior to the date that is six (6) months after the Latest Maturity Date.

 “Dollars” and “$” means dollars in lawful currency of the United States of America. 

“Domestic Subsidiary” means any direct or indirect Subsidiary of the Borrower that is organized under the Laws of the United
States, any state thereof or the District of Columbia (other than any such Subsidiary that is treated as a disregarded entity for United States 

  
 15 

 
Federal income tax purposes and substantially all of whose assets consist (directly or indirectly through disregarded entities) of the Equity Interests and/or Indebtedness of one or more CFCs).

 “ECF Percentage” means a percentage equal to (i) if at any time the Total Leverage Ratio, calculated on a Pro Forma
Basis, is greater than 3.00:1.00, 100%, (ii) if at any time the Total Leverage Ratio, calculated on a Pro Forma Basis, is less than or equal to 3.00:1.00 but greater than 2.75:1.00, 50%, (iii) if at any time the Total Leverage Ratio,
calculated on a Pro Forma Basis, is less than or equal to 2.75:1.00 but greater than 2.50:1.00, 25% and (iv) if at any time the Total Leverage Ratio, calculated on a Pro Forma Basis, is less than or equal to 2.50:1.00, 0%. 

“Environmental Action” shall mean any action, suit, notice, demand, demand letter, claim, lien, notice of noncompliance or
violation or proceeding (“Claims”) relating in any way to any Environmental Law or any Environmental Permit including (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response,
remedial or other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party relating to the release, alleged release, or threatened release of Hazardous Materials or arising from alleged
injury or threat of injury to the environment, or to health or safety. 
 “Environmental Law” means any applicable federal,
state, provincial, foreign or local statute, law, rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any
judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, in each case, to the extent binding on Holdings or its Subsidiaries, relating to the environment, the effect of the
environment on employee health, or Hazardous Materials, in each case as amended from time to time. 
 “Environmental
Liabilities” means all liabilities, monetary obligations, losses, damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility
studies), fines, penalties, sanctions, and interest incurred as a result of any Remedial Action, or any Environmental Action. 

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

“Environmental Permits” has the meaning set forth in Section 3.17. 

“Equity Contribution” has the meaning set forth in Section
2.2(a)(ii). 
 “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. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended from time to time. 

  
 16 

 “Eurodollar Rate Loans” means Loans the rate of interest applicable to which is
based upon the Eurodollar Rate. 
 “Eurodollar Rate” means, with respect to each day during each Interest Period pertaining
to a Eurodollar Rate Loan, the offered rate for deposits of U.S. Dollars for a term coextensive with the designated Interest Period pertaining to a Eurodollar Rate Loan which the ICE Benchmark Administration (or any successor administrator of
Eurodollar rates thereto if the ICE Benchmark Administration is no longer making a Eurodollar rate available) fixes as its Eurodollar rate as of 11:00 a.m. London time on the day which is two (2) London Banking Days prior to the beginning of
such Interest Period pertaining to a Eurodollar Rate Loan as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to
time); provided that the Eurodollar Rate with respect to Term Loans will be deemed not to be less than 1.00% per annum. If for any reason the Administrative Agent cannot determine such offered rate fixed by the then current administrator
of Eurodollar rates, then the “Eurodollar Rate” for such Interest Period shall be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rate per annum determined by the Administrative Agent to be the rate at which
deposits in dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Borrowing being made, continued or converted by the Administrative Agent and with a term equivalent to such
Interest Period would be offered by the Administrative Agent’s London Branch to major banks in the London interbank Eurodollar market at their request at approximately 11:00 a.m. London time on the day that is two (2) London Banking Days
prior to the beginning of such Interest Period. 
 “Eurodollar Reserve Requirements” means at any time, for any Eurodollar
Rate Loan, the maximum rate, expressed as a decimal, at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities”
(as such term is defined in Regulation D) under regulations issued from time to time by the Board or other applicable banking regulator. Without limiting the effect of the foregoing, the Eurodollar Reserve Requirement shall reflect any other
reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the Eurodollar Rate or any other interest rate of a Loan is to be determined, or (ii) any
category of extensions of credit or other assets which include Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of
credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on Eurodollar Rate Loans shall be adjusted automatically on and as of the effective date of any change in the
Eurodollar Reserve Requirement. 
 “Eurodollar Tranche” means with respect to any Facility, the collective reference to
Eurodollar Rate Loans in the same currency under such Facility the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the
same day). 
 “Event of Default” means any of the events specified in Section 7, provided that any requirement
for the giving of notice, the lapse of time, or both, has been satisfied. 

  
 17 

 “Excess Cash Flow” means with respect to Holdings, the Borrower and its
Restricted Subsidiaries: 
 (a) Consolidated EBITDA, minus 

(b) the sum of, without duplication: 

(i) the cash portion of Consolidated Interest Expense paid during such period; 

(ii) the cash portion of Consolidated Income Tax Expense paid during such period; 

(iii) all scheduled principal payments made in respect of the Term Loans or Funded Debt (other than repayment of Revolving
Credit Loans that do not result in a permanent reduction of the Revolving Credit Commitments) during such period; 
 (iv) the
cash portion of Consolidated Capital Expenditures (net of any proceeds reinvested in accordance with Section 2.10(b) and any proceeds of related financings with respect to such expenditures) made during such period; 

(v) the excess, if any, of Consolidated Working Capital at the end of such period over Consolidated Working Capital at the
beginning of such period (or, if the difference results in an amount less than zero, minus the excess, if any, of Consolidated Working Capital at the beginning of such period over Consolidated Working Capital at the end of such period); 

(vi) all cash expenses, fees, charges and amounts to the extent added back to Consolidated EBITDA (or its component
definitions); 
 (vii) any gain realized from a Disposition subject to the right to reinvest contained in Section 2.10(b) to
the extent included in Excess Cash Flow for the applicable period; 
 (viii) cash payments under Capital Leases (excluding
any interest expense portion thereof) or other long-term obligations (including pension obligations); 
 (ix) cash
expenditures in respect of obligations in respect of Hedge Agreements during such fiscal year to the extent not deducted in arriving at Consolidated EBITDA (or its component definitions); 

(x) without duplication of amounts deducted from Excess Cash Flow pursuant to clause (xii) in prior periods, actual cash
payments in respect of Permitted Acquisitions and Investments in joint ventures (except to the extent such Permitted Acquisitions or Investments were financed (1) with the proceeds of Funded Debt (other than any Indebtedness under any revolving
credit facility) of the Borrower or any Restricted Subsidiary, (2) with cash on the balance sheet of the Borrower as of the 

  
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Closing Date and less, in each case, any amounts received in respect thereof as a return of capital or (3) contemporaneously with the proceeds of equity contributions to Holdings); 

(xi) any cash actually paid in respect of any non-cash losses or charges recorded in a prior period; and 

(xii) the amount of Restricted Payments paid in cash during such period pursuant to Sections 6.6(c), 6.6(d), 6.6(f), 6.6(e),
6.6(j), 6.6(k) or 6.6(l) in respect of prior periods, except to the extent such Restricted Payments were financed with (A) the proceeds of Funded Debt (other than any Indebtedness under any revolving credit facility) of the Borrower or any
Restricted Subsidiary or (B) cash on the balance sheet of the Borrower as of the Closing Date. 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Excluded
Assets” means (i) any fee-owned real property with a fair market value of less than $2,500,000, any leasehold rights and interests in real property (including landlord waivers, estoppels, collateral access letters and ground lease
interests with respect to locations with collateral values below $2,500,000) and any fixtures affixed to any real property not subject to a Mortgage in favor of the Administrative Agent, (ii) motor vehicles, aircraft and other assets subject to
certificates of title or ownership to the extent that a security interest therein cannot be perfected solely by filing a UCC (or similar) financing statement, (iii) letters of credit and letter of credit rights, except (A) to the extent
constituting supporting obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be
required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement) or (B) having a value greater than $1,000,000, (iv) commercial tort claims where the amount of damages claimed by the
applicable Loan Party is less than $1,000,000, (v) any governmental licenses or state or local franchises, charters and authorizations to the extent that the Administrative Agent may not validly possess a security interest therein under
applicable Laws (including, without limitation, rules and regulations of any Governmental Authority or agency) or the pledge or creation of a security interest in which would require governmental consent, approval, license or authorization, other
than to the extent such prohibition, limitation or restriction is ineffective under the UCC or other applicable Laws, (vi) any lease, license, franchise, charter, authorization, contract or agreement to which any Loan Party is a party, and any
of its rights or interest thereunder (but not the cash proceeds thereof), if and to the extent the pledge thereof or the security interest therein (A) is prohibited by a term, provision or condition of any such lease, franchise, charter,
authorization, contract or agreement or Organizational Document existing on the Closing Date (or at the time such Person becomes a Subsidiary (and not created in contemplation thereof)) or (B) is prohibited by any Requirement of Law (other than
to the extent such prohibition is rendered ineffective under the UCC) or, in the case of either (A) or (B), would require consent, approval, license or authorization (in each case, after giving effect to the applicable anti-assignment
provisions of the UCC or other applicable Laws) by any Governmental Authority or other third party or would give rise to a termination right pursuant to any “change of control” or other similar provision under such written agreement,
license or lease (except to the extent such provision is overridden by the UCC or other applicable Laws) or (C) is 

  
 19 

 
prohibited by a term, provision or condition of any such license, (vii) Margin Stock, Equity Interests in any Person other than Material Subsidiaries, (viii) any lease, license or
agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar
arrangement or create a right of termination in favor of any other party thereto, in each case, after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Laws, other than proceeds and receivables thereof, the
assignment of which is expressly deemed effective under the UCC or other applicable Laws notwithstanding such prohibition, (ix) any (A) “intent-to-use” application for registration of a trademark filed pursuant to
Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to Section 1(d) of the Lanham Act, or an accepted
filing of an “Amendment to Allege Use” whereby such intent-to-use trademark application is converted to a “use in commerce” application pursuant to Section 1(c) of the Lanham Act, (B) Intellectual Property or licenses
thereof if the grant of such security interest would constitute or result in the abandonment of, loss of, invalidation of, voiding or rendering unenforceable any of its right, title or interest therein (in each case, after giving effect to the
applicable anti-assignment provisions of the UCC or other applicable Laws) and (C) any assets titled outside the U.S., including any intellectual property registered or applied for in any non-U.S. jurisdiction, with respect to which actions in
any non-U.S. jurisdiction are needed or required by the laws of any non-U.S. jurisdiction to create or perfect any security interest therein (it being understood that there shall be no security agreements or pledge agreements governed under the laws
of any non-U.S. jurisdiction), (x) particular assets if and for so long as, in the reasonable judgment of the Administrative Agent in consultation with the Borrower, the cost of creating, perfecting or maintaining such pledges or security
interest in such assets or obtaining title insurance, surveys, abstracts or appraisals in respect of such assets exceed the fair market value (as determined by the Administrative Agent in its reasonable judgment) thereof or the practical benefits to
be obtained by the Lenders therefrom, (xi) voting Equity Interests constituting an amount greater than 65% of the voting Equity Interests of any Foreign Subsidiary that is a CFC (but for the avoidance of doubt, 75% of any non-voting Equity
Interests will not be Excluded Assets by reason of this clause (xi)), (xii) Equity Interests in any joint venture or any non-wholly owned Restricted Subsidiaries but only to the extent (x) the pledge thereof to the Administrative Agent is
not permitted by the terms of such Person’s joint venture documents or Organizational Documents or (y) the pledge of such Equity Interests (including any exercise of remedies) would result in a change of control, repurchase obligation or
other adverse consequence to any of the Loan Parties or such Restricted Subsidiary, (xiii) Equity Interests or other assets that are held directly (or through entities that are treated as partnerships or disregarded entities for U.S. federal
tax purposes) by a Foreign Subsidiary that is a CFC, (xiv) intercompany loans, Indebtedness or receivables owed by any CFC or any Foreign Subsidiary referred to in clause (xi) above and (xv) assets, if and to the extent that a
security interest in such asset requires a consent of any Governmental Authority or any third party that has not been obtained, except to the extent such consent is rendered ineffective under the UCC; provided that (i) perfection by
“control” shall not be required with respect to any Collateral (other than (x) in respect of certificated Collateral and (y) in respect of physical instruments with a face amount in excess of $1,000,000), (ii) control
agreements shall not be required in respect of any deposit accounts, securities accounts, commodities accounts and other bank accounts with an average balance over 30 days below $2,000,000; provided, however, 

  
 20 

 
the aggregate average balance over any 30 day period for all such accounts shall not exceed $6,000,000 (with standard carve-outs for payroll accounts, benefits, withholding tax, escrow, customs
or other zero balance accounts or other fiduciary accounts or for accounts which constitute Liens permitted pursuant to Section 6.3 securing Indebtedness permitted pursuant to Section 6.2), and (iii) no Loan Party shall be required to
deliver landlord lien waivers, estoppels or collateral access letters with respect to locations with collateral values below $2,500,000. 

“Excluded Contribution” means net cash proceeds or marketable securities received by the Borrower from contributions to its
common equity capital designated as Excluded Contributions pursuant to an officers’ certificate on the date such capital contributions are made. 

“Excluded Subsidiary” means (a) subject to the provisions of Section 5.11(e), any Non-Wholly Owned Subsidiary,
(b) any Foreign Subsidiary (and any Subsidiary of such Foreign Subsidiary that is disregarded thereof, or treated as a partnership, for U.S. federal tax purposes), (c) any Domestic Subsidiary that is a Subsidiary of a CFC, (d) any
Subsidiary that is prohibited or restricted by (i) any Contractual Obligation (including pursuant to Organizational Documents but only to the extent existing prior to the Closing Date) or (ii) Requirement of Law from providing a guaranty
or pledging its assets, or if such guarantee or pledge would require governmental (including regulatory) or third party consent, approval, license or authorization, (e) subject to the provisions of Section 5.11(e), any Subsidiary that is
not a Material Subsidiary and (f) any Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the burden or cost of providing the guaranty shall outweigh the benefits to be obtained by the
Lenders therefrom. 
 “Excluded Swap Obligation” means, with respect to any Loan Party, any obligation (a “Swap
Obligation”) to pay or perform under any agreement, contract, or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, if, and to the extent that, all or a portion of the
guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, or order of the
Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act (determined after giving effect to any “keepwell, support or other agreement” for the benefit of such Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act) at the time the guaranty of such
Loan Party, or a grant by such Loan Party of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the
portion of such Swap Obligation that is attributable to swaps for which such guaranty or security interest becomes illegal. 

“Excluded Taxes” means, with respect to each Agent and each Lender, (a) any tax on such Agent or Lender’s net
income or profits (or franchise tax in lieu of such tax on net income or profits) imposed by a jurisdiction as a result of such Agent or Lender being organized or having its principal office or applicable Lending Office located in such jurisdiction
or as a result of any other present or former connection between such Agent or Lender and the jurisdiction (including as a result of such Agent or Lender carrying on a trade or business, having 

  
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a permanent establishment or being a resident for tax purposes in such jurisdiction, other than a connection arising solely from such Agent or Lender having executed, delivered, enforced, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to the Loan Documents), (b) any branch profits tax under Section 884(a) of
the Code, or any similar tax, imposed by any other jurisdiction described in clause (a), (c) any U.S. federal withholding tax that is imposed on amounts payable to a Foreign Lender pursuant to a Law in effect at the time such Foreign Lender
becomes a party hereto (or designates a new Lending Office) (or where the Foreign Lender is a partnership for U.S. federal income tax purposes, pursuant to a law in effect on the later of the date on which such Foreign Lender becomes a party hereto
or the date on which the affected partner becomes a partner of such Foreign Lender), except, in the case of a Foreign Lender that designates a new Lending Office or is an assignee, to the extent that such Foreign Lender (or its assignor, if any) was
entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Loan Party with respect to such U.S. federal withholding tax pursuant to Section 2.18, (d) any withholding
tax attributable to a Lender’s failure to comply with Section 2.18(d), (e) any withholding tax imposed under FATCA, (f) any Taxes that are attributable to a Lender’s or Agent’s gross negligence or willful misconduct and
(g) any interest, additions to taxes and penalties with respect to any taxes described in clauses (a) through (f) of this definition. 

“Existing Credit Facilities” means, collectively, the (i) Revolving Credit, Term Loan and Security Agreement dated as of
November 26, 2013, among GateHouse Media Intermediate Holdco, LLC, the additional borrowers named therein, the guarantors named therein, PNC Bank, National Association, as administrative agent, Crystal Financial LLC, as term loan B agent, and
the lenders and other parties thereto, (ii) the Term Loan and Security Agreement dated as of November 26, 2013, among GateHouse Media Intermediate Holdco, LLC, the guarantors named therein and Mutual Quest Fund as lender and (iii) the
Credit Agreement dated as of September 3, 2013, among Local Media Group, Inc., Local Media Group Holdings LLC, the subsidiary borrowers named therein, Capital One Business Credit Corp. as administrative agent and collateral agent, and the
lenders and other parties thereto, as amended by Amendment No. 1 on October 17, 2013 and by Amendment No. 2 on February 28, 2014. 

“Existing Revolving Credit Class” has the meaning specified in Section 2.25(b). 

“Existing Term Loan Class” has the meaning specified in Section 2.25(a). 

“Extended Revolving Credit Commitments” has the meaning specified in Section 2.25(b). 

“Extended Term Loan” has the meaning specified in Section 2.25(a). 

“Extending Lender” means an Extending Revolving Credit Lender or an Extending Term Lender, as the case may be. 

“Extending Revolving Credit Lender” has the meaning specified in Section 2.25(c). 

“Extending Term Lender” has the meaning specified in Section 2.25(c). 

  
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 “Extension Amendment” has the meaning specified in Section 2.25(d). 

“Extension Election” has the meaning specified in Section 2.25(c). 

“Extension Request” means any Term Loan Extension Request or any Revolving Credit Extension Request, as the case may be. 

“Extension Series” means any Term Loan Extension Series or a Revolving Credit Extension Series, as the case may be. 

“Facility” means the Initial Term Loans, the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit
Commitments, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans, a given Class of Incremental Revolving Credit Commitments or a given Class of Replacement Loans, as the context may require. 

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

“Federal Funds Effective Rate” means for any day, the rate per annum equal to the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, (i) if such
day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (ii) if no such rate is so published on
such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to the Administrative Agent on such day on such transactions as determined by the Administrative Agent. 

“First Amendment” means that certain First Amendment to Credit Agreement dated as of September 3, 2014, by and among
Holdings, the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 
 “First
Amendment Effective Date” means September 3, 2014. 
 “First Amendment Incremental Term Commitment” means, as
to each Term Loan Lender, its obligation (if applicable) to make a First Amendment Incremental Term Loan to the Borrower pursuant to Section 2.1(a)(ii) in an aggregate amount not to exceed the amount specified opposite such Lender’s name on
Schedule 2.1 under the caption “First Amendment Incremental Term Commitment” or in the Assignment and Acceptance (or Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24 or Section 2.25). The aggregate amount of the 

  
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First Amendment Incremental Term Commitments as of the First Amendment Effective Date is $25,000,000. 

“First Amendment Incremental Term Loans” means the term loans made by the Lenders on the First Amendment Effective Date to
the Borrower pursuant to Section 2.1(a)(ii); it being understood that except as set forth in the First Amendment and in this Agreement, the First Amendment Incremental Term Loans shall be of the same Class as the Initial Term Loans, shall have
identical terms as the Initial Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or any provisions regarding the rights of the Lenders, of
this Agreement and the other Loan Documents. 
 “Foreign Asset Sale” has the meaning set forth in Section 2.10(g).

 “Foreign Lender” means a Lender that is not a United States person within the meaning of Section 7701(a)(30) of the
Code. 
 “Foreign Recovery Event” has the meaning set forth in Section 2.10(g). 

“Foreign Subsidiary” means any direct or indirect Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such
Defaulting Lender’s Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to Non-Defaulting Lenders or Cash Collateralized in
accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s pro rata share of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has
been reallocated to Non-Defaulting Lenders or Cash Collateralized in accordance with the terms hereof. 
 “Fund” means any
Person (other than a natural person) that is primarily engaged in marking, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funded Debt” means, with respect to any Person, (a) all Indebtedness of such Person of the types described in clauses
(a), (c), (e) and (h) (solely with respect to Guarantee Obligations in respect of obligations of the kind referred to in clauses (a), (c) and (e) of the definition of “Indebtedness”) of the definition of
“Indebtedness” that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of such Person, to a date more than one year from such date and
(b) unreimbursed drawings under Letters of Credit, but excluding bank guarantees and similar instruments and revolving credit lines (including the Revolving Credit Facility), to the extent undrawn. 

“Funding Office” means the office specified from time to time by the Administrative Agent as its funding office by written
notice to the Borrower and the Lenders. 

  
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 “GAAP” means generally accepted accounting principles in the United States of
America as in effect from time to time. 
 “Governmental Authority” means any federal, state, provincial, municipal,
national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 

“Grantor” means, collectively, Holdings, the Borrower and the Subsidiary Guarantors, together with any other Person that
grants a Lien on any of its Property to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Guarantee Agreement” means collectively, (i) the Guarantee Agreement dated as of the Closing Date made by each of the
signatories thereto, in favor of the Administrative Agent for the benefit of the Secured Parties and governed by the Laws of the State of New York, substantially in the form attached hereto as Exhibit D, together with any supplements or
joinders thereto executed and delivered pursuant to Section 5.11 and (ii) any such other guarantee made in favor of the Administrative Agent for the benefit of the Secured Parties in form and substance reasonably satisfactory to the
Administrative Agent, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation, including a
reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of
credit) that guarantees or in effect guarantees any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly
or indirectly, including, without limitation, any obligation of the guaranteeing 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 (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include (i) endorsements of instruments for deposit or collection in the
ordinary course of business, indemnification obligations incurred in the ordinary course of business or obligations in respect of indemnification, purchase price adjustments and earnouts incurred in connection with Permitted Acquisitions and
Dispositions permitted under Section 6.5 and (ii) with respect to any Loan Party, Excluded Swap Obligations of such Loan Party. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of
(a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of
the instrument embodying such 

  
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 Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person
may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

 “Guarantors” means, collectively, Holdings and the Subsidiary Guarantors, together with any other Subsidiary of Holdings
or the Borrower or any direct or indirect parent of Holdings added as a Guarantor at the election of the Borrower or pursuant to Section 5.11 (other than any Excluded Subsidiary). 

“Guaranty” means the guaranty of each Guarantor pursuant to the Guarantee Agreements. 

“Hazardous Materials” means (a) substances that are defined or listed in, or otherwise classified pursuant to, any
applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to define, list, or classify substances by reason of
deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas,
drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or any radioactive materials, and
(d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 

“Hedge Agreements” means all interest rate or currency swaps, caps or collar agreements, foreign exchange agreements,
commodity contracts or similar arrangements entered into by the Borrower or its Subsidiaries providing for protection against fluctuations in interest rates, currency exchange rates, commodity prices or the exchange of nominal interest obligations,
either generally or under specific contingencies. 
 “Historical Financial Statements” means (i) (A) the audited
financial statements of New Media and its Subsidiaries for the immediately preceding fiscal year, consisting of balance sheets and the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for
such fiscal year, (B) the audited financial statements of GateHouse Media, LLC and its Subsidiaries for the fiscal year ended December 30, 2012, consisting of balance sheets and the related consolidated statements of operations,
comprehensive income, stockholders’ equity and cash flows for such fiscal year and (C) the audited financial statements of Dow Jones Local Media Group, Inc. and its Subsidiaries for the fiscal years ended June 30, 2013 and
June 30, 2012, consisting of balance sheets and the related consolidated statements of operations, comprehensive income, equity and cash flows for such fiscal year and (ii) the unaudited financial statements of Holdings and its
Subsidiaries as of the most recent fiscal quarter ended after the date of the most recent audited financial statements described in clause (i) of this definition, consisting of a balance sheet and the related consolidated statements of
operations, comprehensive income, stockholders’ equity and cash flows for the three-, six- or nine-month period, as applicable, ending on such date, and, in the case of clauses (i) and (ii), certified by a Responsible Officer that they
fairly present, in all 

  
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 material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the
results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments. 

“Holdings” has the meaning set forth in the preamble. 

“Holdings Entity” means any of the following Persons: Holdings and its direct Subsidiary, if any, on the Closing Date that is
not the Borrower. 
 “Immaterial Subsidiaries” means the Restricted Subsidiaries of the Borrower that are not Material
Subsidiaries. 
 “Immediate Family Members” means, with respect to any individual, such individual’s child, stepchild,
grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust,
partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which
any such individual is the donor. 
 “Incremental Amendment” has the meaning set forth in Section 2.24(f). 

“Incremental Commitments” has the meaning set forth in Section 2.24(a). 

“Incremental Facility Closing Date” has the meaning set forth in Section 2.24(d). 

“Incremental Lenders” has the meaning set forth in Section 2.24(c). 

“Incremental Loan” has the meaning set forth in Section 2.24(b). 

“Incremental Loan Request” has the meaning set forth in Section 2.24(a). 

“Incremental Revolving Credit Commitments” has the meaning set forth in Section 2.24(a). 

“Incremental Revolving Credit Lender” has the meaning set forth in Section 2.24(c). 

“Incremental Term Commitment” has the meaning set forth in Section 2.24(a) and shall include the First
Amendment Incremental Term Loan Commitment and the Third Amendment Incremental Term Loan Commitment. 

“Incremental Term Lender” has the meaning set forth in Section 2.24(c). 

“Incremental Term LoanLoans” has the
meaning set forth in Section 2.24(b) and shall include the First Amendment Incremental Term LoanLoans and the Third Amendment Incremental Term Loans. 

  
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 “Indebtedness” means, of any Person at any date, without duplication,
(a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than (i) accounts payable and accrued expenses incurred in the ordinary course of such
Person’s business, (ii) purchase price adjustment, earn-outs, holdbacks and contingent payment obligations to which the seller of such Property or services may become entitled; provided that, to the extent such payment is fixed and
determinable and not otherwise contingent, the amount is paid within 90 days after the date such payment becomes fixed and determinable and not otherwise contingent and (iii) obligations incurred under ERISA or deferred employee or director
compensation and accruals for employee expenses or obligations (including workers’ compensation and retiree medical care)), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person, (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person,
contingent or otherwise, as an account party or applicant under acceptance, letter of credit, surety bond or similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for
value any Disqualified Stock of such Person; provided that, the obligations described in clauses (a) through (g) shall only constitute “Indebtedness” of a Person if and to the extent such obligations would constitute indebtedness
or a liability on a balance sheet of such Person (or related footnotes) in accordance with GAAP, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above and
(i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including,
without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation; provided that in no event shall obligations under any derivative transaction
be deemed “Indebtedness” unless such obligations relate to a derivatives transaction which has been terminated. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such
Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such
Person is not liable therefor. 
 “Indemnified Liabilities” has the meaning set forth in Section 9.5. 

“Indemnitee” has the meaning set forth in Section 9.5. 

“Initial Revolving Credit Facility” means the Revolving Credit Facility as of the Closing Date. 

“Initial Term Commitment” means, as to each Term Loan Lender, its obligation to make an Initial Term Loan to the Borrower
pursuant to Section 2.1(a) in an aggregate amount not to exceed the amount specified opposite such Lender’s name under on Schedule 2.1 under the caption “Initial Term Commitment” or in the Assignment and Acceptance (or
Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24
or Section 2.25). The aggregate amount of the Initial Term Commitments is $200,000,000. 

  
 28 

 “Initial Term Loans” means the term loans made by the Lenders on the Closing
Date to the Borrower pursuant to Section 2.1(a). 
 “Insolvency” means, with respect to any Multiemployer Plan, the
condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 
 “Insolvent” means pertaining to
a condition of Insolvency. 
 “Intellectual Property” means the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses,
technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Payment Date” means with respect to (a) any Loan that is a Base Rate Loan, the last Business Day of March,
June, September and December of each year, commencing on the first such date to occur after the Closing Date and the final maturity date of such Loan; and (b) any Loan that is a Eurodollar Rate Loan, the last day of each Interest Period
applicable to such Loan; provided, in the case of each Interest Period of longer than three months “Interest Payment Date” shall also include each date that is three months, or an integral multiple thereof, after the commencement of
such Interest Period. 
 “Interest Period” means, as to any Eurodollar Rate Loan, (a) initially, the period commencing
on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Rate Loan and ending one, two, three or six months (or, if agreed by the relevant Revolving Credit Lenders or Term Loan Lenders, as applicable, 12 months or a
shorter period) thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding
Interest Period applicable to such Eurodollar Rate Loan and ending one, two, three or six months (or, if agreed by the relevant Revolving Credit Lenders or Term Loan Lenders, as applicable, 12 months or a shorter period) thereafter, as selected by
the Borrower by irrevocable notice to the Administrative Agent not later than 11:00 A.M. (New York City time) on the date that is three (3) Business Days prior to the last day of the then current Interest Period with respect thereto,
provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest Period would
otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day; 
 (ii) any Interest Period that would otherwise extend beyond the Revolving Credit
Maturity Date or beyond the date final payment is due on the Term Loans shall end on the Revolving Credit Maturity Date or such due date, as applicable; 

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

  
 29 

 
Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iv) any Interest Period election with respect to the Term Loans shall apply to both the Initial Term Loan
andLoans, the First Amendment Incremental Term LoanLoans and the Third Amendment Incremental Term
Loans. 
 “Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest
rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging the interest rate exposure associated with the Borrower’s and its Subsidiaries’ operations and
not for speculative purposes. 
 “Investment” means, as to any Person, (a) the purchase or other acquisition of
Capital Stock or debt or other securities of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in,
another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or
business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment outstanding at any time shall be the original amount actually invested,
reduced by any dividend, distribution, return of capital or repayment received by such Person in respect of the Investment, but otherwise without adjustment for subsequent increases or decreases in the value of, or write-ups, write-downs or
write-offs with respect to, such Investment. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or
the equivalent) by Moody’s and BBB- (or the equivalent) by S&P or, if the applicable instrument is not then rated by Moody’s or S&P, an equivalent rating by any other rating agency. 

“Investment Grade Securities” means: 

(a) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof
(other than Cash Equivalents); 
 (b) debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities
or instruments constituting loans or advances among the Borrower and their Subsidiaries; 
 (c) investments in any fund that invests
exclusively in investments of the type described in clauses (a) and (b) which fund may also hold immaterial amounts of cash pending investment or distribution; and 

(d) corresponding instruments in countries other than the United States customarily utilized for high quality investments. 

“Issuing Bank” means (a) Citizens Bank of Pennsylvania and (b) any Revolving Credit Lender from time to time
designated by the Borrower as an Issuing Bank with the consent 

  
 30 

 
of such Revolving Credit Lender and the Administrative Agent or any successor issuer or Letters of Credit hereunder. 

“Junior Indebtedness” means Indebtedness of any Person so long as (i) such Indebtedness shall not require any
amortization prior to the date that is six months following the Latest Maturity Date; (ii) the Weighted Average Life to Maturity of such Indebtedness shall be equal to or greater than the then remaining Weighted Average Life to Maturity of the
outstanding Loans; (iii) the mandatory prepayment provisions, affirmative and negative covenants and financial covenants, if any, shall be no more restrictive than the corresponding provisions set forth in the Loan Documents other than those
applicable only to periods after the Latest Maturity Date; (iv) such Indebtedness is either senior unsecured Indebtedness, Indebtedness subordinated on terms and conditions reasonably satisfactory to the Required Lenders or convertible notes;
(v) if such Indebtedness is incurred by a Loan Party, such Indebtedness may be guaranteed by another Loan Party so long as (a) such Loan Party shall have also provided a guarantee of the Obligations substantially on the terms set forth in
this Agreement and (b) if the Indebtedness being guaranteed is subordinated to the Obligations, such guarantee shall be subordinated to the guarantee of the Obligations on terms and conditions reasonably satisfactory to the Administrative
Agent; and (vi) if such Indebtedness is incurred by a Restricted Subsidiary of the Borrower that is not a Loan Party, such Indebtedness may be guaranteed by another Subsidiary of the Borrower that is not a Loan Party; provided that any
Indebtedness which, by its terms, provides for amortization prior to the date that is six months after the Latest Maturity Date solely to the extent that such payment is permitted under Section 6.6 of this Agreement, shall be deemed Junior
Indebtedness so long as the other conditions stated herein are satisfied. 
 “Junior Indebtedness Documentation” means any
documentation governing any Junior Indebtedness. 
 “L/C Borrowing” means an extension of credit resulting from a drawing
under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Loan. 
 “L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof. 

“L/C Obligations” means, at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount
of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 2.4(d). 

“L/C Sublimit” means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving
Credit Commitments. The L/C Sublimit is part of, and not in addition to, the Revolving Credit Facility. 
 “Latest Maturity
Date” means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Initial Term Loan, any Incremental Loan,
any 

  
 31 

 
Replacement Loan or any Extended Term Loan, in each case as extended in accordance with this Agreement from time to time. 

“Law” means any law (including common law and the laws of equity), constitution, statute, treaty, regulation, rule,
ordinance, order, injunction, court decree or award of any Governmental Authority. 
 “Lenders” has the meaning set forth
in the preamble hereto. 
 “Lending Office” means, as to any Lender, the office or offices of such Lender described as such
in such Lender’s administrative questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“Letters of Credit” means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a
standby letter of credit; provided, however, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. 

“Letter of Credit Expiration Date” has the meaning set forth in Section 2.4(a). 

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

“Letter of Credit Request” means a letter requesting the relevant Issuing Bank to issue a Letter of Credit, in a form
acceptable to the Issuing Bank. 
 “Lien” means any mortgage, pledge, hypothec, hypothecation, assignment, deposit
arrangement, right of retention, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without
limitation, any conditional or installment sale or other title retention agreement and any Capital Lease having substantially the same economic effect as any of the foregoing); provided that in no event shall an operating lease be deemed to
constitute a Lien. 
 “Loan” means an Initial Term Loan, an Incremental Term Loan, a Replacement Loan, a Revolving Credit
Loan and a Swing Line Loan, in each case, whether or not subject to an Extension. 
 “Loan Documents” means this Agreement,
the Security Documents, the Guarantee Agreements, the Letter of Credit Requests, the Notes, any Incremental Amendment, any Extension Amendment and any amendment in respect of Replacement Loans. 

“Loan Increase” means a Term Loan Increase or Incremental Revolving Credit Commitment. 

“Loan Parties” means the collective reference to Holdings, the Borrower and each Guarantor; provided that if any
direct or indirect parent of Holdings has been added as a Grantor at the request of the Borrower, “Loan Parties” shall include such direct or indirect parent of Holdings. 

  
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 “Management Agreement” means that certain Management and Advisory Agreement,
dated as of the date hereof, among New Media and Holdings, as amended, supplemented or otherwise modified in accordance with Section 6.17. 

“Margin Stock” has the meaning set forth in Regulation U of the Board of Governors of the United States Federal Reserve
System, or any successor thereto. 
 “Material Adverse Effect” means (a) a material adverse effect on the business,
assets, financial condition or results of operations of Holdings, the Borrower and the Restricted Subsidiaries, taken as a whole, (b) a material and adverse effect on the rights and remedies of the Administrative Agent or the Lenders, taken as
a whole, under the Loan Documents or on the Administrative Agent’s enforceability of Liens on the Collateral for the benefit of the Secured Parties or the priority of such Liens or (c) a material and adverse effect on the ability of the
Loan Parties, taken as a whole, to perform their payment obligations under any Loan Document. 
 “Material Non-Public
Information” means, with respect to the Borrower or any of the Restricted Subsidiaries, information that (a) has not been disclosed to the Lenders (other than Lenders that do not wish to receive Material Non-Public Information with
respect to the Borrower, any of the Restricted Subsidiaries or Affiliates) or has not otherwise been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD prior to such time and (b) could
reasonably be expected to have a material effect upon, or otherwise be material, (i) to a Lender’s decision to participate in any Discounted Voluntary Prepayment or (ii) to the market price of the Loans. 

“Material Subsidiary” means, at any time, (i) each Restricted Subsidiary of the Borrower which represents (a) 5.0%
or more of the Borrower’s Total Assets or (b) 5.0% or more of the Borrower’s Consolidated EBITDA, in each case as determined at the end of the most recent fiscal quarter of the Borrower based on the financial statements of the
Borrower delivered pursuant to Section 5.1(a) and Section 5.1(b) or (ii) any Subsidiary of the Borrower designated by notice in writing given by the Borrower to the Administrative Agent to be a “Material Subsidiary” ;
provided that any such Subsidiary so designated as a “Material Subsidiary” shall at all times thereafter remain a Material Subsidiary for the purposes of this Agreement unless otherwise agreed to by the Borrower and the
Administrative Agent or unless such Material Subsidiary ceases to be a Subsidiary in a transaction not prohibited hereunder. Schedule I contains a list of all Material Subsidiaries as of the Closing Date. 

“Maturity Date” means (i) with respect to the Initial Term
Loans, the First Amendment Incremental Term Loans and the First Third Amendment Incremental Term
Loans, the sixth anniversary of the Closing Date; (ii) with respect to the Revolving Credit Facility, the fifth anniversary of the Closing Date (the “Revolving Credit Maturity Date”); (iii) with respect to any tranche of
Extended Term Loans, Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Request accepted by the respective Lender or Lenders and (iv) with respect to any Incremental Loans (other than the
First Amendment Incremental Term Loans and the Third Amendment Incremental Term Loans) or Incremental Revolving Credit
Commitments (other than the Third Amendment Incremental Revolver Increase), the final maturity date as specified in the applicable 

  
 33 

 
Incremental Amendment; provided that, in each case, if such day is not a Business Day, the applicable Maturity Date shall be the Business Day immediately succeeding such day. 

“Multiemployer Plan” means a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA with respect to
which the Borrower or any Commonly Controlled Entity has an obligation to make contributions or has any actual or contingent liability. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgages” means collectively, each of the deeds of trust, trust deeds, hypothecs and mortgages, whether in the same or a
separate agreement, made by any Loan Party in favor of, or for the benefit of, the Administrative Agent for the benefit of the Secured Parties, in form and substance reasonably satisfactory to the Administrative Agent taking into consideration the
law of the jurisdiction in which such mortgage, deed of trust, trust deed or hypothec is to be recorded, registered or filed, to the extent applicable, as the same may be amended, supplemented or otherwise modified from time to time. 

“Net Cash Proceeds” (a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of
cash and Cash Equivalents actually received by any NM Group Member (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but
only as and when such cash or Cash Equivalents is received) of such Asset Sale or Recovery Event, net of (1) attorneys’ fees, accountants’ fees and investment banking fees paid to third parties that are not NM Group Members,
(2) amounts required to be applied to the repayment of Indebtedness secured by a Lien permitted hereunder on any asset which is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document) or otherwise
subject to mandatory prepayment as a result of such Asset Sale or Recovery Event, and all accrued interest, premiums and fees incurred and payable in connection with the repayment of such Indebtedness, (3) other customary fees paid to third
parties that are not NM Group Members, (4) expenses actually incurred in connection therewith, including any and all costs incurred and payable in connection with the repair and/or restoration of any property in connection with any Recovery
Event with respect to such property and (5) taxes paid or reasonably estimated to be payable, and any amounts that would be paid or would be payable to cover tax obligations of a parent company or Tax Group pursuant to Section 6.6(j)(C),
as a result thereof and of any transactions (including any transactions deemed to occur as a result of such transactions) reasonably necessary to effectuate the relevant prepayment (after taking into account any available tax credits or deductions
and any tax sharing arrangements) and the amount of any reserves established to fund indemnification payments (fixed or contingent) or other contingent liabilities (including purchase price adjustments, payments made in connection with non-compete
agreements, retained liabilities (such as pension and other post-employment benefit liabilities and liabilities related to environmental matters)) reasonably estimated to be payable as a result thereof; and (b) in connection with any issuance
or sale of debt securities or instruments or the incurrence of Indebtedness, the cash proceeds actually received from such issuance or incurrence, net of any reasonable acquisition or construction costs, attorneys’ fees, investment banking
fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith. Notwithstanding the foregoing, the amount of Net Cash Proceeds from any Asset Sale or Recovery
Event, issuance or 

  
 34 

 sale of debt securities or the incurrence of loans received by any NM Group Member that is not a Wholly-Owned
Subsidiary shall be deemed to equal the amount received by the non-Wholly-Owned Subsidiary multiplied by the pro rata amount of Capital Stock of such non-Wholly-Owned Subsidiary beneficially owned by the NM Group Members;
provided that, in the event that any Contractual Obligation of such non-Wholly-Owned Subsidiary or Requirement of Law prohibits a distribution of such Net Cash Proceeds, such Net Cash Proceeds shall be deemed to have been received by an NM
Group Member upon the earlier of (x) the date of the actual receipt of such Net Cash Proceeds by the Borrower or a Wholly-Owned Subsidiary holding an ownership interest in such non-Wholly-Owned Subsidiary and (y) the date such Net Cash
Proceeds are first permitted to be distributed by such non-Wholly-Owned Subsidiary to the Borrower or a Wholly-Owned Subsidiary holding an ownership interest in such non-Wholly-Owned Subsidiary. 

“New Media” means New Media Investment Group Inc. 

“NM Group Members” means the Borrower, Holdings and each Restricted Subsidiary of the Borrower. 

“Non-Consenting Lender” has the meaning specified in Section 2.23(a). 

“Non-Defaulting Lender” has the meaning specified in Section 2.22(a)(iv). 

“Non-Excluded Taxes” means all Taxes other than Excluded 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. 
 “Non-Public Information” means information which
has not been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD. 

“Non-Wholly Owned Subsidiary” means any Subsidiary that is not a wholly owned Subsidiary of the Borrower or a Loan Party to
the extent designated by notice in writing given by the Borrower to the Administrative Agent to be a “Non-Wholly Owned Subsidiary.” 

“Note” means any promissory note evidencing any Loan. 

“Obligations” means all (x) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding, (y) obligations of any Loan Party arising under any Specified Hedge Agreement, and (z) Cash Management Obligations under each Secured Cash Management Agreement. Without limiting the generality of the foregoing, the
Obligations of the Loan Parties under the Loan Documents (and any of their Subsidiaries to the extent they have obligations under the Loan Documents) include (a) the obligation (including guarantee obligations) to pay principal, interest,
Letter of Credit commissions, reimbursement obligations, charges, expenses, fees, attorney costs, 

  
 35 

 
indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligations of any Loan Party to reimburse any amount in respect of any of the foregoing that any
Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party in accordance with the terms of any Loan Document. Notwithstanding the foregoing, (i) unless otherwise agreed to by the Borrower, the Administrative Agent
and any applicable Qualified Counterparty or Cash Management Bank, the obligations of Holdings, the Borrower or any Subsidiary of the Borrower under any Specified Hedge Agreement and under any Secured Cash Management Agreement shall be secured and
guaranteed pursuant to the Security Documents and the Guarantee Agreements only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (ii) any release of Collateral or Guarantors effected in the manner
permitted by this Agreement and any other Loan Document shall not require the consent of the holders of Obligations under Specified Hedge Agreements or of the holders of Cash Management Obligations under Secured Cash Management Agreements. 

“OFAC” has the meaning set forth in Section 3.21. 

“OID” means original issue discount. 

“Organizational Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and
(c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such
entity. 
 “Original Indebtedness” has the meaning set forth in the definition of “Refinancing Indebtedness”.

 “Outstanding Amount” means (a) with respect to the Term Loans, Revolving Credit Loans and Swing Line Loans on any
date, the outstanding principal thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Revolving Credit Loans (including any refinancing of outstanding Unreimbursed Amounts under Letters of Credit or L/C Credit
Extensions as a Revolving Credit Borrowing) and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding principal amount thereof on such date after giving effect to
any related L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursement of outstanding Unreimbursed Amounts under related Letters of Credit (including any refinancing of
outstanding Unreimbursed Amounts under related Letters of Credit or related L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under related Letters of Credit taking effect on such
date. 

  
 36 

 “Other Taxes” means any and all present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document (excluding, in each
case, amounts imposed on an assignment, a grant of a participation or other transfer of an interest in any Loan or Loan Document). 

“Pari Passu Lien Obligations” means all Obligations other than the Priority Lien Obligations. 

“Participant” has the meaning set forth in Section 9.6(b). 

“Participant Register” has the meaning set forth in Section 9.6(b). 

“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001). 
 “Payment Conditions” shall mean the
satisfaction of each of the following conditions both before and after giving effect to such Restricted Payment on a Pro Forma Basis: (i) there shall be at least $10,000,000 of availability under the Revolving Credit Facility, (ii) the Total
Leverage Ratio, calculated on a Pro Form Basis, does not exceed 3.00:1.00 for such fiscal quarter or the immediately preceding fiscal quarter and (iii) no Event of Default has occurred and is continuing. 

“Payment Office” means the office specified from time to time by the Administrative Agent as its payment office by notice to
the Borrower and the Lenders. 
 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A
of Title IV of ERISA (or any successor). 
 “Pension Plan” means a “pension plan”, as such term is defined in
section 3(2) of ERISA, which is subject to Title IV of ERISA (other than a Multiemployer Plan), and to which any NM Group Member or any corporation, trade or business that is, along with such NM Group Member, a member of a Commonly Controlled
Entity, may have liability, including any liability by reason of having been a substantial employer within the meaning of section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor
under section 4069 of ERISA. 
 “Permit” means any permit, license, approval, consent, order, right, certificate, judgment,
writ, injunction, award, determination, direction, decree, authorization, franchise, privilege, grant, waiver, exemption and other similar concession or by-law, rule or regulation of, by or from any Governmental Authority. 

“Permitted Acquisition” means any acquisition of the assets or Equity Interests of another Person (the
“target”) so long as: (a) evidence that no Event of Default shall have occurred or will occur after giving pro forma effect to such acquisition, (b) evidence demonstrating that the target or property is in a similar
business or business permitted under 

  
 37 

 
Section 6.14, (c) after giving effect to any pro forma adjustments reasonably acceptable to the Administrative Agent, the target shall have positive Consolidated EBITDA, (d) after
giving effect to such acquisition on a Pro Forma Basis, the Total Leverage Ratio shall be equal to or lower than 3:00 to 1:00, (e) after giving effect to such acquisition, there shall be at least $10,000,000 of availability under the Revolving
Credit Facility, (f) the Administrative Agent shall have received financial statements with respect to the target to the extent reasonably available, (g) with respect to any target the securities of which are listed on a national
securities exchange, such acquisition shall be approved by the board of directors (or equivalent governing body) or the shareholders (or equivalent) of the target, (h) with respect to any acquisition of a target that would constitute at least
25% of Consolidated EBITDA after giving effect to such acquisition on a Pro Forma Basis, the Administrative Agent shall have received either (i) a quality of earnings report with respect to such target or (ii) audited financial statements
of such target, in each case, in form and substance reasonably acceptable to the Administrative Agent, and (i) if required pursuant to
Section 5.11,5.11, the target shall (i) be added as a Guarantor and (ii) grant to the Administrative Agent a first priority security in all assets of
such target, subject to documentation reasonably satisfactory to the Administrative Agent. 
 “Permitted Holders” means any
of (a) the Sponsor and (b) members of management of Holdings and its Subsidiaries. 
 “Permitted Ratio Debt” has
the meaning set forth in Section 6.2(h). 
 “Person” means an individual, general partnership, limited partnership,
limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan” means, at a particular time, any employee benefit plan that is subject to Section 302 or Title IV of ERISA or
Section 412 of the Code and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
 “Platform” has the meaning set forth in Section 5.2. 

“Pledge Agreement” means collectively, (i) the Pledge Agreement, dated as of the Closing Date, made by the Loan Parties
in favor of the Administrative Agent for the benefit of the Secured Parties, substantially in the form attached hereto as Exhibit E, together with any supplements or joinders thereto executed and delivered pursuant to Section 5.11 and
(ii) any such other pledge agreement made in favor of the Administrative Agent for the benefit of the Secured Parties in form and substance reasonably satisfactory to the Administrative Agent, in each case, as the same may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Pledged Equity” means, with respect to each Grantor, the shares
of Capital Stock of any other Person in which such Grantor has granted a security interest to the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Pledge Agreement. 

“Post-Closing Actions” has the meaning set forth in Section 5.13. 

  
 38 

 “Preferred Stock” means any Equity Interest with preferential rights of payment
of dividends or upon liquidation, dissolution, or winding up. 
 “Priority Lien Obligations” means all Obligations owing to
any Lender in its capacity as a Revolving Credit Lender, a Term Loan Lender, the Swing Line Lender acting in such capacity or any Issuing Bank in its capacity as the issuer of any Letter of Credit. 

“Pro Forma Basis” means, for purposes of determining compliance with the financial covenant contained in Section 6.1 or
for purposes of calculating the Total Leverage Ratio as of any date, compliance with the provisions of Section 6.1 or calculation of such financial ratio for the Test Period most recently ended for which financial statements have been delivered
pursuant to Section 5.1, determined on a pro forma basis by giving pro forma effect to (A)(1) the Transactions, (2) all Permitted Acquisitions, (3) all Investments and Consolidated Capital Expenditures and (4) all Dispositions of
any material assets outside of the ordinary course of business (and in each case, the incurrence or repayment of any Indebtedness in connection therewith) that have occurred during the Test Period most recently ended (or, if such calculation is
being made for the purpose of determining whether (i) any proposed acquisition will constitute (or will be permitted as) a Permitted Acquisition or there is compliance with Section 2.24(d)(iv) or Section 6.2(h), (ii) any
Indebtedness or Liens may be incurred or (iii) any Disposition or Restricted Payment made, (x) during the applicable Test Period or (y) subsequent to the end of the applicable Test Period and prior to or simultaneously with the event
for which the calculation of any such ratio is made), (B) actions taken, committed to be taken or with respect to which substantial steps have been taken or are expected to be taken no later than 18 months after the end of such Test Period, in
each case, as if they occurred on the first day of such Test Period and (C) all management fees, incentive fees and expenses triggered, implemented, incurred, increased or accrued as a result of any such transaction or actions, in each case as
if such management fees, incentive fees and expenses were paid commencing on the first dateday of such Test Period and giving effect to the “run rate”
thereof. Whenever pro forma effect is to be given to any such transaction or such action, the pro forma calculations shall be made in good faith by a Responsible Officer of Holdings and may include expected “run rate” cost savings,
operating expense reductions and synergies projected by Holdings in good faith to result from such transactions or actions (without duplication of actual cost savings, operating expense reductions and synergies), as though such cost savings,
operating expense reductions and synergies had been realized on the first day of such Test Period and as if such “run rate” cost savings, operating expense reductions and synergies were realized during the entirety of such Test Period, to
the extent (x) Holdings in good faith believes that such “run rate” cost savings, operating expense reductions and synergies are reasonably identifiable, factually supportable, (y) such actions are taken, committed to be taken or
with respect to which substantial steps have been taken or are expected to be taken no later than 18 months after the end of such Test Period and (z) no amounts shall be added back as a pro forma adjustment hereunder to the extent duplicative
of any amounts that are otherwise added back in calculating Consolidated EBITDA. 
 “Pro Rata Share” means (i) with
respect to all payments, computations and other matters relating to the Initial Term Loan of any Lender, the percentage obtained by dividing (a) the Term Loan Exposure of that Lender by (b) the aggregate Term Loan Exposure of all Lenders;
(ii) with respect to all payments, computations and other matters relating to the Revolving Credit Commitment or Revolving Credit Loans of any Lender or any Letters of Credit issued or 

  
 39 

 
participations purchased therein by any Lender or any participations in any Swing Line Loans purchased by any Lender, the percentage obtained by dividing (a) the Revolving Credit Exposure of
that Lender by (b) the aggregate Revolving Credit Exposure of all Lenders; and (iii) with respect to all payments, computations and other matters relating to the Commitments or Loans of any Lender under any other Class, the percentage
obtained by dividing (a) the aggregate Commitments and, if applicable and without duplication, Loans of such Lender under such Class by (b) the aggregate Commitments and, if applicable and without duplication, Loans of all Lenders under
such Class; provided that, if the Commitments under such Class have been terminated, then the Pro Rata Share of each Lender under such Class shall be determined based on the Pro Rata Share of such Lender immediately prior to such
termination and after giving effect to any subsequent assignments made pursuant to the terms hereof. For all other purposes with respect to each Lender, “Pro Rata Share” means the percentage obtained by dividing (A) an amount equal to
the sum of the Term Loan Exposure, the Revolving Credit Exposure and the aggregate Commitments and, if applicable and without duplication, Loans under each other Class of that Lender, by (B) an amount equal to the sum of the aggregate Term Loan
Exposure, the aggregate Revolving Credit Exposure and the aggregate Commitments and, if applicable and without duplication, Loans under each other Class of all Lenders. 

“Projections” has the meaning set forth in Section 5.2(b). 

“Property” means any right or interest in or to property of any kind whatsoever, whether real or immovable, personal or
moveable or mixed and whether tangible or intangible, corporeal or incorporeal, including, without limitation, Equity Interests. 

“Public Lenders” has the meaning set forth in Section 5.2. 

“Qualified Counterparty” means, with respect to any Specified Hedge Agreement, any counterparty thereto that, at the time
such Specified Hedge Agreement was entered into, was a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent, including, without limitation, any Hedge Agreement entered into prior to the Closing Date by an Agent or an Affiliate of
an Agent in connection with the Facilities; provided that, in the event a counterparty to a Hedge Agreement at the time such Hedge Agreement was entered into was a Qualified Counterparty, such counterparty shall constitute a Qualified
Counterparty hereunder and under the other Loan Documents; provided, further that, with respect to any Hedge Agreement entered into prior to the Closing Date, any counterparty thereto shall be a “Qualified Counterparty” if
such counterparty was a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent as of the Closing Date. 
 “Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap
Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract
participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
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 “Qualified Person” means an institution that is both (a) a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and (b) (i) a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended, and
the rules and regulations thereunder, (ii) not formed for the purpose of acquiring an interest in this Agreement and (iii) if it is a trust, fund or other entity other than a bank or financial institution, the Loans constitute in the
aggregate no more than 40% of its assets or capital. 
 “Quarterly Excess Cash Flow” has the meaning set forth in
Section 2.26(b). 
 “Real Property” means any real property the fee interest in which is now owned or hereafter
acquired by Holdings or its Subsidiaries and the improvements thereto. 
 “Recovery Event” means the actual receipt of any
settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any NM Group Member in an amount in excess of $1,000,000. 

“Refinanced Loans” has the meaning set forth in Section 9.1(d). 

“Refinancing” has the meaning set forth in the recitals hereto. 

“Refinancing Indebtedness” means with respect to any Indebtedness (the “Original Indebtedness”),
modifications, refinancing, refundings, renewals, replacements or extensions of such Original Indebtedness, or Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund such
Original Indebtedness; provided that: 
 (i) the principal amount (or accreted value, if applicable) plus unfunded commitments of such Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) plus unfunded commitments of the Original Indebtedness (plus any related fees and expenses and other amounts paid, unpaid accrued interest and premium thereon);

 (ii) the average life to maturity of such Refinancing Indebtedness is greater than or equal to (and the maturity of such Refinancing Indebtedness is no
earlier than) that of the Original Indebtedness; 
 (iii) the Refinancing Indebtedness shall not have different obligors than the obligors under the Loans
or greater guarantees or security than the guarantees and security provided in respect of the Obligations; 
 (iv) if the Original Indebtedness is
subordinated in right of payment to the Obligations, such Refinancing Indebtedness shall be subordinated in right of payment on terms and conditions reasonably satisfactory to the Administrative Agent; and 

(v) to the extent the Liens securing such Original Indebtedness are subordinated to the Liens securing the Obligations, the Liens, if any, securing such
Refinancing Indebtedness are subordinated to the Liens securing the Obligations pursuant to intercreditor arrangements reasonably acceptable to the Administrative Agent. 

  
 41 

 “Refunded Swing Line Loans” has the meaning set in Section 2.3(b)(iv). 

“Register” has the meaning set forth in Section 9.6(d). 

“Regulation H” means Regulation H of the Board as in effect from time to time. 

“Regulation U” means Regulation U of the Board as in effect from time to time. 

“Reimbursement Date” with respect to any drawing under a Letter of Credit, the date on which such drawing is honored by the
Issuing Bank (so long as the Borrower receives notice by 10:00 a.m. (New York City time) on the date such drawing is honored, and otherwise, the first Business Day following receipt of such notice. 

“Reimbursement Obligation” means the obligation of the Borrower to reimburse each Issuing Bank pursuant to
Section 2.4(d) for amounts drawn under Letters of Credit issued by such Issuing Bank. 
 “Rejection Notice” has the
meaning set forth in Section 2.10(f). 
 “Related Fund” means, with respect to any Lender, any person (other than a
natural person) that is primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised or managed by (i) such
Lender, (ii) an affiliate of such Lender or (iii) an entity or an affiliate of an entity that administers, advises or manages such Lender. 

“Remedial Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate,
or in any 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) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance activities, or (e) conduct any other
actions with respect to Hazardous Materials required by Environmental Laws. 
 “Reorganization” means, with respect to any
Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. 

“Replacement Loans” has the meaning specified in Section 9.1. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which
the 30-day notice period is waived. 
 “Repricing Transaction” means (a) the prepayment, refinancing, substitution,
replacement or conversion of all or a portion of the Initial Term Loans or, the First Amendment Incremental Term Loans
or the Third Amendment Incremental Term Loans with the incurrence by the Borrower or any Subsidiary of any Indebtedness under any credit facilities that results in the reduction of
the All-In Yield of such Indebtedness relative to the Initial Term Loans or, the First Amendment Incremental Term Loans
or the Third Amendment Incremental 

  
 42 

 
Term Loans so repaid, refinanced, substituted, replaced or converted and (b) any amendment to this Agreement that results
in the reduction of the All-In Yield applicable to the Initial Term Loans or, the First Amendment
Incremental Term Loans or the Third Amendment Incremental Term Loans, excluding, in each case, for avoidance of doubt, any such reductions in connection with a Change of Control; provided, that, for the avoidance of doubt, a Repricing
Transaction does not include any prepayment, repayment or refinancing, as the case may be, in connection with a Change of Control. 

“Required Facility Lenders” means, as of any date of determination, with respect to any Facility, Lenders having more than
50% of the sum of (a) the Total Outstandings under such Facility (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans, as applicable, under such Facility being
deemed “held” by such Lender for purposes of this definition) and (b) the aggregate unused Commitments under such Facility; provided that the unused Commitments of, and the portion of the Total Outstandings under such Facility
held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of the Required Facility Lenders; provided, further, that (i) to the same extent specified in Section 9.6(h) with respect
to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Facility Lenders unless the action in question affects such Affiliated Lender in a
disproportionately adverse manner than its effect on the other Lenders and (ii) the Total Outstandings and unused Commitments of any Debt Investment Affiliates shall only be included to the same extent as for any calculation of the Required
Lenders pursuant to Section 9.6(j). 
 “Required Lenders” means, at any time, the holders of more than 50% of the sum
of (x) the aggregate unpaid principal amount of the Term Loans then outstanding and (y) the Total Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of
Credit then outstanding; provided that (a) the unused Term Commitment and unused Revolving Credit Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Required Lenders and (b) if at any time there are (i) two (2) Lenders, Required Lenders shall include both Lenders and (ii) three (3) or more Lenders, Required Lenders shall include the lesser of all Lenders or
at least three (3) unaffiliated Lenders. 
 “Requirement of Law” means, as to any Person, the Organizational Documents
of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its
Property is subject. 
 “Responsible Officer” means the chief executive officer, president, chief financial officer,
secretary or assistant secretary, board member or manager (if an officer), treasurer or assistant treasurer, vice president or other similar officer or Person performing similar functions, of such Person; provided that, with respect to
financial matters, the Responsible Officer shall be the chief financial officer, accounting officer, treasurer, controller or other senior financial or accounting officer of Holdings; provided, further that if Holdings can provide
financial information of a direct or indirect parent entity pursuant to Section 1.5, the Responsible Officer 

  
 43 

 
shall be the chief financial officer, accounting officer, treasurer, controller or other senior financial or accounting officer of such direct or indirect parent entity. 

“Restricted Payments” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any
class of stock of the Borrower or any of its Restricted Subsidiaries now or hereafter outstanding, except a dividend (x) payable solely in shares of that class of stock to the holders of that class or (y) by a Restricted Subsidiary so long
as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a wholly owned Restricted Subsidiary, the applicable Loan Party or Restricted Subsidiary
receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities, or any payment (other than a payment constituting a Permitted Investment) (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of
capital to the Borrower’s or any Restricted Subsidiary’s stockholders, partners or members (or the equivalent Persons thereof); (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value,
direct or indirect, of any shares of any class of stock of the Borrower or any of its Restricted Subsidiaries now or hereafter outstanding; (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or
other rights to acquire shares of any class of stock of the Borrower or any of its Restricted Subsidiaries now or hereafter outstanding; and (iv) any payment or prepayment of principal of, premium, if any, or interest on, or redemption,
purchase, retirement, defeasance (including in substance or legal defeasance), sinking fund or similar payment with respect to, any Junior Indebtedness (it being understood that payments of regularly scheduled principal, interest and mandatory
prepayments shall be permitted), any preferred stock, and any Indebtedness convertible into any class of stock of the Borrower or any of its Restricted Subsidiaries. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Borrower (including any Foreign
Subsidiary). 
 “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to Section 2.2(a). 

“Revolving Credit Commitment” means as to any Lender, the obligation of such Lender, if any, to make Revolving Credit Loans
and participate in Swing Line Loans and Letters of Credit, in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Credit Commitment” opposite such Lender’s name on Schedule
2.2, or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The aggregate amount of the Total Revolving Credit
Commitments as of the ClosingThird Amendment Effective Date is
$25,000,000.75,000,000. 
 “Revolving Credit
Commitment Period” means the period from the Business Day following the Closing Date to the Revolving Credit Maturity Date. 

  
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 “Revolving Credit Exposure” means, with respect to each Revolving Credit Lender,
the sum of the outstanding amount of such Revolving Credit Lender’s Revolving Credit Loans and its pro rata share of the L/C Obligations and the Swing Line Obligations at such time. 

“Revolving Credit Extension Request” has the meaning set forth in Section 2.25(b). 

“Revolving Credit Extension Series” has the meaning set forth in Section 2.25(b). 

“Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Credit
Commitments (including the Third Amendment Incremental Revolver Increase) at such time. 

“Revolving Credit Lender” means each Lender that has a Revolving Credit Commitment or that is the holder of Revolving Credit
Loans. 
 “Revolving Credit Loans” has the meaning set forth in Section 2.2 and includes Revolving Credit Loans under
the Initial Revolving Credit Facility and Loans made pursuant to Incremental Revolving Credit Commitments and Extended Revolving Credit Commitments. 

“Revolving Credit Maturity Date” has the meaning set forth in the definition of “Maturity Date”. 

“Revolving Credit Note” has the meaning set forth in Section 2.6(d). 

“Revolving Credit Percentage” means, as to any Revolving Credit Lender at any time, the percentage which such Lender’s
Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate amount of such Lender’s
Revolving Extensions of Credit then outstanding constitutes of the Total Revolving Extensions of Credit then outstanding). 

“Revolving Extensions of Credit” means, as to any Revolving Credit Lender at any time, an amount equal to the sum of
(a) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (b) such Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving
Credit Percentage of the aggregate principal amount of Swing Line Loans then outstanding. 
 “S&P” means
Standard & Poor’s Ratings Services. 
 “SEC” means the Securities and Exchange Commission (or successors
thereto or an analogous Governmental Authority). 
 “Secured Cash Management Agreement” means any Cash Management Agreement
that is entered into by and between Holdings, the Borrower or any Restricted Subsidiary and a Cash Management Bank; and designated in writing by the Cash Management Bank and the Borrower to the Administrative Agent as a “Secured Cash Management
Agreement.” 

  
 45 

 “Secured Parties” means the collective reference to the Administrative Agent,
the Lenders (including any Issuing Bank in its capacity as Issuing Bank), the Swing Line Lender, any Qualified Counterparties and any Cash Management Banks. 

“Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or
participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known
as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 

“Security Documents” means the collective reference to (i) the Pledge Agreements, (ii) the Collateral Agreements,
(iii) the Mortgages and (iv) all other security documents now or hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan
Document. 
 “Single Employer Plan” means any Plan other than a Multiemployer Plan. 

“Solvent” as of any date of determination, with respect to the NM Group Members viewed for all purposes of this definition on
a consolidated basis, that (a) the sum of the debt (including contingent liabilities) of the NM Group Members does not exceed the present fair saleable value of the present assets of the NM Group Members; (b) the capital of the NM Group
Members is not unreasonably small in relation to their business as contemplated on such date or with respect to any transaction contemplated to be undertaken after such date; and (c) the NM Group Members have not incurred, and do not intend to
incur, debts beyond their ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of
the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Specified Hedge Agreement” means any Hedge Agreement (a) entered into prior to or after the Closing Date by
(i) the Borrower and (ii) any Qualified Counterparty, as counterparty and (b) that has been designated by such Qualified Counterparty and the Borrower, by notice to the Administrative Agent, as a Specified Hedge Agreement,
provided, that any release of Collateral or Loan Parties effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Specified Hedge Agreements. The designation of any Hedge Agreement as a
Specified Hedge Agreement shall not create in favor of any Qualified Counterparty that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under the Guarantee Agreement
except as provided in Section 9.15. 
 “Specified Representations” means those representations and warranties made in
Sections 3.3(a) (with respect to the organizational existence of the Loan Parties only), 3.4 (other than clause (c), 3.5(i), 3.11, 3.14, 3.19, 3.20 and solely to the extent it would be unlawful for the Lenders to extend the Loans, 3.21. 

  
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 “Sponsor” means Fortress Investment Group LLC, or any one or more Affiliates
managed exclusively by Fortress Investment Group, LLC. 
 “Subsidiary” means, as to any Person; (a) any corporation of
which more than 50% of the outstanding Capital Stock having ordinary voting power to elect the board of directors of such corporation (irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might
have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned (i) by such Person, (ii) by such Person and one or more subsidiaries of such Person, or (iii) by one or more subsidiaries of such
Person; or (b) any trust, partnership, joint venture or other entity as to which such Person, or one or more subsidiaries of such Person, owns more than 50% of the voting ownership, equity or similar interest, of such trust, partnership, joint
venture or other entity, as the case may be. 
 “Subsidiary Guarantor” means each Subsidiary of the Borrower providing a
guarantee of the Obligations pursuant to a Guarantee Agreement. 
 “Swap Obligation” has the definition set forth in the
definition of “Excluded Swap Obligation.” 
 “Swing Line Lender” means Citizens Bank of Pennsylvania, in its
capacity as the lender of Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loans” has the
meaning set forth in Section 2.3(a). 
 “Swing Line Note” has the meaning set forth in Section 2.6(d). 

“Swing Line Obligations” means, as at any date of determination, the aggregate Outstanding Amount of all Swing Line Loans
outstanding. 
 “Swing Line Sublimit” means the lesser of (i) $5,000,000 and (ii) the aggregate unused amount of
Revolving Credit Commitments then in effect. 
 “Syndication Agent” has the meaning set forth in the preamble hereto. 

“Tax” means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding of any nature
and whatever called, imposed by any Governmental Authority, including any interest, additions to tax and penalties applicable thereto. 

“Tax Group” has the meaning set forth in Section 6.6(j). 

“Term Commitment” means, as to each Term Loan Lender, its Initial Term Commitment and/or Incremental Term Commitment or a
Commitment with respect to Replacement Loans as the context may require. 
 “Term Loan” means any Initial Term Loan,
Incremental Term Loan, Extended Term Loan or Replacement Loan, as the context may require. 

  
 47 

 “Term Loan Exposure” means, with respect to any Lender, as of any date of
determination, the outstanding principal amount of the Initial Term Loans of such Lender; provided, at any time prior to the making of the Initial Term Loans, the Term Loan Exposure of any Lender shall be equal to such Lender’s Initial
Term Commitment. 
 “Term Loan Extension Request” has the meaning set forth in Section 2.25(a). 

“Term Loan Extension Series” has the meaning set forth in Section 2.25(a). 

“Term Loan Facility” means any Facility consisting of Term Loans and/or the related Term Commitments. 

“Term Loan Increase” has the meaning set forth in Section 2.24(a). 

“Term Loan Lenders” means, at any time, any Lender that has a Term Commitment or a Term Loan at such time. 

“Term Loan Percentage” means, as to any Term Loan Lender at any time, the percentage which the aggregate principal amount of
such Lender’s Term Loans then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding. 

“Terminated Lender” has the meaning set forth in Section 2.23. 

“Test Period” means, on any date of determination, the period of four consecutive fiscal quarters (taken as one accounting
period) of the NM Group Members most recently ended for which financial statements have been or are required to be delivered pursuant to Section 5.1 on or before the relevant date of determination. 

“Third Amendment” means that certain Third Amendment to Credit Agreement
dated as of the Third Amendment Effective Date, by and among Holdings, the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 

“Third Amendment Effective Date” means January 9, 2015. 

“Third Amendment Incremental Revolver Increase” has the meaning set forth
in the recitals. 
 “Third Amendment Incremental Revolver Increase
Availability Period” means the period from the Third Amendment Effective Date to the earlier of (i) the date on which the Borrower repays all outstanding principal and accrued interest with respect to the outstanding Third Amendment
Incremental Revolving Credit Loans with the proceeds of the Equity Contribution and terminates the Incremental Revolving Credit Commitments corresponding thereto and (ii) the Conversion Date. 

“Third Amendment Incremental Revolving Credit Loans” has the meaning set
forth in the recitals. 

  
 48 

 “Third Amendment Incremental Term
Commitment” means, as to each Term Loan Lender, its obligation (if applicable) to make a Third Amendment Incremental Term Loan to the Borrower pursuant to Section 2.1(a)(iii) in an aggregate amount not to exceed the amount specified
opposite such Lender’s name on Schedule 2.1 under the caption “Third Amendment Incremental Term Commitment” or in the Assignment and Acceptance (or Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24, Section 2.25 or Section 2.27). The aggregate amount of the Third Amendment
Incremental Term Commitments as of the Third Amendment Effective Date is $102,000,000. 

“Third Amendment Incremental Term Loans” means the term loans made by the
Lenders on the Third Amendment Effective Date to the Borrower pursuant to Section 2.1(a)(iii); it being understood that except as set forth in the Third Amendment and in this Agreement, the Third Amendment Incremental Term Loans, shall have
identical terms as the Initial Term Loans and the First Amendment Incremental Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or any
provisions regarding the rights of the Lenders, of this Agreement and the other Loan Documents. 
 “Total Assets”
means, at any date of determination, the total assets of the NM Group Members (or such other Person as may be expressly stated), determined on a consolidated basis in accordance with GAAP, as shown on the most recently provided Historical Financial
Statements or the most recent consolidated balance sheet of Holdings and its Subsidiaries delivered pursuant to Section 5.1(a) or 5.1(b), as applicable. 

“Total Leverage Ratio” means as of any date of determination, the ratio of (a) Consolidated Total Debt as of the last
day of the Test Period most recently ended on or prior to such date of determination to (b) Consolidated EBITDA of the NM Group Members for such Test Period. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 

“Total Revolving Credit Commitments” means, at any time, the aggregate amount of the Revolving Credit Commitments then in
effect. 
 “Total Revolving Extensions of Credit” means, at any time, the aggregate amount of the Revolving Extensions of
Credit of the Revolving Credit Lenders outstanding at such time. 
 “Transaction Expenses” means any fees or expenses
incurred or paid by Holdings, the Borrower or any Restricted Subsidiary in connection with the Transactions. 

“Transactions” means collectively, (a) the execution and delivery by the Loan Parties of the Loan Documents to which
they are a party and the making of the Borrowings and issuances or deemed issuances of Letters of Credit hereunder on the Closing Date, (b) the consummation of the Refinancing on the Closing Date and (c) the payment of the Transaction
Expenses. 

  
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 “Transferee” has the meaning set forth in Section 9.14. 

“Type” means, as to any Loan, its nature as a Base Rate Loan or a Eurodollar Rate Loan. 

“Unasserted Contingent Obligations” means, at any time, Obligations for taxes, costs, indemnifications, reimbursements,
damages and other liabilities (excluding Obligations in respect of the principal of, and interest and premium (if any) on, any Obligation) in respect of which no assertion of liability and no claim or demand for payment has been made (and, in the
case of Obligations for indemnification, no notice for indemnification has been issued by the indemnitee at such time). 
 “Uniform
Commercial Code” or “UCC” means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code or any successor
provision thereof (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. 

“United States Tax Compliance Certificate” has the meaning set forth in Section 2.18(d)(ii)(C). 

“Unreimbursed Amount” has the meaning set forth in Section 2.4(e). 

“U.S. Lender” means any Lender that is not a Foreign Lender. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness, at any date, the quotient obtained by dividing
(a) the sum of the products of the number of years (calculated to the nearest one-twelfth) from the date of determination to the date of each successive scheduled principal payment of such Indebtedness multiplied by the amount of such payment;
by (b) the sum of all such payments. 
 “Wholly-Owned Subsidiary” means, as to any NM Group Member, any other Person
all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by the NM Group Members directly and/or through other Wholly-Owned Subsidiaries. 

1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the
defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or
thereto, accounting terms relating to Holdings, the Borrower and their respective Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings
given to them under GAAP; provided that if the Borrower notifies the Administrative Agent to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders 

  
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request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

(c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 (e) All calculations of financial ratios set forth herein shall be calculated to the same number of decimal places as the
relevant ratios are expressed in and shall be rounded upward if the number in the decimal place immediately following the last calculated decimal place is five or greater. For example, if the relevant ratio is to be calculated to the hundredth
decimal place and the calculation of the ratio is 5.126, the ratio will be rounded up to 5.13. 
 (f) As used herein and in
the other Loan Documents, references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, restated, replaced, refinanced, supplemented or
otherwise modified from time to time. 
 (g) A reference to a statute includes all regulations made pursuant to such statute
and, unless otherwise specified, the provisions of any statute or regulation which amends, revises, restates, supplements or supersedes any such statute or any such regulation. 

(h) A reference to the Issuing Bank, unless otherwise specified, shall be deemed to refer to the applicable Issuing Bank or
applicable Issuing Banks with respect to the Letter of Credit or Letters of Credit issued by such Issuing Bank or Issuing Banks. 
 1.3
Timing of Payment or Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than
as described in the definition of “Interest Period” and in the definition of “Maturity Date”) or performance shall extend to the immediately succeeding Business Day. 

1.4 Guaranties of Hedging Obligations. Notwithstanding anything else to the contrary in any Loan Document, no Guarantor shall be
required to guarantee or provide security for Excluded Swap Obligations, and any reference in any Loan Document with respect to such Guarantor guaranteeing or providing security for the Obligations shall be deemed to be all Obligations other than
the Excluded Swap Obligations. 
 1.5 Financial Information. Notwithstanding anything to the contrary in this Agreement, Holdings
may satisfy its obligations to deliver any financial information under Section 5.1 by furnishing financial information of a direct or indirect parent entity of Holdings to 

  
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the extent there are no material differences as determined by the Administrative Agent in its reasonable discretion and which financial statements shall include unconsolidated information with
respect to Holdings; provided that in the event the Administrative Agent determines that there are material differences, then upon request by the Administrative Agent and (x) within 45 days after the date of such request with respect to
quarterly financial statements or (y) within 60 days after the date of such request with respect to annual financial statements, Holdings shall deliver (i) calculations made in good faith by a Responsible Officer of Holdings to eliminate
the effect of such differences on a pro forma basis or (ii) separate such financial statements of Holdings and its consolidated Subsidiaries. 

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 

2.1 Term Loan Facility. 

(a) Term Loans. Subject to the terms and conditions hereof, the Term Loan Lenders severally agree to make an
initial term loan (the “Initial Term Loan”) denominated in Dollars to the Borrower on the Closing Date in an amount equal to the amount of the Initial Term Commitment of such Lender, provided that, there may only be one
Borrowing Date for the Initial Term Loan and any remaining Initial Term Commitment that is not borrowed shall automatically expire on such Borrowing Date. The Initial Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as
determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.1 and 2.11; provided, however, that the Initial Term Loan made on the Closing Date may only consist of Base Rate Loans unless the
Borrower delivers a funding indemnity letter, in form and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the Closing Date. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed
hereunder with respect to the Initial Term Loans shall be paid in full no later than the Maturity Date with respect thereto. Amounts repaid or prepaid on the Initial Term Loans may not be reborrowed. 

(ii) Subject to the terms and conditions hereof, the Term Loan Lenders with a First Amendment Incremental Term Commitment
severally agree to make an Incremental Term Loan (the “First Amendment Incremental Term Loan”) denominated in Dollars to the Borrower on the First Amendment Effective Date in an amount equal to the amount of the First Amendment
Incremental Term Commitment of such Lender, provided that, there may only be one Borrowing Date for the First Amendment Incremental Term Loan and any remaining First Amendment Incremental Term Commitment that is not borrowed shall
automatically expire on such Borrowing Date. The First Amendment Incremental Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with
Sections 2.1 and 2.11; provided, however, that the First Amendment Incremental Term Loan made on the First Amendment Effective Date may only consist of Base Rate Loans unless the Borrower delivers a funding indemnity letter, in form
and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the First 

  
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Amendment Effective Date. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect to the First Amendment Incremental Term Loans shall be paid in full no later than the
Maturity Date with respect thereto. Amounts repaid or prepaid on the First Amendment Incremental Term Loans may not be reborrowed. 

(iii) Subject to the terms and conditions hereof, the Term Loan
Lenders with a Third Amendment Incremental Term Commitment severally agree to make a Third Amendment Incremental Term Loan denominated in Dollars to the Borrower on the Third Amendment Effective Date in an amount equal to the amount of the Third
Amendment Incremental Term Commitment of such Lender, provided that, there may only be one Borrowing Date for the Third Amendment Incremental Term Loan and any remaining Third Amendment Incremental Term Commitment that is not borrowed shall
automatically expire on such Borrowing Date. The Third Amendment Incremental Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with
Sections 2.1 and 2.11; provided, however, that the Third Amendment Incremental Term Loan made on the Third Amendment Effective Date may only consist of Base Rate Loans unless the Borrower delivers a funding indemnity letter, in form and substance
reasonably acceptable to the Administrative Agent, not less than one (1) Business Day prior to the Third Amendment Effective Date. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect to the Third Amendment Incremental
Term Loans shall be paid in full no later than the Maturity Date with respect thereto. Amounts repaid or prepaid on the Third Amendment Incremental Term Loans may not be reborrowed. 

(b) Procedure for Term Loan Borrowing. The Borrower shall deliver to the Administrative Agent a Borrowing Notice
(which Borrowing Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the Closing Date) requesting that the Term Loan Lenders make the Initial Term Loans on the Closing Date.
Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 10:00 A.M., New York City time, on the Closing Date, each Term Loan Lender shall
make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Initial Term Loan to be made by such Lender. The Administrative Agent shall promptly make available to the Borrower the aggregate
of the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars. 
 (ii) The Borrower shall
deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the First Amendment Effective Date) requesting
that the Term Loan Lenders with a First Amendment Incremental Term Commitment make the First 

  
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Amendment Incremental Term Loans on the First Amendment Effective Date. Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent shall promptly notify
each Term Loan Lender with a First Amendment Incremental Term Commitment thereof. Not later than 10:00 A.M., New York City time, on the First Amendment Effective Date, each Term Loan Lender with a First Amendment Incremental Term Commitment shall
make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the First Amendment Incremental Term Loan to be made by such Lender. The Administrative Agent shall promptly make available to the
Borrower the aggregate of the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars. 

(iii) The Borrower shall deliver to the Administrative Agent a
Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the Third Amendment Effective Date) requesting that the Term Loan Lenders with a Third
Amendment Incremental Term Commitment make the Third Amendment Incremental Term Loans on the Third Amendment Effective Date. Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent shall promptly notify
each Term Loan Lender with a Third Amendment Incremental Term Commitment thereof. Not later than 10:00 A.M., New York City time, on the Third Amendment Effective Date, each Term Loan Lender with a Third Amendment Incremental Term Commitment shall
make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Third Amendment Incremental Term Loan to be made by such Lender. The Administrative Agent shall promptly make available to the
Borrower the aggregate of the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars. 
 2.2
Revolving Credit Commitments. (a) (i) During the Revolving Credit Commitment Period for such Class, subject to the terms and conditions hereof, each Lender severally
agrees to make loans denominated in Dollars (each such loan, a “Revolving Credit Loan”) of any Class pursuant to this Section 2.2 to the Borrower in an aggregate amount up to but not exceeding such Lender’s Revolving
Credit Commitment for such Class; provided, that after giving effect to the making of any Revolving Credit Loans in no event shall the Outstanding Amount of the Revolving Credit Loans, L/C Obligations and Swing Line Loans exceed the Revolving
Credit Commitments then in effect. Amounts borrowed pursuant to this Section 2.2(a) may be repaid and reborrowed during the Revolving Credit Commitment Period. Each Lender’s Revolving Credit Commitment of any Class shall expire on the
Revolving Credit Maturity Date for such Class and all Revolving Credit Loans for such Class and all other amounts owed hereunder with respect to the Revolving Credit Loans for such Class and the Revolving Credit Commitments for such Class shall be
paid in full no later than such date. Any Revolving Credit Loans made on the Closing Date or any of the three (3) Business Days following the Closing Date, may only consist of Base Rate Loans unless the Borrower delivers a funding indemnity
letter, in form and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the Closing Date. 

  
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 (ii) Notwithstanding
anything in the foregoing to the contrary, Citizens Bank of Pennsylvania, in its capacity as a Revolving Credit Lender, will make a Third Amendment Incremental Revolving Credit Loan in an aggregate amount not to exceed $50,000,000 available to the
Borrower on the Third Amendment Effective Date; provided that, (A) the Borrower shall have the right to repay Citizens Bank of Pennsylvania on a non-pro rata basis, prior to the Conversion Date, with the proceeds of an equity contribution,
directly or indirectly, from New Media to the Borrower (the “Equity Contribution”), all or a portion of the outstanding principal and accrued interest with respect to such Third Amendment Incremental Revolving Credit Loan and (B) on
the Conversion Date, any outstanding principal amount of such Third Amendment Incremental Revolving Credit Loan that has not been repaid shall be converted into a Third Amendment Incremental Term Loan pursuant to Section 2.27; provided further,
that the Revolving Credit Commitment with respect to any portion of the Third Amendment Incremental Revolving Credit Loan that is repaid shall be deemed automatically terminated in connection with such repayment. 

(b) Borrowing Mechanics for Revolving Credit Loans.  

(i) Except pursuant to Section 2.4(d), Revolving Credit Loans that are Base Rate Loans shall be made in an aggregate
minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount, and Revolving Credit Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of
that amount. 
 (ii) Subject to Section 4.2(a), whenever the Borrower desires that Lenders make Revolving Credit Loans,
the Borrower shall deliver to the Administrative Agent a fully executed and delivered Borrowing Notice, which notice shall be irrevocable, (x) in the case of Third Amendment Incremental
Revolving Credit Loans that are Eurodollar Rate Loans, no later than 10:00 a.m. (New York City time) at least one (1) Business Day prior to the Third Amendment Effective Date, (y) otherwise, no later than 12:00 p.m. (New York City
time) at least three (3) Business Days in advance of the proposed Borrowing Date in the case of a Eurodollar Rate Loan, and (z) no later than 12:00 p.m. (New York City
time) at least one (1) Business Day in advance of the proposed Borrowing Date in the case of a Revolving Credit Loan that is a Base Rate Loan. 

(iii) Notice of receipt of each Borrowing Notice in respect of Revolving Credit Loans, together with the amount of each
Lender’s Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by the Administrative Agent to each applicable Lender by telefacsimile with reasonable promptness, but (provided Administrative Agent
shall have received such notice by 2:00 p.m. (New York City time)) not later than 3:00 p.m. (New York City time) on the same day as the Administrative Agent’s receipt of such Notice from the Borrower. 

  
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 (iv) Each Lender shall make the amount of its Revolving Credit Loan available to
the Administrative Agent not later than 10:00 a.m. (New York City time) on the applicable Borrowing Date by wire transfer of same day funds in Dollars, at the Funding Office of the Administrative Agent. Except as provided herein, upon satisfaction
or waiver of the conditions precedent specified herein, the Administrative Agent shall make the proceeds of such Revolving Credit Loans available to the Borrower on the applicable Borrowing Date by causing an amount of same day funds in Dollars
equal to the proceeds of all such Revolving Credit Loans received by the Administrative Agent from Lenders to be credited to the account of the Borrower at the Funding Office designated by the Administrative Agent or such other account as may be
designated in writing to the Administrative Agent by the Borrower. 
 2.3 Swing Line Loans. 

(a) Swing Line Loans Commitments. During the Revolving Credit Commitment Period, subject to the terms and conditions hereof, the Swing
Line Lender agrees to make loans in Dollars (each such loan, a “Swing Line Loan”) to the Borrower in the aggregate amount up to but not exceeding the Swing Line Sublimit; provided, that after giving effect to the making of
any Swing Line Loan, in no event shall the Outstanding Amount of the Revolving Credit Loans, L/C Obligations and Swing Line Loans exceed the Revolving Credit Commitments then in effect. Amounts borrowed pursuant to this Section 2.3 may be
repaid and reborrowed during the Revolving Credit Commitment Period. The Swing Line Lender’s Revolving Credit Commitment shall expire on the Revolving Credit Maturity Date and all Swing Line Loans and all other amounts owed hereunder with
respect to the Swing Line Loans and the Revolving Credit Commitments shall be paid in full no later than such date. 
 (b) Borrowing
Mechanics for Swing Line Loans.  
 (i) Swing Line Loans shall be made in an aggregate minimum amount of $100,000 and
integral multiples of $50,000 in excess of that amount. 
 (ii) Subject to Section 4.2(a), whenever the Borrower desires
that the Swing Line Lender make a Swing Line Loan, the Borrower shall deliver to the Administrative Agent a Borrowing Notice, which notice shall be irrevocable, no later than 2:00 p.m. (New York City time) on the proposed Borrowing Date. 

(iii) Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, the Administrative
Agent shall make the proceeds of any Swing Line Loan made by the Swing Line Lender available to the Borrower on the applicable Borrowing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Swing Line Loans
received by the Administrative Agent from the Swing Line Lender to be credited to the account of the Borrower at the Administrative Agent’s Funding Office, or to such other account as may be designated in writing to the Administrative Agent by
the Borrower. 

  
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 (iv) With respect to any Swing Line Loans which have not been voluntarily prepaid
by the Borrower pursuant to Section 2.9, the Swing Line Lender may at any time in its sole and absolute discretion, deliver to the Administrative Agent (with a copy to the Borrower), no later than 1:00 p.m. (New York City time) at least one
(1) Business Day in advance of the proposed Borrowing Date, a notice (which shall be deemed to be a Borrowing Notice given by the Borrower) requesting that each Lender holding a Revolving Credit Commitment make Revolving Credit Loans that are
Base Rate Loans to the Borrower on such Borrowing Date in an amount equal to the amount of such Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date such notice is given which the Swing Line Lender requests
Lenders to prepay. Anything contained in this Agreement to the contrary notwithstanding, (1) the proceeds of such Revolving Credit Loans made by the Lenders other than the Swing Line Lender shall be immediately delivered by the Administrative
Agent to the Swing Line Lender (and not to the Borrower) and applied to repay a corresponding portion of the Refunded Swing Line Loans and (2) on the day such Revolving Credit Loans are made, the Swing Line Lender’s Pro Rata Share of the
Refunded Swing Line Loans shall be deemed to be paid with the proceeds of a Revolving Credit Loan made by the Swing Line Lender to the Borrower, and such portion of the Swing Line Loans deemed to be so paid shall no longer be outstanding as Swing
Line Loans and shall no longer be due under the Swing Line Note of the Swing Line Lender but shall instead constitute part of the Swing Line Lender’s outstanding Revolving Credit Loans to the Borrower and shall be due under the Revolving Credit
Note issued by the Borrower to the Swing Line Lender. If any portion of any such amount paid (or deemed to be paid) to the Swing Line Lender should be recovered by or on behalf of the Borrower from the Swing Line Lender in bankruptcy, by assignment
for the benefit of creditors or otherwise, the loss of the amount so recovered shall be ratably shared among all Lenders in the manner contemplated by Section 2.16. 

(v) If for any reason Revolving Credit Loans are not made pursuant to Section 2.3(b)(iv) in an amount sufficient to repay
any amounts owed to the Swing Line Lender in respect of any outstanding Swing Line Loans on or before the third Business Day after demand for payment thereof by the Swing Line Lender, each Lender holding a Revolving Credit Commitment shall be deemed
to, and hereby agrees to, have purchased a participation in such outstanding Swing Line Loans, and in an amount equal to its Pro Rata Share of the applicable unpaid amount together with accrued interest thereon. Upon one (1) Business Day’s
notice from the Swing Line Lender, each Lender holding a Revolving Credit Commitment shall deliver to the Swing Line Lender an amount equal to its respective participation in the applicable unpaid amount in same day funds at the Funding Office of
the Swing Line Lender. In order to evidence such participation each Lender holding a Revolving Credit Commitment agrees to enter into a participation agreement at the request of the Swing Line Lender in form and substance reasonably satisfactory to
the Swing Line Lender. In the event any Lender holding a Revolving Credit Commitment fails to make available to the Swing Line Lender the amount of such Lender’s participation as provided in this

  
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paragraph, the Swing Line Lender shall be entitled to recover such amount on demand from such Lender together with interest thereon for three (3) Business Days at the rate customarily used
by the Swing Line Lender for the correction of errors among banks and thereafter at the Base Rate, as applicable. 
 (vi)
Notwithstanding anything contained herein to the contrary, (1) each Lender’s obligation to make Revolving Credit Loans for the purpose of repaying any Refunded Swing Line Loans pursuant to the second preceding paragraph and each
Lender’s obligation to purchase a participation in any unpaid Swing Line Loans pursuant to the immediately preceding paragraph shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set off,
counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, any Loan Party or any other Person for any reason whatsoever; (B) the occurrence or continuation of a Default or Event of Default; (C)
any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Loan Party; (D) any breach of this Agreement or any other Loan Document by any party thereto; or (E) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing; provided that such obligations of each Lender are subject to the condition that the Swing Line Lender had not received prior notice from the Borrower
or the Required Lenders that any of the conditions under Section 4.2 to the making of the applicable Refunded Swing Line Loans or other unpaid Swing Line Loans, were not satisfied at the time such Refunded Swing Line Loans or unpaid Swing Line
Loans were made; and (2) the Swing Line Lender shall not be obligated to make any Swing Line Loans (A) if it has elected not to do so after the occurrence and during the continuation of a Default or Event of Default or (B) at a time
when any Lender is a Defaulting Lender unless the Swing Line Lender has entered into arrangements satisfactory to it and the Borrower to eliminate the Swing Line Lender’s risk with respect to the Defaulting Lender’s participation in such
Swing Line Loan, including by Cash Collateralizing such Defaulting Lender’s Pro Rata Share of the outstanding Swing Line Loans. 
 2.4
Issuance of Letters of Credit and Purchase of Participations Therein. 
 (a) Letters of Credit. During the period that
is at least ten (10) Business Days prior to the end of the Revolving Credit Commitment Period, subject to the terms and conditions hereof, the Issuing Bank agrees to issue Letters of Credit for the account of the Borrower; provided,
(i) each Letter of Credit shall be denominated in Dollars; (ii) the stated amount of each Letter of Credit shall not be less than $100,000 or such lesser amount as is acceptable to Issuing Bank; (iii) after giving effect to such
issuance, in no event shall (x) the Outstanding Amount of the Revolving Credit Loans, L/C Obligations and Swing Line Loans exceed the Revolving Credit Commitments then in effect and (y) the Outstanding Amount of the L/C Obligations exceed
the L/C Sublimit; and (v) in no event shall any standby Letter of Credit have an expiration date later than the earlier of (1) ten (10) Business Days prior to the Revolving Credit Maturity Date (the “Letter of Credit
Expiration Date”) (unless such Letter of Credit is Cash Collateralized) and (2) the date which is one year from the date of issuance of such standby Letter of Credit. Subject to 

  
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the foregoing, the Issuing Bank may agree that a standby Letter of Credit will automatically be extended for one or more successive periods not to exceed one year each, unless the Issuing Bank
elects not to extend for any such additional period; provided, the Issuing Bank shall not be required to extend any such Letter of Credit if it has received written notice from the Administrative Agent or any Loan Party that an Event of
Default has occurred and is continuing at least seven (7) days prior to the time the Issuing Bank must elect to allow such extension; provided further, if any Lender is a Defaulting Lender, the Issuing Bank shall not be required
to issue any Letter of Credit unless either (i) such Defaulting Lender’s participation in such Letter of Credit can be reallocated among the Non-Defaulting Lenders in accordance with their Pro Rata Shares (calculated without regard to such
Defaulting Lender’s Revolving Credit Commitment) as provided in Section 2.22(a)(iv) or (ii) the Borrower Cash Collateralizes the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving
effect to Section 2.22(a)(iv) and any Cash Collateral provided by such Defaulting Lender) or the Issuing Bank has otherwise entered into arrangements satisfactory to it and the Borrower to eliminate the Issuing Bank’s risk with respect to
the participation in such Letter of Credit of the Defaulting Lender. 
 (b) Notice of Issuance. Subject to Section 4.2(a),
whenever the Borrower desires the issuance or amendment (to either increase the amount available for drawings under any Revolving Credit Facility Letter of Credit or to extend the maturity date thereof) of a Letter of Credit, the Borrower shall
deliver to the Administrative Agent and the Issuing Bank a Letter of Credit Request no later than 2:00 p.m. (New York City time) at least three (3) Business Days, or such shorter period as may be agreed to by the Issuing Bank in any particular
instance, in advance of the proposed date of issuance. Such Letter of Credit Request shall be accompanied by any documentary or other evidence of the proposed beneficiary’s identity as may reasonably be requested by the Issuing Bank in order to
comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations. Upon satisfaction or waiver of the conditions set forth in Section 4.2, the Issuing Bank shall issue the
requested Letter of Credit only in accordance with the Issuing Bank’s standard operating procedures. Upon the issuance or cancellation of any Letter of Credit or amendment or modification to a Letter of Credit, the Issuing Bank shall promptly
provide written or telephonic notice to the Administrative Agent, and the Administrative Agent shall promptly notify each Lender with a Revolving Credit Commitment of such issuance, amendment, modification or cancellation of a Letter of Credit and
the amount of such Lender’s respective participation in such Letter of Credit pursuant to Section 2.4(e). Notwithstanding anything herein to the contrary, an Issuing Bank shall be under no obligation to issue, extend or amend any Letter of
Credit if any order, judgment or decree of any Governmental Authority or arbitrator by its terms shall purport to enjoin or restrain such Issuing Bank from issuing the Letter of Credit, or any Law applicable to the applicable Issuing Bank or any
request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or the
Letter of Credit in particular. 
 (c) Responsibility of the Issuing Bank with Respect to Requests for Drawings and Payments.
In determining whether to honor any drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall be responsible only to accept the 

  
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documents delivered under such Letter of Credit which appear on their face to be in accordance with the terms and conditions of such Letter of Credit without responsibility for further
investigation regardless of any notice or information to the contrary. As between the Borrower and the Issuing Bank, the Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by the Issuing Bank, by the
respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Issuing Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document
submitted by any party in connection with the application for and 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 forged; (ii) 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; (iii) failure of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit; (iv) 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; (v) errors in interpretation of technical terms; (vi) 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; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising
from causes beyond the control of the Issuing Bank, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority; none of the above shall affect or impair, or prevent
the vesting of, any of the Issuing Bank’s rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any action taken or omitted by the Issuing Bank under or in connection with the Letters of Credit or any documents
and certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of the Issuing Bank to the Borrower. Notwithstanding anything to the contrary contained in this Section 2.4(c), the
Borrower shall retain any and all rights it may have against the Issuing Bank for any liability arising solely out of the gross negligence, bad faith or willful misconduct of the Issuing Bank as determined by a final, non-appealable judgment of a
court of competent jurisdiction. 
 (d) Reimbursement by the Borrower of Amounts Drawn or Paid Under Letters of Credit. In the
event the Issuing Bank has determined to honor a drawing under a Letter of Credit, it shall immediately notify the Borrower and the Administrative Agent, and the Borrower shall reimburse the Issuing Bank on the Reimbursement Date in an amount in
Dollars and in same day funds equal to the amount of such honored drawing. Anything contained herein to the contrary notwithstanding, unless the Borrower shall have notified the Administrative Agent and the Issuing Bank prior to 2:00 p.m. (New York
City time) on the date such drawing is honored that the Borrower intends to reimburse the Issuing Bank for the amount of such honored drawing with funds other than the proceeds of Revolving Credit Loans, (i) the Borrower shall be deemed to have
given a timely Borrowing Notice to the Administrative Agent requesting Lenders with Revolving Credit Commitments to make Revolving Credit Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to such honored drawing,
and (ii) subject to satisfaction or waiver of the conditions specified in Section 4.2, Lenders with Revolving Credit Commitments shall, on the 

  
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Reimbursement Date, make Revolving Credit Loans that are Base Rate Loans in the amount of such honored drawing, the proceeds of which shall be applied directly by the Administrative Agent to
reimburse the Issuing Bank for the amount of such honored drawing; and provided further, if for any reason proceeds of Revolving Credit Loans are not received by the Issuing Bank on the Reimbursement Date in an amount equal to the
amount of such honored drawing, the Borrower shall reimburse the Issuing Bank, on demand, in an amount in same day funds equal to the excess of the amount of such honored drawing over the aggregate amount of such Revolving Credit Loans, if any,
which are so received. Nothing in this Section 2.4(d) shall be deemed to relieve any Lender with a Revolving Credit Commitment from its obligation to make Revolving Credit Loans on the terms and conditions set forth herein, and the Borrower
shall retain any and all rights it may have against any such Lender resulting from the failure of such Lender to make such Revolving Credit Loans under this Section 2.4(d). 

(e) Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Lender
having a Revolving Credit Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase (regardless of whether the conditions set forth in Section 4.2 have been satisfied), from the Issuing Bank a participation in such
Letter of Credit and any drawings honored thereunder in an amount equal to such Lender’s Pro Rata Share (with respect to the Revolving Credit Commitments) of the maximum amount which is or at any time may become available to be drawn
thereunder. In the event that the Borrower shall fail for any reason to reimburse the Issuing Bank as provided in Section 2.4(d), the Issuing Bank shall promptly notify each Lender with a Revolving Credit Commitment of the unreimbursed amount
(the “Unreimbursed Amount”) of such honored drawing and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Credit Commitments. Each Lender with a Revolving Credit
Commitment shall pay to the Administrative Agent, for the account of the Issuing Bank, an amount in Dollars equal to its respective participation and in same day funds, not later than 12:00 p.m. (New York City time) on the first Business Day (under
the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Lender with a Revolving Credit Commitment fails to make available to the Administrative Agent, for
the account of the Issuing Bank, on such Business Day the amount of such Lender’s participation in such Letter of Credit as provided in this Section 2.4(e), the Issuing Bank shall be entitled to recover such amount on demand from such
Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this Section 2.4(e) shall be deemed to
prejudice the right of any Lender with a Revolving Credit Commitment to recover from the Issuing Bank any amounts made available by such Lender to the Issuing Bank pursuant to this Section 2.4(e) in the event that the payment with respect to a
Letter of Credit in respect of which payment was made by such Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank as determined by a final, non-appealable judgment of a court of competent jurisdiction. In the
event the Issuing Bank shall have been reimbursed by other Lenders pursuant to this Section 2.4(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, such Issuing Bank shall distribute to the
Administrative Agent, for distribution to each Lender which has paid all amounts payable by it under this Section 2.4(e) with respect to such honored drawing, 

  
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such Lender’s Pro Rata Share of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such
distribution shall be made to a Lender at its primary address as set forth in its administrative questionnaire or at such other address as such Lender may request. 

(f) Obligations Absolute. The obligation of the Borrower to reimburse the Issuing Bank for drawings honored under the Letters of Credit
issued by it and to repay any Revolving Credit Loans made by Lenders pursuant to Section 2.4(d) and the obligations of Lenders under Section 2.4(e) shall be unconditional and irrevocable and shall be paid strictly in accordance with the
terms hereof under all circumstances including any of the following circumstances: (i) any lack of validity or enforceability of any Letter of Credit; (ii) the existence of any claim, set off, defense or other right which the Borrower or
any Lender may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), the Issuing Bank, Lender or any other Person or, in the case of a Lender, against the
Borrower, whether in connection herewith, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Borrower or one of its Subsidiaries and the beneficiary for which any Letter of Credit was
procured); (iii) any draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (iv) payment by
the Issuing Bank under any Letter of Credit against presentation of a draft or other document which does not substantially comply with the terms of such Letter of Credit; (v) any amendment or waiver of or any consent to departure from all or
any of the provisions of the Loan Documents or Letter of Credit; (vi) any other act or omission to act or delay of any kind by the Administrative Agent, any Issuing Bank, any Lender or any other Person or any other event or circumstance
whatsoever that might, but for the provisions of this Section 2.4(f), constitute a legal or equitable discharge of the Borrower’s obligations hereunder (other than payment or performance in full); (vii) any adverse change in the
business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings or any of its Subsidiaries; (viii) any breach hereof or any other Loan Document by any party thereto; (ix) any other circumstance or
happening whatsoever, whether or not similar to any of the foregoing; or (x) the fact that an Event of Default or a Default shall have occurred and be continuing; provided, in each case, that payment by the Issuing Bank under the
applicable Letter of Credit shall not have constituted gross negligence, bad faith or willful misconduct of the Issuing Bank under the circumstances in question as determined by a final, non-appealable judgment of a court of competent jurisdiction.

 (g) Indemnification. Without duplication of any obligation of the Borrower under Section 9.5, in addition to amounts payable
as provided herein, the Borrower hereby agrees to protect, indemnify, pay and save harmless the Issuing Bank from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable fees, expenses
and disbursements of counsel) which the Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by the Issuing Bank, other than as a result of (1) the gross negligence, bad
faith or willful misconduct of the Issuing Bank as determined by a final, non-appealable judgment of a court of competent jurisdiction or (2) the wrongful dishonor by the Issuing Bank of a proper demand for payment made under any Letter of
Credit issued by it, or (ii) the failure of the 

  
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Issuing Bank to honor a drawing under any such Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or
Governmental Authority. 
 (h) Additional Issuing Banks. The Borrower may, at any time and from time to time with the consent of the
Administrative Agent (which consent shall not be unreasonably withheld or delayed) and such Lender, designate one or more additional Lenders (or Affiliates thereof) to act as an Issuing Bank under the terms of this Agreement (and such designation
shall be effective with respect to Letters of Credit, unless otherwise agreed by the Borrower and such Lender). From and after the effective date of such designation, any Lender designated as an Issuing Bank pursuant to this Section 2.4(h)
shall have the rights and obligations of an Issuing Bank under this Agreement. Any Lender that becomes an Issuing Bank shall not cease to be an Issuing Bank hereunder if it later ceases to be a Lender hereunder. 

(i) Resignation and Replacement of Issuing Bank. An Issuing Bank may resign as Issuing Bank upon 30 days prior written notice to the
Administrative Agent, the Lenders and the Borrower; provided that such resignation shall be effective only upon the effective date of the replacement of such Issuing Bank with a successor Issuing Bank in accordance with the provisions of this
Section 2.4(i); provided further that such resignation shall become effective notwithstanding the failure to appoint a successor Issuing Bank if an Event of Default has occurred and is continuing (and such resignation shall be
effective with respect to the Revolving Credit Facility, unless otherwise agreed by the Borrower and such Lender). An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing
Bank (provided that no consent will be required if the replaced Issuing Bank has no Letters of Credit or reimbursement obligations with respect thereto outstanding) and the successor Issuing Bank. The Administrative Agent shall notify the
Lenders of any such replacement of such Issuing Bank. At the time any such replacement or resignation shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank. From and after the effective
date of any such replacement or resignation, (i) any successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references
herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement or resignation of an
Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto to the extent that Letters of Credit issued by it remain outstanding and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with
respect to Letters of Credit issued by it prior to such replacement or resignation, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateral. If any Event of Default shall occur and be continuing, within five (5) Business Days following the written
request of the Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to the Letters of Credit; provided that the
obligation to so Cash Collateralize the Letters of Credit will become effective immediately, 

  
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without demand or notice of any kind, upon the occurrence of any Event of Default described in clauses (i) or (ii) of Section 7.1(f). 

(i) Grant of Security Interest. The Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing
Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Obligations in respect of the Letters of Credit, to be applied pursuant to clause (ii) below. If at any time the Administrative
Agent determines that such Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Bank as herein provided, the Borrower will, promptly upon demand by the Administrative Agent, pay or
provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 
 (ii)
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.4(j) in respect of Letters of Credit shall first be applied to reimburse the Issuing Bank for
unreimbursed drawings in respect of such Letters of Credit, second be held for the satisfaction of the Obligations in respect of the Letters of Credit, and third if the maturity of the Loans has been accelerated (but subject to the
consent of Lenders holding participations in outstanding Letters of Credit representing greater than 50% of the aggregate undrawn amount of all outstanding Letters of Credit), be applied to satisfy the Obligations. 

(iii) Termination of Requirement. Without limiting the requirement to Cash Collateralize the applicable Issuing
Bank’s Fronting Exposure with respect to any Defaulting Lender pursuant to 2.22(b), Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Bank’s Fronting Exposure with respect to Letters of Credit shall no
longer be required to be held as Cash Collateral pursuant to this Section 2.4(j) and such Cash Collateral (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after the date that
(i) such Fronting Exposure with respect to Letters of Credit has been eliminated, (ii) the Administrative Agent and the Issuing Bank have determined that there exists excess Cash Collateral or (iii) all Events of Default have been
cured or waived. 
 (k) Provisions Related to Extended Revolving Credit Commitments. If the Letter of Credit Expiration Date in
respect of any Class of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Issuing Bank that issued such Letter of Credit, if one or more other Classes of Revolving Credit
Commitments in respect of which the Letter of Credit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes
of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to Sections 2.4(d) and 2.4(e) under (and ratably participated in by Revolving Credit
Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating Classes up to an aggregate amount not to 

  
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exceed the aggregate principal amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so
reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i) and unless provisions reasonably satisfactory to the applicable Issuing Bank for the treatment of such Letter of Credit as a letter of credit
under a successor credit facility have been agreed upon, the Borrower shall, on or prior to the applicable Maturity Date, cause all such Letters of Credit to be replaced and returned to the applicable Issuing Bank undrawn and marked
“cancelled” or to the extent that the Borrower are unable to so replace and return any Letter(s) of Credit, such Letter(s) of Credit shall be secured by a “back to back” letter of credit reasonably satisfactory to the applicable
Issuing Bank, the Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 2.4(j). 
 2.5 Repayment
of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the appropriate Term Loan Lender (i) on the last Business Day of each March, June, September and
December, commencing with the last Business Day of September 30, 2014, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as
a result of the application of prepayments in accordance with the order of priority set forth in Section 2.9 and Section 2.10) and (ii) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial
Term Loans outstanding on such date (or on such earlier date on which the Loans become due and payable pursuant to Section 7). With respect to any Replacement Loans, Incremental Term Loans or Extended Term Loans, such Loans shall be repaid by
the Borrower in the amounts and on the dates set forth in the Incremental Amendment or Extension Amendment, as applicable. 
 (b) The
Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the appropriate Revolving Credit Lender (i) the then unpaid principal amount of each Revolving Credit Loan of such Revolving Credit Lender on the
Revolving Credit Maturity Date (or on such earlier date on which the Loans become due and payable pursuant to Section 7), (ii) the then unpaid principal amount of each Swing Line Loan of such Swing Line Lender on the Revolving Credit
Maturity Date (or on such earlier date on which the Loans become due and payable pursuant to Section 7). The Borrower agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the Closing Date until
payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.12. 
 (c) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of the appropriate Term Loan Lender with a First Amendment Incremental Term Loan Commitment (i) on the last Business Day of each March, June, September and December, commencing with
the last Business Day of September 30, 2014, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all First Amendment Incremental Term Loans outstanding on the First Amendment Effective Date (which payments shall be
reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.9 and Section 2.10) and (ii) on the Maturity Date for the First Amendment Incremental Term Loans, the aggregate
principal amount of all First Amendment Incremental Term Loans outstanding on such date (or on such earlier date on which the Loans become due and payable pursuant to Section 7). 

  
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 (d) The Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of the appropriate Term Loan Lender with a Third Amendment Incremental Term Loan Commitment (i) on the last Business Day of each March, June, September and December,
commencing with the last Business Day of March 31, 2015, an aggregate principal amount equal to 0.25% of (x) the aggregate principal amount of all Third Amendment Incremental Term Loans outstanding on the Third Amendment Effective Date and
(y) the aggregate principal amount of all Third Amendment Incremental Term Loans that are converted from Third Amendment Incremental Revolving Credit Loans in accordance with the terms of Section 2.27 and are outstanding on the Conversion
Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.9 and Section 2.10) and (ii) on the Maturity Date for the Third Amendment Incremental
Term Loans, the aggregate principal amount of all Third Amendment Incremental Term Loans outstanding on such date (or on such earlier date on which the Loans become due and payable pursuant to Section 7). 

2.6 Evidence of Debt; Register; Lenders’ Books and Records; Notes.  

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such
Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(b) The Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 9.6(d), and a subaccount therein
for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type of such Loan and each Interest Period applicable thereto, (ii) the amount of any principal or interest due
and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 

(c) The entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.5(b) shall, to the extent permitted
by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the
Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower in accordance with the terms of this Agreement. 

(d) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will promptly execute and deliver to
such Lender a promissory note of the Borrower evidencing any Term Loans, Revolving Credit Loans or Swing Line Loans, as the case may be, of such Lender, substantially in the forms of Exhibit F-1, F-2 or F-3 respectively (a
“Term Note”, “Revolving Credit Note” or “Swing Line Note”, respectively), with appropriate insertions as to date and principal amount; provided that delivery of Notes shall not be a condition
precedent to the occurrence of the Closing Date or the making of the Loans or issuance of Letters of Credit on the Closing Date. 

  
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 2.7 Commitment Fees, etc. (a) The Borrower
agreeagrees to pay to the Administrative Agent for the account of each Revolving Credit Lender under each Revolving Credit Facility in accordance with its Pro Rata
Share or other applicable share provided for under this Agreement, a commitment fee equal to the applicable Commitment Fee Rate times the actual daily amount by which the aggregate Revolving Credit Commitment for the applicable Revolving Credit
Facility exceeds the sum of (A) the Outstanding Amount of Revolving Credit Loans (for the avoidance of doubt, excluding any Swing Line Loans) for such Revolving Credit Facility and (B) the Outstanding Amount of L/C Obligations for such
Revolving Credit Facility; provided that any commitment fee accrued with respect to any of the Commitments of a Defaulting Lender under such Revolving Credit Facility during the period prior to the time such Lender became a Defaulting Lender
and unpaid at such time shall not be payable by the Borrower 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 Borrower prior to such time; and
provided, further, that no commitment fee shall accrue on any of the Commitments under any Revolving Credit Facility of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee on each Revolving
Credit Facility shall accrue at all times from the Closing Date until the Maturity Date for the applicable Revolving Credit Facility, including at any time during which one or more of the conditions in Section 4.2 is not met, and shall be due
and payable quarterly in arrears on the last Business Day of each of March, June, September and December, commencing with the last Business Day of September 30, 2014, and on the Maturity Date for such Revolving Credit Facility. The commitment
fee shall be calculated quarterly in arrears. 
 (b) The Borrower agrees to pay (i) directly to the Issuing Bank, for its own account,
the following fees: (A) a fronting fee equal to 0.125%, per annum, times the average aggregate daily maximum amount available to be drawn under all Letters of Credit (determined as of the close of business on any date of determination) and
(B) such documentary and processing charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance with the Issuing Bank’s standard schedule for such charges and as in effect at the time of such
issuance, amendment, transfer or payment, as the case may and (ii) to the Administrative Agent for the ratable benefit of the Revolving Lenders, a fee (the “Letter of Credit Fee”) equal to the Applicable Margin set forth in the
“Eurodollar Rate and Letter of Credit Fees” column of the chart in the definition of “Applicable Margin” per annum on the average daily maximum amount available to be drawn under each Letter of Credit from the date of issuance to
the date of expiration, which Letter of Credit Fee shall be quarterly in arrears on the last Business Day of each calendar quarter. 
 (c)
All fees referred to in Section 2.7(a) and 2.7(b)(i) shall be calculated on the basis of a 360 day year and the actual number of days elapsed and shall be payable quarterly in arrears on the last Business Day of March, June, September and
December of each year during the Revolving Credit Commitment Period, commencing on the first such date to occur after the Closing Date, and on the Revolving Credit Maturity Date. 

(d) The Borrower agrees to pay to the Administrative Agent (i) for the account of each Lender party to this Agreement as a Lender on the
Closing Date, or with respect to the Initial Term Loans, to such Lender out of the proceeds of the Initial Term Loan made by such Lender on the Closing Date, as fee compensation for the funding of such

  
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Lender’s Initial Term Loan a closing fee in an amount equal to 2.00% of the stated principal amount of such Lender’s Initial Term Loan payable to such Lender from the proceeds of its
Term Loan as and when funded on the Closing Date and, (ii) for the account of each Lender with a First Amendment Incremental Term Loan Commitment on the First
Amendment Effective Date, to such Lender out of the proceeds of the First Amendment Incremental Term Loan made by such Lender on the First Amendment Effective Date, as fee compensation for the funding of such Lender’s First Amendment
Incremental Term Loan a closing fee in an amount equal to [2.00]% of the stated principal amount of such Lender’s First Amendment Incremental Term Loan payable to such Lender from the proceeds of
its First Amendment Incremental Term Loan as and when funded on the First Amendment Effective Date, (iii) for the account of each Lender with a Third Amendment Incremental Term Loan
Commitment on the Third Amendment Effective Date, to such Lender out of the proceeds of the Third Amendment Incremental Term Loan made by such Lender on the Third Amendment Effective Date, as fee compensation for the funding of such Lender’s
Third Amendment Incremental Term Loan a closing fee in an amount equal to 1.00% of the stated principal amount of such Lender’s Third Amendment Incremental Term Loan payable to such Lender from the proceeds of its Third Amendment Incremental
Term Loan as and when funded on the Third Amendment Effective Date and (iv) for the account of each Lender with an Incremental Revolving Credit Commitment with respect to the Third Amendment Incremental Revolver Increase on the Third Amendment
Effective Date, to such Lender out of the proceeds of the Third Amendment Incremental Revolving Credit Loan made by such Lender on the Third Amendment Effective Date, as fee compensation for the funding of such Lender’s Third Amendment
Incremental Revolving Credit Loan a closing fee in an amount equal to 1.00% of the stated principal amount of such Lender’s Third Amendment Incremental Revolving Credit Loan payable to such Lender from the proceeds of its Third Amendment
Incremental Revolving Credit Loan as and when funded on the Third Amendment Effective Date. Such closing fee will be in all respects fully earned, due and payable on (i) with respect to the Initial Term Loan, the Closing Date
and, (ii) with respect to the First Amendment Incremental Term Loan, the First Amendment Effective Date and
(iii) with respect to the Third Amendment Incremental Term Loan and the Third Amendment Incremental Revolver Increase, the Third Amendment Effective Date, and in each case will be non-refundable and non-creditable thereafter.

 (e) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates from time to time agreed to in
writing by the Borrower and the Administrative Agent. 
 2.8 Termination or Reduction of Revolving Credit Commitments. The Borrower
shall have the right, upon not less than three (3) Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of the Revolving Credit Commitments
without premium or penalty; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans and Swing Line Loans made on
the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $500,000, or a whole multiple thereof, and shall reduce permanently the

  
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Revolving Credit Commitments then in effect. The foregoing requirements of this Section 2.8 shall not apply to the termination of
the Incremental Revolving Credit Commitments corresponding to the Third Amendment Incremental Revolver Increase so long as such Revolving Credit Commitments are terminated in accordance with the terms of Section 2.2(a)(ii) or Section 2.27.
If, after giving effect to any reduction of the Revolving Credit Commitments, the L/C Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such
excess. Except as provided above, the amount of any such Revolving Credit Commitment reduction shall not be applied to the L/C Sublimit or the Swing Line Sublimit unless otherwise specified by the Borrower. The Borrower’s notice to the
Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Credit Commitments shall be effective on the
date specified in the Borrower’s notice and, with the exception of the termination of the Incremental Revolving Credit Commitments corresponding to the Third Amendment Incremental
Revolver Increase in accordance with the terms of Section 2.2(a)(ii) or Section 2.27, shall reduce the Revolving Credit Commitment of each Lender proportionately to its Pro Rata Share thereof; provided that a notice of
termination or partial reduction of the Revolving Credit Commitments may state that such notice is conditional upon the effectiveness of other credit facilities, the receipt of proceeds from the issuance of other Indebtedness or the Disposition of
assets or the closing of a merger or acquisition transaction, in which case such notice of termination or partial reduction may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the specified date) if such
condition is not satisfied or delayed in effectiveness. 
 2.9 Optional Prepayments. (a) The Borrower may at any time and from
time to time prepay the Loans, in whole or in part, without premium or penalty (except as otherwise provided herein), upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M. (New York City time) three (3) Business
Days prior thereto in the case of Eurodollar Rate Loans and no later than 11:00 A.M. (New York City time) one (1) Business Day prior thereto in the case of Base Rate Loans, which notice shall specify the date and amount of such prepayment,
whether such prepayment is of Term Loans or Revolving Credit Loans, and whether such prepayment is of Eurodollar Rate Loans or Base Rate Loans; provided, that (i) if a Eurodollar Rate Loan is prepaid on any day other than the last day of
the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.19 and (ii) no prior notice is required for the prepayment of Swing Line Loans. Upon receipt of any such notice the Administrative
Agent shall promptly notify each relevant Lender thereof; provided that a notice of voluntary prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, the receipt of proceeds from the issuance of
other Indebtedness or the Disposition of assets or the closing of a merger or acquisition transaction, in which case such notice of prepayment may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the
specified date) if such condition is not satisfied or delayed in effectiveness. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving
Credit Loans that are Base Rate Loans and Swing Line Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Credit Loans shall be in an aggregate principal amount of $500,000 or a whole multiple
thereof. Partial prepayments of Swing Line Loans shall be in an aggregate principal amount of $100,000 or a whole multiple 

  
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thereof. Any prepayments of the Term Loan Facility pursuant to this Section shall be applied to the remaining scheduled installments of principal under the Term Loan Facility as directed by the
Borrower (or absent such direction, on a pro rata basis thereof). 
 (b) Loan Repricing Protection. In the event that, on or prior to
the six month anniversary of the Closing Date, the Borrower (a) makes any prepayment of the Initial Term Loans or First Amendment Incremental Term Loans in connection with any Repricing Transaction or (b) effects any amendment of this
Agreement resulting in a Repricing Transaction with respect to the Initial Term Loans or First Amendment Incremental Term Loans, the Borrower shall pay to the Administrative Agent,
for the ratable account of each applicable Lender, (i) in the case of clause (a), a prepayment premium not to exceed 1.00% of the aggregate principal amount of the Initial Term Loans or First Amendment Incremental Term Loans being prepaid and
(ii) in the case of clause (b), a payment not to exceed 1.00% of the aggregate principal amount of the applicable Initial Term Loans or First Amendment Incremental Term Loans outstanding immediately prior to such amendment that is subject to
such Repricing Transaction (it being understood that if a Non-Consenting Lender is removed pursuant to Section 2.23 in connection with a Repricing Transaction, such fee shall be paid to the Non-Consenting Lender and not to the replacement
Lender pursuant to Section 2.23). In the event that on or prior to the date which is six months after the Third Amendment Effective Date, the Borrower (A) makes any
prepayment of the Third Amendment Incremental Term Loans in connection with any Repricing Transaction or (B) effects any amendment of this Agreement resulting in a Repricing Transaction with respect to the Third Amendment Incremental Term
Loan, the Borrower shall pay to the Administrative Agent, for the ratable account of each applicable Lender, (i) in the case of clause (A), a prepayment premium not to exceed 1.00% of the aggregate principal amount of the Third Amendment
Incremental Term Loans being prepaid and (ii) in the case of clause (B), a prepayment premium not to exceed 1.00% of the aggregate principal amount of the applicable Third Amendment Incremental Term Loans outstanding immediately prior to such
amendment that is subject to such Repricing Transaction (it being understood that if a Non-Consenting Lender is removed pursuant to Section 2.23 in connection with a Repricing Transaction, such fee shall be paid to the Non-Consenting Lender and
not to the replacement Lender pursuant to Section 2.23). 
 2.10 Mandatory Prepayments and Commitment Reductions. 

(a) Issuance of Debt. Unless the Required Lenders shall otherwise agree, if any Indebtedness shall be incurred by any NM Group Member
(excluding any Indebtedness incurred in accordance with Sections 6.2), then the Term Loans and the Revolving Credit Loans shall be prepaid, and/or the outstanding Letters of Credit shall be Cash Collateralized, by an amount equal to 100% of the
amount of Net Cash Proceeds received therefrom on or prior to the date which is ten (10) Business Days after the receipt of such Net Cash Proceeds, as set forth in Section 2.10(d). 

(b) Asset Sales and Recovery Events. Unless the Required Lenders shall otherwise agree, if any NM Group Member shall receive Net Cash
Proceeds from any Asset Sale (excluding any such Disposition permitted by clause (a), (b) (except in reference to Section 6.4(c), unless such Disposition is to the Borrower or any Restricted Subsidiary), (c),

  
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(d), (e), (f), (h), (j) (to the extent constituting a Disposition to the Borrower or a Restricted Subsidiary that is a Guarantor), (k), (l), (n), (o), (p), (q), (r), (s), (t) or
(u) of Section 6.5)) during any fiscal year or Recovery Event, then, no later than ten (10) Business Days following the date of receipt by such NM Group Member of such Net Cash Proceeds, the Term Loans and Revolving Credit Loans shall
be repaid, and/or the outstanding Letters of Credit shall be Cash Collateralized, by an amount equal to the amount of such Net Cash Proceeds, as set forth in Section 2.10(d); provided, that notwithstanding the foregoing, at the option of
the Borrower, any NM Group Member may reinvest all or any portion of such Net Cash Proceeds in assets useful for its business other than printing paper, ink, Inventory (as defined in the UCC) or raw materials (or to use such Net Cash Proceeds to
replace assets Disposed of in such Asset Sale) within (x) twelve (12) months following receipt of such Net Cash Proceeds or (y) if such NM Group Member enters into a legally binding commitment to reinvest such Net Cash Proceeds within
twelve (12) months following receipt thereof, within one hundred eighty (180) days after the end of such twelve-month period; provided further, that if any Net Cash Proceeds that are not so reinvested, such Net Cash Proceeds
less any amount previously expended to acquire, refurbish, improve and/or repair such assets shall be applied at the end of such reinvestment period; provided, however, that no such Net Cash Proceeds received in connection with any
Asset Sale and not reinvested pursuant to the first or second proviso above shall be required to be used to prepay the Term Loans until the aggregate amount of all such Net Cash Proceeds received and not reinvested during the term of this Agreement
shall exceed $ 1,000,000 (the “ Asset Sale Threshold Amount”) (and thereafter, only Net Cash Proceeds received and not reinvested in excess of such Asset Sale Threshold Amount shall be required to be used to prepay the Term Loans as
set forth in Section 2.10(d)). 
 (c) Excess Cash Flow. After the end of the fourth fiscal quarter in any fiscal year (beginning
with the fiscal year started December 30, 2013), the Borrower shall deliver, pursuant to Section 5.2(d)(ii), the Borrower’s calculation of the Excess Cash Flow for such fiscal year (the “Annual Excess Cash Flow”).
Within 10 Business Days of delivery thereof, the Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.10(d) in an amount equal to (i) the ECF Percentage multiplied by the Annual
Excess Cash Flow for such fiscal year, minus (ii) the sum of (A) all voluntary prepayments of Term Loans made pursuant to Section 2.9(a) and (B) all voluntary prepayments of Revolving Credit Loans or loans under any other
revolving facility that is secured, in whole or in part, by a first priority lien (in each case, to the extent accompanied by a permanent reduction in the corresponding Revolving Credit Commitments or other revolving commitments), in the case of
each of the immediately preceding clauses (A) and (B), made during such fiscal year (without duplication of any prepayments in such fiscal year that reduced the amount of Excess Cash Flow required to be repaid pursuant to this
Section 2.10(c) for any prior fiscal quarter or fiscal year) or after such fiscal year-end and prior to the time such prepayment pursuant to this Section 2.10(c) is due and to the extent such prepayments are not funded with the proceeds of
long-term indebtedness. Notwithstanding anything to the contrary contained herein, for purposes of calculating the Annual Excess Cash Flow for the fiscal year started December 30, 2013, such calculation shall only include Excess Cash Flow
accumulated during the fiscal quarters ending September 28, 2014 and December 29, 2014. 

  
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 (d) Except as otherwise set forth in any Extension Amendment or Incremental Amendment,
(i) amounts to be applied in connection with prepayments made pursuant to Section 2.10(e) shall be applied, first to the outstanding Swing Line Loans, second to the outstanding Revolving Credit Loans and third to Cash
Collateralize the L/C Obligations and (ii) amounts to be applied in connection with prepayments made pursuant to Sections 2.10(a) through 2.10(c) shall be applied, first, to the prepayment of the Classes of Term Loans outstanding based
upon the then outstanding principal amounts of the respective Classes of Term Loans, pro rata, and applied to the remaining scheduled installments of principal under each such Class of the Term Loan Facility on a pro rata basis, second, to
the prepayment of the Revolving Credit Loans (without a corresponding reduction of the Revolving Credit Commitments) and, third, to replace outstanding Letters of Credit and/or deposit an amount in cash in a Cash Collateral Account
established with the Administrative Agent for the benefit of the Secured Parties to Cash Collateralize Letters of Credit on terms and conditions satisfactory to the Administrative Agent. 

(e) If for any reason the Total Revolving Extensions of Credit exceeds the Total Revolving Credit Commitments, the Borrower shall promptly
repay such of the outstanding Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate principal amount such that, after giving effect thereto, the Total Revolving Extensions of Credit do not exceed
the Total Revolving Credit Commitments, together with interest accrued to the date of such payment or prepayment on the principal so prepaid if required hereby and any amounts payable under Section 2.19 in connection therewith; provided
that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.10(e) unless after the prepayment in full of the Revolving Credit Loans and Swing Line Loans such aggregate Outstanding Amount of L/C
Obligations exceeds the aggregate Revolving Credit Commitments then in effect. Any prepayment of Revolving Credit Loans shall first be applied to prepay any outstanding Swing Line Loans. To the extent that after giving effect to any prepayment of
Loans required by this paragraph, the Total Revolving Extensions of Credit at such time exceed the Total Revolving Credit Commitments at such time, the Borrower shall, within three (3) Business Days of notice from the Administrative Agent
deposit in a Cash Collateral Account upon terms reasonably satisfactory to the Administrative Agent an amount equal to the amount by which Total Revolving Extensions of Credit exceed the Total Revolving Credit Commitments. The Administrative Agent
shall apply any cash deposited in the Cash Collateral Account (to the extent thereof) to pay any Reimbursement Obligations which are or become due thereafter at the end of the Interest Periods therefor, provided that, (x) the
Administrative Agent shall release to the Borrower from time to time such portion of the amount on deposit in the Cash Collateral Account to the extent such amount is not required to be so deposited in order for the Borrower to be in compliance with
this paragraph and (y) the Administrative Agent may so apply such cash at any time after the occurrence and during the continuation of an Event of Default. “Cash Collateral Account” means an account specifically established by
the Borrower for purposes of this Section 2.10 and hereby pledged to the Administrative Agent and over which the Administrative Agent shall have exclusive dominion and control, including the right of withdrawal for application in accordance
with this Section 2.10. 
 (f) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment required to be
made pursuant to clauses (a) and (b) of this Section 2.10 

  
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at least three (3) Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the
aggregate amount of such prepayment to be made by the Borrower. The Administrative Agent will promptly notify each appropriate Lender of the contents of the Borrower’s prepayment notice or Excess Cash Flow calculation, as applicable, and of
such appropriate Lender’s pro rata share of the prepayment or other applicable share provided for under this Agreement. Each Term Loan Lender may reject all or a portion of its pro rata share, or other applicable share provided for under
Section 2.10 (such declined amounts, the “Declined Proceeds”) by providing written notice (each, a “Rejection Notice”) to the Administrative Agent and the Borrower no later than 5:00 p.m., New York time, two
(2) Business Days after the date of such Lender’s receipt of notice from the Administrative Agent regarding such prepayment. Each Rejection Notice from a given Lender shall specify the principal amount of the mandatory repayment of Term
Loans to be rejected by such Lender. If a Term Loan Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of the Term Loans to be
rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of such Lender’s Term Loans. Any Declined Proceeds remaining shall be retained by the Borrower. 

(g) Notwithstanding any other provisions of this Section 2.10, (i) to the extent that any or all of the Net Cash Proceeds of any
Asset Sale by a Foreign Subsidiary giving rise to a prepayment event pursuant to Section 2.10(b) (a “Foreign Asset Sale”), the Net Cash Proceeds of any Recovery Event from a Foreign Subsidiary (a “Foreign Recovery
Event”) or Excess Cash Flow attributable to a Foreign Subsidiary are prohibited or delayed by applicable local law from being repatriated to the United States, the portion of such Net Cash Proceeds or Excess Cash Flow so affected will not
be required to be applied to repay Term Loans at the times provided in this Section 2.10 but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit repatriation to the United
States (the Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such repatriation), and once such repatriation of any of such affected Net Cash
Proceeds or Excess Cash Flow is permitted under the applicable local law, such repatriation will be promptly effected and an amount equal to such repatriated Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event not later than ten
(10) Business Days after such repatriation) applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Term Loans pursuant to this Section 2.10 to the extent otherwise provided herein and
(ii) to the extent that the Borrower, in consultation with the Administrative Agent, has determined in good faith that repatriation of any of or all the Net Cash Proceeds of any Foreign Asset Sale, any Foreign Recovery Event or Excess Cash Flow
attributable to a Foreign Subsidiary would have a material adverse tax cost consequence (taking into account any foreign tax credit or benefit actually realized in connection with such repatriation) with respect to such Net Cash Proceeds or Excess
Cash Flow, the Net Cash Proceeds or Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary. 
 (h) Considering
each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before 

  
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application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Borrower pursuant to Section 2.19. 

2.11 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Rate Loans to Base
Rate Loans by giving the Administrative Agent at least two (2) Business Days’ prior irrevocable notice of such election, provided that any such conversion of Eurodollar Rate Loans may be made only on the last day of an Interest
Period with respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Rate Loans by giving the Administrative Agent at least three (3) Business Days’ prior irrevocable notice of such election (which
notice shall specify the length of the initial Interest Period therefor), provided that no Base Rate Loan under a particular Facility may be converted into a Eurodollar Rate Loan after the date that is 14 days prior to the final scheduled
termination or maturity date of such Facility then in effect, after giving effect to any request to extend the applicable Maturity Date then in effect delivered in accordance with Section 2.25. Upon receipt of any such notice the Administrative
Agent shall promptly notify each relevant Lender thereof. 
 (b) The Borrower may elect to continue any Eurodollar Rate Loan as such upon
the expiration of the then current Interest Period with respect thereto by giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in
Section 1.1, of the length of the next Interest Period to be applicable to such Loan, provided that no Eurodollar Rate Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is
continuing and the Administrative Agent has, or the Required Facility Lenders in respect of such Facility have, determined in its or their sole discretion not to permit such continuations or (ii) after the date that is 14 days prior to the
final scheduled termination or maturity date of such Facility then in effect, after giving effect to any request to extend the applicable Maturity Date then in effect delivered in accordance with Section 2.25, and provided,
further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall be converted automatically to Base Rate
Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

2.12 Interest Rates and Payment Dates. (a) Each Eurodollar Rate Loan shall bear interest for each day during each Interest Period
with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin in effect for such day. 

(b) Each Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Base Rate in effect for
such day plus the Applicable Margin in effect for such day. 
 (c) Each Swing Line Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin for Revolving Credit Loans. 

  
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 (d) Upon the occurrence and during the continuance of an Event of Default under
Section 7.1(a) (including as a result of an Event of Default with respect to the Borrower under Section 7.1(f)), the overdue principal amount of all Loans outstanding shall bear interest payable on demand at a rate that is 2.00% per
annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans, or, in the case of any overdue fees or other amounts owed hereunder and, to the extent permitted by applicable law, any overdue interest payments
on the Loans (including post-petition interest in any proceeding under Debtor Relief Laws), at a rate which is 2.00% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans that are Revolving Credit Loans.
Payment or acceptance of the increased rates of interest provided for in this Section 2.12 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or
remedies of the Administrative Agent or any Lender. 
 (e) Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions, continuations and optional prepayments of Eurodollar Rate Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate
principal amount of the Eurodollar Rate Loans comprising each Eurodollar Tranche shall be equal to $500,000 or a whole multiple of $500,000 in excess thereof and (b) no more than ten (10) Eurodollar Tranches shall be outstanding at any one
time. 
 (f) The Borrower agrees to pay to Issuing Bank, with respect to drawings honored under any Letter of Credit, interest on the amount
paid by the Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower at a rate equal to, for the period from the date such drawing
is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower, the rate of interest otherwise payable hereunder with respect to Revolving Credit Loans that are Base Rate Loans; provided, however, that
upon notice to the Borrower from the Administrative Agent at the direction of the Required Lenders, the rate of interest for the period from the applicable Reimbursement Date to but excluding the date such amount is reimbursed by or on behalf of the
Borrower shall be 2.00% per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Credit Loans that are Base Rate Loans. 

(g) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph
(d) of this Section shall be payable from time to time on demand. 
 2.13 Computation of Interest and Fees. (a) Interest
payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day
year for the actual days elapsed. Fees and commissions payable pursuant hereto shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable
notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Eurodollar Reserve 

  
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Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and
the relevant Lenders of the closing date and the amount of each such change in interest rate. 
 (b) Each determination of an interest rate
by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the
Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.13(a). 

(c) It is the intention of the parties to comply with Requirements of Law relating to usury now or hereafter enacted. 

2.14 Inability to Determine Interest Rate. If prior to the first day of any Interest Period: 

(a) the Administrative Agent shall have reasonably determined (which determination shall be conclusive and binding upon the Borrower) that, by
reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Facility Lenders in respect of the relevant Facility that the
Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest
Period, 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders as promptly as practicable thereafter and, until the
Administrative Agent (in the case of clause (b), acting upon the request of the Required Lenders) notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any Borrowing Notice that requests the
conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be converted to a Base Rate Borrowing on the last day of the then current Interest Period
applicable thereto and (ii) if any Borrowing Notice requests a Eurodollar Borrowing, such Borrowing shall be made as a Base Rate Borrowing. 

2.15 Pro Rata Treatment and Payments. (a) EachExcept
for the borrowing of the Third Amendment Incremental Revolving Credit Loans which shall be borrowed pursuant to Section 2.2(a)(ii), each borrowing by the Borrower from the Lenders hereunder shall be made pro rata according to the
respective Term Loan Percentages or Revolving Credit Percentages, as the case may be, of the relevant Lenders. EachSubject to clause (i) below with respect to Revolving
Credit Loans, each payment of interest in respect of the Loans and each payment in respect of fees payable hereunder shall be applied to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then
due and owing to the Lenders. EachSubject to clause (i) below with respect to Revolving  

  
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Credit Loans, each payment by the Borrower on account of any commitment fee or Letter of Credit fee, and any reduction of the
Revolving Credit Commitments of the Lenders shall be made pro rata according to the Revolving Credit Percentages of the Revolving Credit Lenders. 

(b) Each payment (including each prepayment) by the Borrower on account of principal of the Term Loans shall be allocated among the Term Loan
Facilities pro rata according to the respective outstanding principal amounts of Term Loans under such Facilities. Each payment (including each prepayment) on account of principal of the Term Loans outstanding under any Term Loan Facility shall be
allocated among the Term Loan Lenders holding such Term Loans pro rata based on the principal amount of such Term Loans held by such Term Loan Lenders. Amounts prepaid on account of the Term Loans may not be reborrowed. 

(c) EachSubject to clause (i) below, each payment
(including each prepayment) by the Borrower on account of principal of the Revolving Credit Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit
Lenders. Each payment in respect of Reimbursement Obligations in respect of any Letter of Credit shall be made to the Issuing Bank that issued such Letter of Credit. 

(d) The application of any payment of Loans under any Facility (including optional and mandatory prepayments) shall be made, first, to
Base Rate Loans under such Facility and, second, to Eurodollar Rate Loans under such Facility. Each payment of the Loans (except in the case of Swing Line Loans and Revolving Credit Loans that are Base Rate Loans) shall be accompanied by
accrued interest to the date of such payment on the amount paid. 
 (e) All payments (including prepayments) to be made by the Borrower
hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon (New York City time) on the due date thereof to the Administrative Agent, for the account of
the relevant Lenders, at the Payment Office, in the relevant currency and in immediately available funds. Any payment made by the Borrower after 12:00 Noon (New York City time) on any Business Day shall be deemed to have been on the next following
Business Day. If any payment hereunder (other than payments on the Eurodollar Rate Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar
Rate Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in
which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during
such extension. 
 (f) Unless the Administrative Agent shall have been notified by any Lender prior to the applicable Borrowing Date that
such Lender does not intend to make available to the Administrative Agent the amount of such Lender’s Loan requested on such Borrowing Date, the Administrative Agent may assume that such Lender has made such

  
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amount available to the Administrative Agent on such Borrowing Date and the Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to the Borrower a
corresponding amount on such Borrowing Date. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such
Lender together with interest thereon, for each day from such Borrowing Date until the date such amount is paid to the Administrative Agent, at the customary rate set by the Administrative Agent for the correction of errors among banks for three
(3) Business Days and thereafter at the Base Rate. In the event that (i) the Administrative Agent declines to make a requested amount available to the Borrower until such time as all applicable Lenders have made payment to the
Administrative Agent, (ii) a Lender fails to fund to the Administrative Agent all or any portion of the Loans required to be funded by such Lender hereunder prior to the time specified in this Agreement and (iii) such Lender’s failure
results in the Administrative Agent failing to make a corresponding amount available to the Borrower on the Borrowing Date, at Administrative Agent’s option, such Lender shall not receive interest hereunder with respect to the requested amount
of such Lender’s Loans for the period commencing with the time specified in this Agreement for receipt of payment by the Borrower through and including the time of the Borrower’s receipt of the requested amount. If such Lender does not pay
such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent
together with interest thereon, for each day from such Borrowing Date until the date such amount is paid to the Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans. Nothing in this Section 2.15(f)
shall be deemed to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder. 

(g) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the
Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance
upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three (3) Business Days after such due date, the
Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average
Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

(h) Upon receipt by the Administrative Agent of payments on behalf of Lenders, the Administrative Agent shall promptly distribute such
payments to the Lender or Lenders entitled thereto, in like funds as received by the Administrative Agent. 

(i) Notwithstanding anything in this Agreement to the contrary, on or prior to the
earlier of (x) the Conversion Date and (y) the date on which all outstanding Third Amendment Incremental Revolving Credit Loans have been repaid, (i) each 

  
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payment of interest in respect of Third Amendment Incremental Revolving Credit Loans and each payment in respect of fees payable
hereunder with respect thereto shall be applied solely to the amounts of such obligations owing to Citizens Bank of Pennsylvania and the Revolving Credit Lenders agree to such application on a non-pro rata basis, (ii) each payment by the
Borrower on account of any commitment fee payable in connection with the Third Amendment Incremental Revolving Credit Loans and any reduction of the Incremental Revolving Credit Commitments corresponding to the Third Amendment Incremental Revolving
Credit Loans shall be made solely to Citizens Bank of Pennsylvania and the Revolving Credit Lenders agree to such application on a non-pro rata basis and (iii) the payment (including each prepayment) by the Borrower on account of principal of
the Third Amendment Incremental Revolving Credit Loans shall be made solely to Citizens Bank of Pennsylvania and the Revolving Credit Lenders agree to such application on a non-pro rata basis. 

2.16 Ratable Sharing. The Lenders hereby agree among themselves that if, other than as expressly provided elsewhere herein, any of
them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set off or banker’s lien, or by counterclaim or cross action or by
the enforcement of any right under the Loan Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under any Debtor Relief Laws, receive payment or reduction of a proportion of the aggregate amount of principal,
interest, amounts payable in respect of Letters of Credit, fees and other amounts then due and owing to such Lender hereunder or under the other Loan Documents (collectively, the “Aggregate Amounts Due” to such Lender) which is
greater than its ratable share (or other share contemplated hereunder) thereof, then the Lender receiving such proportionately greater payment shall immediately (i) notify the Administrative Agent and each other Lender of the receipt of such
payment and (ii) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the
Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately greater
payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of the Borrower or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be
returned to such purchasing Lender ratably to the extent of such recovery, but without interest. The Borrower expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may, to the fullest extent
permitted by applicable Law, exercise any rights of payment (including the right of setoff but subject to Section 9.7) owing by the Borrower to that holder with respect thereto as fully as if that holder were owed the amount of the
participation held by that holder. The provisions of this Section shall not be construed to apply to (i) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to time
(including the application of funds arising from the existence of a Defaulting Lender) or (ii) any payment obtained by any Lender as consideration for the assignment or sale of a participation in any of its Loans or other Obligations owed to
it. 
 2.17 Requirements of Law. (a) If any Change in Law shall: 

  
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 (i) shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not
otherwise included in the determination of the Eurodollar Rate hereunder; 
 (ii) subject any Lender to any Tax of any kind
whatsoever with respect to this Agreement or any Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes or Other Taxes covered by Section 2.18 and any Excluded Taxes); or

 (iii) shall impose on such Lender any other condition (other than related to Taxes); 

and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting
into, continuing or maintaining Eurodollar Rate Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, upon its
demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable; provided that such amounts shall only be payable by the Borrower to the applicable Lender under this Section 2.17(a)
so long as it is such Lender’s general policy or practice to demand compensation in similar circumstances and from similarly situated borrowers under comparable provisions of other financing agreements. If any Lender becomes entitled to claim
any additional amounts pursuant to this Section 2.17(a), it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. 

(b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made
subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below
that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by
such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as
will compensate such Lender or such corporation for such reduction; provided that such amounts shall only be payable by the Borrower to the applicable Lender under this Section 2.17(b) so long as it is such Lender’s general policy
or practice to demand compensation in similar circumstances and from similarly situated borrowers under comparable provisions of other financing agreements. 

(c) A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the
Administrative Agent) 

  
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shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all
other amounts payable hereunder. 
 2.18 Taxes. (a) Except as required by applicable Law, all payments made by any Loan Party
under any Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes. 
 (b) If any
Loan Party is required by applicable Law to make any deduction or withholding on account of any Taxes from or in respect of any sum paid or payable to any Lender or Agent under any Loan Document: (i) the applicable Loan Party shall make such
deduction or withholding and pay to the relevant Governmental Authority any such Tax before the date on which penalties attach thereto, and (ii) if the Tax in question is a Non-Excluded Tax or Other Tax, the sum payable to such Lender or Agent
(as applicable) shall be increased by the Loan Party to the extent necessary to ensure that, after the making of any required deduction or withholding for Non-Excluded Taxes or Other Taxes (including any deductions or withholdings for Non-Excluded
Taxes or Other Taxes attributable to any payments required to be made under this Section 2.18), the Lender or the Agent (as applicable), receives on the due date a net sum equal to what it would have received had no such deduction or
withholding been required or made; and (iii) within thirty days after the due date of payment of any Tax which the Loan Party is required by clause (i) above to pay, the Loan Party shall deliver to the Administrative Agent evidence
reasonably satisfactory to the other affected parties of such deduction or withholding and of the remittance thereof to the relevant Governmental Authority. 

(c) In addition (and without duplication), the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable law. The Loan Parties shall jointly and severally indemnify each Lender and Agent, within 10 days after demand therefor, for the full amount of any Non- Excluded Taxes or Other Taxes (including Non-Excluded Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or Agent or required to be withheld or deducted from a payment to such Lender or Agent and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a
Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) Each Lender shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the
Administrative Agent with any documentation prescribed by Laws or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement of such Lender to an exemption from, or reduction in, withholding Tax with respect to
any payments to be made to such Lender under any Loan Document. Each such Lender shall, whenever a lapse in time or change in circumstances renders such documentation (including any specific documentation required below in this Section 2.18(d))
obsolete, expired or inaccurate in any material respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate 

  
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documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent). Without limiting the foregoing: 

(i) Each U.S. Lender shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a
party to this Agreement two properly completed and duly signed copies of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding. 

(ii) Each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a
party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Agent) whichever of the following is applicable: 

(A) two properly completed and duly signed copies of the applicable Internal Revenue Service Form W-8BEN or W-8BEN-E, as
applicable (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code. 

(B) two properly completed and duly signed copies of Internal Revenue Service Form W-8ECI (or any successor forms). 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or
Section 881(c) of the Code, (A) two properly completed and duly signed certificates substantially in the form of Exhibit G (any such certificate, a “United States Tax Compliance Certificate”) and (B) two
properly completed and duly signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor forms). 

(D) to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or a
participating Lender), Internal Revenue Service Form W-8IMY (or any successor forms) of the Foreign Lender, accompanied by a Form W-8ECI, applicable W-8BEN or W-8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY or any other
required information (or any successor forms) from each beneficial owner that would be required under this Section 2.18 if such beneficial owner were a Lender, as applicable (provided that, if one or more beneficial owners are claiming
the portfolio interest exemption, the United States Tax Compliance Certificate may be provided by such Foreign Lender on behalf of such beneficial owner), or 

(E) two properly completed and duly signed copies of any other form prescribed by applicable U.S. federal income tax laws
(including the Treasury Regulations) as a basis for claiming a complete exemption from, 

  
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or a reduction in, United States federal withholding tax on any payments to such Lender under the Loan Documents. 

(iii) 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 requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph, the term “FATCA” shall include any amendments made to FATCA after the date
of this Agreement. 
 Notwithstanding any other provision of this clause (d), a Lender shall not be required to deliver any form that such
Lender is not legally eligible to deliver. 
 2.19 Funding Losses. The Borrower agrees to indemnify each Lender for, and to hold
each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Rate Loans after the Borrower has given
a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or
(c) the making of a prepayment or conversion of Eurodollar Rate Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount
of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or,
in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the
Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with
leading banks in the interbank Eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the
termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 2.20 Illegality.
Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Rate Loans as

  
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contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Eurodollar Rate Loans, continue Eurodollar Rate Loans as such and convert Base Rate Loans to Eurodollar
Rate Loans shall forthwith be canceled and (b) such Lender’s Loans then outstanding as Eurodollar Rate Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with
respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Rate Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall pay to
such Lender such amounts, if any, as may be required pursuant to Section 2.19. 
 2.21 Change of Lending Office. Each Lender
agrees that, upon the occurrence of any event giving rise to the operation of Section 2.17, 2.18(a) (other than the operation of Section 2.18(a)(ii) or (iii)) or 2.20 with respect to such Lender, it will, if requested by the Borrower, use
reasonable efforts (subject to overall policy considerations of such Lender) to designate another Lending Office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation
is made on terms that, in the sole judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or
postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.17, 2.18(a) or 2.20. 
 2.22
Defaulting Lenders. (a) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by
applicable Law: 
 (i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any
amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.1. 
 (ii)
Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7 or
otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.7, shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the Issuing Bank or to the Swing Line Lender hereunder; third, if so
determined by the Administrative Agent or requested by an Issuing Bank or the Swing Line Lender, to be held as cash collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit;
fourth, as the Borrower may request (so long as no Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the
Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement;
sixth, to the payment of any 

  
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amounts owing to the Lenders, any Issuing Bank or the Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, such Issuing Bank or the Swing
Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of
any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or reimbursement obligations with respect to Letters of Credit in respect of which that
Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and reimbursement obligations with respect to Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or reimbursement obligations with respect to Letters of Credit
owed to, that Defaulting Lender, until such time as all Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without
giving effect to Section 2.22(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this
Section 2.22(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to receive any commitment fee pursuant to
Section 2.7 for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be
limited in its right to receive Letter of Credit Fees as provided in 2.7(b)(i). 
 (iv) Reallocation of Pro Rata Shares to
Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Lender that is not a Defaulting Lender (each, a “Non-Defaulting Lender”) to
acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Section 2.3 or Section 2.4, the “Pro Rata Share” of each Non-Defaulting Lender shall be computed without giving effect to the
Commitment of that Defaulting Lender; provided that the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if
any, of (1) the Revolving Credit Commitment of that Non-Defaulting Lender minus (2) the Revolving Credit Exposure of such Non-Defaulting Lender. No reallocation hereunder shall constitute a waiver or release of any claim of any
party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 (b) Cash Collateral. If the reallocation described in Section 2.22(a)(iv) cannot, or can only partially, be effected, the
Borrower shall, without prejudice to any right or remedy available 

  
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to it hereunder or at law, immediately upon the request of the Administrative Agent, the Issuing Bank or the Swing Line Lender, fully Cash Collateralize the Issuing Bank’s and Swing Line
Lender’s Fronting Exposure (after giving effect to Section 2.22(a)(iv) and any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be
maintained in blocked, non-interest-bearing deposit accounts at Citizens Bank of Pennsylvania. The Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the
benefit of the Administrative Agent, the Issuing Bank and the Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property
so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such cash collateral may be applied pursuant to this paragraph. If at any time the Administrative Agent determines that
cash collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such cash collateral is less than the applicable Fronting Exposure and other obligations secured
thereby, the Borrower or the relevant Defaulting Lender (as applicable) will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional cash collateral in an amount sufficient to eliminate such
deficiency. Cash collateral provided under any of this Section 2.22 or any other provision of this Agreement shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations
therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be
provided for herein. Cash collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other
obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender) or (ii) the Administrative Agent’s good faith determination that there exists excess cash collateral;
provided, however, that cash collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default (and following application as provided in this Section 2.22(b) may be
otherwise applied as required by the Loan Documents). 
 (c) Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swing
Line Lender and each Issuing Bank agree in writing that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice
and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other
actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their pro rata
shares (without giving effect to Section 2.22(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while that 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 that Lender’s having been a Defaulting Lender. 

  
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 2.23 Replacement of Lenders under Certain Circumstances. If any Lender (a) requests
reimbursement for amounts owing pursuant to Sections 2.14, 2.17 or 2.18 or gives a notice of illegality pursuant to Section 2.20, (b) becomes a Defaulting Lender or (c) does not agree to an amendment, modification, termination, waiver
or consent in the event where there is a proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 9.1, which requires the agreement of each Lender, all affected
Lenders or all the Lenders or all affected Lenders with respect to a certain Class or Classes of the Loans/Commitments and where the consent of the Required Lenders (or the requisite percentage of Lenders under Section 9.1) shall have been
obtained (any such Lender, a “Non-Consenting Lender”), then the Borrower may, by giving written notice to the Administrative Agent and any such Lender of its election to do so, elect to cause such Lender (a “Terminated
Lender”) (and such Lender hereby irrevocably agrees) to assign its outstanding Loans and its Revolving Credit Commitments, if any, in full to one or more Persons permitted to become Lenders hereunder pursuant to and in accordance with the
provisions of Section 9.6; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) prior to any such replacement pursuant to clause (a) or (b), such Terminated Lender shall have taken no
action under Section 2.21 so as to eliminate the continued need for payment of amounts owing pursuant to Sections 2.14, 2.17 or 2.18 or to eliminate the illegality referred to in such notice of illegality given pursuant to Section 2.20,
(iii) such Terminated Lender shall have received payment of an amount equal to the applicable 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 2.19 and, in the case of a Repricing Transaction, any “prepayment premium” pursuant to Section 2.9(b) that would otherwise be owed in connection therewith) from the assignee (to the
extent of such outstanding principal) or the Borrower (in the case of accrued interest, fees and all other amounts) and (iv) the Borrower shall be liable to such Terminated Lender under Section 2.19 (as though Section 2.19 were
applicable) if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto; provided, the Borrower may not make such election with respect to any Terminated Lender
that is also an Issuing Bank unless, prior to the effectiveness of such election, the Borrower shall have caused each outstanding Letter of Credit issued thereby to be cancelled or Cash Collateralized with respect to such Letter of Credit or the
Issuing Bank has otherwise entered into arrangements satisfactory to it and the Borrower with respect to such Letter of Credit. Upon the prepayment of all amounts owing to any such Terminated Lender and the termination of such Terminated
Lender’s Revolving Credit Commitments, if any, such Terminated Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such Terminated Lender to indemnification hereunder shall survive as to
such Terminated Lender. Each party hereto agrees that an assignment required pursuant to this Section 2.23 may be effected pursuant to an Assignment and Acceptance executed by the Borrower, the Administrative Agent and the assignee and that the
Terminated Lender required to make such assignment need not be a party thereto, and each Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in
accordance with Section 9.6 on behalf of a Non-Consenting Lender or Terminated Lender and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 9.6.

  
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 2.24 Incremental Facilities. 

(a) Incremental Loan Request. The Borrower may at any time or from time to time after the Closing Date, by notice to the Administrative
Agent (an “Incremental Loan Request”), request (A) one or more new commitments which may be of the same Class as any outstanding Term Loans (a “Term Loan Increase”) or a new Class of term loans (collectively
with any Term Loan Increase, the “Incremental Term Commitments”) and/or (B) one or more increases in the amount of the Revolving Credit Commitments (an “Incremental Revolving Credit Commitment” and, together
with any Incremental Term Commitments, the “Incremental Commitments”), whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders. Each Incremental Loan Request from the Borrower pursuant to this
Section 2.24 shall set forth the requested amount and proposed terms of the relevant Incremental Term Commitments or Incremental Revolving Credit Commitments. 

(b) Incremental Loans. Any Incremental Term Loans effected through the establishment of one or more new term loans made on an
Incremental Facility Closing Date (other than a Loan Increase) shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Commitments of
any Class are effected (including through any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.24, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrower (an
“Incremental Term Loan” or “Incremental Loan”) in an amount equal to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become a Lender hereunder with
respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto. Notwithstanding the foregoing, Incremental Term Loans may have identical terms to any of the Term Loans and be treated as
the same Class as any of such Term Loans. 
 (c) Incremental Lenders. Incremental Term Loans may be made, and Incremental Revolving
Credit Commitments may be provided, by any existing Lender (but no existing Lender will have an obligation to make any Incremental Commitment (or Incremental Loan), nor will the Borrower have any obligation to approach any existing Lenders to
provide any Incremental Commitment (or Incremental Loan)) or by any Additional Lender (each such existing Lender or Additional Lender providing such Loan or Commitment, an “Incremental Term Lender” or “Incremental Revolving
Credit Lender,” as applicable, and, collectively, the “Incremental Lenders”); provided that any Affiliated Lender providing an Incremental Term Commitment shall be subject to the same restrictions set forth in
Section 9.6(h) as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans. 

(d) Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment shall be subject to the satisfaction on the
date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: 
 (i) no
Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Commitments (except in connection with 

  
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any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f)); 

(ii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be
in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below) and each Incremental Revolving Credit Commitment
shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth
in clause (iii) below); 
 (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving
Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $75,000,000225,000,000 in the
aggregate ( the “Available Incremental Amount”); and 
 (iv) the Total Leverage Ratio after giving effect to
such Incremental Commitment shall be equal to or less than 3:00 to 1.00 recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1.

 (e) Required Terms. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Commitments or the
Incremental Revolving Credit Commitments, as the case may be, of any Class and any Loan Increase shall be as agreed between the Borrower and the applicable Incremental Lenders providing such Incremental Commitments, and except as otherwise set forth
herein, to the extent not identical to the Term Loans or Revolving Credit Commitments, as applicable, existing on the Incremental Facility Closing Date, shall be reasonably satisfactory to the Administrative Agent; provided that in the case
of a Term Loan Increase, the terms, provisions and documentation of such Term Loan Increase shall be identical (other than with respect to upfront fees, OID or similar fees, it being understood that, if required to consummate such Loan Increase
transaction, the interest rate margins and rate floors may be increased and additional upfront or similar fees may be payable to the lenders providing the Loan Increase) to the applicable Term Loans being increased, in each case, as existing on the
Incremental Facility Closing Date. In any event: 
 (i) the Incremental Term Loans: 

(A) shall rank equal in priority in right of payment and of security with the Initial Term Loans and the Revolving Credit
Loans under the Initial Revolving Credit Facility, 
 (B) shall not mature earlier than the Maturity Date of the Term Loans
as of the time of incurrence of such Incremental Term Loans, 
 (C) shall have a Weighted Average Life to Maturity not
shorter than the remaining Weighted Average Life to Maturity of the Initial Term 

  
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Loans on the date of incurrence of such Incremental Term Loans, except (1) by virtue of amortization or prepayment of Term Loans prior to the time of such incurrence or (2) to the
extent the remaining Weighted Average Life to Maturity of the Initial Term Loans (and any previous Incremental Term Loans) is shortened to match or be shorter than the Weighted Average Life to Maturity of the Incremental Term Loans pursuant to the
Incremental Amendment executed by the Borrower, each Incremental Lender and the Administrative Agent with respect to such Incremental Term Loans, 

(D) shall have an Applicable Margin, subject to clauses (e)(i)(B) and (e)(i)(C) above and clause (e)(ii) below, determined by
the Borrower and the applicable Incremental Term Lenders, 
 (E) shall have an amortization schedule applicable to any
Incremental Term Loans on the same terms as for the Initial Term Loans, unless the amortization schedule for the Initial Term Loans (and any previous Incremental Term Loans) is increased to match (on a percentage basis of the applicable initial term
loan amount) the amortization schedule applicable to such Incremental Term Loans pursuant to the Incremental Amendment executed by the Borrower, each Incremental Lender and the Administrative Agent with respect to such Incremental Term Loans, and

 (F) may participate on a non-pro rata basis in any mandatory prepayments of Term Loans under Section 2.10(a) or
Section 2.10(c)), as specified in the applicable Incremental Amendment, but not on greater than a pro rata basis than the Initial Term Loans. 

(ii) the All-In Yield applicable to the Incremental Term Loans of each Class shall be determined by the Borrower and the
applicable Incremental Lenders and shall be set forth in each applicable Incremental Amendment; provided, however, the All-In Yield applicable to such Incremental Term Loans shall not be greater than the applicable All-In Yield payable
pursuant to the terms of this Agreement as amended through the date of such calculation with respect to the Initialany Term
LoansLoan plus 50 basis points per annum unless the interest rate (together with, as provided in the proviso below, the Eurodollar or Base Rate floor) with respect
to the Initialsuch Term LoansLoan is increased so as to cause the then applicable
All-In Yield under this Agreement on the Initial Term Loanssuch Loan to equal the All-In Yield then applicable to the Incremental Term Loans minus 50 basis points;
provided that any increase in All-In Yield to the Initialsuch Term
LoansLoan due to the application of a Eurodollar or Base Rate floor on any Incremental Term Loan shall be effected solely through an increase in (or implementation
of, as applicable) any Eurodollar or Base Rate floor applicable to such LoansTerm Loan. 

(iii) the Incremental Revolving Credit Commitments: 

  
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 (A) shall rank equal in priority in right of payment and of security with the
Initial Term Loans and the Revolving Credit Loans under the Initial Revolving Credit Facility; 
 (B) shall not mature
earlier than the Revolving Credit Maturity Date as of the time of incurrence of such Incremental Revolving Credit Commitments, and 

(C) shall be subject to the same terms and conditions as the Revolving Credit Facility (and be deemed added to, and made part
of, the Revolving Credit Facility). 
 (f) Incremental Amendment. Commitments in respect of Incremental Term Loans and Incremental
Revolving Credit Commitments shall become Commitments or in the case of an Incremental Revolving Credit Commitment to be provided by an existing Revolving Credit Lender, an increase in such Lender’s applicable Revolving Credit Commitment) under
this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Incremental Lender providing such Incremental Commitments and the
Administrative Agent. The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of
the Administrative Agent and the Borrower, to effect the provisions of this Section 2.24. For the avoidance of doubt, unless otherwise required by the Incremental Lenders, if the primary purpose of the proceeds from such Incremental Loans is to
finance a Permitted Acquisition, the effectiveness of any Incremental Amendment shall not be subject to the bring-down of the representations and warranties of the Borrower and each other Loan Party contained in this Agreement or any other Loan
Document on and as of the date of such Borrowing of Incremental Loans other than the Specified Representations; provided that such requirement may be waived with the consent of the Required Lenders. In connection with any Incremental
Amendment, the Borrower shall, if reasonably requested by the Administrative Agent, deliver customary reaffirmation agreements and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent in order to
ensure that such Incremental Loans are provided with the benefit of the applicable Loan Documents. The Borrower will use the proceeds of the Incremental Loans solely for the purposes permitted pursuant to Section 5.10. No Lender shall be
obligated to provide any Incremental Commitments or Incremental Loans unless it so agrees. 
 (g) This Section 2.24 shall supersede
any provisions in Section 2.5, 2.15 or 9.1 to the contrary. For the avoidance of doubt, any of the provisions of this Section 2.24 may be amended with the consent of the Required Lenders. For the avoidance of doubt, no Incremental
Amendment shall effect any amendments that would require the consent of each affected Lender or all Lenders pursuant to the proviso in the first paragraph of Section 9.1, unless each such Lender has, or all such Lenders have, as the case may
be, given its or their consent to such amendment. 
 2.25 Extensions of Loans. Extension of Term Loans. The Borrower may, at
any time, and from time to time, request that all or a portion of the Term Loans of any Class 

  
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(each, an “Existing Term Loan Class”) be converted or exchanged to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any
principal amount of such Term Loans (any such Term Loans which have been so extended, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.25. Prior to entering into any Extension Amendment with
respect to any Extended Term Loans, the Borrower shall provide written notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Class, with such request offered
equally to all such Lenders of such Existing Term Loan Class) (each, a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which terms shall be identical in all material
respects to the Term Loans of the Existing Term Loan Class from which they are to be extended except that (i) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments, if any, of all or a portion
of any principal amount of such Extended Term Loans may be delayed to later dates than the scheduled amortization, if any, of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment
to the scheduled amortization payments reflected in the Extension Amendment, the Incremental Amendment or any other amendment, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were extended, in
each case as more particularly set forth in Section 2.25(c) below), (ii)(A) the interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts and OID with respect to the Extended Term
Loans may be different than those for the Term Loans of such Existing Term Loan Class and/or (B) additional fees and/or premiums may be payable to the Lenders providing such Extended Term Loans in addition to any of the items contemplated by
the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment, (iii) the Extended Term Loans may have optional prepayment terms (including call protection and prepayment terms and premiums) as may be
agreed between the Borrower and the Lenders thereof, (iv) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but, except as otherwise permitted by this Agreement, not greater than a pro rata basis) in any
mandatory prepayments under Section 2.10(a) or Section 2.10(c), in each case as specified in the respective Term Loan Extension Request, and (v) the Extension Amendment may provide for other covenants and terms that apply to any
period after the Latest Maturity Date in respect of Term Loans that is in effect immediately prior to the establishment of such Extended Term Loans. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan
Class converted into Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term Loans extended pursuant to any Term Loan Extension Request shall be designated a series (each, a “Term Loan Extension Series”)
of Extended Term Loans for all purposes of this Agreement and shall constitute a separate Class of Loans from the Existing Term Loan Class from which they were extended; provided that any Extended Term Loans amended from an Existing Term Loan
Class may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Class. 

(b) Extension of Revolving Credit Commitments. The Borrower may at any time and from time to time request that all or a portion of the
Revolving Credit Commitments of any Class (each, an “Existing Revolving Credit Class”) be converted or exchanged to extend the scheduled Maturity Date(s) of any portion of such Revolving Credit Commitments (any such Revolving Credit
Commitments which have been so extended, 

  
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“Extended Revolving Credit Commitments”) and to provide for other terms consistent with this Section 2.25. Prior to entering into any Extension Amendment with respect to any
Extended Revolving Credit Commitments, the Borrower shall provide written notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Revolving Credit Class, with such request
offered equally to all such Lenders of such Existing Revolving Credit Class) (each, a “Revolving Credit Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which terms
shall be identical in all material respects to the Revolving Credit Commitments of the Existing Revolving Credit Class from which they are to be extended except that (i) the scheduled final maturity date shall be extended to a later date than
the scheduled final maturity date of the Revolving Credit Commitments of such Existing Revolving Credit Class; provided, however, that at no time shall there be Classes of Revolving Credit Commitments hereunder (including Extended
Revolving Credit Commitments) which have more than three (3) different Maturity Dates (unless otherwise consented to by the Administrative Agent), (ii)(A) the interest rates (including through fixed interest rates), interest margins, rate
floors and upfront fees with respect to the Extended Revolving Credit Commitments may be different than those for the Revolving Credit Commitments of such Existing Revolving Credit Class and/or (B) additional fees and/or premiums may be payable
to the Lenders providing such Extended Revolving Credit Commitments in addition to any of the items contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment, (iii) all borrowings under
the applicable Revolving Credit Commitments (i.e., the Existing Revolving Credit Class and the Extended Revolving Credit Commitments of the applicable Revolving Credit Extension Series) and repayments thereunder shall be made on a pro rata basis
(except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstanding Revolving Credit Loans), (II) repayments required upon the Maturity Date of the non-extending Revolving Credit
Commitments and (III) repayment made in connection with a permanent repayment and termination of Commitments), and (iv) the Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date
that is in effect immediately prior to the establishment of such Extended Revolving Credit Commitments. No Lender shall have any obligation to agree to have any of its Revolving Credit Commitments of any Existing Revolving Credit Class converted
into Extended Revolving Credit Commitments pursuant to any Revolving Credit Extension Request. Any Extended Revolving Credit Commitments extended pursuant to any Revolving Credit Extension Request shall be designated a series (each, a
“Revolving Credit Extension Series”) of Extended Revolving Credit Commitments for all purposes of this Agreement and shall constitute a separate Class of Revolving Credit Commitments from the Existing Revolving Credit Class from
which they were extended; provided that any Extended Revolving Credit Commitments amended from an Existing Revolving Credit Class may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any
previously established Revolving Credit Extension Series with respect to such Existing Revolving Credit Class. 
 (c) Extension
Request. The Borrower shall provide the applicable Extension Request to the Administrative Agent at least five (5) Business Days prior to the date on which Lenders under the applicable Existing Term Loan Class or Existing Revolving Credit
Class, as applicable, are requested to respond. Any Lender holding a Term Loan under an Existing Term Loan Class (each, an “Extending Term Lender”) wishing to have all or a portion of its Term Loans of an Existing Term Loan Class or
Existing Term Loan Classes, as applicable, 

  
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subject to such Extension Request converted or exchanged into Extended Term Loans, and any Revolving Credit Lender with a Revolving Credit Commitment under an Existing Revolving Credit Class
(each, an “Extending Revolving Credit Lender”) wishing to have all or a portion of its Revolving Credit Commitments of an Existing Revolving Credit Class or Existing Revolving Credit Classes, as applicable, subject to such Extension
Request converted or exchanged into Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Extension Request of the
amount of its Term Loans or Revolving Credit Commitments, as applicable, which it has elected to convert or exchange into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the event that the aggregate principal amount
of Term Loans and/or Revolving Credit Commitments, as applicable, subject to Extension Elections exceeds the amount of Extended Term Loans and/or Extended Revolving Credit Commitments, respectively, requested pursuant to the Extension Request, Term
Loans and/or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be converted or exchanged into Extended Term Loans and/or Revolving Credit Commitments, respectively, on a pro rata basis (subject to such rounding
requirements as may be established by the Administrative Agent) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election or as may be otherwise agreed to in the
applicable Extension Amendment. 
 (d) Extension Amendment. Extended Term Loans and Extended Revolving Credit Commitments shall be
established pursuant to an amendment (each, a “Extension Amendment”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.25(d) and notwithstanding anything to the
contrary set forth in Section 9.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans and/or Extended Revolving Credit Commitments established thereby, as the case may be)
executed by the Borrower, the Administrative Agent and the Extending Lenders. Each request for an Extension Series of Extended Term Loans or Extended Revolving Credit Commitments proposed to be incurred under this Section 2.25 shall be in an
aggregate principal amount that is not less than $20,000,000 (it being understood that the actual principal amount thereof provided by the applicable Lenders may be lower than such minimum amount). In addition to any terms and changes required or
permitted by Sections 2.25(a) and (b), each of the parties hereto agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent necessary to
(i) in respect of each Extension Amendment in respect of Extended Term Loans, amend the scheduled amortization payments pursuant to Section 2.5 or the applicable Incremental Amendment, Extension Amendment or other amendment, as the case
may be, with respect to the Existing Term Loan Class from which the Extended Term Loans were exchanged to reduce each scheduled repayment amount for the Existing Term Loan Class in the same proportion as the amount of Term Loans of the Existing Term
Loan Class is to be reduced pursuant to such Extension Amendment (it being understood that the amount of any repayment amount payable with respect to any individual Term Loan of such Existing Term Loan Class that is not an Extended Term Loan shall
not be reduced as a result thereof); (ii) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto; (iii) modify the prepayments set forth in
Section 2.5 to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto 

  
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and (iv) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the
Borrower, to effect the provisions of this Section 2.25, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Extension Amendment. In connection with any Extension Amendment, the Borrower shall, if
reasonably requested by the Administrative Agent, deliver customary reaffirmation agreements and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Extended Term Loans
and/or Extended Revolving Credit Commitments are provided with the benefit of the applicable Loan Documents. 
 (e) Notwithstanding
anything to the contrary contained in this Agreement, on any date on which any Existing Term Loan Class and/or Existing Revolving Credit Class is converted or exchanged to extend the related scheduled maturity date(s) in accordance with paragraphs
(a) and (b) of this Section 2.25, in the case of the existing Term Loans or Revolving Credit Commitments, as applicable, of each Extending Lender, the aggregate principal amount of such existing Loans shall be deemed reduced by an
amount equal to the aggregate principal amount of Extended Term Loans and/or Extended Revolving Credit Commitments, respectively, so converted or exchanged by such Lender on such date, and the Extended Term Loans and/or Extended Revolving Credit
Commitments shall be established as a separate Class of Loans (together with, in the case of Extended Term Loans, any other Extended Term Loans or, in the case of Extended Revolving Credit Commitments, any other Extended Revolving Credit
Commitments, in each case, so established on such date), except as otherwise provided under Sections 2.25(a) and (b). Subject to the provisions of Section 2.4(k) in connection with Letters of Credit which expire after a Maturity Date at any
time Extended Revolving Credit Commitments with a later Maturity Date are outstanding, all Swing Line Loans and Letters of Credit shall be participated on a pro rata basis by each Lender with a Revolving Credit Commitment in accordance with its
percentage of the Revolving Credit Commitments existing on the date of the Extension of such Extended Revolving Credit Commitments (and except as provided in Section 2.4(k), without giving effect to changes thereto on an earlier Maturity Date
with respect to Letters of Credit and Swing Line Loans theretofore incurred or issued). 
 (f) In the event that the Administrative Agent
determines in its sole discretion that the allocation of Extended Term Loans and/or Extended Revolving Credit Commitments of a given Extension Series to a given Lender was incorrectly determined as a result of manifest administrative error in the
receipt and processing of an Extension Election timely submitted by such Lender in accordance with the procedures set forth in the applicable Extension Amendment, then the Administrative Agent, the Borrower and such affected Lender may (and hereby
are authorized to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 30 days following the
effective date of such Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion or exchange and extension of Term Loans under the Existing Term Loan Class, or of Revolving Credit
Commitments under the Existing Revolving Credit Class, in either case, in such amount as is required to cause such Lender to hold Extended Term Loans or Extended Revolving Credit Commitments, as applicable, of the applicable Extension Series into
which such other Term Loans or Revolving Credit Commitments were initially converted or exchanged, as the case may be, in the amount such Lender would have held had such 

  
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administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment,
in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree, and (iii) effect such other amendments of the type (with appropriate reference and
nomenclature changes) described in the penultimate sentence of Section 2.25(d). 
 (g) No conversion or exchange of Loans or
Commitments pursuant to any Extension Amendment in accordance with this Section 2.25 shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. 

(h) This Section 2.25 shall supersede any provisions in Section 2.5, 2.15 or 9.1 to the contrary. For the avoidance of doubt, any
of the provisions of this Section 2.25 may be amended with the consent of the Required Lenders. For the avoidance of doubt, no Extension Amendment shall effect any amendments that would require the consent of each affected Lender or all Lenders
pursuant to the proviso in the first paragraph of Section 9.1, unless each such Lender has, or all such Lenders have, as the case may be, given its or their consent to such amendment. 

2.26 Quarterly Excess Cash Flow Calculations 

(a) Fiscal Quarters Ended September 28, 2014 and December 28, 2014. After the end of each of the fiscal quarters ended
September 28, 2014 and December 28, 2014, the Borrower shall, at its option, be entitled to deliver, pursuant to Section 5.2(d)(i), the Borrower’s calculation of Excess Cash Flow for such quarter (the “2014 Quarterly
Excess Cash Flow”). 
 (b) First Three Fiscal Quarters in Any Fiscal Year. After the end of each of the first three fiscal
quarters in any fiscal year (beginning with the fiscal quarter ended March 31, 2015), the Borrower shall, at its option, be entitled to deliver, pursuant to Section 5.2(d)(i), the Borrower’s calculation of Excess Cash Flow for the
applicable fiscal quarter (the “Quarterly Excess Cash Flow”). 

2.27 Third Amendment Incremental Revolver Increase Conversion 

To the extent any portion of the Incremental Revolving Credit Commitments
corresponding to the Third Amendment Incremental Revolver Increase have not been permanently reduced in accordance with Sections 2.2(a)(ii) and 2.8 of this Agreement on or prior to the Conversion Date, (i) any outstanding Third Amendment
Incremental Revolving Credit Loans shall be converted into Term Loans in accordance with this Section 2.27 and shall be deemed to be Third Amendment Incremental Term Loans (the “Converted Term Loans”) and (ii) any remaining
Incremental Revolving Credit Commitments corresponding to the Third Amendment Incremental Revolver Increase shall be automatically terminated. The Converted Term Loans shall be allocated to Citizens Bank of Pennsylvania, and Citizens Bank of
Pennsylvania shall be deemed to be a Term Loan Lender with a Third Amendment Incremental Term Commitment in an amount equal to the amount of the Converted Term Loans. 

  
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 SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent, the Issuing Bank and the Lenders to enter into this Agreement and to make the Loans and issue or
participate in the Letters of Credit, Holdings and the Borrower hereby represent and warrant to each Agent and each Lender that: 
 3.1
Financial Condition. The audited consolidated balance sheets of (i) New Media and subsidiaries (formerly known as GateHouse Media, Inc.) as of December 29, 2013 (Successor) and December 30, 2012 (Predecessor), and the related
consolidated statements of operations, stockholders’ equity and of cash flows for the period from November 7, 2013 to December 29, 2013 (Successor), the period from December 31, 2012 through November 6, 2013 (Predecessor),
and for each of the two years in the period ended December 30, 2012 (Predecessor) and (ii) Dow Jones Local Media Group, Inc. at June 30, 2013 and 2012, and the related consolidated statements of operations, income, equity and of cash
flow in each case, reported on by and accompanied by an unqualified report from Ernst & Young LLP, present fairly in all material respects as at the dates of such financial statements, the consolidated financial condition of New Media or
Dow Jones, as applicable, as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended, except as otherwise expressly noted therein. The unaudited consolidated balance
sheet of New Media as at March 30, 2014, and the related unaudited consolidated statements of operations, stockholders’ equity and cash flows for the three-month period ended on such date, present fairly in all material respects the
consolidated financial condition of New Media as at such date, and the consolidated results of its operations and its consolidated cash flows for the three-month period then ended (subject to normal year-end audit adjustments and absence of
footnotes), except as otherwise expressly noted therein. All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as
expressly noted therein). 
 3.2 No Change. Since December 31, 2013, there has been no development or event that has had or
would reasonably be expected to have a Material Adverse Effect. 
 3.3 Corporate Existence; Compliance with Law. Each NM Group
Member (a) is duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction of its organization or formation, (b) has the organizational power and authority to own and operate its Property, to
lease the Property it leases as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction (if applicable)
where its ownership, lease or operation of Property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law, except, in the case of clause (a) with respect to any NM Group Member
other than the Loan Parties and in the cases of clauses (b), (c) and (d) above, to the extent that failure of the same would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 3.4 Corporate Power; Authorization; Enforceable Obligations. (a) Each Loan Party has
the requisite organizational power and authority to make, deliver and perform the Loan Documents to which it is a party, (b) each Loan Party has taken all necessary corporate or other organizational action to authorize the execution, delivery
and performance of the Loan Documents to which it is a party, (c) no material consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority is required in connection with the borrowings
hereunder or the execution, delivery or performance of this Agreement or any of the other Loan Documents, except (i) those consents, authorizations, filings and notices that have been obtained or made and are in full force and effect,
(ii) the filings, registrations and other actions necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (including those referred to in Section 3.19) and (iii) those consents,
authorizations, filings, notices or other acts, the failure of which to obtain or make would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, (d) each Loan Document has been duly executed and delivered on behalf
of each Loan Party that is a party thereto and (e) this Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against
each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles and principles of good faith and fair dealing (whether enforcement is sought by proceedings in equity or at law). 

3.5 No Contravention. The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters
of Credit, the borrowings hereunder and the use of the proceeds thereof will not (i) contravene the terms of any of such Person’s Organizational Documents, (ii) violate in any material respect any Requirement of Law (except that this
shall not apply to tax, employee benefit or environmental matters, which are covered exclusively by Sections 3.10, 3.13 and 3.17, respectively) or any Contractual Obligation of any NM Group Member except to the extent such violation would not, in
the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such
Contractual Obligation (other than the Liens created by the Security Documents and Liens permitted under Section 6.3). 
 3.6 No
Material Litigation. No litigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of Holdings or the Borrower, overtly threatened in writing by or against Holdings, the Borrower or any of the
Restricted Subsidiaries or against any of their respective properties or revenues that would reasonably be expected to have a Material Adverse Effect. 

3.7 No Default. No Default or Event of Default has occurred and is continuing. 

3.8 Ownership of Property; Liens. Each of the NM Group Members has title in fee simple or good and valid title, as the case may be,
to, or a valid leasehold interest in, or easements or other limited property interests in, all its real property necessary in the ordinary conduct of business, and good title to, or a valid leasehold interest in, or valid license of

  
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or other right to use, all its other Property necessary in the ordinary conduct of business, in each case, except where the failure to have such title or other interest would not reasonably be
expected to have a Material Adverse Effect and none of such Property is subject to any Lien except as permitted by Section 6.3. 
 3.9
Intellectual Property. To the knowledge of Holdings and the Borrower, each of the NM Group Members owns, or is licensed or otherwise has the right to use, all Intellectual Property necessary for the conduct of its business as currently
conducted except to the extent such failure would not reasonably be expected to have a Material Adverse Effect. No material claim has been asserted by any Person and is pending against any of the NM Group Members challenging the use of any material
Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does Holdings or the Borrower know of any valid basis for any such claim, in each case, except to the extent that any such claim, if adversely determined,
would not reasonably be expected to have a Material Adverse Effect. To the knowledge of Holdings and the Borrower, the use of Intellectual Property by the NM Group Members does not infringe on the Intellectual Property of any Person in any material
respect, except for such infringements which would not reasonably be expected to have a Material Adverse Effect. 
 3.10 Taxes. Each
of the NM Group Members has filed or caused to be filed all federal and other material tax returns that are required to be filed and has paid all Taxes shown to be due and payable on said returns (other than (i) any amount the validity of which
is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the relevant NM Group Member or (ii) where the failure to make such filing,
payment, deduction, withholding, collection or remittance would not reasonably be expected to have a Material Adverse Effect); and no tax Lien has been filed (except to the extent permitted by Section 6.3 hereof or those which are currently
being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the relevant NM Group Member), and, to the knowledge of Holdings and the Borrower, no claim is
being asserted, with respect to any material Tax, fee or other charge except, in each case, as would not reasonably be expected to result in a Material Adverse Effect. 

3.11 Federal Regulations. No Loan Party is engaged nor will it engage, principally or as one of its important activities, in the
business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates
Regulation U. 
 3.12 Labor Matters. There are no strikes or other labor disputes against any NM Group Member pending or, to the
knowledge of Holdings or the Borrower, overtly threatened in writing that would reasonably be expected to have a Material Adverse Effect. All payments due from the NM Group Members on account of employee health and welfare insurance that would
reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the relevant NM Group Member. 

3.13 ERISA. Other than exceptions to any of the following that would not reasonably be expected to result in a Material Adverse
Effect: (i) neither a Reportable Event 

  
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nor an “accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on
which this representation is made or deemed made with respect to any Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code, (ii) no termination of a Single Employer Plan has occurred
resulting in any liability that has remained underfunded, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period, (iii) the present value of all accrued benefits under each Single Employer Plan (based on those
assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits,
(iv) neither any Loan Party nor any Commonly Controlled Entity is currently subject to any liability for a complete or partial withdrawal from a Multiemployer Plan and (v) no such Multiemployer Plan is in Reorganization or, to the
knowledge of the Borrower, Insolvent, if such status would reasonably be expected to result in a material liability to the Borrower. 

3.14 Investment Company Act. No Loan Party is required to register as an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 
 3.15 Subsidiaries. (a) The Subsidiaries listed on Schedule 3.15
constitute all the Subsidiaries of Holdings and the Borrower as of the Closing Date. Schedule 3.15 sets forth as of the Closing Date the name and jurisdiction of incorporation or organization of each Subsidiary and, as to each Subsidiary, the
percentage of each class of ownership interest owned by the applicable Loan Party. 
 (b) As of the Closing Date, except as
set forth on Schedule 3.15, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments granted to any Person other than Holdings, the Borrower or any Subsidiary of the Borrower (other than
stock options granted to employees or directors and directors’ qualifying shares or other similar shares required pursuant to applicable Law) of any nature relating to any Equity Interests of Holdings or the Borrower or any Equity Interests of
any Subsidiary owned directly or indirectly by the Borrower; provided that, with respect to any non-Wholly-Owned Subsidiary, its Equity Interests may be subject to customary rights of first refusal, tag-along, drag-along and other similar
rights. 
 3.16 Use of Proceeds. The proceeds of the Initial Term Loans made on the Closing Date shall be applied by the Borrower to
fund the uses specified in the recitals hereto and for funding any upfront fees and other fees, costs and expense related to the Facilities; provided that the Revolving Credit Facility shall be undrawn on the Closing Date. The proceeds of the
Revolving Credit Loans, the Swing Line Loans and the Letters of Credit, made after the Closing Date shall be applied by the Borrower for general corporate purposes, including, without limitation, to finance acquisitions permitted under this
Agreement and the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business. The proceeds of the First Amendment Incremental Term Loan made on the First Amendment Effective Date shall be used to finance the
acquisition of all or substantially all of the assets of The Providence Journal Company, including to pay the consideration for such acquisition and fees, costs and expenses incurred in connection with such acquisition.
The proceeds of the Third Amendment  

  
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Incremental Term Loans and the Third Amendment Incremental Revolving Credit Loans made on the Third Amendment Effective Date shall be
used to finance a portion of the acquisition of certain assets of Halifax Media Group, including to pay the consideration for such acquisition and expenses incurred in connection with such acquisition. The proceeds of each other Class of
Loans made after the Closing Date shall be used for the purposes specified in the applicable Incremental Amendment. 
 3.17
Environmental Matters. Other than exceptions to any of the following that would not reasonably be expected to result in a Material Adverse Effect: 

(a) Each Loan Party, their Subsidiaries and their respective businesses, operations and Real Property are and have at all times during the
Loan Parties’ or their Subsidiaries’ ownership, lease or operation thereof been in compliance with applicable Environmental Laws. 

(b) (i) each Loan Party and its Subsidiaries have obtained all permits, licenses, certificates or authorizations required under
Environmental Law (“Environmental Permits”) for the conduct of their businesses and operations, and the ownership, operation and use of their Real Property; (ii) each Loan Party and its Subsidiaries are in compliance with the
terms and conditions of such Environmental Permits; and (iii) all such Environmental Permits are valid and in good standing and there are no actions are pending, or to Borrower’s knowledge, threatened to revoke, cancel, limit, terminate,
modify, appeal or otherwise challenge any such Environmental Permits maintained by each Loan Party and its Subsidiaries. 
 (c) There has
been no release or threatened release or any handling, management, generation, treatment, storage or disposal of Hazardous Materials on, at, under or from any Real Property presently or formerly owned, leased or operated by any of the Loan Parties,
or their Subsidiaries or, to the knowledge of the Borrower, any of their respective predecessors in interest that has resulted in, or is reasonably likely to result in any Environmental Action against or in any Environmental Liability to, any Loan
Party or its Subsidiaries under Environmental Law. 
 (d) There is no Environmental Action pending or, to the knowledge of the Borrower,
threatened against any Loan Party or its Subsidiaries, or relating to the Real Property currently or, to the knowledge of the Borrower, formerly owned, leased or operated by any Loan Party or its Subsidiaries, or relating to the operations of any
Loan Party or its Subsidiaries, and there are no actions, activities, circumstances, conditions, events or incidents that are reasonably likely to form the basis of such an Environmental Action. 

(e) To the knowledge of the Borrower, no Person with an indemnity, contribution or other obligation to any Loan Party or its Subsidiaries
relating to compliance with or liability under Environmental Law is in default with respect to any such indemnity, contribution or other obligation. 

(f) No Real Property owned, leased or operated by to any Loan Party or its Subsidiaries and, to the knowledge of the Borrower, no Real
Property or facility formerly owned, leased or operated by any Loan Party or its Subsidiaries is (i) listed or proposed for listing on the National Priorities List as defined in and promulgated pursuant to CERCLA or (ii) listed on the
Comprehensive Environmental Response, Compensation and Liability Information System 

  
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promulgated pursuant to CERCLA or (iii) included on any similar list maintained by any governmental or regulatory authority that indicates that any Loan Party or its Subsidiaries has or may
have an obligation to undertake investigatory or remediation obligations under applicable Environmental Laws. 
 (g) No Environmental Lien
has been recorded or, to the knowledge of the Borrower, is threatened under any Environmental Law with respect to any Real Property owned by any Loan Party or its Subsidiaries. 

3.18 Accuracy of Information, etc. No statement or information contained in this Agreement, any other Loan Document, or any other
document, certificate or written statement furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents,
(as modified or supplemented by other information furnished by or on behalf of any Loan Party to any Agent or any Lender), when taken as a whole, contained as of the date such statement, information, document or certificate was so furnished, any
untrue statement of a material fact or omitted to state a material fact (known to any Loan Party, in the case of any document not furnished by any of them) necessary to make the statements contained herein or therein not materially misleading in
light of the circumstances in which the same were made. 
 3.19 Security Documents. Each of the Security Documents are effective to
create in favor of the Administrative Agent for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. (i) In the case of any Pledged Equity which is in
certificated form, when any certificates representing such Pledged Equity are delivered to, and in the possession of, the Administrative Agent and (ii) in the case of the other Collateral described in the Security Documents in which a security
interest may be perfected by filing a financing statement under the UCC or filings with the United States Patent and Trademark Office or United States Copyright Office, when financing statements and other filings in appropriate form are filed in the
offices specified on Schedule 3.19, the security interest created in favor of the Administrative Agent for the benefit of the Secured Parties, in such Pledged Equity and other Collateral shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of the Loan Parties in such Pledged Equity and other Collateral and the proceeds thereof, as security for the Obligations (as defined in the Security Documents), in each case prior and superior in
right to any other Person (other than any Liens permitted under Section 6.3). 
 3.20 Solvency. On the Closing Date and after
giving effect to the Transactions, the Borrower and the Restricted Subsidiaries, on a consolidated basis, are Solvent. 
 3.21 USA
PATRIOT Act and OFAC. (a) To the extent applicable, Holdings, the Borrower and each Restricted Subsidiary is in compliance, in all material respects, with (i) the PATRIOT Act and (ii) the Trading with the Enemy Act, as amended,
and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R. Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto. None of Holdings, the Borrower or any
Restricted Subsidiary nor, to the knowledge of the Borrower, any director, officer or employee of Holdings, the Borrower or any Restricted 

  
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Subsidiary, is subject as of the Closing Date to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or a person on
the list of “Specially Designated Nationals and Blocked Persons.” The proceeds of the Loans or any Letters of Credit will not, to the knowledge of the Borrower, be made available to any Person for the purpose of financing the activities of
any Person currently subject to any U.S. sanctions administered by OFAC. 
 (b) No part of the proceeds of the Loans will be used, directly
or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 3.22 Regulation
H. No Mortgage encumbers improved real property which is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available
under the National Flood Insurance Act of 1968 (except any real property that is the subject of such Mortgage as to which such flood insurance as required by Regulation H has been obtained and is in full force and effect as required by this
Agreement). 
 3.23 Subordination of Junior Financing. The Obligations are “Designated Senior Debt,” “Senior
Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “”Senior Secured Financing” (or any comparable term) under, and as defined in, any Junior Indebtedness Documentation. 

3.24 Holdings as a Holding Company. Holdings is a holding company and does not have any material liabilities (other than liabilities
arising under the Loan Documents), own any material assets (other than the Equity Interests of Borrower) or engage in any operations or business (other than the ownership of Borrower and its Subsidiaries). 

3.25 Insurance. The Borrower maintains, with financially sound and reputable insurers, such public liability insurance, third party
property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Loan Parties as may customarily be carried or maintained under
similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as are
customary for such Persons; provided that, notwithstanding the foregoing, in no event shall the Borrower or any Restricted Subsidiary be required to obtain or maintain insurance that is more restrictive than its normal course of practice.

 3.26 No Burdensome Restrictions. None of the Loan Parties or their Restricted Subsidiaries is a party to any agreement or
instrument or subject to any other obligation or any charter or corporate restriction or any provision of any applicable law, rule or regulation which would reasonably be expected to have a Material Adverse Effect. 

  
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 SECTION 4. CONDITIONS PRECEDENT 

4.1 Conditions to Effectiveness. The agreement of each Lender to make the initial extension of credit requested to be made by it
hereunder is subject to the satisfaction or waiver, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent, in each case, in form and substance reasonably satisfactory to the
Administrative Agent: 
 (a) Loan Documents. The Administrative Agent shall have received copies of (i) this Agreement, executed
and delivered by a duly authorized officer or signatory of Holdings and the Borrower, (ii) the Guarantee Agreement, executed and delivered by a duly authorized representative of the Borrower and each Guarantor, (iii) the Pledge Agreement,
executed and delivered by a duly authorized representative of the Borrower and each Grantor and (iv) the Collateral Agreement, executed and delivered by a duly authorized representative of the Borrower and each Grantor. 

(b) Financial Statements. The Lenders shall have received (i) unaudited interim consolidated financial statements of New Media for
each quarterly period ended subsequent to the date of the latest audited financial statements available, (ii) a balance sheet of Holdings and its Subsidiaries as of the Closing Date giving pro forma effect to this Agreement and (iii) a
statement of profits and losses of Holdings and its Subsidiaries as of the end of the most recent fiscal quarter ended prior to the Closing Date. 

(c) Fees. The Borrower shall have paid (or the initial Lenders and/or the Administrative Agent shall withhold from the proceeds of the
Term Loans on the Closing Date), or shall have arranged for such payment in a manner reasonably satisfactory to the Administrative Agent, all fees due and payable as of the Closing Date to the Lenders and the Administrative Agent, and all expenses
duly incurred and evidenced for which reasonably detailed invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Agents) at least three (3) Business Days prior to the Closing Date shall have
been paid to the Lenders and the Administrative Agent. 
 (d) Solvency Certificate. The Lenders shall have received a satisfactory
solvency certificate by a Responsible Officer of Holdings certifying as to the financial condition, solvency and related matters of the Loan Parties and their Subsidiaries, taken as a whole, after giving effect to the Transactions and the initial
borrowings under this Agreement and the other Loan Documents 
 (e) Lien Searches. The Lenders shall have received the results of a
recent Uniform Commercial Code, tax and judgment lien search in each jurisdiction reasonably requested by the Administrative Agent with respect to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent. 

(f) Intellectual Property Searches. The Lenders shall have received such patent/trademark/copyright filings as reasonably requested by
the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Collateral. 

  
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 (g) Closing Certificate. The Administrative Agent shall have received a certificate for
each Loan Party attaching (i) certificates of good standing, existence or its equivalent with respect to each Loan Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization and
each other state in which the failure to so qualify and be in good standing could reasonably be expected to have a Material Adverse Effect, (ii) original certified articles of incorporation or other charter documents, as applicable, of each
Loan Party certified (x) by a Responsible Officer of such Loan Party as of the Closing Date to be true and correct and in force and effect as of such date, and (y) to be true and complete as of a recent date by the appropriate Governmental
Authority of the state of its incorporation or organization, as applicable, (iii) copies of resolutions of the board of directors or comparable managing body of each Loan Party approving and adopting the Loan Documents, the Transactions and
authorizing execution and delivery thereof, certified by a Responsible Officer of such Loan Party as of the Closing Date to be true and correct and in force and effect as of such date, (iv) a copy of the bylaws or comparable operating agreement
of each Loan Party certified by a Responsible Officer of such Loan Party as of the Closing Date to be true and correct and in force and effect as of such date and (v) an incumbency certificate of Responsible Officers of each Loan Party
evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on
the Closing Date. 
 (h) Legal Opinions. The Administrative Agent shall have received, in form and substance reasonably acceptable to
the Administrative Agent, the legal opinion of (x) Cleary Gottlieb Steen & Hamilton LLP, counsel to Holdings, the Borrower and the Restricted Subsidiaries and (y) local counsel in each jurisdiction of formation or organization of
a Loan Party. Such legal opinions (x) shall cover such matters incident to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require to the extent such opinions are customary for transactions of the type
contemplated by this Agreement and (y) shall be addressed to the Administrative Agent, the Issuing Bank and the Lenders. 
 (i)
Pledged Equity; Stock Powers; Promissory Notes. The Administrative Agent shall have received (i) the certificates, if any, representing the shares or membership or partnership units of Equity Interests pledged pursuant to the Security
Documents, together with an undated stock power for each such certificate executed in blank by a duly authorized representative or officer of the pledgor thereof and (ii) each promissory note pledged as Collateral endorsed (without recourse) in
blank (or accompanied by an executed transfer form in blank satisfactory to the Administrative Agent) by the pledgor(s) thereof. 
 (j)
Filings, Registrations and Recordings. To the extent not delivered prior to the Closing Date, each document (including, without limitation, any Uniform Commercial Code financing statement) required as of the Closing Date by the Security
Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent for the benefit of the Secured Parties, a perfected Lien on the Collateral
described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 6.3), shall have been delivered to the Administrative Agent in proper form for filing, registration or
recordation. 

  
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 (k) PATRIOT Act. The Lenders shall have received, sufficiently in advance of the Closing
Date, to the extent requested sufficiently in advance thereof, all documentation and other information with respect to Holdings and the Borrower required by bank regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations, including without limitation the PATRIOT Act. 
 (l) Termination of Existing Indebtedness. The
Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent that (i) the Existing Credit Facilities shall be simultaneously terminated and all amounts thereunder shall be simultaneously paid in full
(other than any letters of credit issued pursuant to the Existing Credit Facilities, for which substitute payment assurances acceptable to the issuer thereof have been made or which shall be Existing Letters of Credit hereunder) and arrangements
reasonably satisfactory to the Administrative Agent shall have been made for the termination of Liens and security interests granted in connection therewith and (ii) all other existing Indebtedness of the Loan Parties and their Restricted
Subsidiaries (other than Indebtedness permitted pursuant to Section 6.2) shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date. 

(m) Borrower and Holdings. Prior to the Closing Date, the Borrower and Holdings shall become wholly-owned direct or indirect
subsidiaries of New Media. 
 (n) Closing Compliance Certificate. The Lenders shall have received a certificate by a Responsible
Officer of Holdings demonstrating (i) pro forma compliance with the financial covenant in Section 6.1 (including supporting calculations), (ii) that Holdings and its Subsidiaries have unrestricted cash on their balance sheet as of the
Closing Date in an aggregate amount of not less than $17,500,000. 
 4.2 Conditions to Each Extension of Credit. The obligation of
each Lender to make any Loan or the Issuing Bank to issue any Letter of Credit, on any date (including the Closing Date) is subject to the satisfaction or waiver in accordance with Section 9.1 of the following conditions precedent: 

(a) Notice. The Administrative Agent shall have received a fully executed and delivered Borrowing Notice or Letter of
Credit Request, as the case may be. 
 (b) Representations and Warranties. Each of the representations and warranties
made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, except to the extent that any such representation and warranty specifically
relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; provided further that the condition set forth in this clause (b) shall be limited in connection with the
incurrence of Incremental Term Loans as specified in Section 2.24(f).No Default. No Default or Event of Default shall have occurred and be 

  
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continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 

SECTION 5. AFFIRMATIVE COVENANTS 

Holdings and the Borrower hereby agree that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding (except to
the extent such Letters of Credit are fully cash collateralized in accordance with this Agreement) or any Loan or other amount is owing to any Lender or any Agent hereunder (other than (x) obligations under Specified Hedge Agreements and Cash
Management Obligations and (y) Unasserted Contingent Obligations), each of Holdings and the Borrower shall and shall cause each of the Restricted Subsidiaries to: 

5.1 Financial Statements. In the case of Holdings, furnish to the Administrative Agent for delivery to each Lender: 

(a) within 90 days after the end of each fiscal year of Holdings, commencing with the fiscal year ending December 28,
2014, (i) a copy of the audited consolidated balance sheets of Holdings and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of operations and of cash flows for such year, setting forth in
each case in comparative form the figures as of the end of and for the previous year, audited by Ernst & Young LLP or any other independent certified public accountants of nationally recognized standing and (ii) a comparison of such
financial statements to the budget prepared for such fiscal year; 
 (b) not later than 45 days after the end of each of the
first three quarterly periods of each fiscal year of Holdings, commencing June 29, 2014, the unaudited consolidated balance sheet of Holdings as at the end of such quarter and the related unaudited consolidated statement of operations and of
cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form (i) the budget prepared for such fiscal period and (ii) the figures as of the end of and for the
corresponding period in the previous year, certified by a Responsible Officer of Holdings as being fairly stated in all material respects (subject to normal year-end audit adjustments and the absence of footnotes) and including management discussion
and analysis of operating results inclusive of operating metrics in comparative form. 
 5.2 Certificates; Other Information. In the
case of Holdings, furnish to the Administrative Agent for delivery to each Lender: 
 (a) No later than 5 days after the
delivery of any financial statements pursuant to Section 5.1, (i) a certificate of a Responsible Officer stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such
certificate and (ii) (x) a Compliance Certificate containing all information, calculations and supporting schedules necessary for determining compliance by Holdings, the Borrower and the Restricted Subsidiaries with the provisions of this
Agreement referred to therein as of the last day of the fiscal quarter or fiscal year of Holdings, as the case may be and if such Compliance Certificate demonstrates an Event 

  
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of Default in respect of any covenant set forth in Section 6.1, Holdings may deliver within ten Business Days of the delivery of such Compliance Certificate notice of its intent to cure such
Event of Default pursuant to Section 7.3 and (y) any UCC financing statements or other filings specified in such Compliance Certificate as being required to be delivered therewith; 

(b) no later than 45 days after the end of each fiscal year of Holdings (beginning with the fiscal year ending
December 28, 2014 of Holdings), a consolidated budget for the following fiscal year as customarily prepared by management of Holdings for its internal use (the “Projections”), which Projections shall in each case be accompanied
by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such Projections,
it being understood that any such Projections are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are beyond the control of Holdings, that no assurance can be given that any particular Projections
will be realized, that actual results may differ and that such differences may be material; 
 (c) promptly after the same
are filed, copies of all financial statements and reports that Holdings sends to the holders of any class of its debt securities or public equity securities by filing with the SEC or any national securities exchange and, promptly after the same are
filed, copies of all financial statements and reports that Holdings may make to, or file with, the SEC; 
 (d) (i) within
five (5) Business Days after the delivery of financial statements pursuant to Section 5.1(b) with respect to any fiscal quarter in which the Borrower exercises its option pursuant to Section 2.26(a) or Section 2.26(b), a
certificate of a Responsible Officer of Holdings certifying a calculation of the 2014 Quarterly Excess Cash Flow or the Quarterly Excess Cash Flow, as the case may be, and the basis for the determination thereof in reasonable detail and
(ii) within five (5) Business Days after the delivery of any financial statements pursuant to Section 5.1(a) (beginning with the fiscal year started January 1, 2015), a certificate of a Responsible Officer of Holdings certifying
a calculation of the Annual Excess Cash Flow for such fiscal year and the basis for the determination thereof in reasonable detail; and 

(e) promptly, such additional financial and other information as the Administrative Agent on behalf of any Lender may from time
to time reasonably request. 
 Documents required to be delivered pursuant to Sections 5.1(a) or 5.1(b) (to the extent any such documents are included in
materials otherwise filed with the SEC) may be delivered electronically (including by furnishing Holdings (or a direct or indirect parent entity)’s Form 10-K or 10-Q, as applicable, filed with the SEC) and if so delivered, shall be deemed to
have been delivered on the date on which such documents are posted on Holdings (or a direct or indirect parent entity)’s behalf on an internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a
commercial or third-party website); provided that Holdings shall notify the Administrative Agent (by telecopier, facsimile or electronic mail) of the 

  
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posting of any such documents and shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests such paper copies. 

The Loan Parties and each Lender acknowledge that certain of the Lenders may be “public-side” Lenders (Lenders that do not wish to receive Material
Non-Public Information with respect to the Loan Parties or their securities) (“Public Lenders”) and, if documents or notices required to be delivered pursuant to Sections 5.1 and 5.2 or otherwise are being distributed through
IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the “Platform”), any document or notice that the Borrower has indicated contains Non-Public Information shall not be posted on that portion
of the Platform designated for such public-side Lenders. The Borrower agrees to use commercially reasonable efforts to clearly designate all information provided to the Administrative Agent by or on behalf of the Loan Parties which is suitable to
make available to Public Lenders. If the Borrower has not indicated whether a document or notice delivered pursuant to Sections 5.1 and 5.2 contains Non-Public Information, the Administrative Agent reserves the right to post such document or notice
solely on that portion of the Platform designated for Lenders who wish to receive Material Non-Public Information with respect to the Loan Parties and their respective securities. Each Public Lender agrees to cause at least one individual at or on
behalf of such Public Lender to at all times have selected to receive Private Side Information in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including
United States federal and state securities laws, to make reference to communications that are not made through the “Public” portion of the Platform and that may contain Non-Public Information. 

5.3 Conduct of Business and Maintenance of Existence, Compliance. (a)(i) Preserve, renew and keep in full force and effect its
organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 6.4 or 6.5
or to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Requirements of Law (except this shall not apply to tax or environmental matters, which in this respect are
covered exclusively in Sections 5.3 and 5.9, respectively), except to the extent that failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect or pursuant to any merger, consolidation,
liquidation, dissolution or Disposition permitted by Section 6.5. 
 5.4 Maintenance of Properties. Except to the extent that
the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in
good working order, repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted. 
 5.5 Payment of
Taxes. Pay, discharge or otherwise satisfy, as the same shall become due and payable, all of its material obligations and liabilities in respect of Taxes imposed upon it or upon its income or profits or in respect of its property, except, in
each case, to the extent any such material Tax is being contested in good faith and by appropriate actions for which appropriate reserves have been established in accordance with GAAP. 

  
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 5.6 Insurance. In the case of the Borrower, maintain or cause to be maintained, with
financially sound and reputable insurers, such public liability insurance, third party property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets,
properties and businesses of the Loan Parties as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance),
with such deductibles, covering such risks and otherwise on such terms and conditions as are customary for such Persons; provided that, notwithstanding the foregoing, in no event shall the Borrower or any Restricted Subsidiary be required to
obtain or maintain insurance that is more restrictive than its normal course of practice. 
 5.7 Inspection of Property; Books and
Records; Discussions. (a) Keep proper books of records and account in which entries which are full, true and correct, in all material respects, in conformity with GAAP shall be made of all material dealings and transactions in relation to
its business and activities and (b) permit the Administrative Agent or its representatives on behalf of the Lenders to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable
time during normal business hours and as often as may reasonably be desired (but, the Administrative Agent on behalf of the Lenders may not have more than one visit per any twelve month period (except during the occurrence and continuance of an
Event of Default)), upon reasonable advance notice to the Borrower, and to discuss the business, operations, properties and financial and other condition of Holdings, the Borrower and its Restricted Subsidiaries with officers and employees of
Holdings, the Borrower and its Restricted Subsidiaries and with their independent certified public accountants (and the Borrower will be given the opportunity to participate in any such discussions with such independent certified accountants). Any
such inspection shall be at the Lenders’ sole cost and expense unless an Event of Default has occurred and is continuing at the time of such inspection, in which event the Borrower shall reimburse the Administrative Agent on behalf of the
Lenders for its reasonable, actual out-of-pocket costs and expenses. Notwithstanding anything to the contrary in this Section 5.7, none of Holdings, the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the
inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which
disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or any binding agreement or (c) is subject to attorney-client or similar privilege or constitutes attorney work
product 
 5.8 Notices. In the case of any Loan Party, promptly after obtaining knowledge of the same, give notice to the
Administrative Agent of: 
 (a) the occurrence of any Default or Event of Default; 

(b) any litigation or proceeding affecting Holdings, the Borrower or any of the Restricted Subsidiaries or relating to any Loan
Document which if adversely determined would reasonably be expected to have a Material Adverse Effect; 
 (c) the following
events, that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect: (i) the occurrence of any 

  
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Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the
termination, Reorganization or Insolvency of, any Multiemployer Plan, (ii) the institution of proceedings or the taking of any other action by the PBGC or Holdings or any Commonly Controlled Entity or any Multiemployer Plan with respect to the
withdrawal from, or the termination, Reorganization or Insolvency of, any Plan or (iii) the occurrence of any similar events with respect to a Commonly Controlled Plan, that would reasonably be likely to result in a direct obligation of
Holdings, the Borrower or any of its Restricted Subsidiaries to pay money; and 
 (d) any other development or event that has
had or would reasonably be expected to have a Material Adverse Effect. 
 Each notice pursuant to this Section shall be accompanied by a
statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action Holdings, the Borrower or the relevant Restricted Subsidiary has taken or proposes to take with respect thereto. 

5.9 Environmental Laws. Promptly take any and all actions necessary to (i) cure any violation of applicable Environmental Laws by
the Borrower or the Restricted Subsidiaries that would reasonably be expected to have a Material Adverse Effect and (ii) make an appropriate response to any environmental claim against the Borrower or any of the Restricted Subsidiaries and
discharge any obligations it may have to any Person thereunder where failure to do so would reasonably be expected to have a Material Adverse Effect. 

5.10 Use of Proceeds. The proceeds of the Initial Term Loans and the Revolving Credit Loans, if any, made on the Closing Date shall be
applied by the Borrower to fund the uses specified in the recitals hereto and for funding any upfront fees and other fees, costs and expense related to the Facilities. The proceeds of the Revolving Credit Loans, the Swing Line Loans and the Letters
of Credit, made after the Closing Date shall be applied by the Borrower for general corporate purposes, including, without limitation, to finance Permitted Acquisitions under this Agreement and the working capital needs of the Borrower and its
Subsidiaries in the ordinary course of business. The proceeds of the First Amendment Incremental Term Loan made on the First Amendment Effective Date shall be used to finance the acquisition of all or substantially all of the assets of The
Providence Journal Company, including to pay the consideration for such acquisition and fees, costs and expenses incurred in connection with such acquisition. The proceeds of the Third
Amendment Incremental Term Loan and the Third Amendment Incremental Revolving Increase incurred on the Third Amendment Effective Date shall be used to finance a portion of the acquisition of certain assets of Halifax Media Group, including to pay
the consideration for such acquisition and fees, costs and expenses incurred in connection with such acquisition. The proceeds of each other Class of Loans made after the Closing Date shall be used for the purposes specified in the
applicable Incremental Amendment. 
 5.11 Subsidiaries. (a) Upon (i) the formation or acquisition of any new
direct or indirect wholly owned Material Subsidiary by any Loan Party, (ii) any Person becoming a wholly owned Material Subsidiary of the Borrower (and is not otherwise an 

  
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Excluded Subsidiary), (iii) the designation of any direct or indirect wholly owned Material Subsidiary as a Guarantor (in the case of clauses (i) to (iii), other than an Excluded
Subsidiary or a Subsidiary owned by an Excluded Subsidiary) or (iv) any Excluded Subsidiary ceasing to be an Excluded Subsidiary, after the date hereof, within forty-five (45) days, cause such Subsidiary to (A) become a party to the
Guarantee Agreement and, if any assets of such Person (other than any Excluded Assets) shall become Collateral, a Grantor by becoming a party to the appropriate Security Documents other than the Mortgages (or enter into amendments to the Guarantee
Agreement or any existing Security Document as the Administrative Agent deems necessary or advisable) and (B) to take such actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties a perfected
first priority (subject to Liens permitted pursuant to Section 6.3) security interest in the Collateral described in the relevant Security Document with respect to such new Material Subsidiary, including, without limitation, (x) the filing
of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Security Documents or by law or as may be requested by the Administrative Agent (y) deliver to the Administrative Agent the certificates
representing such Equity Interests, if any, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party and (z) if reasonably requested by the Administrative Agent, deliver to the
Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

(b) With respect to any fee interest or absolute right of ownership in any real or immoveable property having a fair market value (together
with improvements thereof) of at least $2,500,000 (as determined in good faith by a Responsible Officer) acquired after the Closing Date by any Loan Party (in each case, other than any such real property subject to any Contractual Obligation that
includes negative pledge clauses permitted by Section 5.13, any Lien permitted pursuant to Section 6.3(j), Section 6.3(k) or Section 6.3(m) or any Requirement of Law that prohibits or restricts compliance with the terms and
conditions of this Section 5.11) (which, for the purposes of this paragraph, shall include any owned real property of any Loan Party that ceases to be subject to the foregoing restrictions), take the actions referred to in Section 5.13(a)
within the time periods set forth therein. 
 (c) Notwithstanding anything to the contrary herein, the Borrower shall be permitted at any
time and from time to time to add any of its Subsidiaries as an additional Loan Party in accordance with this Section. 
 (d) To the extent
opened after the Closing Date, each Loan Party shall deliver to the Administrative Agent deposit account control agreements, security account control agreements and commodity account control agreements, as applicable and, in each case, in form and
substance reasonably satisfactory to the Administrative Agent, with respect to all of its deposit accounts, securities accounts and commodities accounts, other than: (i) deposit accounts, securities accounts, commodities accounts and other bank
accounts having an average balance over 30 days below $2,000,000; provided, however, the aggregate average balance over 30 days for all such accounts excluded pursuant to this clause (i) shall not exceed $6,000,000 or (ii) deposit
accounts, securities accounts, commodities accounts and other bank accounts established solely as payroll, benefits, withholding tax, escrow, customs or other 

  
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zero balance accounts or other fiduciary accounts or for accounts which constitute Liens permitted pursuant to Section 6.3 securing Indebtedness permitted pursuant to Section 6.2. 

(e) Notwithstanding anything to the contrary contained herein, to the extent Immaterial Subsidiaries and Non- Wholly Owned Subsidiaries
comprise in the aggregate more than (x) 7.5% of the Borrower’s Total Assets or (y) 7.5% of the Borrower’s Consolidated EBITDA, in each case as determined at the end of the most recent fiscal quarter of the Borrower based on the
financial statements of the Borrower delivered pursuant to this Agreement, then the Borrower shall, not later than forty-five (45) days after the date by which financial statements for such quarter are required to be delivered pursuant to this
Agreement (or such longer period as the Administrative Agent may agree in its reasonable discretion), (i) designate in writing to the Administrative Agent one or more of such Immaterial Subsidiaries and Non-Wholly Owned Subsidiaries as
“Material Subsidiaries” to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of Section 5.11 applicable to such Subsidiaries. 

5.12 Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional instruments,
certificates or documents, and take such actions, as the Administrative Agent may reasonably request for the purposes of more fully perfecting or renewing the rights of the Administrative Agent and the Secured Parties with respect to the Collateral
(or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by any Loan Party (other than Excluded Assets) which are required to be part of the Collateral) pursuant
hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording, qualification or
authorization of any Governmental Authority, Holdings and the Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent
or such Lender may be reasonably required to obtain from the Borrower or any Loan Party for such governmental consent, approval, recording, qualification or authorization. 

5.13 Post-Closing Covenants. (a) The Borrower shall, and shall cause its Subsidiaries to, take the actions set forth on
Schedule 5.13 (the “Post-Closing Actions”) within the time periods specified therein; provided that the failure to complete any Post-Closing Action by the applicable date specified in Schedule 5.13 shall not
constitute a Default or an Event of Default under this Agreement so long as the Borrower is diligently pursuing the completion of such Post-Closing Action. 

(b) Within forty-five (45) days after the Closing Date (or such later date as shall be acceptable to the Administrative Agent), the Loan
Parties shall use their commercially reasonable efforts to obtain and deliver to the Administrative Agent lien waivers executed in favor of the Administrative Agent by a Person who owns or occupies any leased properties, in form and substance
satisfactory to the Administrative Agent in its reasonable discretion, with respect to such leased properties at which any Collateral with a value in excess of $2,500,000 may be located from time to time; provided that if such lien waivers
are not obtained and delivered at the end of such forty-five (45) day period, then (x) for the period until 90 days after 

  
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the Closing Date, the Loan Parties shall continue to use their commercially reasonable efforts to obtain and deliver such lien waivers and (y) thereafter, the Loan Parties shall no further
obligations to obtain such lien waivers. 
 SECTION 6. NEGATIVE COVENANTS 

Holdings and the Borrower hereby agree that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding (except to
the extent such Letters of Credit are fully cash collateralized in accordance with this Agreement) or any Loan or other amount is owing to any Lender or any Agent hereunder (other than (x) obligations under Specified Hedge Agreements and Cash
Management Obligations and (y) Unasserted Contingent Obligations), each of Holdings and the Borrower shall and shall cause each of the Restricted Subsidiaries to: 

6.1 Financial Condition Covenant. Permit the Total Leverage Ratio, calculated on a Pro Form Basis, as of the last day of the most
recently ended Test Period, beginning with the Test Period ending June 30, 2014, to be greater than 3.25 to 1.00 (such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent
pursuant to Section 5.1(a) and 5.1(b) for such Test Period). 
 6.2 Limitation on Indebtedness. Create, incur or assume any
Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to (i) any Loan Document (including any Extension
Amendment), (ii) any Replacement Loans, (iii) any Incremental Commitments incurred in accordance with Section 2.24, (iv) any Refinancing Indebtedness with respect to any of the foregoing Facilities or Classes of Loans; 

(b) Indebtedness of Holdings or the Borrower to a Restricted Subsidiary or of a Restricted Subsidiary to Holdings, the Borrower
or another Restricted Subsidiary; provided that all such Indebtedness of any Loan Party owned to any non-Loan Party shall be evidenced by notes that have been pledged (individually or pursuant to a global note) to the Administrative Agent for
the benefit of the Lenders (it being understood and agreed that any Indebtedness permitted under this clause (b) that are not so evidenced as of the Closing Date are not required to be so evidenced and pledged until the date that is ninety
(90) days after the Closing Date), (ii) any such Indebtedness that is owed by a non-Loan Party to a Loan Party is permitted as an Investment under Section 6.7(i) and (iii) any Indebtedness of any NM Group Member to any other NM
Group Member existing as of the Closing Date shall be permitted to be maintained, modified and/or refinanced among the same NM Group Members (or their successor entities) as long as, if the obligor with respect thereto is Holdings, the Borrower or a
Subsidiary Guarantor and the payee with respect thereto is a Restricted Subsidiary that is not a Loan Party, the same continues to be or is made subject to an intercompany subordination agreement reasonably acceptable to the Administrative Agent,
and the outstanding principal amount thereof is not increased; 
 (c) Indebtedness (including Capital Leases and purchase
money indebtedness) incurred or issued by the Borrower or any Restricted Subsidiary to finance or reimburse the acquisition, purchase, construction, repair, replacement, lease or 

  
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improvement of property (real or personal), equipment or other assets, including assets that are used or useful in the business, whether through the direct purchase of assets or the Capital Stock
of any Person owning such assets in an aggregate principal amount not to exceed (as of the date such Indebtedness is issued, incurred or otherwise obtained), together with any Refinancing Indebtedness in respect thereof pursuant to this clause (c),
the greater of (A) $ 15,000,000 and (B) 1.50% of Total Assets, and any Refinancing Indebtedness thereof (and any further Refinancing Indebtedness in respect thereof); 

(d) Indebtedness described in Schedule 6.2(d) (or future advances or Indebtedness contemplated by the existing
documentation evidencing such Indebtedness (including any commitment with respect thereto)) and any Refinancing Indebtedness incurred, issued or otherwise obtained to refinance (in whole or in part) such Indebtedness (and any Refinancing
Indebtedness in respect thereof); 
 (e) Indebtedness incurred or assumed by the Borrower or any Subsidiary in connection
with any Acquisition permitted under Section 6.7, and any Refinancing Indebtedness thereof; provided that (i) such Indebtedness existed at the time of such Acquisition and was not created in connection therewith or in contemplation
thereof, (ii) such Indebtedness is either unsecured or secured only by the assets or business acquired in such Acquisition (including any acquired Capital Stock) and (iii) the aggregate principal amount of such Indebtedness outstanding at
any one time does not exceed $15,000,000; 
 (f) any guaranty (i) by the Borrower of obligations of any Loan Party
permitted hereunder, (ii) by any Loan Party of obligations of the Borrower or any other Loan Party permitted hereunder, (iii) by any Restricted Subsidiary (other than a Loan Party) of obligations of any Restricted Subsidiary (other than a
Loan Party) permitted hereunder, (iv) by the Borrower or any of the Restricted Subsidiaries of Indebtedness of any Restricted Subsidiary permitted by this Section 6.2 and (v) by a Restricted Subsidiary of Indebtedness of the Borrower
or a Restricted Subsidiary permitted by this Section 6.2; 
 (g) Cash Management Obligations and other Indebtedness in
respect of netting services, automatic clearinghouse arrangements, overdraft protections and otherwise in connection with deposit accounts, credit cards, credit card processing services, debit cards, stored value cards, purchase cards (including
so-called “procurement cards” or “P-cards”), employee credit card programs and other cash management and similar arrangements in the ordinary course of business and any guaranties thereof; 

(h) other unsecured Indebtedness of a Loan Party; provided that, (i) on a Pro Forma Basis after giving effect to
the incurrence of such Indebtedness as of the last day of the fiscal quarter most recently ended for which financial statements are available, the Total Leverage Ratio is less than 3.00 to 1.00 (“Permitted Ratio Debt”),
(ii) such Indebtedness shall not require any amortization prior to the date that is six months following the Latest Maturity Date, (iii) the Weighted Average Life to Maturity of such Indebtedness shall be equal to or greater than the then
remaining Weighted Average Life to Maturity of the outstanding Loans, (iv) if such Indebtedness is incurred by a Loan 

  
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Party, such Indebtedness may be guaranteed by another Loan Party so long as (x) such Loan Party shall have also provided a guarantee of the Obligations substantially on the terms set forth
in this Agreement and (y) if the Indebtedness being guaranteed is subordinated to the Obligations, such guarantee shall be subordinated to the guarantee of the Obligations on terms and conditions reasonably satisfactory to the Administrative
Agent and (v) if such Indebtedness is incurred by a Restricted Subsidiary of the Borrower that is not a Loan Party, such Indebtedness may be guaranteed by another Subsidiary of the Borrower that is not a Loan Party; provided
further that the mandatory prepayments, covenants, events of default, Subsidiary guarantees and other terms for such Indebtedness, are not more restrictive on Holdings, the Borrower and the Restricted Subsidiaries, or materially less
favorable to the Lenders, than the terms of this Agreement (as in effect on the date such Indebtedness is incurred); provided, however, that a certificate of a Responsible Officer delivered to the Administrative Agent at least five
(5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the
management of the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent
notifies the Borrower within such five (5) Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees); 

(i) Indebtedness arising from customary agreements providing for indemnification, adjustment of purchase price (including
earn-outs), non-compete or similar obligations, in each case incurred or assumed in connection with the dispositions or acquisition of the assets or Equity Interests of another Person permitted hereunder; provided that (i) such
Indebtedness (other than guarantees of such Indebtedness or for indemnification) shall be included in the total consideration for purposes of all determinations relating to such disposition or purchase hereunder and (ii) the aggregate principal
amount of such Indebtedness shall not exceed the greater of (x) 1.5% of Total Assets and (y) $15,000,000; 
 (j)
other Indebtedness of the Borrower or a Loan Party in an aggregate principal amount not to exceed the greater of (x) 1.5% of Total Assets and (y) $15,000,000; 

(k) (i) Indebtedness representing deferred compensation to employees of the Borrower and the Restricted Subsidiaries incurred
in the ordinary course of business and (ii) Indebtedness consisting of obligations of the Borrower or any Restricted Subsidiary under deferred compensation or other similar arrangements with employees incurred by such Person in connection with
any Permitted Acquisition or any other Investment or other acquisition permitted hereunder; 
 (l) unsecured Indebtedness of
Holdings owing to former employees, officers, or directors (or any spouses, ex-spouses, or estates of any of the foregoing) incurred in connection with (A) relocation costs or (B) the repurchase by Holdings of the Equity Interests of
Holdings that has been issued to such Persons, so long as (i) no 

  
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Default or Event of Default has occurred and is continuing or would result from the incurrence of such Indebtedness, (ii) the aggregate amount of all such Indebtedness outstanding at any one
time does not exceed $1,000,000, and (iii) solely with respect to clause (B), such Indebtedness is subordinated in full to the Obligations; 

(m) Indebtedness (i) owing to any insurance company consisting of (x) the financing of insurance premiums or
(y) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business and (ii) owing to any Person providing property, casualty, liability, or other insurance to Holdings or any of its
Subsidiaries, 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; 
 (n) Indebtedness incurred by the Borrower or any Restricted Subsidiary constituting
reimbursement obligations with respect to letters of credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or created in the ordinary course of business, including letters of credit in respect of
workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation
claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance; 
 (o)
obligations in respect of workers’ compensation claims and self-insurance and obligations in respect of performance, bid, appeal, statutory and surety bonds and performance and completion guarantees and similar obligations provided by the
Borrower or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business, including those incurred to secure health, safety and
environmental obligations in the ordinary course of business; 
 (p) Indebtedness comprising Investments permitted pursuant
to Section 6.7; 
 (q) Indebtedness for any amounts owing by the Loan Parties under the Management Agreement solely to
the extent such amounts are permitted under Section 6.9; 
 (r) [Reserved]; 

(s) endorsement of instruments or other payment items for deposit; and 

(t) the incurrence by Holdings or its Subsidiaries of Indebtedness under Hedge Agreements that are incurred for the bona fide
purpose of hedging the interest rate, commodity, or foreign currency risks associated with Holdings’ and its Subsidiaries’ operations and not for speculative purposes. 

  
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 6.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of
its Property, whether now owned or hereafter acquired, except for: 
 (a) Liens for taxes that are not overdue for a period
of more than thirty (30) days, Liens for taxes not required to be discharged pursuant to Section 5.5 or Liens with respect to taxes, assessments or other governmental charges or levies that are being contested in good faith by appropriate
proceedings; provided that adequate reserves with respect thereto are maintained on the books of Holdings, the Borrower or the Restricted Subsidiaries, as the case may be, to the extent required by GAAP and Liens for property taxes on
property that the Borrower or any of its Subsidiaries has determined to abandon (so long as such abandonment is not prohibited by this Agreement or any of the other Loan Documents), if the sole recourse for such tax is to such property; 

(b) judgment Liens so long as the related judgment does not constitute an Event of Default; 

(c) statutory or common law Liens of landlords, banks and securities intermediaries (and rights of set-off), of carriers,
warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 430(k) of the Code), in each case incurred in the ordinary course of business (i) for amounts
not yet overdue or (ii) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of 30 days) are being contested in good faith by appropriate proceedings, so long as such reserves or other
appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts; 
 (d)
restrictions, covenants, land use contracts, rent charges, building schemes, declarations of covenants, conditions and restrictions, servicing agreements in favor of any Governmental Authority, easements, rights-of-way, encroachments, servitudes and
other minor defects or irregularities in title or other similar rights in or with respect to real property (including open space and conservation easements, restrictions or similar agreements and rights of way and servitudes for railways, water,
sewer, drainage, gas and oil pipelines, electricity, light, power, telephone, telegraph, internet or cable television services and utilities) granted to or reserved by other persons or properties, incurred in the ordinary course of business, which
in the aggregate do not materially impair the use of or the operation of the business of such person or the property subject thereto; 

(e) (i) the right reserved to or vested in any Governmental Authority, by the terms of any Permit acquired by such Person or by
any Law, to terminate any such Permit or to require annual or other payments as a condition to the continuance thereof, (ii) any security given to a public authority or other service provider or any other Governmental Authority when required by
such utility or other Governmental Authority in connection with the operations of such person in the ordinary course of its business and (iii) the reservations, limitations, provisos and conditions, if any, expressed in any grants from any
Governmental Authority or any similar authority; 

  
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 (f) Liens incurred in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and
return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the
Collateral on account thereof; 
 (g) 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; 
 (h) any
agreement to lease (including operating leases), option to lease, license, sub-lease or other right of occupancy assumed or entered by or on behalf of any NM Group Member in the ordinary course of its business or interests of lessors under operating
leases and non-exclusive licensors under license agreements; 
 (i) Liens described on Schedule 6.3(i); 

(j) Liens securing Indebtedness of the Borrower or any Restricted Subsidiary incurred pursuant to Section 6.2(c) to
finance the acquisition of fixed or capital assets in an aggregate amount not to exceed (as of the date any such Lien is incurred) the greater of (x) $15,000,000 and (y) 1.50% of Total Assets at any time outstanding, provided that
such Liens do not at any time encumber any Property other than the Property financed by such Indebtedness; provided further that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment
provided by such lender 
 (k) Liens on property or other assets at the time the Borrower or a Restricted Subsidiary acquired
the property or such other assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Borrower or any Restricted Subsidiary, securing obligations in an aggregate amount (together with any Indebtedness that
is secured pursuant to clause (m)) not to exceed (as of the date any such Lien is incurred) $15,000,000; provided that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, amalgamation, merger
or consolidation; provided, further, that the Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary (other than after-acquired property that is (i) affixed or incorporated into the property
covered by such Lien and (ii) the proceeds and products thereof); 
 (l) (i) Liens created pursuant to the Loan
Documents, (ii) Liens securing any Replacement Loans, (iii) Liens securing any Incremental Commitments incurred in accordance with Section 2.24, (iv) Liens securing any Extended Term Loans or Extended Revolving Credit
Commitments, (v) Liens securing any Refinancing Indebtedness with respect to the foregoing and (vi) Liens on cash collateral to Cash Collateralize the Letters of Credit or any other Obligation; provided that, in each case,
such Liens are no greater than pari passu with the Liens under this Agreement and on the Collateral; 

  
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 (m) Liens securing Indebtedness of any NM Group Member incurred pursuant to
Section 6.2(e) in an aggregate amount (together with any obligations that are secured pursuant to clause (k)) not to exceed (as of the date any such Lien is incurred) $10,000,000; provided that, such Liens do not at any time encumber any
Property other than the Property (including Capital Stock of any entity acquired and any of the Restricted Subsidiaries) acquired in such Acquisition; 

(n) any right of set-off, refund or charge-back available to any bank or other financial institution or any other Lien arising
in connection therewith or relating to purchase orders and other agreements entered into with customers of Holdings or any of its Subsidiaries in the ordinary course of business and Liens of a collection bank arising under Sections 4-208 and 4-210
of the UCC on the items in the course of collection; 
 (o) any interest or title of a lessor, licensor or sublessor under
any lease, license or sublease entered into by any Loan Party or any Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased; 

(p) Liens arising solely from precautionary UCC financing statements or similar filings; 

(q) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the
use of any real property; 
 (r) other Liens on assets securing obligations in an aggregate amount not to exceed (as of the
date any such Lien is incurred) the greater of (x) $15,000,000 and (y) 1.50% of Total Assets at any time outstanding; 

(s) assignments of past due receivables solely for the purpose of collection; 

(t) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(u) Liens securing obligations relating to any Indebtedness or other obligations of a Restricted Subsidiary owing to the
Borrower or another Restricted Subsidiary permitted to be incurred in accordance with Section 6.2; 
 (v) Liens in favor
of any Loan Party; 
 (w) [Reserved]; 

(x) [Reserved]; 

(y) Liens on Property subject to an agreement to Dispose of such Property permitted under Section 6.5; 

  
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 (z) Liens on amounts deposited to secure Holdings’ and its Subsidiaries
obligations in connection with the making or entering into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money; 

(aa) Liens on amounts deposited to secure Holdings’ and its Subsidiaries reimbursement obligations with respect to surety
or appeal bonds obtained in the ordinary course of business; 
 (bb) licenses of content or non-exclusive licenses of
patents, trademarks, copyrights, or other intellectual property rights in the ordinary course of business; 
 (cc) Liens that
are extensions, replacements or renewals of Liens permitted under this Section 6.3 (or successive extensions, renewals or replacements) to the extent that the original Indebtedness is the subject of permitted Refinancing Indebtedness and so
long as the Liens so extended, renewed or replaced only encumber those assets that secured the original Indebtedness (plus improvements on such property); 

(dd) restrictions on transfers of securities imposed by applicable securities laws or agreement (other than Capital Stock
pledged pursuant to the Security Documents); 
 (ee) assignments of insurance or condemnation proceeds provided to landlords
(or their mortgagees) in the ordinary course of business and pursuant to the terms of any lease and Liens or rights reserved in any lease for rent or for compliance with the terms of such lease; 

(ff) licenses (with respect to intellectual property and other property), leases or subleases granted to third parties to the
extent permitted by the applicable terms of the Security Documents and not interfering in any material respect with the ordinary conduct of the business of Holdings or any of its Subsidiaries or resulting in a material diminution in the value of the
collateral so licensed, leased or subleased; 
 (gg) Liens arising out of conditional sale, title retention, consignment or
similar arrangement for sale of goods entered into by Holdings or any of its Subsidiaries in the ordinary course of business permitted by this Agreement; 

(hh) Liens consisting of reasonable customary initial deposits and margin deposit and similar Liens attaching to commodity
trading accounts or other brokerage accounts maintained in the ordinary course of business and not for speculative purposes; and 

(ii) ground leases in respect of real property on which facilities owned or leased by the Borrower or any of its Subsidiaries
are located. 
 6.4 Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up
or dissolve itself (or suffer any liquidation or dissolution), or Dispose of (other than the granting of any Lien permitted by Section 6.3) all or substantially all of its Property or business, except that: 

  
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 (a) any Person (including without limitation, any Restricted Subsidiary of the
Borrower) may be merged, amalgamated or consolidated (i) with or into the Borrower (provided that, in the case of a merger or a consolidation, the Borrower shall be the continuing or surviving entity), (ii) with or into any Loan
Party (other than the Borrower) (provided that, (x) in the case of a merger or consolidation, such Loan Party shall be the continuing or surviving entity or (y) after giving effect to such transaction the continuing or surviving
entity shall be a Loan Party and simultaneously with, or promptly after the consummation of, such transaction, the continuing or surviving entity shall become a Loan Party); or (iii) unless such Person is the Borrower or a Subsidiary Guarantor,
with or into any Subsidiary of the Borrower (other than a Loan Party) (provided that after giving effect to such transaction the continuing or surviving entity shall be a Restricted Subsidiary of the Borrower); 

(b) (i) any of the Borrower or any Guarantor may Dispose of any or all of its assets (upon voluntary liquidation or otherwise)
to any Loan Party (or to a Restricted Subsidiary that becomes a Loan Party simultaneously with, or promptly after the consummation of, such transaction), (ii) any non-operating Subsidiaries of Holdings (other than the Borrower) with nominal
assets and nominal liabilities may liquidate, wind up or dissolve itself and (iii) any Restricted Subsidiary (other than a Loan Party) of the Borrower may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or any other Restricted Subsidiary; 
 (c) any single purpose Restricted Subsidiary (other than a Loan Party) or
Restricted Subsidiary that is not a Material Subsidiary may Dispose of all or any portion of its assets in the ordinary course of business and any Subsidiary that is not a Guarantor or immaterial Restricted Subsidiary may otherwise liquidate, wind
up or be dissolved; 
 (d) any Restricted Subsidiary may merge or consolidate with (or Dispose of all or substantially all of
its assets to) any other Person in order to effect an Investment in accordance with Section 6.7 or otherwise permitted by Section 6.6; and 

(e) in connection with any Disposition permitted by Section 6.5. 

6.5 Limitation on Disposition of Property. Dispose of any of its Property (including, without limitation, receivables and leasehold
interests), whether now owned or hereafter acquired, or, in the case of any Restricted Subsidiary, issue or sell any shares of such Restricted Subsidiary’s Capital Stock to any Person, except: 

(a) Dispositions of obsolete, worn out or surplus property (including real property), whether now owned or hereafter acquired
and Dispositions of property (including real property) no longer used or useful in the conduct of the business of the Borrower and the Restricted Subsidiaries; 

(b) To the extent constituting Dispositions, transactions permitted by 6.4 (other than Section 6.4(e)), Investments made
in accordance with Section 6.7 or otherwise permitted by Section 6.6, and Liens permitted by Section 6.3; 

  
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 (c) the sale or issuance of any Restricted Subsidiary’s Capital Stock to the
Borrower or any Guarantor; 
 (d) the sale or issuance of any Capital Stock of a Restricted Subsidiary (other than a Loan
Party) to any other Restricted Subsidiary; 
 (e) any Recovery Event, provided, that the requirements of
Section 2.10(b), if applicable, are complied with in connection therewith; 
 (f) sales or other dispositions of assets
that do not constitute Asset Sales; 
 (g) Dispositions of property not otherwise permitted under this 6.5 in an aggregate
amount not to exceed $20,000,000 in any fiscal year; provided that (i) at the time of such Disposition and after giving effect thereto (other than any such Disposition made pursuant to a legally binding commitment entered into at a time
when no Default or Event of Default existed after giving effect thereto), no Default or Event of Default shall exist or would result from such Disposition; and (ii) with respect to any Disposition pursuant to this clause 6.5(f) for a purchase
price in excess of $5,000,000, the Borrower or any of the Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents; provided, however, that for the purposes of this
clause (ii), (A) any liabilities (as shown on the Borrower’s most recent consolidated balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their
terms subordinated to the payment in cash of the Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of the Restricted Subsidiaries shall have been validly released by all
applicable creditors in writing, (B) any securities received by the Borrower or such Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the
cash or Cash Equivalents received) within 180 days following the closing of the applicable Disposition and (C) any Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in respect of such Disposition having an
aggregate fair value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (C) that is at that time outstanding, not in excess of 1.5% of Total Assets at the time of the receipt of such Designated
Non-Cash Consideration, with the fair value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash; 

(h) dispositions of cash, Cash Equivalents or Investment Grade Securities in a manner that is not prohibited by the terms of
this Agreement or the other Loan Documents; 
 (i) Asset Sales set forth on Schedule 6.5(i); 

(j) Dispositions of property to the Borrower or a Restricted Subsidiary; provided that if the transferor of such
property is a Loan Party: (i) the transferee thereof 

  
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must be a Loan Party or (ii) to the extent such transaction constitutes an Investment, such transaction is permitted under Section 6.7; 

(k) dispositions of Accounts that are past due by more than 120 days; 

(l) the unwinding of any Hedge Agreements; 

(m) sale or disposition of Investments under Sections 6.7(k) and 6.7(j); 

(n) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in the
ordinary course of business or the licensing of content or the licensing or sub-licensing of intellectual property or other general intangibles that is no longer material to the business of such NM Group Member; 

(o) any involuntary loss, damage or destruction of property or any involuntary condemnation, seizure or taking, by exercise of
the power of eminent domain or otherwise, or confiscation or requisition of use of property; 
 (p) the leasing or subleasing
of assets of Holdings or its Subsidiaries in the ordinary course of business; 
 (q) the sale or issuance of stock (other
than Disqualified Stock) of Holdings; 
 (r) the lapse or abandonment of registered patents, trademarks and other
intellectual property of Holdings and its Subsidiaries to the extent (i) expired pursuant to any applicable laws or (ii) not economically desirable in the conduct of their business and so long as such lapse or abandonment would not
reasonably be expected to have a Material Adverse Effect; 
 (s) in order to resolve disputes that occur in the ordinary
course of business, the discounting of or otherwise compromise for less than the face value thereof, notes or accounts receivable; 

(t) transfers of property subject to casualty events in an aggregate amount not to exceed $500,000 upon receipt of the Net Cash
Proceeds of such casualty event; and 
 (u) the sale, lease or transfer of any property or assets acquired pursuant to a
Permitted Acquisition and disposed of contemporaneously with the consummation of such Permitted Acquisition, so long as it is upon prior written notice thereof to the Arrangers. 

Upon the request of the Borrower, the Administrative Agent shall, at the sole expense of the Borrower, promptly execute and deliver to the Borrower any and
all documents or instruments necessary to release any Lien encumbering any items of Collateral that are subject to a conveyance, sale, lease, exchange, transfer or other disposition pursuant to this Section 6.5 or otherwise permitted pursuant
to this Agreement. 

  
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 6.6 Limitation on Restricted Payments. Through any manner or means, declare, pay or make
any Restricted Payment, except that the provisions of this Section 6.6 will not prohibit: 
 (a) (i) Restricted Payments
by any Restricted Subsidiary to Holdings, the Borrower or any other Restricted Subsidiary (so long as, with respect to any Restricted Payment made to a Restricted Subsidiary that is not a Loan Party, such Restricted Payment is ultimately made to and
received by a Loan Party) and (ii) any Restricted Subsidiary (other than a Loan Party) may make Restricted Payments to any other Restricted Subsidiary (other than a Loan Party); 

(b) Restricted Payments by Holdings in the form of Equity Interests (other than Disqualified Stock) of Holdings and Restricted
Payments payable solely in the shares of Equity Interests of such Person (except Disqualified Stock); 
 (c) the payment of
any dividend or other distribution or the consummation of any irrevocable redemption within sixty (60) days after the date of declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the
date of declaration or notice, the dividend or other distribution or redemption payment would have complied with the provisions of any other subsection of this Section 6.6; 

(d) (i) distributions to former employees, officers, or directors of Holdings (or any spouses, ex-spouses, or estates of any of
the foregoing) (x) on account of redemptions of Capital Stock of Holdings held by such Persons or (y) solely in the form of forgiveness of Indebtedness of such Persons owing to Holdings on account of repurchases of the Capital Stock of
Holdings held by such Persons; provided that such Indebtedness was incurred by such Persons solely to acquire Capital Stock of Holdings and (ii) payments by the Borrower to permit the Borrower to purchase common stock or common stock
options of the Borrower from present or former officers, directors or employees of the Borrower (or their respective estates, spouses or former spouses) or any of the Restricted Subsidiaries upon the death, disability or termination of employment of
such officer or employee, provided, however, that the aggregate amount of all such distributions or payments made during the term of this Agreement pursuant to this clause (d) does not exceed $2,500,000 in any fiscal year; 

(e) payments made by the Borrower or any Restricted Subsidiary in respect of withholding or similar taxes payable upon exercise
of Equity Interests by any future, present or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower or any of its Subsidiaries and any repurchases
of Equity Interests deemed to occur upon exercise of stock options, warrants or similar rights if such Equity Interests represent a portion of the exercise price of such options, warrants or similar rights or required withholding or similar taxes;

 (f) to the extent constituting Restricted Payments, the Borrower and the Restricted Subsidiaries may enter into and
consummate transactions permitted by any provision of Section 6.2, 6.3, 6.4 or 6.9 (other than Section 6.9(f)); 

  
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 (g) Restricted Payments in an amount equal to up to 6.0% per annum of the
net cash proceeds received by New Media in or from any public equity offering, other than public offerings with respect to New Media common stock registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded
Contribution, to the extent such net cash proceeds are distributed to Holdings; provided, that the amount of such proceeds received shall not increase the Available Amount; 

(h) Restricted Payments that are made with Excluded Contributions, to the extent such Excluded Contributions are excluded from
the calculation of the Available Amount; 
 (i) any non-wholly owned Restricted Subsidiary of Holdings may declare and pay
cash dividends to its equity holders generally so long as Holdings or its respective Subsidiary which owns the Equity Interests in the Restricted Subsidiary paying such dividend receives at least its proportional share thereof (based upon its
relative holding of the Equity Interests in the Restricted Subsidiary paying such dividends and taking into account the relative preferences, if any, of the various classes of Equity Interest of such Restricted Subsidiary); 

(j) the declaration and payment of dividends or distributions by the Borrower or any Restricted Subsidiary to, or the making of
loans or advances to, the Borrower or Holdings (or any direct or indirect parent of Holdings) in amounts required for Holdings (or any direct or indirect parent of Holdings) to pay, in each case without duplication: 

(A) franchise, excise and similar taxes, and other fees and expenses, required to maintain their corporate or other legal existence; 

(B) general corporate operating, administrative, compliance and overhead costs and expenses of Holdings (or any direct or indirect parent
entity of Holdings), including, if applicable, the Borrower’s proportionate share of such amounts relating to Holdings (or such direct or indirect parent of Holdings) being a public company; 

(C) for any taxable period (A) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined, unitary or
similar tax group (a “Tax Group”) of which Holdings or any other direct or indirect parent of Holdings is the common parent or (B) in which the Borrower is treated as a disregarded entity or partnership for U.S. federal, state
and/or local income tax purposes, U.S. federal, state and local and foreign taxes that are attributable to the taxable income, revenue, receipts, gross receipts, gross profits, capital or margin of the Borrower and/or its Subsidiaries; provided that
for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount of such taxes that the Borrower and its Subsidiaries would have been required to pay if they were a stand-alone
Tax Group with the Borrower as the corporate common parent of such stand-alone Tax Group; 

  
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 (D) to finance Investments that would otherwise be permitted to be made pursuant to this
Section 6.6 if made by the Borrower; provided that (w) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (x) Holdings (or such direct or indirect parent of Holdings) shall,
immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the capital of the Borrower or a Restricted Subsidiary or (2) the merger, consolidation, amalgamation or
sale of the Person formed or acquired into the Borrower or a Restricted Subsidiary (to the extent not prohibited by Section 6.4) in order to consummate such Investment, (y) Holdings (or such direct or indirect parent of Holdings) and its
Affiliates (other than the Borrower or any Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except to the extent the Borrower or a Restricted Subsidiary could have given such consideration or made
such payment in compliance with this Section 6.6 and (z) any property received by the Borrower shall not increase the Available Amount; 

(E) customary salary, bonus, severance and other benefits payable to, and indemnities provided on behalf of, employees, directors, officers and
managers of Holdings (or any direct or indirect parent of Holdings), and any payroll, social security or similar taxes thereof, to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower
and the Restricted Subsidiaries, including, if applicable, the Borrower’s proportionate share of such amounts relating to Holdings (or such direct or indirect parents of Holdings) being a public company; 

(F) fees and expenses of the Borrower related to any successful or unsuccessful equity or debt offering of Holdings (or any direct or indirect
parent of Holdings); 
 (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Equity Interests of Holdings (or any direct or indirect parent of Holdings); and 
 (H)
amounts that would be permitted to be paid by the Borrower under clauses (b) and (c) of Section 6.9; provided that the amount of any dividend or distribution under this clause (H) to permit such payment shall reduce
Consolidated Net Income of the Borrower to the extent, if any, that such payment would have reduced Consolidated Net Income of the Borrower if such payment had been made directly by the Borrower and increase (or, without duplication of any reduction
of Consolidated Net Income, decrease) Consolidated EBITDA to the extent, if any, that Consolidated Net Income is reduced under this clause (H) and such payment would have been added back to (or, to the extent excluded from Consolidated Net
Income, would have been deducted from) Consolidated EBITDA if such payment had been made directly by the Borrower, in each case, in the period such payment is made. 

  
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 (k) subject to (i) the delivery of the applicable Excess Cash Flow
calculation pursuant to Section 5.2(d) and (ii) compliance with the Payment Conditions, the Borrower may make Restricted Payments in an aggregate amount not to exceed the Available Amount as of such date; 

(l) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or owed to
Affiliates, in each case, with respect to any Restricted Payment made to an Affiliate, to the extent permitted by Section 6.9; and 

(m) Restricted Payments by Holdings to New Media to pay amounts pursuant to the Management Agreement, subject to
Section 6.9. 
 6.7 Limitation on Investments. Make any Investment, except: 

(a) extensions of trade credit (or notes receivable arising from such grant) and deposits, advances, prepayments and other
credits to suppliers or in connection with purchases of goods and services made in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or in connection
with the bankruptcy or reorganization of suppliers or customers or in settlement of delinquent obligations of, or other disputes with, suppliers and customers, and other credits to suppliers in the ordinary course of business; 

(b) Investments in cash and Cash Equivalents or Investment Grade Securities (at the time of making such Investment); 

(c) Investments arising in connection with the incurrence of Indebtedness, Liens, fundamental changes, Dispositions, Restricted
Payments and sale/leaseback transactions permitted by Sections 6.2, 6.3, 6.4, 6.5, 6.6 and 6.10, respectively; 
 (d)
Investments in assets useful in the Borrower’s and the Restricted Subsidiaries’ business (including, without limitation, Acquisitions) made by the Borrower or any of the Restricted Subsidiaries with the Net Cash Proceeds of any Asset Sale
or Recovery Event reinvested pursuant to Section 2.10; 
 (e) Investments (other than those relating to the incurrence
of Indebtedness permitted by Section 6.7(c)) by (i) any NM Group Member in the Borrower or any Person that, at the time of, or prior to, or as a result of, such Investment, is a Guarantor and (ii) any Restricted Subsidiary (other than
a Guarantor) in any other Restricted Subsidiary (other than a Guarantor); 
 (f) equity Investments owned as of the Closing
Date in any Subsidiary and Investments made after the Closing Date in the Borrower and any Guarantor; 
 (g) Permitted
Acquisitions; 
 (h) Investments (i) in any Securities received in satisfaction or partial satisfaction thereof from
financially troubled account debtors, (i) received upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries and 

  
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(iii) comprised of deposits, prepayments and other credits to suppliers made in the ordinary course of business of the Borrower and the Restricted Subsidiaries; 

(i) intercompany loans to the extent permitted under Section 6.2(b) and other Investments in Restricted Subsidiaries of
the Borrower which are not Loan Parties; provided that such Investments (including through intercompany loans and any acquisitions permitted under this Section 6.7) in Subsidiaries of the Borrower other than the Loan Parties shall not
exceed at any time an aggregate amount $5,000,000; 
 (j) Specified Hedge Agreements and other Hedge Agreements (including
Interest Rate Agreements or Currency Agreements), in each case which constitute Investments; 
 (k) Investments, taken
together with all other Investments made pursuant to this clause (k) that are at that time outstanding, not to exceed (as of the date such Investment is made) the greater of (a) $15,000,000 and (b) 1.50% of Total Assets; 

(l) Investments (not constituting an Acquisition) held by a Subsidiary after the Closing Date or by the Borrower or any
Restricted Subsidiary of the Borrower in a Person, if as a result of such Investment (i) such Person becomes a Guarantor or (ii) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially
all of its assets, or a business line or unit or a division of such Person, to, or is liquidated into, the Borrower or a Guarantor; 

(m) any Investment in securities or other assets not constituting Cash Equivalents, promissory notes and other non-cash
consideration and received in connection with a Disposition permitted by this Agreement; 
 (n) guarantees of Indebtedness of
the Borrower or a Restricted Subsidiary permitted under Section 6.2, performance guarantees and contingent obligations incurred in the ordinary course of business and the creation of Liens on the assets of the Borrower or any Restricted
Subsidiary in compliance with Section 6.3; 
 (o) Investments in the ordinary course of business consisting of Uniform
Commercial Code Article 3 endorsements for collection of deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(p) advances, loans or extensions of trade credit in the ordinary course of business by the Borrower or any Restricted
Subsidiary and any leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower and the Restricted Subsidiaries, taken as a
whole, or (ii) secure any Indebtedness; 
 (q) any transaction to the extent it constitutes an Investment that is
permitted by and made in accordance with the provisions of Section 6.9 (except transactions described in clause (f) of Section 6.9); 

  
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 (r) (i) Investments described in Schedule 6.7(r) and any modification,
replacement, renewal, reinvestment or extension thereof and (ii) Investments existing on the Closing Date by any NM Group Member in any NM Group Member and any modification, renewal or extension thereof; provided that the amount of any
Investment permitted pursuant to this Section 6.7(r) is not increased from the amount of such Investment on the Closing Date except (A) by capitalized amounts related to unpaid accrued interest and premium, (B) pursuant to the terms
of such Investment as of the Closing Date or (C) as otherwise permitted by this Section 6.7; 
 (s) Investments in
negotiable instruments deposited or to be deposited for collection in the ordinary course of business; 
 (t) deposits of
cash made in the ordinary course of business to secure performance of operating leases, 
 (u) non-cash loans to employees,
officers, and directors of Holdings or any of its Subsidiaries for the purpose of purchasing Stock in Holdings so long as the proceeds of such loans are used in their entirety to purchase such stock in Holdings, 

(v) advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the
ordinary course of business and advances in the ordinary course of business that would be recorded as accounts receivable of such Person in accordance with GAAP, in an aggregate amount not to exceed $500,000 at any time outstanding; and 

(w) subject to (i) the delivery of the applicable Excess Cash Flow calculation pursuant to Section 5.2(d) and
(ii) compliance with the Payment Conditions, the Borrower may make Investments in an aggregate amount not to exceed the Available Amount as of such date. 

6.8 Limitation on Modifications of Organizational Documents. Agree to any material amendment, restatement, supplement or other
modification to, or waiver of, any of the Organizational Documents of the Borrower or any Guarantor after the Closing Date that would materially adversely impact the Lenders unless (i) required by any Requirement of Law or (ii) the
Administrative Agent (acting at the direction of the Required Lenders) has consented to such amendment, restatement, supplement or other modification or waiver. 

6.9 Limitation on Transactions with Affiliates. Enter into any transaction, including, without limitation, any purchase, sale, lease
or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than Holdings, the Borrower or any other Restricted Subsidiary or any entity that becomes a Restricted
Subsidiary as a result of such transaction), unless such transaction is upon terms no less favorable to Holdings, the Borrower or such Restricted Subsidiary, as the case may be, than it would obtain in a comparable arm’s-length transaction with
a Person that is not an Affiliate; provided that the foregoing restriction shall not apply to: (a) any transaction otherwise permitted by this Section 6 between the Borrower and any one or more Restricted Subsidiaries of the
Borrower or among Restricted Subsidiaries of the Borrower; (b) reasonable and customary 

  
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fees and out-of-pocket costs paid to, and indemnities provided on behalf of, members of the board of directors (or similar governing body), officers, employees and consultants (including those
with respect of New Media) of Holdings and its Subsidiaries; (c) compensation and severance arrangements for officers and other employees of Holdings and its Subsidiaries entered into in the ordinary course of business and transactions pursuant
to stock option plans and employee benefit plans and arrangements; (d) transactions described in Schedule 6.9; (e) the payment of management, incentive or other fees and expenses set forth in the Management Agreement;
(f) Restricted Payments permitted by Section 6.6, Investments permitted by Section 6.7 and transactions permitted by Section 6.4, (g) payments made by Holdings, the Borrower or any of the Restricted Subsidiaries pursuant to
any tax sharing agreements with New Media or any other direct or indirect parent of Holdings to the extent attributable to the ownership or operation of Holdings, the Borrower and the Restricted Subsidiaries and (h) digital media services
provided to operating Subsidiaries controlled by the Sponsor. 
 6.10 Limitation on Sales and Leasebacks. Directly or indirectly,
become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which such Loan Party (a) has sold or transferred or is to
sell or to transfer to any other Person (other than Holdings, the Borrower or any of the Restricted Subsidiaries), (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by
such Loan Party to any Person (other than the Borrower or any of the Restricted Subsidiaries) in connection with such lease or (c) is to be sold or transferred by such Loan Party to such Person or to any other Person to whom funds have been or
are to be advanced by such Person on the security of such property or rental obligations of such Loan Party, other than transactions where any related sale of assets is permitted under Section 6.5, any related Indebtedness is permitted to be
incurred under Section 6.2 and any Lien in connection therewith is permitted to be granted under Section 6.3. 
 6.11
Limitation on Changes in Fiscal Year. Permit the fiscal year of Holdings or the Borrower to end on a day other than December 31 or change such Person’s method of determining fiscal quarters; provided, however, that,
upon written notice to the Administrative Agent, such Person may change its fiscal year ending date or method of determining fiscal quarters to another date or method, in which case, such Person and the Administrative Agent will, and are hereby
authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year. 
 6.12
Limitation on Negative Pledge Clauses. Enter into any agreement that prohibits or limits the ability of any NM Group Member to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or
hereafter acquired, to secure the Obligations or, in the case of any Guarantor, its obligations under any Guarantee Agreement, other than this Agreement and the other Loan Documents and except to the extent that any such agreement (a) is set
forth on Schedule 6.12 (or is a modification, amendment, restatement, replacement, refinancing, renewal or extension thereof), (b) is assumed by Holdings, the Borrower or any of the Restricted Subsidiaries in connection with any Acquisition
permitted in Section 6.7 or is binding on any Restricted Subsidiary at the time such Person becomes a Restricted Subsidiary (provided that such agreement was not entered into solely in contemplation of such Person becoming a Restricted
Subsidiary), (c) is an agreement governing Indebtedness 

  
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permitted by Section 6.2(c) or, solely to the extent that such restrictions are no more restrictive than the terms of any Loan Document, which are in favor of any holder of Indebtedness
permitted to be incurred under Section 6.2 or any customary provisions in leases, subleases, licenses, sublicenses, contracts for management or development of Property, asset sale agreements, merger agreements, stock purchase agreements and
other contracts restricting the same, (d) is an agreement governing any joint venture or non-Wholly-Owned Subsidiary that is a Restricted Subsidiary or a Contractual Obligation of any joint venture or non-Wholly-Owned Subsidiary that is a
Restricted Subsidiary, (e) relates to cash or other deposits (including escrowed funds) received by Holdings, the Borrower or any of its Subsidiaries, (f) relates to assets subject to Liens permitted by Section 6.3; provided
that, (i) to the extent any such agreement is entered into after the Closing Date, such prohibition or limitation shall only be effective against the Property or Person (and its Subsidiaries) acquired in such Acquisition, financed by such
Indebtedness or that is the subject of such other leases, subleases, licenses, sublicenses, agreements or contracts and (ii) solely with respect to any non-Wholly-Owned Subsidiary, such prohibition or limitation shall only be effective against
the Property or revenues of such non-Wholly-Owned Subsidiary that is a Restricted Subsidiary and (g) restrictions that arise in connection with (including any Indebtedness and other agreements entered into in connection therewith) any
Disposition permitted by Section 6.5 applicable pending such Disposition solely to the assets subject to such Disposition. 
 6.13
Limitation on Restrictions on Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to make Restricted Payments in respect of any
Capital Stock of such Restricted Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing
under the Loan Documents, (ii) any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Equity Interests or assets
of such Restricted Subsidiary, (iii) any agreement existing as of the Closing Date set forth on Schedule 6.13 (or a modification, replacement, renewal or extension thereof that is no more restrictive in any material respect than such agreement
as it exists on the Closing Date) or that is assumed by Holdings, the Borrower or any of the Restricted Subsidiaries in connection with any Acquisition permitted in Section 6.7 or is binding on any Restricted Subsidiary at the time such Person
becomes a Restricted Subsidiary (provided that such agreement was not entered into solely in contemplation of such Person becoming a Restricted Subsidiary), or that is an agreement governing Indebtedness permitted by Section 6.2, or any
customary provisions in leases, subleases, licenses, sublicenses, joint venture agreements, contracts for management or development of Property, asset sale agreements, merger agreements, stock purchase agreements and other contracts restricting the
same or any similar agreements; provided that, (x) to the extent any such agreement is entered into after the Closing Date, such encumbrance or restriction shall only be effective against (A) the Property or Person (and its
Subsidiaries) acquired in such Acquisition, securing such Indebtedness or that is the subject of such Disposition or other leases, subleases, licenses, sublicenses, agreements or contracts, and (B) the distributions of any Subsidiary of the
Borrower (provided that such Subsidiary shall not have any assets other than such assets to be Disposed of or acquired or financed) and (y) solely with respect to any non-Wholly-Owned Subsidiary or joint venture, such encumbrance or restriction
shall only be effective against such non-Wholly-Owned Subsidiary or joint venture, (iv) which are in favor of 

  
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any holder of Indebtedness permitted to be incurred under Section 6.2 but solely to the extent that such restrictions are no more restrictive than the terms of any Loan Document,
(v) customary net worth provisions contained in leases and other agreements that do not evidence Indebtedness entered into by the Borrower or a Subsidiary of the Borrower in the ordinary course of business, (vi) that are or were created by
virtue of any transfer of, agreement to transfer or option or right with respect to any property not otherwise prohibited under this Agreement or (vii) described on Schedule 6.13. 

6.14 Limitation on Lines of Business. Enter into any material business, either directly or through any Subsidiary, except for those
businesses in which the NM Group Members are engaged on the date of this Agreement or that are reasonably related, complementary or ancillary thereto. 

6.15 Modification of Terms of Junior Indebtedness. Amend, modify or change in any manner that would cause the terms of such Junior
Indebtedness from satisfying the requirements of clauses (i) through (vi) of the definition of “Junior Indebtedness”; provided, however, that no amendment, modification or change of any term or condition of any
Junior Indebtedness Documentation permitted by any intercreditor or subordination agreement in respect thereof shall be deemed to be materially adverse to the interests of the Lenders. 

6.16 Limitation on Activities of Holdings. In the case of Holdings, notwithstanding anything to the contrary in this Agreement or any
other Loan Document, (i) directly conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any material business or operations other than those incidental to its ownership of interests in the Borrower, in
connection with its rights and obligations under the Loan Documents and activities incidental to the consummation of the Transactions, the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such
maintenance), the filing of tax returns and payment of taxes, and the preparation of reports to Governmental Authorities and its shareholders or partners, (ii) incur, create, assume or suffer to exist any Indebtedness or financial obligations
other than in connection with the activities described in clause (i), except (w) Indebtedness permitted by Section 6.2, (x) nonconsensual obligations imposed by operation of law, (y) pursuant to the Loan Documents to which it is
a party and (z) obligations with respect to its Equity Interests, or (iii) directly own, lease, manage or otherwise operate any properties or assets (including cash (other than cash received in connection with dividends made by the
Borrower and Subsidiary Guarantors in accordance with Section 6.6 pending application in the manner contemplated by said Section) and cash equivalents) other than the ownership of interests in the Borrower and in connection with the activities
described in clause (i) and (ii); provided it is understood that Holdings may (x) make any Restricted Payments permitted by Section 6.6 and (y) engage in any transaction permitted by Section 6.4(a)(v). 

6.17 Modification of Terms of Management Agreement. Amend, modify or change in any manner the terms of the Management Agreement that
would (a) increase the aggregate amount of management, consulting, advisory or other fees payable thereunder or (b) when taken together with all modifications, amendments and supplements to the Management Agreement since the Closing Date,
adversely impact the Lenders in any 

  
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material respect (as reasonably determined by the Administrative Agent) unless approved by the Administrative Agent in its reasonable discretion. 

SECTION 7. EVENTS OF DEFAULT 

7.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) (i) the Borrower shall fail to pay any principal on any Loan or Note when due (whether at maturity, by reason of
acceleration or otherwise) in accordance with the terms hereof or thereof; (ii) the Borrower shall fail to pay any interest on any Loan or any fee or other amount payable hereunder when due (whether at maturity, by reason of acceleration or
otherwise) in accordance with the terms hereof and such failure shall continue unremedied for three (3) Business Days; or (iii) or any Guarantor shall fail to pay on the Guaranty in respect of any of the foregoing or in respect of any
other Guaranty Obligations hereunder (after giving effect to the grace period in clause (ii)); or 
 (b) any representation
or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any
such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or furnished; or 

(c) (i) any Loan Party shall default in the observance or performance of any agreement contained in clause (i) of
Section 5.3(a), Section 5.8(a), Section 5.13 or Section 6; provided that the Borrower’s failure to comply with the financial covenant contained in Section 6.1 is subject to the Cure Right in Section 7.3; or

 (d) any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or
any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after the earlier of to occur of (i) the date on which a Responsible
Officer of a Loan Party having become aware of such default or (ii) the date on which the Borrower has received written notice of such default from the Administrative Agent, or if such default is of a nature that it cannot with reasonable
effort be completely remedied within said period of 30 days, such additional period of time as may be reasonably necessary to cure same; provided that the applicable Loan Party commences such cure within such 30 day period and diligently
prosecutes same, until completion, but in no event shall such extended period exceed 60 days; or 
 (e) any NM Group Member
shall (i) default in making any payment of any principal of any Indebtedness (including, without limitation, any Guarantee Obligation or Hedge Agreement (other than a Specified Hedge Agreement), but excluding the Loans) on the scheduled due
date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or
(iii) default in 

  
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the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any
other event shall occur or condition exist (other than (A) the voluntary sale or transfer of any asset securing such Indebtedness, (B) a refinancing of such Indebtedness permitted to be incurred pursuant to Section 6.2, (C) a
drawing by a beneficiary under a letter of credit that gives rise to a reimbursement obligation in respect thereof in accordance with the terms of such Indebtedness, (D) an issuance of capital stock, incurrence of other Indebtedness or sale or
other disposition of any assets, in each case that gives rise to mandatory prepayment with the net cash proceeds thereof, so long as such event shall not have otherwise resulted in an event of default with respect to such Indebtedness, (E) any
redemption, conversion or settlement of any such Indebtedness that is convertible into Capital Stock and/or cash pursuant to its terms unless such redemption, conversion or settlement results from a default thereunder and (F) with respect to
Indebtedness consisting of obligations under Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreement and not as a result of any default thereunder by any Loan Party), the effect of which default or
other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior
to its stated maturity or to become subject to a mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that (i) such failure is
unremedied or is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans and (ii) this clause (iii) shall not apply to secured Indebtedness that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; provided, further, that a default, event or
condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i),
(ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness or any Hedge Agreement (other than a Specified Hedge Agreement), with respect to any individual transaction, the outstanding
principal amount of which is not in excess of $7,500,000 and such default shall not have been cured or waived within any applicable grace period; or 

(f) (i) New Media, Holdings, the Borrower, any other Loan Party or any Material Subsidiary shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, except as permitted under Section 6.4(c)
or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Holdings, the Borrower or any Material Subsidiary shall make a general assignment
for the benefit of its creditors; or (ii) there shall be commenced against Holdings, the Borrower or any Material Subsidiary any case, proceeding or other action of a nature referred to in clause

  
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(i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged, unstayed or unbonded for a period of 60
days; or (iii) there shall be commenced against Holdings, the Borrower or any Material Subsidiary any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any
substantial part of its assets that results in the entry of an order for any such relief that shall not have been paid, vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) Holdings, the
Borrower or any Material Subsidiary shall consent to, approve of, or acquiesce in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) Holdings, the Borrower or any Material Subsidiary shall be unable to, or shall admit
in writing its inability to, pay its debts as they become due; or 
 (g) (i) any Person shall engage in any “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist
with respect to any Plan, or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower, any other Loan Party or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall
commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the
Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) a Credit Party, an of its Subsidiaries or any
Commonly Controlled Entity shall incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in
each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or 

(h) one or more judgments or decrees shall be entered against any NM Group Member involving for the NM Group Members taken as a
whole a liability (to the extent not paid or covered by insurance as to which the relevant insurance company has not denied coverage in writing) of $7,500,000 or more, and all such judgments or decrees shall not have been paid, vacated, discharged,
stayed or bonded pending appeal within 60 days from the entry thereof; or 
 (i) any provision of any Loan Document, at any
time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Section 6.4 or Section 6.5) or the satisfaction in full of all the
Obligations (other than (i) Obligations in respect of any Specified Hedge Agreements, (ii) Cash Management Obligations in respect of any Secured Cash Management Agreements, (iii) any contingent obligations not then due and
(iv) the Outstanding Amount of L/C Obligations related to any Letter of Credit that has been Cash Collateralized, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another
agreement reasonably acceptable to the applicable Issuing Bank), ceases to be in full force and effect; or any 

  
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Loan Party contests in writing the validity or enforceability of any provision of any Loan Document; or any Loan Party denies in writing that it has any or further liability or obligation under
any Loan Document (other than as a result of repayment in full of the Obligations (other than (i) Obligations in respect of any Specified Hedge Agreements, (ii) Cash Management Obligations in respect of any Secured Cash Management
Agreements, (iii) any contingent obligations not then due and (iv) the Outstanding Amount of L/C Obligations related to any Letter of Credit that has been Cash Collateralized, backstopped by a letter of credit reasonably satisfactory to
the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank)), or purports in writing to revoke or rescind any Loan Document; or 

(j) any of the Security Documents shall cease, for any reason (other than by reason of the express release thereof pursuant to
Section 10.15, as expressly permitted thereunder, as a result of a transaction not prohibited by this Agreement or by result of acts or omissions by the Administrative Agent or any Lender), to be in full force and effect, or any Loan Party
shall so assert in writing, or any Lien created by any of the Security Documents shall cease for any reason (other than by reason of the express release thereof pursuant to Section 9.15, as expressly permitted thereunder, as a result of a
transaction not prohibited by this Agreement or by result of acts or omissions by the Administrative Agent or any Lender) to be enforceable and of the same effect and priority purported to be created thereby; or 

(k) any material guarantee contained in Section 2.1 of the Guarantee Agreement shall cease, for any reason (other than by
reason of the express release thereof pursuant to Section 9.15, as expressly permitted thereunder, as a result of a transaction not prohibited by this Agreement or by result of acts or omissions by the Administrative Agent or any Lender), to be
in full force and effect or any Loan Party shall so assert in writing; or 
 (l) any Change of Control shall occur; or 

(m) any Loan Party shall default under any Junior Indebtedness Documentation, which default shall not have been cured or waived
within any applicable grace period; or 
 (n) the Obligations shall fail to constitute “Designated Senior Debt,”
“Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any Junior Indebtedness Documentation. 

If any Event of Default shall have occurred and be continuing, then, and in any such event, (A) if such event is an Event of Default specified in clause
(i) or (ii) of paragraph (f) above with respect to any Loan Party, the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall automatically and immediately
become due and payable, and (B) if such event is any other Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the
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(with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and
payable. 
 7.2 Application of Proceeds. All proceeds collected by the Administrative Agent upon any collection, sale, foreclosure
or other realization upon any Collateral (including without limitation any distribution pursuant to a plan of reorganization), including any Collateral consisting of cash, shall be applied as follows: 

first, to the payment of all costs and expenses incurred by the Administrative Agent (in its capacity as such hereunder
or under any other Loan Document) in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the fees and
expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with the exercise
of any right or remedy hereunder or under any other Loan Document; 
 second, to the payment in full of all Priority
Lien Obligations (including, without limitation, the Cash Collateralization of any undrawn Letters of Credit) (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Priority Lien
Obligations owed to them on the date of any such distribution) and Obligations under Specified Hedge Agreements and Secured Cash Management Agreements; 

third, to the payment in full of all other Pari Passu Lien Obligations (the amounts so applied to be distributed among
the Secured Parties pro rata in accordance with the amounts of the Pari Passu Lien Obligations owed to them on the date of any such distribution); 

fourth, to the Loan Parties, their successors or assigns, or as a court of competent jurisdiction may otherwise direct.

 In addition, in the event that the Administrative Agent receives any non-cash distribution upon any collection, sale, foreclosure or other realization
upon any Collateral, such non-cash distribution shall be allocated in the manner described above, with the value of such non-cash distribution being reasonably determined by the Administrative Agent; provided that the Administrative Agent shall
apply any cash distribution in accordance with this Section 7.2 prior to application of any such non-cash distribution. The Administrative Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or
balances in accordance with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Administrative Agent or of the officer
making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the
Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 
 7.3 Cure Rights.
(a) Notwithstanding anything to the contrary contained in Section 7.1 or 7.2, in the event that Holdings and the Borrower fail or may fail to 

  
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comply with the covenant set forth in Section 6.1 for any Test Period, at any time on or before the tenth Business Day after the date that the financial statements with respect to the fiscal
quarter or fiscal year, as applicable, ending on the last day of such Test Period are required to be delivered pursuant to Section 5.1, New Media shall have the right (the “Cure Right”), exercisable no more than five times
during the term of this Agreement (and in each Test Period for which a Cure Right is exercised, there shall be at least two fiscal quarters in which no Cure Right has been exercised), to make cash contributions to, or purchase common equity or other
equity interests not constituting Disqualified Stock of, Holdings (with such cash or proceeds of equity to be contributed to the Borrower) in an amount equal to the amount required to cause Holdings and the Borrower to be in compliance with the
financial covenant set forth in Section 6.1 for such Test Period (the “Cure Amount”), upon which the covenants set forth in Section 6.1 shall be recalculated, giving effect to a pro forma increase to Consolidated EBITDA of
the NM Group Members in accordance with the definition thereof for the fiscal quarter with respect to which such Cure Right was exercised in an amount equal to such Cure Amount (and such increase shall be included in each period that includes such
fiscal quarter); provided, however, that such pro forma adjustment to Consolidated EBITDA of the NM Group Members shall be given solely for the purpose of determining the existence of a Default or an Event of Default under the
covenants set forth in Section 6.1 with respect to any period that includes the fiscal quarter with respect to which such Cure Right was exercised and not for any other purpose under any Loan Document. Any payment of Indebtedness from the
proceeds of any Cure Right will be disregarded in the calculation of Consolidated Total Debt for purposes of determining compliance with the covenant set forth in Section 6.1. 

(b) If, after the exercise of the Cure Right and the recalculations pursuant to Section 7.3(a) above, the Borrower shall then be in
compliance with the requirements of the covenants set forth in Section 6.1 for such Test Period, the Borrower shall be deemed to have satisfied the requirements of the covenants set forth in Section 6.1 as of the relevant date of
determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable Default or Event of Default under Section 7.1(c) that had occurred shall be deemed cured. 

(c) If on a pro forma basis after giving effect to the investment of cash in equity of Holdings pursuant to the preceding clause (a), the
Borrower would have been in compliance with the covenants set forth in Section 6.1 as of the date of the relevant Compliance Certificate, the Event of Default under Section 6.1 shall be deemed to have not occurred. 

(d) During the pendency of any cure right afforded to the NM Group Members pursuant to Section 7.3(a), the Administrative Agent shall not
exercise any remedies described under Section 7.1 or otherwise for failure to satisfy the financial covenant set forth in Section 6.1. 

SECTION 8. THE AGENTS; LENDERS 

8.1 Appointment. Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this Agreement
and the other Loan Documents, and each Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to

  
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exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and
no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent. 

8.2 Delegation of Duties. Each Agent may execute any of its duties under this Agreement and the other Loan Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable
care. 
 8.3 Exculpatory Provisions. Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final
and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or any Specified Hedge Agreement or in any certificate, report, statement or other document referred to or provided
for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or any Specified Hedge Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any
other Loan Document or any Specified Hedge Agreement or for any failure of any Loan Party to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document or any Specified Hedge Agreement, or to inspect the properties, books or records of any Loan Party. 

8.4 Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing,
resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties), independent accountants and other experts selected by such Agent. The Agents may deem and treat the payee of any Note as the
owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 9.6 and all actions required by such Section in connection with such transfer shall have been taken. Each Agent shall be fully justified in
failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing
group of Lenders specified by this Agreement) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take
any such action. Each Agent 

  
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shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so
specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of
the Loans. 
 8.5 Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event
of Default hereunder unless such Agent shall have received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event
that the Administrative Agent shall receive such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably
directed by the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement); provided that unless and until the Administrative Agent shall have received such
directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

8.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither any of the Agents nor any of their
respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate
of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such
documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own
decision to make its Loans hereunder and enter into this Agreement or any Specified Hedge Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents or any Specified Hedge Agreement, and to make
such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents
expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property,
condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact or
affiliates. 
 8.7 Indemnification. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed
by the NM Group Members and without limiting the obligation of the NM Group Members to do so), ratably according to their respective Pro Rata Shares in effect on the date on which indemnification is sought under this Section (or, if

  
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indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Pro Rata Share immediately
prior to such date), for, and to save each Agent harmless from and against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time
(including, without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or
any Specified Hedge Agreement or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing;
provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

8.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and generally engage in
any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, each Agent shall have the same rights and
powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 

8.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon thirty (30) days’
notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the
Lenders, which successor agent shall (unless an Event of Default under Section 7.1(a) or 7.1(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is thirty (30) days following a retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a
successor agent as provided for above. The Syndication Agent may, at any time, by notice to the Lenders and the Administrative Agent, resign as Syndication Agent hereunder, whereupon the duties, rights, obligations and responsibilities of the
Syndication Agent hereunder shall automatically be assumed by, and inure to the benefit of, the Administrative Agent, without any further act by the Syndication Agent, the Administrative Agent or any Lender. After any retiring Agent’s
resignation as Agent, the provisions of this Section 8 shall inure to its benefit as to any actions 

  
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taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents. 

8.10 Secured Cash Management Agreements and Specified Hedge Agreements. No Cash Management Bank or Qualified Counterparty that obtains
the benefits of Section 7.2, any Guarantee Obligation or any Collateral by virtue of the provisions hereof or of any Guarantee Agreement or any Security Document shall have any right to notice of any action or to consent to, direct or object to
any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided
in the Loan Documents. Notwithstanding any other provision of this Section 8 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to,
Obligations arising under Secured Cash Management Agreements and Specified Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may
request, from the applicable Cash Management Bank or Qualified Counterparty, as the case may be. 
 8.11 Authorization to Release Liens
and Guarantees. The Administrative Agent is hereby irrevocably authorized by each of the Lenders to effect any release of Liens or guarantee obligations contemplated by Section 9.15. Upon request by the Administrative Agent at any time, the
Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section 8.11. The Administrative Agent will (and each Lender irrevocably authorizes the Administrative
Agent to), at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release or subordination of such item of Collateral from the assignment and security
interest granted under the Security Documents (including, for the avoidance of doubt, any filings with the United States Patent and Trademark Office or United States Copyright Office), or to evidence the release of such Guarantor from its
obligations under the Guarantee Agreements, in each case in accordance with the terms of the Loan Documents and this Section 8.11. 

8.12 The Arrangers; the Syndication Agent. None of the Arrangers or the Syndication Agent, in their respective capacities as such,
shall have any duties or responsibilities, nor shall any such Person incur any liability, under this Agreement and the other Loan Documents. 

8.13 Lenders as Qualified Persons. Each Lender listed on the signature pages hereof, by the execution and delivery of this Agreement,
represents and warrants to the Loan Parties that it is a Qualified Person. 
 SECTION 9. MISCELLANEOUS 

9.1 Amendments and Waivers. Neither this Agreement or any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 9.1. The Required Lenders, the Borrower and each other Loan Party which is a party to the relevant Loan Document may, or

  
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(with the written consent of the Required Lenders) the Administrative Agent, the Borrower and each other Loan Party which is a party to the relevant Loan Document may, from time to time,
(a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents (including amendments and restatements hereof or thereof) for the purpose of adding or removing any provisions to this Agreement or the other
Loan Documents or changing in any manner the rights or obligations of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as may be specified in the instrument of waiver, any of the requirements
of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: 

(i) reduce the principal amount or extend the final scheduled date of maturity of any Loan or any installment thereon or
reimbursement obligation in respect of any Letter of Credit, reduce the stated rate of any interest or fee payable under this Agreement (except (x) in connection with the waiver of applicability of any post-default increase in interest rates
(which waiver shall be effective with the consent of the Required Facility Lenders of each adversely affected Facility), and (y) that any amendment or modification of defined terms used in the financial covenant in this Agreement shall not
constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Commitment of any Lender, in each case without
the consent of each Lender directly affected thereby; 
 (ii) amend, modify or waive any provision of this Section or reduce
any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the
Collateral (other than as expressly provided in the Loan Documents) or release all or substantially all of the Loan Parties from their guarantee obligations under the Guarantee Agreement (other than as expressly provided in the Loan Documents), in
each case without the consent of all the Lenders; 
 (iii) amend, modify or waive any condition precedent to any extension of
credit under the Revolving Credit Facility set forth in Section 4.2 (including, without limitation, the waiver of an existing Default or Event of Default required to be waived in order for such extension of credit to be made) without the
consent of the Required Facility Lenders in respect of the Revolving Credit Facility; 
 (iv) reduce the percentage specified
in the definition of Required Facility Lenders with respect to any Facility without the consent of all of the Lenders under such Facility; 

(v) amend, modify or waive any provision of Section 8, or any other provision affecting the rights, duties or obligations
of any Agent, without the consent of any Agent directly affected thereby; 

  
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 (vi) amend, modify or waive any provision of Section 2.4 relating to the
rights and duties of the Swing Line Lender without the consent of the Swing Line Lender; 
 (vii) amend, modify or waive any
provision of Section 2.4 relating to the rights and duties of any Issuing Bank without the consent of any Issuing Bank; 

(viii) amend, modify or waive any provision of Section 2.15 without the consent of each Lender directly affected thereby;

 (ix) amend, modify or waive any provision of Section 2.4 without the consent of each Issuing Bank affected thereby;
or 
 (x) amend, modify or waive (A) any Loan Document so as to alter the ratable treatment of the Obligations,
(B) the definition of “Qualified Counterparty,” “Specified Hedge Agreement,” and “Obligations,” in each case in a manner adverse to any Qualified Counterparty with Obligations then outstanding without the written
consent of any such Qualified Counterparty or (C) the definition of “Cash Management Bank,” “Cash Management Obligations,” “Secured Cash Management Agreement” and “Obligations,” in each case in a manner
adverse to any Cash Management Bank with Cash Management Obligations then outstanding without the written consent of any such Cash Management Bank. 
 Any
such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan
Parties, the Lenders and the Agents shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Any such waiver, amendment, supplement or modification shall be effected by a written instrument signed by the parties required to sign
pursuant to the foregoing provisions of this Section; provided, that delivery of an executed signature page of any such instrument by facsimile transmission shall be effective as delivery of a manually executed counterpart thereof. 

Notwithstanding the foregoing, 

(a) no Defaulting Lender shall have any right to approve or disapprove of any amendment, waiver or consent hereunder (and any
amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (i) the Commitment of such
Defaulting Lender may not be increased, extended or permanently reduced, (ii) payments due such Defaulting Lender may not be postponed, (iii) the maturity with respect to Commitments or Loans of such Defaulting Lender may not be postponed
and (iv) such Defaulting Lender may not be disproportionately affected without the consent of such Defaulting Lender (it being understood that any 

  
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Commitments or Loans held or deemed held by any Defaulting Lender shall be excluded for a vote of the Lenders hereunder requiring any consent of the Lenders); 

(b) this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the
Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to
share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans, the Revolving Credit Loans, Swing Line Loans and L/C Obligations and the accrued interest and fees in respect thereof and (ii) to include
appropriately the Lenders holding such credit facilities in any determination of the Required Lenders; 
 (c) (i) any waiver,
amendment or modification of this Agreement that by its terms solely affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other
Class) may be effected by an agreement or agreements in writing entered into by Holdings, the Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section 9.1 if
such Class of Lenders were the only Class of Lenders hereunder at the time, (ii) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by Holdings, the Borrower and the Administrative
Agent to cure any ambiguity, omission, defect or inconsistency (including, without limitation, amendments, supplements or waivers to any of the Security Documents, Guarantee Agreements, guarantees, intercreditor agreements or related documents
executed by any Loan Party or any other Restricted Subsidiary in connection with this Agreement if such amendment, supplement or waiver is delivered in order to cause such Security Documents, Guarantee Agreements, guarantees, intercreditor
agreements or related documents to be consistent with this Agreement and the other Loan Documents) so long as, in each case, the Lenders shall have received at least five (5) Business Days’ prior written notice thereof and the
Administrative Agent shall not have received, within five (5) Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; provided that
the consent of the Lenders or the Required Lenders, as the case may be, shall not be required to make any such changes necessary to be made in connection with any borrowing of Incremental Loans, any Extension or any borrowing of Replacement Loans
and otherwise to effect the provisions of Sections 2.24 or 2.25, or the immediately succeeding paragraph of this Section 9.1, respectively, and (C) the Borrower and the Administrative Agent may, without the input or consent of the other
Lenders, effect changes to any Mortgage as may be necessary or appropriate in the opinion of the Administrative Agent; 
 (d)
this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the Replacement Loans (as defined below) to permit the refinancing of all outstanding Term Loans of any Class
(“Refinanced Loans”) with replacement term loans (“Replacement Loans”) hereunder (including through “cashless rolls” of existing Term Loans); provided that (a) the

  
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aggregate principal amount of such Replacement Loans shall not exceed the aggregate principal amount of such Refinanced Loans, plus accrued interest, fees, premiums (if any) and penalties
thereon and reasonable fees and expenses incurred in connection with such refinancing of Refinanced Loans with such Replacement Loans, (b) the All-In Yield with respect to such Replacement Loans (or similar interest rate spread applicable to
such Replacement Loans) shall not be higher than the All-In Yield for such Refinanced Loans (or similar interest rate spread applicable to such Refinanced Loans) immediately prior to such refinancing, (c) the Weighted Average Life to Maturity
of such Replacement Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Loans at the time of such refinancing (except by virtue of amortization or prepayment of the Refinanced Loans prior to the time of such
incurrence) and (d) all other terms applicable to such Replacement Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Loans than, those applicable to such Refinanced Loans, except for call
protection and to the extent necessary to provide for covenants and other terms applicable to any period after the Latest Maturity Date in effect immediately prior to such refinancing. Each amendment to this Agreement providing for Replacement Loans
may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower to effect the provisions
of this paragraph, and for the avoidance of doubt, this paragraph shall supersede any other provisions in this Section 10.01 to the contrary; and 

(e) and notwithstanding anything to the contrary contained the Guarantee Agreements, the Security Documents and related
documents executed by Loan Parties in connection with this Agreement and the other Loan Documents may be in a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended and waived with the consent of the
Administrative Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel, (ii) to cure
ambiguities or defects or (iii) to cause the Guarantee Agreements, Security Documents or other document to be consistent with this Agreement and the other Loan Documents (including by adding additional parties as contemplated herein). 

9.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including
by telecopy, facsimile and electronic mail), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three (3) Business Days after being deposited in the mail, postage prepaid, or, in
the case of telecopy notice, facsimile notice or electronic mail, when received, addressed (a) in the case of Holdings, the Borrower and the Agents, as follows and (b) in the case of the Lenders, as set forth in an administrative
questionnaire delivered to the Administrative Agent or, in the case of a Lender which becomes a party to this Agreement pursuant to an Assignment and Acceptance, in such Assignment and Acceptance or (c) in the case of any party, to such other
address as such party may hereafter notify to the other parties hereto: 
  

			
	Holdings and	  	

  
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	the Borrower:	  	 c/o New Media Investment Group, Inc.
 1345
Avenue of the Americas / 46th floor
 New York, New York 10105

Attention: Michael Reed
 Fax: 212-798-6070

Telephone: 212-798-6146

		
	with a copy to:	  	 Fortress Investment Group LLC
 1345 Avenue of
the Americas / 46th floor
 New York, New York 10105

Attention: Cameron MacDougall
 Fax: 212-798-6070

Telephone: 212-479-1522

		
	The Administrative Agent:	  	 Citizens Bank of Pennsylvania
 28 State
St
 MS 1500
 Boston, MA 02109

Attention: Kalens Herold
 Telecopy:
kalens.herold@rbscitizens.com
 Fax: 855-215-0786
 Telephone:
617-994-7682

		
	Issuing Bank:	  	 As notified by such Issuing Bank to the Administrative

Agent and the Borrower

 provided that any notice, request or demand to or upon the Administrative Agent, any Issuing Bank or any Lender shall
not be effective until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent, the applicable Issuing Bank and
the applicable Lender. The Administrative Agent, any Issuing Bank or the 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. 
 9.3 No Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or 

  
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privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

9.4 Survival of Representations and Warranties. All representations and warranties made herein, in the other Loan Documents and in any
document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of credit hereunder. 

9.5 Payment of Expenses. Each Loan Party agrees (a) to pay or reimburse the Agents for all their reasonable and documented
out-of-pocket costs and expenses incurred in connection with the syndication of the Facilities (other than fees payable to syndicate members) and the development, preparation and execution of, and any amendment, supplement or modification to, this
Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable
and documented fees and disbursements of a single law firm as counsel to the Administrative Agent and one local counsel to the Agents in any material jurisdiction and the charges of Intralinks, (b) to pay all out-of-pocket expenses incurred by
any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (c) to pay or reimburse each Lender and the Agents for all their reasonable and documented
out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents, any Letter of Credit issued hereunder and any other documents prepared in connection herewith
or therewith, including, without limitation, all costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Laws, the reasonable and documented fees and disbursements of a single law firm as counsel to
the Lenders, the Issuing Bank and the Agents taken as a whole and one local counsel to the Lenders, the Issuing Bank and the Agents taken as a whole in any relevant material jurisdiction and, if a conflict exists among such Persons, one additional
primary counsel and, if necessary, one local counsel in each material jurisdiction, (d) to pay, indemnify, or reimburse each Lender, the Issuing Bank and the Agents for, and hold each Lender, the Issuing Bank and the Agents harmless from, any
and all reasonable recording and filing fees and any and all reasonable liabilities with respect to, or resulting from any delay in paying Other Taxes, if any, which may be payable or determined to be payable in connection with the execution and
delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents, any Letter of
Credit issued hereunder and any such other documents, and (e) to pay, indemnify or reimburse each Lender, each Agent, their respective affiliates, and their respective officers, directors, trustees, employees, advisors, agents and controlling
persons (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever, joint or several (limited to, in the case of counsel, the reasonable and documented fees and disbursements of one primary counsel to the Indemnitees and, if necessary, one local counsel to the Indemnitees taken as a whole per
appropriate jurisdiction and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict informs the Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel for such
affected Indemnitee) incurred by an Indemnitee or asserted against any Indemnitee by 

  
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any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby or
(ii) any Loan or Letter of Credit or the use or proposed use of the proceeds thereof (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit) (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that no Loan Party shall have any obligation hereunder to any
Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities (x) are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or
willful misconduct or material breach of the Loan Documents by such Indemnitee or (y) resulted from any dispute that does not involve an act or omission by a Loan Party or any of their respective affiliates, shareholders, partners or other
equity holders and that is brought by an Indemnitee against another Indemnitee other than any claims against an Indemnitee in its capacity or in fulfilling its role as the Administrative Agent, the Issuing Bank, the Swing Line Lender or an Arranger
under the Facilities. No Indemnitee shall be liable for any damages arising from the use by unauthorized persons of information or other materials sent through electronic, telecommunications or other information transmission systems that are
intercepted by such persons or for any special, indirect, consequential or punitive damages in connection with the Facilities. All amounts due under this Section shall be payable promptly after written demand (together with supporting documentation)
therefor. Statements payable by the Borrower pursuant to this Section shall be submitted to the Borrower at the address set forth in Section 9.2, or to such other Person or address as may be hereafter designated by the Borrower in a notice to
the Administrative Agent. The agreements in this Section shall survive repayment of the Loans and all other amounts payable hereunder. This Section 9.5 shall not apply with respect to Taxes other than any Taxes that represent liabilities,
losses, damages, etc. arising from any non-Tax claim. 
 9.6 Successors and Assigns; Participations and Assignments. (a) This
Agreement shall be binding upon and inure to the benefit of Holdings, the Borrower, the Lenders, the Agents, all future holders of the Loans and their respective successors and assigns, except that the Borrower may not assign or transfer any of its
rights or obligations under this Agreement except in a transaction permitted pursuant to Section 6.4(a)(i) without the prior written consent of the Agents and each Lender. 

(b) Any Lender may, without the consent of the Borrower, in accordance with applicable law, at any time sell to one or more banks, financial
institutions or other entities (each, a “Participant”) participating interests in any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents;
provided however, that no Lender shall be permitted to sell any such participating interest to (i) a Disqualified Institution, (ii) a Defaulting Lender, (iii) a Person that fails to represent to such Lender that it is a Qualified
Person or (iv) a natural person. In the event of any such sale by a Lender of a participating interest to a Participant, such 

  
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Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender
shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrower and the Agents 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. In no event shall any Participant under any such participation have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by
any Loan Party therefrom, except to the extent that such amendment, waiver or consent would require the consent of all Lenders pursuant to Section 9.1 with respect to any amendment, waiver or consent that would (a) increase in the amount
or extend the expiration date of any Commitment of such Lender, (b) forgive the principal amount or extend the final scheduled date of maturity of any Loan or Reimbursement Obligation, extend the scheduled date of any amortization payment in
respect of any Term Loan, reduce the stated rate of any interest or fee payable under this Agreement (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with
the consent of the Required Facility Lenders of each adversely affected Facility), and (y) that any amendment or modification of defined terms used in the financial covenant in this Agreement shall not constitute a reduction in the rate of
interest or fees for purposes of this clause (b)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Commitment of such Lender, (c) release all or substantially all of the Collateral
(other than as expressly provided in the Loan Documents) or release all or substantially all of the Loan Parties from their guarantee obligations under the Guarantee Agreement (other than as expressly provided in the Loan Documents) and
(d) change any voting thresholds. The Borrower also agrees that each Participant shall be entitled through the Lender granting the participation to the benefits of Sections 2.17, 2.18 or 2.19 with respect to its participation in the Commitments
and the Loans outstanding from time to time as if such Participant were a Lender; provided that, in the case of Section 2.18, such Participant shall have complied with the requirements of said Section, and provided,
further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such
transferor Lender to such Participant had no such transfer occurred, except to the extent such entitlement to receive a greater amount results from a Change In Law that occurs after the Participant acquired the applicable participation. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal and interest amount of each
Participant’s interest in the Loans held by it (the “Participant Register”). 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 the participation in question for all purposes of this Agreement, notwithstanding notice to the contrary. 

(c) Any Lender (an “Assignor”) may, in accordance with applicable law and with the written consent of (i) the Borrower
(so long as no Event of Default has occurred and is continuing), (ii) the Administrative Agent (other than to a Lender or an Affiliate of a Lender with a commitment in respect of the applicable Facility) and (iii) in the case of any
assignment of Revolving Credit Commitments, the written consent of the Issuing Bank and 

  
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the Swing Line Lender which, in each case, shall not be unreasonably withheld or delayed, (provided the consent of the Borrower need not be obtained (1) in respect of an assignment of
all or a portion of the Term Loans, if such assignment is to a Term Loan Lender or an Affiliate of a Term Loan Lender, (2) in respect of an assignment of all or a portion of the Revolving Credit Facility, if such assignment is to a Revolving
Credit Lender or an Affiliate of a Revolving Credit Lender, (3) with respect to any assignment made to or, in connection with the primary syndication of the Facilities during the period commencing on the Closing Date and ending on the date that
is 45 days following the Closing Date and (4) with respect to any assignments pursuant to clauses (g) or (k) below; provided further that the Borrower shall be deemed to have consented to any such assignment unless they shall
object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof), at any time and from time to time assign to any Lender or any affiliate or Related Fund thereof, to an additional
bank, financial institution or other entity (an “Assignee”) all or any part of its rights and obligations under this Agreement pursuant to an Assignment and Acceptance, substantially in the form of Exhibit H-1 (an
“Assignment and Acceptance”), executed by such Assignee and such Assignor (and, where the consent of the Borrower, the Administrative Agent or the Issuing Bank or the Swing Line Lender is required pursuant to the foregoing
provisions, by the Borrower and such other Persons) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that no such assignment to an Assignee of the Revolving Credit Facility or the Term Loan
Facilities (other than any Lender or any affiliate thereof) shall be in an aggregate principal amount of less than $1,000,000 with respect to the Term Loan Facility and $5,000,000 with respect to the Revolving Credit Facility (other than in the case
of an assignment of all of a Lender’s interests under this Agreement) and, after giving effect thereto, the assigning Lender (if it shall retain any Commitments or Loans) shall have Commitments and Loans aggregating at least $1,000,000 or
$5,000,000, as applicable, in each case unless otherwise agreed by the Borrower and the Administrative Agent; provided, further that no assignment shall be made to (i) a natural person, (ii) any Disqualified Institution,
(iii) any Person that fails to represent to such Lender that it is a Qualified Person, (iv) any Defaulting Lender or any of its Subsidiaries or (v) any Person who, upon becoming a Lender hereunder, would constitute a Defaulting
Lender. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations,
or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable
assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and
(y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its pro rata share. Notwithstanding the foregoing, in the event that any assignment of
rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all
purposes of this 

  
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Agreement until such compliance occurs. Any such assignment need not be ratable as among the Facilities. Upon such execution, delivery, acceptance and recording in the Register, from and after
the closing date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder
with Commitments and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of an Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a party hereto, except as to Section 2.17, 2.18 and 9.5 in respect of the period prior to such effective date). For
purposes of the minimum assignment amounts set forth in this paragraph, multiple assignments by two or more Related Funds shall be aggregated. Any assignment or participation to a Disqualified Institution or, to the extent the Borrower’s
consent required pursuant to this terms of this Section 9.6, to any other person, is void ab initio unless such assignment or participation, as the case may be, has been approved by the Borrower, in which case such assignee or
participant shall not be considered a Disqualified Institution solely for such particular assignment or participation, as the case may be. In the case of an assignment not approved by the Borrower, such Disqualified Institution or, to the extent the
Borrower’s consent required pursuant to this terms of this Section 9.6, to such other person shall be deleted from the Register upon written notification from the Borrower. Except for providing the list of Disqualified Institutions to each
Lender, the Administrative Agent shall have no responsibility or liability to monitor or enforce such list of Disqualified Institutions. 

(d) The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at its address referred to in
Section 9.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Loans owing
to, each Lender from time to time. The Administrative Agent shall also record in the Register, the Loans made to the Borrower and the payments of principal, interest, fees and other amounts paid by the Borrower under the Loan Documents. The entries
in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and any Notes evidencing such Loans recorded
therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide).
Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment
and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the Administrative Agent to the Borrower marked “canceled”. Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a
Defaulting Lender. The Register shall be available for inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice. 

  
 153 

 (e) Upon its receipt of an Assignment and Acceptance executed by an Assignor and an Assignee
(and, in any case where the consent of any other Person is required by Section 9.6(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (provided, however,
that (i) Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment and (ii) no such fee shall be required to be paid (A) in connection with an assignment by or
to any Arranger or any Affiliate thereof or (B) in the case of an Assignee which is already a Lender or any affiliate, Related Fund or Controlled Investment Affiliate thereof), the Administrative Agent shall (i) promptly accept such
Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective
date, the Borrower, at its own expense, upon request, shall execute and deliver to the Administrative Agent (in exchange for the applicable Notes of the assigning Lender) a new Note to such Assignee in an amount equal to the Loans assumed or
acquired by it pursuant to such Assignment and Acceptance and, if the Assignor has retained Loans, upon request, a new Note to the Assignor in an amount equal to the Loans retained by it hereunder. Such new Note or Notes shall be dated the Closing
Date and shall otherwise be in the form of the Note or Notes replaced thereby. 
 (f) For avoidance of doubt, the parties to this Agreement
acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, without
limitation, any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
 (g)
Any Lender may at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through (x) Dutch auctions or other
offers to purchase or take by assignment open to all Lenders on a pro rata basis or (y) open market purchase on a non-pro rata basis, in each case subject to the following limitations: 

(i) Affiliated Lenders will not receive information provided solely to Lenders by the Administrative Agent or any Lender and
will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent or challenge the Lenders or Administrative Agent’s attorney-client privilege on the basis of any such
Affiliated Lender’s status as a Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to Section 2; 

(ii) the aggregate principal amount of Term Loans of any Class under this Agreement held by Affiliated Lenders at the time of
any such purchase or assignment shall not exceed 20% of the aggregate principal amount of Term Loans of such Class outstanding at such time under this Agreement (such percentage, the “Affiliated Lender Cap”); provided that to
the extent any assignment to an Affiliated Lender would result in the aggregate principal amount of all Term Loans 

  
 154 

 
of any Class held by Affiliated Lenders exceeding the Affiliated Lender Cap, the assignment of such excess amount will be void ab initio; 

(iii) as a condition to each assignment pursuant to this subsection (h), the Administrative Agent and the Borrower shall have
been provided a notice in connection with each assignment to an Affiliated Lender or a Person that upon effectiveness of such assignment would constitute an Affiliated Lender pursuant to which such Affiliated Lender shall waive any right to bring
any action in connection with such Term Loans against the Administrative Agent, in its capacity as such; 
 (iv) the Term
Loans shall be held by no more than three Affiliated Lenders; and 
 (v) the assigning Lender and the Affiliated Lender
purchasing such Lender’s Term Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of Exhibit H-2 hereto (an “Affiliated Lender Assignment and Assumption”). 

Notwithstanding anything to the contrary contained herein, any Affiliated Lender that has purchased Term Loans pursuant to this subsection (h) may, in
its sole discretion, contribute, directly or indirectly, the principal amount of such Term Loans or any portion thereof, plus all accrued and unpaid interest thereon, to the Borrower for the purpose of cancelling and extinguishing such Term Loans.
Upon the date of such contribution, assignment or transfer, (x) the aggregate outstanding principal amount of Term Loans shall reflect such cancellation and extinguishing of the Term Loans then held by the Borrower and (y) the Borrower
shall promptly provide notice to the Administrative Agent of such contribution of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register. 

Each Affiliated Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within ten (10) Business Days) if it
acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within ten (10) Business Days) if it becomes an Affiliated Lender. The Administrative Agent may
conclusively rely upon any notice delivered pursuant to the immediately preceding sentence and/or pursuant to clause (iii) of this subsection (h) and shall not have any liability for any losses suffered by any Person as a result of any
purported assignment to or from an Affiliated Lender. 
 (h) Notwithstanding anything in Section 9.1 or the definition
of “Required Lenders,” or “Required Facility Lenders” to the contrary, for purposes of determining whether the Required Lenders and Required Facility Lenders (in respect of a Class of Term Loans) have (i) consented (or not
consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to Section 9.6(i), any plan of reorganization pursuant to
the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or
under any Loan Document, no Affiliated 

  
 155 

 
Lender shall have any right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such action and: 

(i) all Term Loans held by any Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether
the Required Lenders and Required Facility Lenders (in respect of a Class of Term Loans) have taken any actions; and 
 (ii)
all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question affects such Affiliated Lender in a disproportionately adverse
manner than its effect on other Lenders. 
 (i) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each
Affiliated Lender hereby agrees that, and each Affiliated Lender Assignment and Assumption shall provide a confirmation that, if a proceeding under any Debtor Relief Law shall be commenced by or against the Borrower or any other Loan Party at a time
when such Lender is an Affiliated Lender, such Affiliated Lender irrevocably authorizes and empowers the Administrative Agent to vote on behalf of such Affiliated Lender with respect to the Term Loans held by such Affiliated Lender in any manner in
the Administrative Agent’s sole discretion (as directed by the Required Lenders), unless the Administrative Agent instructs such Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to the Term Loans held by
it as the Administrative Agent directs (as directed by the Required Lenders); provided that such Affiliated Lender shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction of the
Administrative Agent) in connection with any plan of reorganization to the extent any such plan of reorganization proposes to treat any Obligations held by such Affiliated Lender in a disproportionately adverse manner than the proposed treatment of
similar Obligations held by Term Loan Lenders that are not Affiliated Lenders. 
 (j) Although Debt Investment Affiliates shall be eligible
Assignees and shall not be subject to the provisions of Section 9.6(g), (h) or (i), any Lender may, at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this Agreement to a Person who is or
will become, after such assignment, a Debt Investment Affiliate only through (x) Dutch auctions or other offers to purchase or take by assignment open to all Lenders on a pro rata basis (for the avoidance of doubt, without requiring any
representation as to the possession of material non-public information by such Affiliate) or (y) open market purchase on a non-pro rata basis. Notwithstanding anything in Section 9.1 or the definition of “Required Lenders” or
“Required Facility Lenders” to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the
terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or
refrain from taking any action) with respect to or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Credit Loans held by Debt Investment Affiliates, in the aggregate, may not account for more than 49.9% of the Term
Loans, Revolving Credit Commitments and Revolving 

  
 156 

 
Credit Loans of consenting Lenders included in determining whether the Required Lenders or Required Facility Lenders have consented to any action pursuant to Section 9.1. 

(k) Any Lender may, so long as no Default or Event of Default has occurred and is continuing, at any time, assign all or a portion of its
rights and obligations with respect to Term Loans under this Agreement to the Borrower or any Subsidiary of the Borrower through (x) Dutch auctions or other offers to purchase open to all Lenders on a pro rata basis or (y) open market
purchases on a non-pro rata basis; provided, that: 
 (i) (x) if the assignee is a Subsidiary of the Borrower,
upon such assignment, transfer or contribution, the applicable assignee shall automatically be deemed to have contributed or transferred the principal amount of such Term Loans, plus all accrued and unpaid interest thereon, to the Borrower; or
(y) if the assignee is the Borrower (including through contribution or transfers set forth in clause (x)), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or
transferred to any the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the remaining Lenders shall
reflect such cancellation and extinguishing of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, assignment or transfer of such Term Loans, and the
Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; 

(ii) purchases of Term Loans pursuant to this subsection (k) may not be funded with the proceeds of Revolving Credit Loans
or Swing Line Loans; and 
 (iii) in the case of Dutch auctions open to all Lenders on a pro rata basis, such auction shall
be subject to customary provisions regarding the treatment of material non-public information with respect to the business of the Borrower and its Subsidiaries. 

(l) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any
Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of
the Loans owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; provided that unless and until such trustee actually
becomes a Lender in compliance with the other provisions of this Section 9.6, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to
exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 

  
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 9.7 Adjustments; Set-off. (a) Except to the extent that this Agreement provides for
payments to be allocated to a particular Lender or to the Lenders under a particular Facility, if any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 7.1(f), or otherwise), in a greater proportion than any such payment to or collateral
received by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Obligations, or
shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided,
however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but
without interest; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance
with the provisions of Section 2.22 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 Administrative Agent and the Lenders, and (y) 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. 

(b) If an Event of Default shall have occurred and be continuing, in addition to any rights and remedies of the Lenders
provided by law, each Lender shall have the right, without prior notice to Holdings or the Borrower, any such notice being expressly waived by Holdings and the Borrower to the extent permitted by applicable law, upon any amount becoming due and
payable by Holdings and the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final),
in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or
for the credit or the account of Holdings or the Borrower, as the case may be. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender, provided that the
failure to give such notice shall not affect the validity of such setoff and application. 
 9.8 Counterparts. This Agreement may be
executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this
Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 

9.9 Severability. Any provision of this Agreement that 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 provisions hereof, and any 

  
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such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this
Section 9.9, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, any Issuing Lender or
the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited. 
 9.10
Integration. This Agreement and the other Loan Documents represent the entire agreement of Holdings, the Borrower, the Agents, the Arranger and the Lenders with respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by the Arranger, any Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

9.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 9.12 Submission To Jurisdiction; Waivers.
Each party hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its Property in any legal action or
proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
 (b)
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to its address set forth in Section 9.2 or at such other address of which the Administrative
Agent shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

  
 159 

 9.13 Acknowledgments. Each of Holdings and the Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 (b) neither the Arranger, any Agent nor any Lender has any fiduciary relationship with or duty to Holdings or the Borrower
arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Arranger, the Agents and the Lenders, on one hand, and Holdings and the Borrower, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents
or otherwise exists by virtue of the transactions contemplated hereby among the Arranger, the Agents and the Lenders or among Holdings, the Borrower and the Lenders. 

9.14 Confidentiality. Each of the Agents and the Lenders agrees to keep confidential all non-public information provided to it by any
Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential; provided that nothing herein shall prevent any Agent or any Lender from disclosing any such information (a) to the Arranger, any Agent, any
other Lender or any affiliate of any thereof, (b) to any Participant or Assignee (each, a “Transferee”) or prospective Transferee that agrees to comply with the provisions of this Section or substantially equivalent provisions,
(c) to any of its employees, directors, agents, attorneys, accountants and other professional advisors who have been informed of the confidential nature of the information and has been instructed to keep such information confidential,
(d) to any financial institution that is a direct contractual counterparty in swap agreements relating to the Borrower or any of its Subsidiaries and their obligations or such contractual counterparty’s professional advisor (so long as
such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section), (e) upon the request or demand of any Governmental Authority having jurisdiction over it, (f) to
the extent required in response to any order of any court or other Governmental Authority or to the extent otherwise required pursuant to any Requirement of Law, (g) as may be requested or required in connection with any litigation or similar
proceeding, (h) that has been publicly disclosed other than in breach of this Section, (i) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access
to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender or (j) in connection with the exercise of any remedy hereunder or under any other Loan Document; provided that, in
the event a Lender receives a summons or subpoena to disclose confidential information to any party, such Lender shall, if legally permitted, endeavor to notify the Borrower thereof as soon as possible after receipt of such request, summons or
subpoena and to afford the Loan Parties an opportunity to seek protective orders, or such other confidential treatment of such disclosed information, as the Loan Parties may deem reasonable. 

9.15 Release of Collateral and Guarantee Obligations. (a) Notwithstanding anything to the contrary contained
herein or in any other Loan Document, upon 

  
 160 

 
request of the Borrower in connection with any Disposition of Property permitted by the Loan Documents or in connection with the incurrence of Indebtedness permitted by Section 6.2(c), the
Administrative Agent shall (without the requirement of any notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) promptly take such actions as shall be required to release its
security interest in the applicable Collateral, and to release any guarantee obligations under any Loan Document of any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of such Disposition or the
incurrence of such Indebtedness as permitted by the Loan Documents. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Secured Party (without
requirement of notice to or consent of any Secured Party except as expressly required by Section 9.1) to take any action requested by the Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent
necessary to permit consummation of any transaction contemplated by this Section 9.15, (ii) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance
with Section 9.1 or (iii) under the circumstances described in paragraph (b) below. 
 (b) At such time as
the Loans, the Reimbursement Obligations and the other Obligations (than (A) contingent indemnification obligations and (B) obligations and liabilities under Cash Management Agreements as to which arrangements satisfactory to the
applicable Cash Management Bank shall have been made) shall have been paid in full (or cash collateralized in a manner satisfactory to the Administrative Agent), the Commitments have been terminated and no Letters of Credit shall be outstanding and
the net termination liability under or in respect of, and other amounts due and payable under, Specified Hedge Agreements at such time shall have been paid or secured by a collateral arrangement satisfactory to the relevant Qualified Counterparties,
the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party under
the Security Documents shall terminate, all without the need to delivery of any instrument or performance of any act by any Person, provided that, the Administrative Agent shall promptly execute any release requested by the Borrower in such
form and substance reasonably acceptable to the Administrative Agent (including, for the avoidance of doubt, any filings with the United States Patent and Trademark Office or United States Copyright Office). 

(c) At such time as any Guarantor ceases to be a Material Subsidiary or becomes an Excluded Subsidiary as a result of a
transaction or designation permitted hereunder, release such Guarantor from its obligations under the Guarantee Agreements. 

9.16 Accounting Changes. In the event that any “Accounting Change” (as defined below) shall occur and such
change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement
so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Change as if such Accounting Change had not been made. Until
such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent 

  
 161 

 
and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not occurred.
“Accounting Change” refers to any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified
Public Accountants, any other generally accepted accounting authority which provides regulation standard or, if applicable, the SEC. 

9.17 USA PATRIOT Act. Each Lender that is subject to the PATRIOT Act and the Administrative Agent (for itself and not on behalf of any
Lender) hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party
and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the PATRIOT Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender,
provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the PATRIOT Act. 
 9.18 WAIVERS OF JURY TRIAL. HOLDINGS, THE BORROWER, THE AGENTS, THE ISSUING BANK AND THE
LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

  
 162 

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

			
	NEW MEDIA HOLDINGS I LLC,
	as Holdings
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	NEW MEDIA HOLDINGS II LLC,
	as Borrower
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	 CITIZENS BANK OF PENNSYLVANIA,

      as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	 [LENDERS]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Annex B 

Supplement to Schedule 2.1 to Credit Agreement 

[See attached.] 

 SCHEDULE 2.1 

Third Amendment Incremental Term Commitment 
  

					
	 Lender
	  	Third Amendment
Incremental Term
Commitment	 
	 Citizens Bank of Pennsylvania
	  	$	102,000,000	  
		  	  
	  
	 
	 TOTAL:
	  	$	102,000,000	  
		  	  
	  
	 

 Annex C 

Amended Schedule 2.2 to Credit Agreement 

[See attached.] 

 SCHEDULE 2.2 

Revolving Credit Commitment 
  

					
	 Lender
	  	Revolving Credit
Commitment	 
	 Citizens Bank of Pennsylvania
	  	$	66,666,666.67	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	8,333,333.33	  
		  	  
	  
	 
	 TOTAL:
	  	$	75,000,000.00EX-4.1

 Exhibit 4.1 
  

 
  

SOUTHWESTERN ENERGY COMPANY, 

as ISSUER 
 AND 

U.S. BANK NATIONAL ASSOCIATION 

as TRUSTEE 
 INDENTURE

 Dated as of 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 SECTION 1.01
	 	Definitions	  	 	1	  
	 SECTION 1.02
	 	Incorporation by Reference of Trust Indenture Act	  	 	15	  
	 SECTION 1.03
	 	Rules of Construction	  	 	15	  
	
	ARTICLE II	  
	THE SECURITIES	  
			
	 SECTION 2.01
	 	Forms Generally	  	 	16	  
	 SECTION 2.02
	 	Form of Trustee’s Certificate of Authentication	  	 	16	  
	 SECTION 2.03
	 	Amount Unlimited; Issuable in Series	  	 	17	  
	 SECTION 2.04
	 	Execution and Authentication	  	 	19	  
	 SECTION 2.05
	 	Denomination and Date of Securities; Payments of Interest	  	 	20	  
	 SECTION 2.06
	 	Registration, Transfer and Exchange	  	 	21	  
	 SECTION 2.07
	 	Book-Entry Provisions for Global Securities	  	 	23	  
	 SECTION 2.08
	 	Global Security Legend	  	 	26	  
	 SECTION 2.09
	 	Mutilated, Destroyed, Lost or Stolen Securities	  	 	26	  
	 SECTION 2.10
	 	Temporary Securities	  	 	27	  
	 SECTION 2.11
	 	Cancellation of Securities	  	 	28	  
	 SECTION 2.12
	 	CUSIP and ISIN Numbers	  	 	28	  
	 SECTION 2.13
	 	Defaulted Interest	  	 	28	  
	 SECTION 2.14
	 	Additional Securities	  	 	29	  
	
	ARTICLE III	  
	COVENANTS	  
			
	 SECTION 3.01
	 	Payment of Principal, Premium, if any, and, Interest	  	 	30	  
	 SECTION 3.02
	 	Maintenance of Office or Agency	  	 	30	  
	 SECTION 3.03
	 	 Money for Securities Payments to Be Held in Trust; Unclaimed Money
	  	 	30	  
	 SECTION 3.04
	 	Existence	  	 	32	  
	 SECTION 3.05
	 	Reports by the Company	  	 	32	  
	 SECTION 3.06
	 	Annual Compliance Certificate; Notice of Defaults or Events of Default	  	 	32	  
	 SECTION 3.07
	 	Limitation on Liens	  	 	32	  
	 SECTION 3.08
	 	Limitation on Sale and Leaseback Transactions	  	 	33	  
	 SECTION 3.09
	 	Offer to Repurchase Upon Change of Control Event	  	 	33	  
	 SECTION 3.10
	 	Waiver of Certain Covenants	  	 	34	  
	 SECTION 3.11
	 	Further Instruments and Acts	  	 	35	  

  
 i 

							
	ARTICLE IV	  
	CONSOLIDATION, MERGER OR SALE OF ASSETS	  
			
	 SECTION 4.01
	  	When the Company May Merge, Etc	  	 	35	  
	 SECTION 4.02
	  	Successor Company Substituted	  	 	35	  
	 SECTION 4.03
	  	Opinion of Counsel to Trustee	  	 	36	  
	
	ARTICLE V	  
	REDEMPTION OF SECURITIES	  
			
	 SECTION 5.01
	  	Applicability of Article	  	 	36	  
	 SECTION 5.02
	  	Notice of Redemption; Partial Redemptions	  	 	36	  
	 SECTION 5.03
	  	Payment of Securities Called for Redemption	  	 	37	  
	
	ARTICLE VI	  
	DEFAULTS AND REMEDIES	  
			
	 SECTION 6.01
	  	Events of Default	  	 	38	  
	 SECTION 6.02
	  	Acceleration	  	 	40	  
	 SECTION 6.03
	  	Other Remedies	  	 	41	  
	 SECTION 6.04
	  	Waiver of Past Defaults	  	 	42	  
	 SECTION 6.05
	  	Control by Majority	  	 	42	  
	 SECTION 6.06
	  	Limitation on Suits	  	 	42	  
	 SECTION 6.07
	  	Rights of Holders to Receive Payment	  	 	43	  
	 SECTION 6.08
	  	Collection Suit by Trustee	  	 	43	  
	 SECTION 6.09
	  	Trustee May File Proofs of Claim	  	 	43	  
	 SECTION 6.10
	  	Priorities	  	 	44	  
	 SECTION 6.11
	  	Undertaking for Costs	  	 	45	  
	
	ARTICLE VII	  
	TRUSTEE	  
			
	 SECTION 7.01
	  	Duties and Responsibilities of the Trustee	  	 	45	  
	 SECTION 7.02
	  	Rights of Trustee	  	 	47	  
	 SECTION 7.03
	  	Individual Rights of Trustee	  	 	48	  
	 SECTION 7.04
	  	Trustee’s Disclaimer	  	 	48	  
	 SECTION 7.05
	  	Notice of Default	  	 	48	  
	 SECTION 7.06
	  	Reports by the Trustee to Holders	  	 	49	  
	 SECTION 7.07
	  	Compensation and Indemnity	  	 	49	  
	 SECTION 7.08
	  	 Resignation and Removal; Appointment of Successor Trustee
	  	 	50	  
	 SECTION 7.09
	  	Successor Trustee by Merger	  	 	52	  
	 SECTION 7.10
	  	Eligibility; Disqualification	  	 	53	  
	 SECTION 7.11
	  	Preferential Collection of Claims Against Company	  	 	53	  
	 SECTION 7.12
	  	Communications with the Trustee	  	 	53	  

  
 ii 

							
	ARTICLE VIII	  
	DEFEASANCE	  
			
	 SECTION 8.01
	 	 Applicability of the Article; Company’s Option to Effect Defeasance or Covenant Defeasance
	  	 	53	  
	 SECTION 8.02
	 	Legal Defeasance and Discharge	  	 	53	  
	 SECTION 8.03
	 	Covenant Defeasance	  	 	54	  
	 SECTION 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	55	  
	 SECTION 8.05
	 	 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	 	56	  
	 SECTION 8.06
	 	Repayment to the Company	  	 	56	  
	 SECTION 8.07
	 	Indemnity for Moneys and U.S. Government Obligations Held in Trust	  	 	56	  
	 SECTION 8.08
	 	Reinstatement	  	 	57	  
	
	ARTICLE IX	  
	DISCHARGE OF INDENTURE	  
			
	 SECTION 9.01
	 	Satisfaction and Discharge	  	 	57	  
	 SECTION 9.02
	 	Application of Trust Money	  	 	58	  
	
	ARTICLE X	  
	AMENDMENTS	  
			
	 SECTION 10.01
	 	Supplemental Indentures Without Consent of Holders	  	 	58	  
	 SECTION 10.02
	 	With Consent of Holders	  	 	59	  
	 SECTION 10.03
	 	Effect of Supplemental Indenture	  	 	61	  
	 SECTION 10.04
	 	Compliance with TIA; Documents to Be Given to Trustee	  	 	61	  
	 SECTION 10.05
	 	Notation on or Exchange of Securities	  	 	61	  
	 SECTION 10.06
	 	Trustee to Sign Amendments and Supplements	  	 	61	  
	
	ARTICLE XI	  
	SECURITY GUARANTEES	  
			
	 SECTION 11.01
	 	 Applicability of the Article; Company’s Option to Implement Security Guarantees
	  	 	62	  
	 SECTION 11.02
	 	Security Guarantees	  	 	62	  
	 SECTION 11.03
	 	Limitation on Liability; Termination; Release and Discharge	  	 	64	  
	 SECTION 11.04
	 	Reserved	  	 	64	  
	 SECTION 11.05
	 	Right of Contribution	  	 	64	  
	 SECTION 11.06
	 	No Subrogation	  	 	65	  
	
	ARTICLE XII	  
	CONCERNING THE HOLDERS	  
			
	 SECTION 12.01
	 	Evidence of Action Taken by Holders	  	 	65	  
	 SECTION 12.02
	 	 Proof of Execution of Instruments and of Holding of Securities; Record Date
	  	 	65	  

  
 iii 

					
	SECTION 12.03	 	Who May Be Deemed Owners of Securities	  	66
	SECTION 12.04	 	Record Date for Action by Holders	  	66
	SECTION 12.05	 	Right of Revocation of Action Taken	  	66
	
	ARTICLE XIII
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
			
	SECTION 13.01	 	Company to Furnish Trustee Names and Addresses of Holders	  	67
	SECTION 13.02	 	Preservation of Information; Communications to Holders	  	67
	SECTION 13.03	 	Reports by the Trustee	  	68
	
	ARTICLE XIV
	MISCELLANEOUS
			
	SECTION 14.01	 	Trust Indenture Act Controls	  	69
	SECTION 14.02	 	Notices	  	69
	SECTION 14.03	 	Certificate and Opinion as to Conditions Precedent	  	70
	SECTION 14.04	 	Statements Required in Certificate or Opinion	  	70
	SECTION 14.05	 	Rules by Trustee, Paying Agent and Registrar	  	71
	SECTION 14.06	 	Legal Holidays	  	71
	SECTION 14.07	 	Parties	  	71
	SECTION 14.08	 	Governing Law, Etc	  	71
	SECTION 14.09	 	No Recourse Against Others	  	72
	SECTION 14.10	 	Successors	  	72
	SECTION 14.11	 	Duplicate and Counterpart Originals	  	72
	SECTION 14.12	 	Severability	  	73
	SECTION 14.13	 	Table of Contents; Headings	  	73
	SECTION 14.14	 	PATRIOT ACT Compliance	  	73

  
 iv 

 INDENTURE, dated as of
                    , between Southwestern Energy Company, a Delaware corporation (the “Company”) and U.S. Bank National
Association, a national banking association, as Trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of
the other parties and for the equal and ratable benefit of the Holders from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued hereunder
in one or more series as provided in this Indenture. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01 Definitions. 

“Additional Securities” has the meaning assigned to it in Section 2.14. 

“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling, controlled by
or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as used with respect to any Person, means 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. No natural person who is an executive officer or director of such Person shall, solely by virtue of such position, be deemed to control such Person. 

“Agent Members” has the meaning assigned to it in Section 2.07(b). 

“Attributable Debt” means, in respect of a Sale and Leaseback Transaction, as at the time of determination, the present value
(discounted from the respective due dates thereof to such date at the rate per annum equal to the interest rate implicit in such lease) of the total obligations of the lessee for rental payments during the remaining term of the lease included in
such Sale and Leaseback Transaction (including any period for which such lease has been extended); provided, however, that if such Sale and Leaseback Transaction results in a Capital Lease Obligation, the amount of indebtedness represented thereby
will be determined in accordance with the definition of “Capital Lease Obligation” below. 
 “Authenticating
Agent” has the meaning assigned to it in Section 2.04(e). 
 “Bankruptcy Law” means Title 11, U.S. Code or
any similar Federal, state or non-U.S. law for the relief of debtors. 
 “Bankruptcy Law Event of Default” means: 

(1) the entry by a court of competent jurisdiction of: (i) a decree or order for relief in respect of any Bankruptcy Party in an
involuntary case or proceeding under any Bankruptcy Law or (ii) a decree or order (A) adjudging any Bankruptcy Party a bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of, or in respect of, any Bankruptcy Party under any Bankruptcy Law, 

  
 1 

 
(C) appointing a Custodian of any Bankruptcy Party or of all or substantially all of the property of the Company on a consolidated basis, or (D) ordering the winding-up or liquidation
of the affairs of any Bankruptcy Party , and in each case, the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive calendar days; or 

(2) (i) the commencement by any Bankruptcy Party of a voluntary case or proceeding under any Bankruptcy Law or of any other case or proceeding
to be adjudicated a bankrupt or insolvent, (ii) the consent by any Bankruptcy Party to the entry of a decree or order for relief in respect of any Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or to the
commencement of any bankruptcy or insolvency case or proceeding under any Bankruptcy Law against any Bankruptcy Party , (iii) the filing by any Bankruptcy Party of a petition or answer or consent seeking reorganization or relief under any
Bankruptcy Law, (iv) the consent by any Bankruptcy Party to the filing of such petition or to the appointment of or taking possession by a Custodian of any Bankruptcy Party or of any substantial part of the property of the Company on a
consolidated basis, (v) the making by any Bankruptcy Party of an assignment for the benefit of creditors, or (vi) the approval by stockholders of any Bankruptcy Party of any plan or proposal for the liquidation or dissolution of such
Bankruptcy Party. 
 “Bankruptcy Party” means the Company or any Significant Subsidiary of the Company. 

“Board of Directors” means, as to any Person, the board of directors, management committee or similar governing body of such
Person or any duly authorized committee thereof. 
 “Board Resolution” means, with respect to any Person, a copy of a
resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banking institutions are authorized
or required by law or regulation to close in New York City. 
 “Capital Lease Obligation” means an obligation that is
required to be classified and accounted for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in
accordance with GAAP; and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty.

 “Capital Stock” means, as to any Person, any and all shares, units of beneficial interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities or other indebtedness convertible into such equity. 

“Certificated Securities” means Securities in physical certificated form issued, in registered form, pursuant to
Section 2.07(e) in exchange for interest in a Global Security or otherwise. 

  
 2 

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

(1) any “person,” as such term is used in Section 13(d)(3) of the Exchange Act, becoming the beneficial owner, directly or
indirectly, of more than 50% of the voting power of the Voting Stock of the Company; provided that a transaction in which the Company becomes a Subsidiary of another Person shall not constitute a Change of Control if, immediately following
such transaction, (a) the Persons who were stockholders of the Company immediately prior to such transactions continue to beneficially own, directly or indirectly through one or more intermediaries, 50% or more of the voting power of the
outstanding Voting Stock of such other Person of whom the Company has become a Subsidiary and (b) no Person other than such other Person of whom the Company has become a Subsidiary beneficially owns, directly or indirectly, more than 50% of the
voting power of the Voting Stock of the Company; 
 (2) the merger or consolidation of the Company with or into another Person or the merger
of another Person with or into the Company, or the sale, lease or other disposition of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person, other than (i) (A) a transaction following
which in the case of a merger or consolidated transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into which such securities are converted as part of
such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person (or any parent thereof) in such merger or consolidation transaction immediately after such
transaction or (B) a transaction that would be permitted under the proviso to clause (1) of this definition of “Change of Control”; or (ii) in the case of a sale, lease or other disposition of assets transaction, a
transaction in which each transferee becomes an obligor in respect of the Securities of the relevant series and a Subsidiary of the transferor of such assets; or 

(3) the adoption of a plan relating to the liquidation or dissolution of the Company. 

“Change of Control Event” means the occurrence of either of the following: 

(1) if the Securities of a particular series do not have an Investment Grade Rating from both of the Rating Agencies on the first day of the
Trigger Period, such Securities of such series are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating thereof on the first day of the Trigger Period by both of the Rating Agencies on any date
during the Trigger Period; or 
 (2) if the Securities of a particular series have an Investment Grade Rating from both of the Rating
Agencies on the first day of the Trigger Period, such Securities cease to have an Investment Grade Rating by both of the Rating Agencies on any date during the Trigger Period; 

provided, however, that for so long as any of the Company’s Existing Senior Securities are outstanding, if the Company is required to offer
to purchase any such Existing Senior Securities as a result of the occurrence of a Change of Control (as defined in such Existing Senior Securities), then the occurrence of such Change of Control shall constitute a Change of Control Event.

  
 3 

 For purposes of the foregoing, “Existing Senior Securities” means shall mean
(i) such series of such senior notes may be specified in the terms of such series of Securities or (i) if no such series are specified as described in clause (i), each series of senior notes issued by the Company that is outstanding on the
original issue date of the relevant series of Securities (excluding any issuance of Additional Securities of such series). 
 If a Rating
Agency is not providing a rating for the Securities of a particular series at the commencement of the Trigger Period, a Change of Control Event shall be deemed to have occurred with respect to such Rating Agency as a result of the related Change of
Control. Notwithstanding the foregoing, no Change of Control Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually occurred. 

“Change of Control Notice” means notice of a Change of Control Offer made with respect to Securities of a specified series
pursuant to Section 3.09, which shall be mailed first-class, postage prepaid, to each record Holder as shown on the Security Register within 30 days following a Change of Control Event, with a copy to the Trustee, which notice shall govern the
terms of the Change of Control Offer and shall state: 
 (1) that a Change of Control Event has occurred and that pursuant to
Section 3.09, such Holder has the right to require the Company to repurchase all or any part of such Holder’s Securities of such series for the Change of Control Payment; 

(2) the Change of Control Payment Date; 

(3) that any Securities or portions thereof not properly tendered will remain outstanding and continue to accrue interest; 

(4) that, unless the Company defaults in the payment of the Change of Control Payment with respect thereto, all Securities or portions thereof
accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest from and after the Change of Control Payment Date; 

(5) that any Holder electing to have any Securities or portions thereof purchased pursuant to a Change of Control Offer will be required to
surrender such Securities (in accordance with the applicable rules and procedures of the relevant security settlement and clearance organization, if any, if in global form), with the form entitled “Option of Holder to Elect Purchase” on
the reverse of such Securities completed, to the Paying Agent at the address specified in the Change of Control Notice prior to the close of business on the Business Day preceding the Change of Control Payment Date; 

(6) that any Holder shall be entitled to withdraw its tendered Securities or portions thereof and such election to require the Company to
purchase such Securities or portions thereof, provided that the Paying Agent receives, not later than the close of business on the Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter,
setting forth the name of the Holder, the principal amount of Securities tendered for purchase, and a statement that such Holder is withdrawing such tendered Securities and such Holder’s election to have such Securities or portions thereof
purchased pursuant to the Change of Control Offer; 

  
 4 

 (7) that any Holder electing to have Securities purchased pursuant to the Change of Control Offer
must specify the principal amount that is being tendered for purchase, which principal amount must be equal to at least the minimum denomination of such series of Securities as specified in the relevant terms of such series of Securities, and in
integral multiples of any specified minimum denominations in excess thereof; 
 (8) that any Holder of Securities whose Securities are being
purchased only in part will be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered, which unpurchased portion must be equal in principal amount to at least the minimum denomination of such series
of Securities as specified in the relevant terms of such series of Securities, and in integral multiples of any specified minimum denominations in excess thereof; 

(9) that the Trustee will return to the Holder of a Global Security that is being purchased in part, such Global Security with a notation on
Schedule A thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Security; 
 (10) the
procedures determined by the Company, consistent with the Indenture, that a Holder must follow in order to have its Securities or any portion thereof purchased; and (12) any other information necessary to enable any Holder to tender Securities
and to have such Securities purchased pursuant to Section 3.09. 
 “Change of Control Offer” has the meaning assigned
to it in Section 3.09. 
 “Change of Control Payment” has the meaning assigned to it in Section 3.09. 

“Change of Control Payment Date” means a Business Day no earlier than 30 calendar days nor later than 60 calendar days
subsequent to the date that a Change of Control Notice is mailed (other than as may be required by law). 
 “Code” means
the Internal Revenue Code of 1986, as amended. 
 “Company” means the party named as such in the introductory paragraph to
this Indenture and its successors and assigns, including any Successor Company that becomes such in accordance with Article IV. 

“Company Order” means a written order of the Company signed by an Officer of the Company. 

“Consolidated Assets” means the Company’s total assets as they appear on the Company’s most recently prepared
consolidated balance sheet as of the end of a fiscal quarter. 
 “Corporate Trust Office” means the principal office of the
Trustee at which at any time its corporate trust business shall be principally administered, which office at the date hereof is located at 5555 San Felipe, Suite 1150, Houston, Texas 77056, Attention: Corporate Trust, or

  
 5 

 
such other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Company). For purposes of Section 2.06 and 3.02, the Corporate Trust Office shall be located at U.S. Bank National Association, 5555 San Felipe, Suite 1150, Houston, Texas 77056
or at 100 Wall Street, Suite 1600, New York, New York 1005, or such other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address in New
York City as such successor Trustee may designate from time to time by notice to the Company). 
 “Covenant Defeasance” has
the meaning assigned to it in Section 8.03. 
 “Credit Facilities” means one or more debt facilities (including,
without limitation, the Senior Credit Facility), in each case with banks, investment banks, insurance companies, mutual funds and/or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow from (or sell receivables to) such lenders against such receivables) or letters of credit, in each case, as amended, extended, restated, renewed,
refunded, replaced or refinanced (in each case with credit facilities), supplemented or otherwise modified (in whole or in part and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time. 

“Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

 “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. 
 “Defaulted Interest” has the meaning assigned to it in Section 2.05(d). 

“Depositary” means The Depository Trust Company, its nominees and their respective successors and assigns, or such other
depositary institution hereinafter appointed by the Company that is a clearing agency registered under the Exchange Act. 
 “Event
of Default” has the meaning assigned to it in Section 6.01. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Existing Senior Securities” shall have the meaning set forth in the definition of “Change
of Control Event.” 
 “Funded Debt” means all indebtedness for borrowed money owed or guaranteed by the Company or any
of its Subsidiaries and any other indebtedness which, under GAAP, would appear as indebtedness on the most recent consolidated balance sheet of the Company, which matures by its terms more than 12 months from the date of such consolidated balance
sheet or which matures by its terms in less than 12 months but by its terms is renewable or extendible beyond 12 months from the date of such consolidated balance sheet at the option of the borrower. 

  
 6 

 “GAAP” means generally accepted accounting principles in the United States set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting profession, consistently applied. 
 “Global
Securities” and “Global Security” each has the meaning assigned to it in Section 2.07(a). 

“Guaranteed Obligations” has the meaning assigned to it in Section 11.02(a). 

“Holder” or other similar terms mean a Person in whose name a Security is registered in the Security Register. 

“Indenture” means this Indenture as amended or supplemented from time to time, and shall include the terms of particular
series of Securities established as contemplated hereunder. 
 “Interest Payment Date,” when used with respect to any
Security, means the Stated Maturity of an installment of interest on such Security. 
 “Investment Grade Rating” means a
rating by any Rating Agency equal to or greater than (i) BBB- by S&P or (ii) Baa3 by Moody’s, or (iii) the equivalent thereof under any new ratings system if the ratings system of either such agency shall be modified after
the date hereof, or (iv) the equivalent rating or any other Ratings Agency selected by the Company as provided by the definition of Ratings Agency. 

“Legal Defeasance” has the meaning assigned to it in Section 8.02. 

“Legal Holiday” has the meaning assigned to it in Section 14.06. 

“Lien” means any mortgage, pledge, lien, charge, security interest, conditional sale or other title retention agreement or
other encumbrance of any nature whatsoever. 
 “Maturity Date,” when used with respect to any Security, means the stated
due date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Moody’s” means Moody’s Investors Services, Inc. or any successor to the rating agency business thereof. 

“Notice of Default” has the meaning assigned to it in Section 7.05. 

“Officer” means, when used in connection with any action to be taken by the Company or a Security Guarantor, as the case may
be, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Controller or the Secretary of the Company or such Security Guarantor, as the case may be. 

  
 7 

 “Officer’s Certificate” means, when used in connection with any action to
be taken by the Company or a Security Guarantor, as the case may be, a certificate signed by an Officer of the Company or such Security Guarantor, respectively, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who, unless otherwise indicated in this Indenture, may be an
employee of or counsel for the Company, or any of its Subsidiaries or any Security Guarantor, and who shall be reasonably acceptable to the Trustee. 

“Ordinary Course Lien” means any: 

(1) Lien incurred in the ordinary course of business to secure the obtaining of advances or the payment of the deferred purchase price of
property; 
 (2) Lien created by any interest or title of a lessor under any lease entered into by the Company or any Subsidiary in the
ordinary course of business and covering only the assets so leased; 
 (3) Lien that is a contractual right of set-off (a) relating to
the establishment of depository relations with banks not given in connection with the issuance of indebtedness, (b) relating to pooled deposits or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the
ordinary course of business or (c) relating to purchase orders and other agreements entered in the ordinary course of business; 
 (4)
oil, gas or mineral leases arising in the ordinary course of business where the Lien arises from the rights of lessors; 
 (5) customary
initial deposits and margin deposits and any similar Lien attaching to commodity trading accounts or other brokerage accounts that are not for speculative purposes and arise in the ordinary course of business, including Swap Agreements, but only to
the extent the Liens encumber cash, cash equivalents, securities, certificates of deposits or similar investments or accounts only containing such items; 

(6) Lien arising from the sale or other transfer in the ordinary course of business of (A) crude oil, natural gas, other petroleum
hydrocarbons or other minerals in place for a period of time until, or in an amount such that, the purchaser or other transferee will realize therefrom a specified amount of money (however determined) or a specified amount of such minerals, or
(B) any other interest in property of the character commonly referred to as a “production payment,” “overriding royalty,” “forward sale” or similar interest; 

(7) Lien in favor of the United States of America, any State, any foreign country or any department, agency, instrumentality or political
subdivision of any such jurisdiction, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or cost of
constructing, refurbishing, developing or improving any property subject thereto, including without limitation, any Lien to secure indebtedness of pollution control or industrial revenue bond type; and 

  
 8 

 (8) Lien arising from any right which any municipal or governmental body or agency may have by
virtue of any franchise, license, contract or statute to purchase, or designate a purchaser of or order the sale of, any property of the Company or any Subsidiary upon payment of reasonable compensation therefor or to terminate any franchise. 

“Outstanding” means, when used with reference to Securities of a series, subject to the provisions of Article XII, means, as
of the date of determination, all Securities of such series previously authenticated and delivered under this Indenture, except: 
 (1)
Securities thereto for canceled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Securities, or portions thereof, for the
payment, redemption or, in the case of a Change of Control Offer, purchase of which money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company, a Security Guarantor or an Affiliate of
the Company) in trust or set aside and segregated in trust by the Company, any Security Guarantor, an Affiliate of the Company or a third party (if the Company, such Security Guarantor, such Affiliate or such third party is acting as the Paying
Agent) for the Holders of such Securities; provided that, if the Securities (or portions thereof) are to be redeemed or purchased, notice of such redemption or purchase has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; 
 (3) Securities which have been surrendered pursuant to Section 2.09 or in exchange for or
in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are
held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; and 
 (4) solely to the extent provided
in Article VIII, Securities which are subject to Legal Defeasance or Covenant Defeasance as provided in Article VIII; 
 provided, however,
that in determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities of such series
owned by the Company, a Security Guarantor or any other obligor upon the Securities of such series or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether
the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities of such series which a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded.
Securities of such series 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 the Securities of such series
and that the pledgee is not the Company or any other obligor upon the Securities of such series or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) and interest, if any,
on any Securities on behalf of the Company. The Company may act as Paying Agent with respect to any Securities issued hereunder. The term “Paying Agent” includes any additional paying agent that the Company may authorize. 

  
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 “Payment Office,” when used with respect to the Securities of or within any
series, means the place or places where the principal of (and premium, if any) and interest on such Securities are payable as specified as contemplated by Sections 2.03 and 3.01. 

“Permitted Lien” means any Lien incurred, assumed or guaranteed that do not arise from indebtedness for borrowed money and,
without limiting the foregoing, also do not apply to Liens on Principal Property: 
 (1) with respect to any series of Securities, any Lien
(A) existing as of the issue date of such series of Securities (excluding any subsequent issuance of Additional Securities of such series) or (B) relating to a contract or arrangement that was entered into by the Company or any of its
Subsidiaries prior to the issue date of such series of Securities (excluding any subsequent issuance of Additional Securities of such series); 

(2) upon any Principal Property (including any related contract rights) existing at the time of acquisition thereof by the Company or any of
its Subsidiaries (whether such acquisition is direct or by acquisition of stock, assets or otherwise, provided any such Lien is not incurred in contemplation of such acquisition); 

(3) securing indebtedness under Credit Facilities of any Subsidiary of the Company that is not a Security Guarantor; provided that the
aggregate principal amount of any indebtedness under such Credit Facilities shall not exceed $250.0 million at any time outstanding; 
 (4)
upon or with respect to any property (including any related contract rights) acquired, constructed, refurbished or improved by the Company or any of its Subsidiaries (including, but not limited to, any Lien to secure all or any part of the cost of
construction, alteration or repair of any building, equipment, facility or other improvement on, all or any part of such property, including any pipeline financing) after the issue date of such series of Securities (excluding any subsequent issuance
of Additional Securities of such series) which are created, incurred or assumed contemporaneously with, or within 360 days after, the latest to occur of the acquisition (whether by acquisition of stock, assets or otherwise), completion of
construction, refurbishment or improvement, or the commencement of commercial operation, of such property (or, in the case of Liens on contract rights, the completion of construction or the commencement of commercial operation of the facility to
which such contract rights relate, regardless of the date when the contract was entered into) to secure or provide for the payment of any part of the purchase price of such property or the cost of such construction, refurbishment or improvement;
provided, however, that in the case of any such construction, refurbishment or improvement, the Lien shall relate only to indebtedness reasonably incurred to finance such construction, refurbishment or improvement; 

(5) securing indebtedness owing by any of the Company’s Subsidiaries to the Company or to other Subsidiaries; 

  
 10 

 (6) arising from the deposit of funds or securities in trust for the purpose of decreasing or
defeasing indebtedness; 
 (7) for the sole purpose of extending, renewing or replacing (or successive extensions, renewals or
replacements), in whole or in part, any Lien referred to in the foregoing subsections (1), (2), (4), (6) or this subsection (7) of this definition of “Permitted Liens”, or of any indebtedness secured thereby; provided,
however, that the principal amount of indebtedness secured thereby shall not exceed the principal amount of indebtedness at the time of such extension, renewal or replacement, and that such extension, renewal or replacement shall be limited
to all or part of the property subject to the Lien so extended, renewed or replaced (plus refurbishment of or improvements on or to such property); and 

(8) any Ordinary Course Lien arising, but only so long as continuing, in the ordinary course of the Company’s business or the business of
the Company’s Subsidiaries. 
 In each case set forth above, notwithstanding any stated limitation on the assets that may be subject to such Lien, a
Lien on a specified asset or group or type of assets may include Liens on all improvements, additions and accessions thereto and all products and proceeds thereof (including, without limitation, dividends, distributions and increases in respect
thereof). 
 “Permitted Sale and Leaseback Transaction” means: 

(1) any Sale and Leaseback Transaction if, within 180 days from the effective date of such Sale and Leaseback Transaction, the Company applies
or any of its Subsidiaries applies an amount not less than the greater of: 
 (A) the net proceeds of the sale of the
property leased pursuant to such arrangement; or 
 (B) the fair value of the property 

to retire its Funded Debt, including, for this purpose, any currently maturing portion of such Funded Debt, or to purchase other property having a fair value
at least equal to the fair value of the property leased in such Sale and Leaseback Transaction; or 
 (2) any Sale and Leaseback
Transaction: 
 (A) between the Company and any of its Subsidiaries or between any of the Company’s Subsidiaries; or

 (B) for which, at the time the transaction is entered into, the term of the related lease to the Company or its Subsidiary
of the property sold pursuant to such transaction is three years or less. 
 “Person” means an individual, corporation,
partnership, association, limited partnership corporation, company, limited liability company, joint stock company, unincorporated organization, trust, business trust, joint venture, or other entity or organization, including a governmental or
political subdivision or any agency or instrumentality thereof. 

  
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 “Principal Amount” means, when used with respect to any Security, the amount of
principal of such Security that could be declared due and payable pursuant to Section 6.02. 
 “Principal Property”
has the meaning assigned to it in Section 3.07. 
 “Principal Transmission Facility” means any transportation or
distribution facility, including pipelines, of the Company or any Subsidiary of the Company located in the United States of America other than (i) any such facility which in the opinion of the Board of Directors of the Company is not of
material importance to the business conducted by the Company and its Subsidiaries, taken as a whole, or (ii) any such facility in which interests are held by the Company or by one or more of its Subsidiaries or by the Company and one or more of
its Subsidiaries and by others and the aggregate interest held by the Company and all of its Subsidiaries does not exceed 50%. 

“Productive Property” means any property interest owned by the Company or a Subsidiary of the Company in land (including
submerged land and rights in and to oil, gas and mineral leases) located in the United States of America classified by the Company or such Subsidiary, as the case may be, as productive of crude oil, natural gas or other petroleum hydrocarbons in
paying quantities; provided that such term shall not include any exploration or production facilities on said land, including any drilling or producing platform. 

“Ratings Agency” means any of: 

(1) Moody’s; 
 (2) S&P;
or 
 (3) if S&P or Moody’s ceases to rate the Securities of a particular series or ceases to make a rating on the Securities of a
particular series publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on such Securities publicly
available selected by the Company (as certified by an Officers’ Certificate delivered to the Trustee), which shall be substituted for S&P or Moody’s, as the case may be. 

“Redemption Price” means, when used with respect to any Security to be redeemed, the price (including premium, if any) at
which it is to be redeemed pursuant to this Indenture and such Securities. 
 “Registrar” has the meaning assigned to it in
Section 2.06(a). 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of
any series means the date specified for that purpose as contemplated by Section 2.03. 
 “Sale and Leaseback
Transaction” means any direct or indirect arrangement with any Person (other than the Company or a Subsidiary of the Company), or to which any such Person is a party, providing for the leasing to the Company or a Subsidiary of the Company
of any property, whether owned as of the date of this Indenture or thereafter acquired, which has been 

  
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or is to be sold or transferred by the Company or such Subsidiary to such Person, or to any other Person (other than the Company or a Subsidiary of the Company) to whom funds have been or are to
be advanced by such Person on the security of such property, in each case provided that the completion of construction or the commencement of commercial operation of the property subject to such transaction shall have occurred more than 180 days
prior thereto. 
 “SEC” means the Securities and Exchange Commission or, if at any time after the execution of this
instrument the SEC is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Secured Debt” means any indebtedness for borrowed money incurred, assumed or guaranteed by the Company or one its
Subsidiaries that is secured by a Lien. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security” or “Securities” means any of the Company’s Security or Securities, as the case may be,
issued and authenticated pursuant to this Indenture. 
 “Security Custodian” means the custodian with respect to any Global
Security appointed by the Depositary, or any successor Person thereto, and shall initially be the Trustee with respect to each series of Securities unless otherwise specified in the terms thereof. 

“Security Guarantee” means, at any time, the guarantee of the Company’s obligations under this Indenture and the
Securities by each Securities Guarantor pursuant to Article XI. 
 “Security Guarantor” means, at any time, each Person
guaranteeing Securities under this Indenture pursuant to Article XI. 
 “Security Register(s)” has the meaning assigned to
it in Section 2.06. 
 “Senior Credit Facility” means the Third Amended and Restated Credit Agreement dated
February 14, 2011 among Southwestern Energy Company, JPMorgan Chase Bank, N.A., Bank of America, N.A., Wells Fargo Bank N.A., The Royal Bank of Scotland PLC, Citigroup, N.A., and the other lenders named therein, JPMorgan Chase Bank, N.A., as
administrative agent, as such agreement has been or may be amended, restated or replaced from time to time. 
 “Significant
Subsidiary” means any Subsidiary of the Company that would be a “significant subsidiary” of the Company as defined in Article 1, Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act, as such regulation is in
effect on the date of this Indenture. 
 “S&P” means Standard & Poor’s Rating Services, a division of the
McGraw-Hill Companies, Inc., or any successor to the ratings agency business thereof. 
 “Special Record Date” has the
meaning assigned to it in Section 2.13(a). 
 “Stated Maturity” means, when used with respect to any Security or any
installment of principal thereof or interest thereon, the date specified in such Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal or interest is
due and payable. 

  
 13 

 “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, association, partnership or other legal entity of which, in the case of a corporation, more than 50% of the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether at the time capital stock or any other class or classes of such corporation has or might have voting power upon the occurrence of any contingency) or, in the case of any partnership or other legal entity, more
than 50% of the ordinary equity capital interests, is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 

“Successor Company” has the meaning assigned to it in Section 4.01(a). 

“Swap Agreement” means (a) any agreement with respect to any swap, forward, future or derivative transaction or option
or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value
or any similar transaction or any combination of these transactions, whether or not any such transaction is governed by or subject to any master agreement and (b) any and all transactions of any kind, and the related confirmations, which are
subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement,
including any such obligations or liabilities under any master agreement; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, Officers, employees or consultants
of the Company or any of its Subsidiaries shall be a “Swap Agreement.” 
 “Trigger Period” means the period
commencing on the day of the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following
consummation of a Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering a possible ratings downgrade related to such Change of Control). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture
was originally executed, and “TIA,” when used in respect of an indenture supplemental hereto, means such Act as in force at the time such indenture supplemental hereto becomes effective. 

“Trust Officer” means, when used with respect to the Trustee, any officer assigned to Corporate Trust department (or any
successor division or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration of this Indenture, and for the purposes of Section 7.01(c)(2) and the second sentence
of Section 7.05 shall also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

  
 14 

 “Trustee” means the party named as such in the introductory paragraph of this
Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, “Trustee” shall mean or include each Person who is then a Trustee hereunder; provided, however, that if at any time
there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series. 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such
obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the
issuer’s option. 
 “U.S. Legal Tender” means such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts. 
 “Voting Stock” of a Person means all classes
of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

SECTION 1.02 Incorporation by Reference of Trust Indenture Act. If any provision of this Indenture limits, qualifies or conflicts
with the rights or duties that would be imposed by any of Sections 310 to 317 of the Trust Indenture Act through operation of Section 318(c) thereof on any Person if this Indenture were qualified under the Trust Indenture Act, such imposed
duties shall control. 
 The following Trust Indenture Act term used in this Indenture has the following meaning: 

“obligor” on the Securities means the Company, each Security Guarantor and any successor obligor upon the Securities. 

All other Trust Indenture Act terms used in this Indenture, other than any other term that is defined in Section 1.01, that are defined
by the Trust Indenture Act, defined in the Trust Indenture Act by reference to another statute, or defined by rules or regulations of the SEC have the meanings assigned to them by such definitions. 

SECTION 1.03 Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

  
 15 

 (f) references to payment of principal of the Securities shall include applicable premium, if
any; 
 (g) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (h) references herein to Article and Section
numbers are references to Articles and Sections, respectively, of this Indenture, unless the context otherwise requires. 
 ARTICLE II 

THE SECURITIES 
 SECTION 2.01
Forms Generally. (a) The Securities of each series shall be in substantially the forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such notations, legends or endorsements placed thereon as may be
required by law, stock exchange rule or Depositary rule or usage or as may, consistently herewith, be determined by the Officer or Officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of
any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Company Order contemplated by Section 2.04 for the authentication and delivery of such Securities. 
 (b) The
Trustee’s certificate of authentication on all Securities shall be in substantially the form set forth in Section 2.02. 
 (c) The
definitive Securities shall be printed, lithographed or engraved on steel-engraved borders or may be produced in any other manner, all as determined by the Officer or Officers executing such Securities, as evidenced by their execution of such
Securities. 
 SECTION 2.02 Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication shall be substantially in the following form: 
 “This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	Authorized Signatory”

  
 16 

 SECTION 2.03 Amount Unlimited; Issuable in Series. (a) The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 
 (b) The Securities may be issued from
time to time in one or more series. Prior to the issuance of Securities of any series, there shall be established in or pursuant to (i) a Board Resolution; (ii) action taken pursuant to a Board Resolution and (subject to Sections 2.04 and
2.05) set forth, or determined in the manner provided, in an Officer’s Certificate; or (iii) one or more indentures supplemental hereto: 

(1) the title of the Securities of such series (which shall distinguish the Securities of such series from all other Securities
issued pursuant to the Indenture); 
 (2) the purchase price, denomination and any limit upon the aggregate principal amount
of the Securities of such series that may be authenticated and delivered under this Indenture (except for any Securities of such series authenticated and delivered upon registration of transfer of, in lieu of, or in exchange for, other Securities of
such series pursuant to Sections 2.04, 2.06, 2.07, 2.09, 2.11, 3.09, 5.02 or 10.05); 
 (3) the date or dates on which the
principal of and premium, if any, on the Securities of such series is payable or the method of determination thereof; 
 (4)
the rate or rates at which the Securities of such series shall bear interest, if any, or the method of calculating such rate or rates of interest; 

(5) the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, the
Interest Payment Dates on which any such interest shall be payable and the Regular Record Date, if any, for the interest payable on any Interest Payment Date; 

(6) if the Securities of such series will have the benefit of any Security Guarantees, the terms and conditions of any such
guarantee or guarantees and the identities of any Security Guarantor or Guarantors; 
 (7) the place or places where the
principal of (and premium, if any) and interest, if any, on Securities of the series shall be payable; 
 (8) the place or
places where the Securities may be exchanged or transferred; 
 (9) the period or periods within which, the price or prices
at which, the currency or currencies (including currency unit or units) in which, and the other terms and conditions upon which Securities of such series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have
that option, and, if other than as provided in Section 5.02, the manner in which the particular Securities of such series (if less than all Securities of such series are to be redeemed) are to be selected for redemption; 

(10) the obligation, if any, of the Company to redeem or purchase Securities of such series in whole or in part pursuant to any
sinking fund or analogous provisions or 

  
 17 

 
upon the happening of a specified event or at the option of a Holder thereof, and the period or periods within which, the price or prices at which, and the other terms and conditions upon which
Securities of such series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (11) if other
than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of such series shall be issuable; 

(12) if the payments of principal of (and premium, if any) and interest, if any, on the Securities of such series are to be
made, at the election of the Company or a Holder, in a currency or currencies (including currency unit or units) other than that in which such Securities are denominated or designated to be payable, the currency or currencies (including currency
unit or units) in which such payments are to be made, the terms and conditions of such payments and the manner in which the exchange rate with respect to such payments shall be determined, and the particular provisions applicable thereto; 

(13) if the amount of payments of principal of (and premium, if any) and interest, if any, on the Securities of such series
shall be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on a currency or currencies (including currency unit or units) other than that in which the Securities of such
series are denominated or designated to be payable), the index, formula or other method by which such amounts shall be determined; 

(14) if, other than the principal amount thereof, the portion of the principal amount of Securities of such series which shall
be payable upon declaration of acceleration of the Maturity Date thereof pursuant to Section 6.02 or the method by which such portion shall be determined; 

(15) any modifications of or additions to the Events of Default or the covenants of the Company or any Security Guarantor set
forth in this Indenture with respect to Securities of such series; 
 (16) under what circumstances, if any, the Company will
pay additional amounts on the Securities of such series held by a Person who is not a U.S. Person in respect of taxes or similar charges withheld or deducted and, if so, whether the Company will have the option to redeem such Securities rather than
pay such additional amounts (and the terms of any such option); 
 (17) if either or both of Section 8.02 and
Section 8.03 shall be inapplicable to the Securities of such series (provided, that if no such inapplicability shall be specified, then both Section 8.02 and Section 8.03 shall be applicable to the Securities of such series); 

(18) if other than the Trustee, the identity of the Registrar and any Paying Agent; 

  
 18 

 (19) if the Securities of such series shall be issued in whole or in part in
global form, (i) the Depositary for such Global Securities; (ii) the form of any legend in addition to or in lieu of that in Section 2.08 which shall be borne by such Global Securities; (iii) whether beneficial owners of
interests in any Securities of the series in global form may exchange such interests for Certificated Securities of such series and of like tenor of any authorized form and denomination; and (iv) if other than as provided in Section 2.07,
the circumstances under which any such exchange may occur; and (20) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 10.01, but which may modify or
delete any provision of this Indenture insofar as it applies to such series), including any terms which may be required by or advisable under the laws of the United States of America or regulations thereunder or advisable (as determined by the
Company) in connection with the marketing of Securities of the series. 
 (c) All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided (i) by a Board Resolution; (ii) by action taken pursuant to a Board Resolution and (subject to Sections 2.04 and 2.05) set forth, or determined in the manner
provided, in an Officer’s Certificate; or (iii) in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent
of the Holders, for issuances of Additional Securities of such series, which shall be issued pursuant to Section 2.14 below. 
 (d) If
any of the terms of the Securities of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth, or providing the manner for determining, the terms of the Securities of such series, and an appropriate record of any action taken pursuant thereto
in connection with the issuance of any Securities of such series shall be delivered to the Trustee prior to the authentication and delivery thereof. 

SECTION 2.04 Execution and Authentication. (a) Upon the execution and delivery of this Indenture, or from time to time
thereafter, any one or more Officers of the Company (one of whom in each case shall be the Chairman of the Board, any Vice Chairman of the Board, the President, the Chief Executive Officer, the Chief Financial Officer or any Vice President of the
Company) may execute Securities on behalf of the Company and such Securities shall be delivered to the Trustee for authentication. 
 (b)
The Securities shall be signed for the Company by one or more Officers of the Company (one of whom in each case shall be the Chairman of the Board, any Vice Chairman of the Board, the President, the Chief Executive Officer, the Chief Financial
Officer or any Vice President of the Company), by manual or facsimile signature, with or without a corporate seal affixed thereon. If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the
Security, the Security shall be valid nevertheless, and any Security may be signed on behalf of the Company by such Persons as at the actual date of execution of such Security shall be the proper Officers of the Company, as the case may be, even
though at the date of the execution and delivery of this Indenture any such Person was not such Officer. 

  
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 (c) Upon execution and delivery to the Trustee of Securities of a series together with all
documents and certificates required by this Indenture, the Trustee shall thereupon authenticate and make available for delivery said Securities upon receipt of a Company Order, without any further action by the Company. Such Company Order shall
specify the amount of the Securities to be authenticated and the date on which such issue of Securities is to be authenticated. 
 (d) A
Security shall not be valid until an authorized signatory of the Trustee manually authenticates the Security substantially in the form hereinabove recited. The signed certificate of authentication of the Trustee on a Security shall be conclusive
evidence, and the only evidence, that such Security has been duly and validly authenticated and issued under this Indenture. 
 (e) The
Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate the Securities. Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by the Authenticating Agent. 

(f) In case a Successor Company has executed an indenture supplemental hereto with the Trustee pursuant to Article IV, any of the Securities
authenticated or delivered prior to such transaction may, from time to time, at the request of the Successor Company, be exchanged for other Securities executed in the name of the Successor Company with such changes in phraseology and form as may be
appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon Company Order of the Successor Company, shall authenticate and deliver Securities as specified in such order for
the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of a Successor Company pursuant to this Section 2.04(f) in exchange or substitution for or upon registration of transfer of any
Securities, such Successor Company, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities at the time Outstanding for Securities authenticated and delivered in such new name. 

SECTION 2.05 Denomination and Date of Securities; Payments of Interest. (a) The Securities shall be issuable in such
denominations as shall be specified as contemplated by Section 2.03. In the absence of any such provisions with respect to the Securities, the Securities shall be issuable in denominations of $1,000 and any integral multiple thereof. The
Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officer(s) of the Company executing the same may determine with the approval of the Trustee. 

(b) Any of the Securities may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or
otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, including those required by Section 2.04,
or with the rules of any securities market in which the Securities are admitted to trading, or to conform to general usage. 

  
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 (c) Each Security shall be dated the date of its authentication, shall bear interest from the
applicable date and shall be payable on the Interest Payment Dates specified on the face of the form of such Security. Except as otherwise specified as contemplated by Section 2.03 for Securities of any series, interest on the Securities of
each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 (d) The person in whose name any Security is
registered at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest, if any, payable on such Interest Payment Date notwithstanding any transfer or exchange of such
Security subsequent to the Regular Record Date and prior to such Interest Payment Date, except if and to the extent the Company shall default in the payment of the interest due on such Interest Payment Date, in which case such defaulted interest
(“Defaulted Interest”), plus (to the extent lawful) any interest payable on the Defaulted Interest, shall be paid to the persons in whose names Outstanding Securities are registered at the close of business on a subsequent record
date (which shall be not less than five Business Days prior to the date of such payment) established by notice given by mail by or on behalf of the Company to the Holders of Securities not less than 15 days preceding such subsequent record date.

 SECTION 2.06 Registration, Transfer and Exchange. (a) The Securities are issuable only in registered form. The Company
shall maintain an office or agency in the Borough of Manhattan, City of New York (the “Registrar”) and, for each series of Securities, a register or registers (the “Security Register(s)”) where, subject to such
reasonable regulations as the Registrar may prescribe, Securities may be presented for payment and for the service of notices and demands to or upon the Company in respect of the Securities and the Indenture. The Registrar shall keep the Security
Register(s) and will register the ownership of, and will register the transfer of, Securities as provided in this Article. Such Security Register or Security Registers shall be in written form in the English language or in any other form capable of
being converted into such form within a reasonable time. At all reasonable times such Security Register or Security Registers shall be open for inspection by the Trustee. The initial Registrar shall be the Trustee at its Corporate Trust Office. The
Company may appoint one or more co-Registrars and one or more Paying Agents. The term “Registrar” includes any co-Registrar and the term “Paying Agent” includes any additional Paying Agents. 

(b) The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent or co-Registrar not a party to this
Indenture, which shall incorporate the terms of the Trust Indenture Act. Any such agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of each such agent.
If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any of its Subsidiaries may act as Paying Agent,
Registrar, co-Registrar or transfer agent. 
 (c) Upon due presentation for registration of transfer of any Security of any series at each
such office or agency, the Company shall execute and the Trustee shall authenticate and make available for delivery in the name of the designated transferee or transferees a new Security or Securities of the same series, in each case, of any
authorized denominations and of a like aggregate Principal Amount; provided that any Securities presented or surrendered for 

  
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registration of transfer shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar or co-Registrar, duly executed by the Holder thereof or
his attorney duly authorized in writing. 
 (d) At the option of the Holder, Securities of any series (except a Global Security) may be
exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and Stated Maturity, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are
so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and make available for delivery, the Securities which the Holder making the exchange is entitled to receive. 

(e) A Holder may transfer a Security only by written application to the Registrar stating the name of the proposed transferee and otherwise
complying with the terms of this Indenture. No such transfer shall be effected until, and such transferee shall succeed to the rights of a Holder only upon, final acceptance and registration of the transfer by the Registrar in the Security Register.
Prior to the registration of any transfer by a Holder as provided herein, the Company, the Trustee, the Paying Agent, the Registrar or any co-Registrar and any of their respective agents shall treat the person in whose name the Security is
registered as the owner thereof for the purpose of receiving payment of principal of and interest on such Security and for all other purposes whatsoever, whether or not the Security shall be overdue, and none of the Company, the Trustee, the Paying
Agent, the Registrar or any co-Registrar or any of their respective agents shall be affected by notice to the contrary. Furthermore, any Holder of a Global Security shall, by acceptance of such Global Security, agree that transfers of beneficial
interests in such Global Security may be effected only through a book-entry system maintained by the Holder of such Global Security (or its agent) and that ownership of a beneficial interest in the Security shall be required to be reflected in a
book entry. When Securities are presented to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal Principal Amount of Securities of other authorized denominations, the Registrar shall register the
transfer or make the exchange as requested if the requirements for such transactions set forth herein are met. To permit registrations of transfers and exchanges and subject to the other terms and conditions of this Article II, the Company will
execute and the Trustee will authenticate Global Securities and Certificated Securities at the Registrar’s or co-Registrar’s request. 

(f) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax, assessments or similar governmental charges payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant to Sections 2.10,
3.09, 5.03 or 10.05). No service charge to any Holder shall be made for any such transaction. 
 (g) Neither the Registrar nor the Company
shall be required to exchange or register a transfer of: 
 (i) any Securities of any series for a period beginning 15 days
next preceding the first mailing of notice of redemption of Securities of such series to be redeemed and ending at the close of business of the day of such mailing; 

  
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 (ii) any Securities of any series selected, called or being called for redemption
except, in the case of any Security of such series where public notice has been given that such Security is to be redeemed in part, the portion thereof not so to be redeemed; 

(iii) any Securities of any series for which a Change of Control Offer has been made and which Securities have been tendered to
the Company pursuant to such Offer and not withdrawn; or (iv) any Securities of any series for a period beginning 15 days before an Interest Payment Date and ending on such Interest Payment Date. 

(h) All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 (i) The Registrar shall
retain copies of all letters, notices and other written communications received pursuant to this Article II. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable
time upon the giving of reasonable written notice to the Registrar. 
 (j) None of the Trustee, the Paying Agent or the Registrar shall have
any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.07 Book-Entry Provisions for Global Securities. (a) If Securities of or within a series are issuable in whole or in
part in global form (such Securities in global form, “Global Securities”, and each such Security in global form, a “Global Security”), then each Global Security of such series initially shall: 

(i) be registered in the name of the Depositary or the nominee of the Depositary; 

(ii) be delivered to the Security Custodian; 

(iii) bear the appropriate legend as set forth in Section 2.08. 

Any Global Security may be represented by more than one certificate. The aggregate principal amount of the Global Securities may from time to
time be increased or decreased by adjustments made on the records of the Security Custodian and the Depositary or its nominee as provided in this Indenture. 

(b) Except as provided below, members of, or participants in, the Depositary (“Agent Members”) shall have no rights under
this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Security Custodian, or under any Global Security, and the Depositary may be treated by the Company, the Trustee, the Security Custodian, the Paying

  
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Agent, the Registrar and any of their respective agents as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee, the Security Custodian, the Paying Agent, the Registrar or any of their respective agents from giving effect to any written certification, proxy or other authorization furnished by Depositary or impair, as between Depositary
and its Agent Members, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in any Global Security. The registered Holder of a Global Security may grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through Agent members, to take any action that a Holder is entitled to take under this Indenture or the Securities. 

(c) None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or obligation to any beneficial owner in a Global
Security, an Agent Member or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Agent Member, with respect to any ownership interest in the Securities or with respect to the delivery to any Agent
Member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities. All notices and communications to be given to the Holders
and all payments to be made to Holders under the Securities and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of the Global Security). Except to
the extent otherwise set forth in this Section 2.7, the rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to its applicable procedures. Except to the extent otherwise set forth in this
Section 2.7, the Trustee, the Paying Agent and the Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The
Trustee, the Paying Agent and the Security Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture relating to such Global Security
(including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole
holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any acts or omissions of the Depositary with respect
to such Global Security, for the records of any such Depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary and any Agent Member or between or
among the Depositary, any such Agent Member and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security. 

(d) Except as provided below, owners of beneficial interests in Global Securities will not be entitled to receive Certificated Securities.

 (i) The Company may at any time and in its sole discretion determine that the Securities of a series issued in the form of
one or more Global Securities shall no longer be represented by such Global Securities. 

  
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 (ii) Certificated Securities shall be issued to all owners of beneficial
interests in a Global Security in exchange for such interests if: 
 (e) In connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to paragraph (c) of this Section 2.07, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Security in an amount
equal to the principal amount of the beneficial interest in such Global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and make available for delivery, one or more Certificated Securities of like tenor
and amount. In connection with the exchange of an entire Global Security for Certificated Securities pursuant to paragraph (c) of this Section 2.07, such Global Security shall be deemed to be surrendered to the Trustee for cancellation,
and the Company shall execute, and upon receipt of a Company Order the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Security, an equal aggregate
principal amount of Certificated Securities of such series of like tenor and terms and in authorized denominations. 
 (f) Transfers of a
Global Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary for such series, its successors or their respective nominees. If at any time the Depositary for the Securities of such series notifies
the Company that it is unwilling or unable to continue as Depositary or if at any time the Depositary shall no longer be qualified to serve as Depositary, the Company shall appoint a successor Depositary with respect to the Securities of such
series. If a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, Certificated Securities shall be issued to all owners
of beneficial interests in a Global Security in exchange for such interests as provided in subsection (c) above. 
 (g) Interests of
beneficial owners in a Global Security may be transferred in accordance with the rules and procedures of the Depositary. Any beneficial interest in a Global Security that is transferred to a person who takes delivery in the form of an interest in
another Global Security will, upon transfer, cease to be an interest in the first such Global Security and become an interest in the second such Global Security and, accordingly, will thereafter be subject to all transfer restrictions, if any, and
other procedures applicable to beneficial interests in such other Global Security for as long as it remains such an interest. 
 (h) In the
event that Certificated Securities are not issued to each Holder of a beneficial interest in a Global Security promptly after the Registrar has received a request from the Holder of a Global Security to issue such Certificated Securities in
accordance with Section 2.07(c)(ii)(C), the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.06 or Section 6.07 hereof, the right of any beneficial Holder of Notes to
pursue such remedy with respect to the portion of the Global Security that represents such beneficial Holder’s Securities as if such Certificated Securities had been issued. 

  
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 SECTION 2.08 Global Security Legend. Any Global Security shall bear a legend in
substantially the following form on the face thereof, or in such other form as may be necessary or appropriate to reflect the arrangements with or to comply with the requirements of any Depositary: 

“THIS IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER, AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR
A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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 THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 
 SECTION 2.09 Mutilated, Destroyed, Lost or Stolen
Securities. (a) If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall execute, and upon Company Order the Trustee
shall authenticate and make available for delivery, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a replacement Security of like tenor and principal amount, bearing a number not
contemporaneously Outstanding, if: (i) the requirements of Section 8-405 of the Uniform Commercial Code of the State of New York are met, (ii) the Holder satisfies any other reasonable requirements of the Trustee and the Company, and
(iii) neither the Company nor the Trustee has received notice that such Security has been acquired by a protected purchaser. If required by the Trustee or the Company, such Holder shall furnish an affidavit of loss and indemnity bond sufficient
in the judgment of the Company and the Trustee to protect the Company, any Security Guarantor, the Trustee, the Paying Agent, the Registrar, any co-Registrar and the Security Custodian from any loss that any of them may suffer if a Security is
replaced. 

  
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 (b) Upon the issuance of any new Security under this Section 2.09, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses of the Company (including the fees and expenses of the Trustee and counsel) in connection therewith. 

(c) Every new Security issued pursuant to this Section 2.09 in exchange for any mutilated Security, or in lieu of any destroyed, lost or
stolen Security, shall constitute an original additional contractual obligation of the Company, any Security Guarantor and any other obligor upon the Securities, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 

(d) In case any Security which has matured or is about to mature, or has been called for redemption in full, shall become mutilated or defaced
or be apparently destroyed, lost or stolen, the Company may, instead of issuing a substitute Security of the same series, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Security), if
the applicant for such payment shall furnish to the Company and to the Trustee and any agent of the Company or the Trustee such security or indemnity as any of them may require to save each of them harmless from all risks, however remote, and, in
every case of apparent destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee and any agent of the Company or the Trustee evidence to their satisfaction of the apparent destruction, loss or theft of such Security
and of the ownership thereof. 
 (e) The provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

SECTION 2.10 Temporary Securities. Pending the preparation and delivery of Certificated Securities of any series, the Company may
execute and upon Company Order the Trustee shall authenticate and make available for delivery temporary Certificated Securities of such series. Temporary Securities shall be substantially in the form of definitive Securities but may have variations
that the Company considers appropriate for temporary Securities, including such reference to any provisions of this Indenture as may be appropriate. Without unreasonable delay, the Company shall prepare and execute and upon Company Order the Trustee
shall authenticate definitive Securities; provided, that such execution and authentication shall be upon the same conditions and in substantially the same manner, and with like effect, as for the definitive Securities of such series. After the
preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities at any office or agency maintained by the Company for that purpose and such
exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and, upon Company Order and delivery to the Trustee of any other documents and certificates required
by this Indenture, the Trustee shall authenticate and make available for delivery in exchange therefor one or more definitive Securities of such series representing an equal principal amount of Securities of such series. Until so exchanged, the
Holder of temporary Securities shall in all respects be entitled to the same benefits under this Indenture as a Holder of definitive Securities. 

  
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 SECTION 2.11 Cancellation of Securities. All Securities surrendered for payment,
redemption, registration of transfer or exchange, if surrendered to the Company or any agent of the Company or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no
Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of cancelled Securities in its customary manner and policy of disposal and in accordance with prudent
business practices. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for
cancellation. 
 SECTION 2.12 CUSIP and ISIN Numbers. The Company in issuing the Securities of any series may use a
“CUSIP” and, if desired or required, an “ISIN” number (if then generally in use), and, if desired, other similar identifying number or numbers. The Trustee shall use the CUSIP numbers or ISIN numbers, as the case may be, in
notices of redemption, exchange or similar transactions as a convenience to Holders of such series; provided, that any such notice shall state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of redemption or exchange and that reliance may be placed only on the other identification numbers printed on the Securities and any such redemption shall not be affected by any defect in or omission of such
numbers. The Company shall promptly notify the Trustee of any change in the CUSIP numbers, ISIN numbers or such other identifying numbers as may be in use at such time. 

SECTION 2.13 Defaulted Interest. Unless otherwise specified in the terms of any series of Securities, when any installment of
interest with respect to any series of Securities becomes Defaulted Interest, such installment shall forthwith cease to be payable to the Holders in whose names the Securities of such series were registered on the Regular Record Date applicable to
such installment of interest, and such Defaulted Interest (including any interest on such Defaulted Interest) shall be paid by the Company, at its election, as provided in Section 2.13(a) or (b) below. 

(a) The Company may elect to make payment of any Defaulted Interest (including any interest payable on such Defaulted Interest) to the Holders
in whose names the Securities of the relevant series are registered at the close of business on a special record date for the payment of such Defaulted Interest (a “Special Record Date”), which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee or the Paying Agent an amount of
money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Holders entitled to such Defaulted Interest as provided in this Section 2.13(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15
calendar days and not less than ten calendar days prior to the date of the proposed payment and not less than ten calendar days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent, first-class mail, postage prepaid, to each

  
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Holder at such Holder’s address as it appears in the Securities Register, not less than ten calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Holders in whose names the Securities are registered at the close of business on such Special Record Date and shall no longer
be payable pursuant to Section 2.13(b); or 
 (b) Alternatively, the Company may make payment of any Defaulted Interest (including any
interest on such Defaulted Interest) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of such series may be listed, and upon such notice as may be required by such exchange, if,
after notice given by the Company to the Trustee of the proposed payment pursuant to this Section 2.13(b), such manner of payment shall be deemed practicable by the Trustee. The Trustee shall in the name and at the expense of the Company cause
prompt notice of the proposed payment and the date thereof to be sent, first-class mail, postage prepaid, to each Holder at such Holder’s address as it appears in the Security Register. 

SECTION 2.14 Additional Securities. (a) The Company may, from time to time, subject to compliance with any other applicable
provisions of this Indenture and the relevant Securities, without the consent of the Holders, create and issue pursuant to this Indenture additional Securities of any series of Securities (“Additional Securities”) that shall have
terms and conditions identical to those of the other Outstanding Securities, except with respect to: 
 (i) the issue date;

 (ii) the amount of interest payable on the first Interest Payment Date after issuance of the Additional Securities; 

(iii) the issue price; 

(iv) any adjustments necessary in order to conform to and ensure compliance with the Securities Act (or other applicable
securities laws), the Code and any registration rights or similar agreement applicable to such Additional Securities, which are not adverse in any material respect to the Holder of any Outstanding Securities (other than such Additional Securities);
and 
 (v) certain other terms that may be specified in any prospectus supplement relating to such issuance. 

The Securities of a series previously issued and any Additional Securities in respect of such series of Securities shall be treated as a single class for all
purposes under this Indenture. 
 (b) With respect to Additional Securities of any series of Securities, the Company will set forth in an
Officer’s Certificate pursuant to a resolution of the Board of Directors of the Company, copies of which will be delivered to the Trustee, the following information: 

(i) the series and aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this
Indenture; and 

  
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 (ii) the issue date and the issue price of such Additional Securities; provided
that no Additional Securities may not be issued at a price that would cause such Additional Securities to have “original issue discount” within the meaning of Section 1273 of the Code, as amended, unless such Additional Securities
have a separate CUSIP number from other Securities. 
 ARTICLE III 

COVENANTS 
 SECTION 3.01
Payment of Principal, Premium, if any, and, Interest. The Company covenants and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay or cause to be paid the principal of, premium, if any, and
interest on the Securities of that series in accordance with the terms of the Securities of such series, any coupons appertaining thereto and this Indenture. An installment of principal, premium, if any, or interest shall be considered paid on the
date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay the installment. Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so
by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal, premium or interest payments hereunder. 

SECTION 3.02 Maintenance of Office or Agency. (a) The Company shall maintain a Payment Office where Securities may be
presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will
give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands. 
 (b) The Company may also from time to time designate one or more other offices or agencies (in or outside the City
of New York) where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes. The Company shall give prompt written notice to the Trustee
of any such designation or rescission and any change in the location of any such other office or agency. 
 (c) Unless otherwise specified
pursuant to the terms of the Securities of any series, the Trustee shall initially serve as Paying Agent with respect to each series of Securities. 

SECTION 3.03 Money for Securities Payments to Be Held in Trust; Unclaimed Money. (a) If the Company or an Affiliate of the
Company shall at any time act as the Company’s own Paying Agent with respect to any series of Securities, the Company or such Affiliate, as the case may be, will, on or before each due date of the principal of, premium, if

  
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any, or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal, premium, if any, or
interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee in writing of its action or failure so to act. Upon any proceeding under any Bankruptcy Law with
respect to the Company or any Affiliate of the Company that is acting as Paying Agent with respect to any series of Securities, the Trustee shall replace the Company or such Affiliate as Paying Agent with respect to such series of Securities. 

(b) When the Company shall have one or more Paying Agents for any series of Securities, the Company will cause each such Paying Agent for any
series of Securities (other than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent; 

(ii) hold all sums held by it for the payment of the principal of, premium, if any, or interest on Securities of such series in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(iii) give the Trustee notice of any Default by the Company or any Security Guarantor (or any other obligor upon the Securities
of such series) in the making of any payment of principal, premium, if any, or interest on the Securities of such series; and (iv) at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such Paying Agent for payment in respect of the Securities of such series. 
 (c) The Company may
at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent (if other than the Company or a
Security Guarantor) shall be released from all further liability with respect to such money. 
 (d) Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of any principal, premium or interest on any Security of any series and remaining unclaimed for two years after such principal premium, if any, or interest has become due and
payable shall be paid to the Company on Company Order, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security and coupon, if any, shall thereafter, as an unsecured general 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 a newspaper published in the English 

  
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language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, or at the discretion of the Company cause to be mailed to such
Holder, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 calendar days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Company. 
 SECTION 3.04 Existence. Subject to Article IV, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence. 
 SECTION 3.05 Reports by the Company. The Company
covenants and agrees that it shall file with the Trustee, within 30 days after it files such annual and quarterly reports, information, documents and other reports with the SEC, copies of its annual report and of the information, documents and other
reports (or copies of such portions of any of the foregoing the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; provided, that any such
annual and quarterly reports, information, documents and other reports and information filed with the SEC may be provided by the Company to the Trustee electronically. The Company shall comply with the other provisions of Section 314(a) of the
Trust Indenture Act. Delivery of such information, documents and reports to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive knowledge or notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

SECTION 3.06 Annual Compliance Certificate; Notice of Defaults or Events of Default. The Company covenants and agrees to deliver
to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate that complies with Section 314(a)(4) of the Trust Indenture Act stating that in the course of the performance by the signers of
their duties as Officers of the Company, they would normally have knowledge of any Default or Event of Default under this Indenture and whether or not the signers know of any Default or Event of Default under this Indenture that occurred during such
period. If they do, the certificate shall describe such Default or Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also shall comply with any other applicable requirements of
Section 314(a)(4) of the Trust Indenture Act. 
 SECTION 3.07 Limitation on Liens. The Company covenants and agrees that it
shall not, and shall not permit any of its Subsidiaries to, incur, assume, or guarantee any indebtedness for borrowed money secured by a Lien on (a) any Productive Property, (b) any Principal Transmission Facility or (c) any shares of
stock of any Subsidiary (collectively (a), (b) and (c), “Principal Property”), if the sum, without duplication, of 

(i) the aggregate principal amount of all Secured Debt of the Company and its Subsidiaries (other than Secured Debt secured by
a Permitted Lien); and 
 (ii) all Attributable Debt of the Company or its Subsidiaries in respect of Sale and Leaseback
Transactions involving any Principal Property (other than Permitted Sale and Leaseback Transactions), 

  
 32 

 exceeds 15% of the Company’s Consolidated Assets, unless the Company provides that the Securities and the
Security Guarantees will be secured equally and ratably with (or, at the Company’s option, prior to) such Secured Debt. 

SECTION 3.08 Limitation on Sale and Leaseback Transactions. The Company covenants and agrees that neither it nor any of its
Subsidiaries shall enter into, assume, guarantee or otherwise become liable with respect to any Sale and Leaseback Transaction involving any Principal Property, unless, after giving effect thereto the sum, without duplication of: 

(a) the aggregate principal amount of all Secured Debt (other than Secured Debt secured by a Permitted Lien); and 

(b) all Attributable Debt in respect of such Sale and Leaseback Transactions (other than Permitted Sale and Leaseback Transactions), 

does not exceed 15% of the Company’s Consolidated Assets. This Section 3.08 shall not apply to any Permitted Sale and Leaseback Transaction. 

SECTION 3.09 Offer to Repurchase Upon Change of Control Event. (a) Unless specified to the contrary in the terms of a series
of Securities, if a Change of Control Event occurs, each Holder shall have the right to require the Company to repurchase all or any part (in an amount equal to at least the minimum denomination of such series of Securities as specified in the terms
thereof or an integral multiple as specified in excess thereof) of such Holder’s Securities at a purchase price, in cash, equal to 101% of the aggregate principal amount of such Holder’s Securities, plus accrued and unpaid interest, if
any, and premium or liquidated damages, if any, up to but excluding the date of purchase (the “Change of Control Payment”), subject to the right of Holders on any relevant Regular Record Date to receive interest on the related
relevant Interest Payment Date as described in Section 3.09(c) below. Within 30 days following a Change of Control Event, if the Company has not (prior to the Change of Control Event) sent a redemption notice for all the Securities in
connection with an optional redemption permitted by Article V of this Indenture, the Company shall mail a Change of Control Notice (the “Change of Control Offer”) to each Holder, with a copy to the Trustee. On the Change of Control
Payment Date, the Company shall, to the extent lawful: 
 (i) accept for payment all Securities or portions of Securities (of
at least the minimum denomination of such series of Securities as specified in the terms thereof or an integral multiple as specified in excess thereof) properly tendered pursuant to the Change of Control Offer; 

(ii) all Attributable Debt of the Company or its Subsidiaries in respect of Sale and Leaseback Transactions involving any
Principal Property (other than Permitted Sale and Leaseback Transactions), (a) the aggregate principal amount of all Secured Debt (other than Secured Debt secured by a Permitted Lien); and (b) all Attributable Debt in respect of such Sale
and Leaseback Transactions (other than Permitted Sale and Leaseback Transactions), (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities or portions of Securities properly tendered and
not properly withdrawn; and (iii) deliver or cause to be delivered to the 

  
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Trustee the Securities so accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities or portions thereof being purchased by the Company. 

(b) The Paying Agent shall promptly mail to each Holder of Securities properly tendered and not withdrawn the Change of Control Payment for
such Securities, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that
each such new Security shall be in a principal amount of at least the minimum denomination of such series of Securities as specified in the terms thereof or an integral multiple as specified in excess thereof. Any Security so accepted for payment
shall cease to accrue interest on and after the Change of Control Payment Date unless the Company defaults in making the Change of Control Payment. 

(c) If the Change of Control Payment Date is on or after a Record Date for the payment of interest and on or before the related Interest
Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name the relevant Security is registered at the close of business on such Record Date, and no further interest shall be payable to Holders who tender pursuant to the
Change of Control Offer. 
 (d) Unless specified to the contrary in the terms of a series of Securities, the provisions described above
shall be applicable to any Change of Control Event, except as described in this Section 3.09 or in the terms of the series of such Securities, whether or not any other provisions of this Indenture are applicable. 

(e) Notwithstanding the foregoing, the Company shall not be required to make a Change of Control Offer with respect to any series of
Securities upon a Change of Control Event if a third party makes the Change of Control Offer with respect to such series of Securities 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 Securities to which such offer applies that are validly tendered and not properly withdrawn under such Change of Control Offer. 

(f) The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities
laws or regulations in connection with any required repurchase of Securities as a result of a Change of Control Event. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Indenture, or compliance
with the Change of Control Event provisions of this Indenture would constitute a violation of any such laws or regulations, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations described in this Indenture by virtue of its compliance with such securities laws or regulations. 
 SECTION 3.10 Waiver
of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision, or condition set forth in the provisions of any supplemental indenture specified in such supplemental indenture, with respect to the
Securities of any series if the Holders of a majority in principal amount of all Outstanding Securities of such series shall, by act of such Holders in accordance with Section 12.01, either 

  
 34 

 
waive such compliance in such instance or generally waive compliance with such term, provision, or condition, but no such waiver will extend to or affect such term, provision or condition except
to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision, or condition will remain in full force and effect. 

SECTION 3.11 Further Instruments and Acts. The Company and each Security Guarantor shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper or as the Trustee may reasonably request to carry out more effectively the purpose of this Indenture. 

ARTICLE IV 
 CONSOLIDATION, MERGER
OR SALE OF ASSETS 
 SECTION 4.01 When the Company May Merge, Etc. The Company shall not consolidate with or merge into any
other Person or sell, convey or transfer all or substantially all of its assets (determined on a consolidated basis) to any Person, unless: 

(a) either (i) in the case of a consolidation or merger, the Company shall be the continuing or surviving Person or (ii) the Person
formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer the assets of the Company substantially as an entirety (the “Successor Company”) shall be a Person organized and
existing under the laws of the United States of America or any State or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal
of and interest, if any, on all the Securities and the performance or observance of every covenant of this Indenture of the part of the Company to be performed or observed; 

(b) immediately after giving effect to such transaction, no Event of Default, and no Default, shall have happened and be continuing; and 

(c) the Company or the Successor Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating
that such consolidation, merger, sale, conveyance or transfer and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided
for relating to such transaction have been complied with. 
 SECTION 4.02 Successor Company Substituted. Upon any such
consolidation, merger, sale, conveyance or transfer in accordance with Section 4.01 hereof, the Successor Company shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, conveyance,
transfer or other disposition, the provisions of this Indenture referring to the “Company” shall instead refer to the Successor Company and not to Southwestern Energy Company), and may exercise every right and power of the Company under
this Indenture with the same effect as if such successor Person had been named as the Company herein, and the predecessor Person shall be released from all obligations and covenants under this Indenture and the Securities. 

  
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 In case of any such consolidation, merger, sale, lease, conveyance or transfer, such changes in
phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

SECTION 4.03 Opinion of Counsel to Trustee. The Trustee, subject to the provisions of Sections 7.01 and 7.02, may receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger, conveyance, sale, transfer, lease, exchange or other disposition complies with the applicable provisions of this Indenture. 

ARTICLE V 
 REDEMPTION OF
SECURITIES 
 SECTION 5.01 Applicability of Article. Securities of any series which are redeemable before their Stated Maturity
shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 2.03 for Securities of any series) in accordance with this Article. 

SECTION 5.02 Notice of Redemption; Partial Redemptions. (a) The Company shall give or cause the Trustee (in the name and at
the expense of the Company) to give notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part by mailing notice of such redemption by first-class mail, postage prepaid, not less than 30 days nor more than
60 days prior to the date fixed for redemption, to each Holders of the Securities to be redeemed at their last addresses as they shall appear in the Security Register; provided, however, that redemption notices may be given more than
60 days prior to the date fixed for redemption if the notice is issued in connection with a defeasance of a series of Securities pursuant to Article VIII of this Indenture or a satisfaction and discharge of this Indenture. If the Trustee does not
give the redemption notice, the Company shall deliver a copy of the notice to the Trustee. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the
notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security designated for redemption as a whole or in part, shall not affect the validity of the proceedings for the redemption of any other Security. 

All notices of redemption shall state: 

(i) the series of Securities to be redeemed (including CUSIP, ISIN or other identifying numbers, although no representation
need be made as to the accuracy or correctness of such CUSIP, ISIN or other identifying numbers); 
 (ii) the date fixed for
redemption; 
 (iii) the Redemption Price (or the method by which it will be determined) and the amount of any accrued
interest or premium payable upon redemption; 
 (iv) whether the Company is redeeming all the Outstanding Securities of such
series; 
 (v) if the Company is not redeeming all Outstanding Securities of such series, the aggregate principal amount of
Securities that the Company is redeeming, the 

  
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aggregate principal amount of Securities that will be Outstanding after the partial redemption and the identification of the particular Securities, or portions of the particular Securities, that
the Company is redeeming; 
 (vi) if the Company is redeeming only part of a Security, the notice that relates to that
Security shall state that on and after the redemption date, upon surrender of the Security, the Holder will receive without charge a new Security or Securities of authorized denominations for the principal amount of the Security remaining
unredeemed; 
 (vii) the place or places where a Holder must surrender its Securities for payment of the Redemption Price;

 (viii) that payment will be made upon presentation and surrender of such Securities; 

(ix) that interest accrued to the date fixed for redemption will be paid as specified in said notice; and 

(x) that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. 

(b) If the Company is not redeeming all Outstanding Securities of a series, the Trustee shall select the Securities to be redeemed
pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate (provided that, in the case of Global Securities, the Depositary shall select Global Securities for redemption pursuant to its applicable procedures). The
Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount of the Securities to be redeemed. 

(c) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

(d) On or prior to 10:00 a.m. New York City time on the redemption date specified in the notice of redemption given as provided in this
Section, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as Paying Agent, set aside, segregate and hold in trust as provided in Section 3.03) an amount of money in immediately available funds
sufficient to pay the Redemption Price of, and accrued interest, if any, on, all the Securities of a series that the Company is redeeming on that date. Trustee or Paying Agent shall promptly return to the Company any money deposited with the Trustee
or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed. 

SECTION 5.03 Payment of Securities Called for Redemption. (a) If the Company, or the Trustee on behalf of the Company, gives
notice of redemption in accordance with this Article V, the Securities, or the portions of the Securities, called for redemption in such notice 

  
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shall, on the date fixed for redemption, become due and payable at the Redemption Price specified in the notice (together with accrued interest, if any, to the date fixed for redemption), and
from and after such date (unless the Company shall default in the payment of such Securities at the Redemption Price and accrued interest) the Securities or the portions of Securities so called for redemption shall cease to bear interest. Upon
surrender of such Securities for redemption in accordance with the redemption notice, said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption Price, together with accrued interest to
the date fixed for redemption; provided that any payment of interest becoming due on the date fixed for redemption shall be payable to the holders of such Securities registered as such on the relevant Regular Record Date subject to the terms
and provisions of Section 2.05 hereof. 
 (b) If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate borne by the Security. 

(c) Upon surrender of any Security that is to be redeemed in part, the Company shall execute, and the Trustee shall authenticate and make
available for delivery to or on the order of the Holder of such Security at the expense of the Company, a new Security or Securities of any authorized denominations as requested by the Holder, in an aggregate principal amount equal to, and in
exchange for, the unredeemed portion of the principal of the Security so surrendered; provided that each new Security shall be in a principal amount equal to the minimum denomination of such series of Securities or any or any minimum
specified integral multiple in excess thereof. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 

SECTION 6.01 Events of Default. (a) An “Event of Default” occurs with respect to the Securities of any series if:

 (i) the Company defaults for 30 days or more in the payment of any interest on any Security of that series or any coupon
appertaining thereto or any additional amount payable with respect to any Security of that series as specified pursuant to Section 2.03(b)(17) when due; 

(ii) the Company defaults in the payment of the principal, or premium if any, on any Security of that series at its Maturity
Date when and as due, or in the making of a mandatory sinking fund payment when and as due by the terms of the Securities of that series; 

(iii) the Company defaults for 90 days or more after written notice to the Company by the Trustee or by the Holders of at least
25% of the Principal Amount of Securities of such series then Outstanding (which notice shall specify the non-compliance and state that it is a “Notice of Default” under the Indenture), in any material respect in the performance of any
other agreement in the Indenture with respect to any Security of that series (other than an agreement, covenant or provision for which non-compliance is elsewhere in this Section 6.01 specifically dealt with); 

  
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 (iv) principal of or interest on any indebtedness for borrowed money of the
Company or any Significant Subsidiary (including indebtedness under this Indenture) is not paid within any applicable grace period after such payment is due, or the principal thereof is accelerated by the holders thereof because of a default, and
the total principal amount of such indebtedness, whether it exists as of the date of this Indenture or shall hereafter be created, in either case exceeds $100,000,000, and such acceleration is not rescinded or annulled within 30 days or such
indebtedness is not paid in full within 30 days; provided that such Event of Default will be cured or waived, without further action upon the part of either the Trustee or any Holder, if (A) the default that resulted in the acceleration
of such other indebtedness is cured or waived; and (B) the acceleration is rescinded or annulled 
 (v) a Bankruptcy Law
Event of Default; 
 (vi) in the case where a Security Guarantor guarantees such Securities, except as otherwise provided for
in this Indenture, any Security Guarantee ceases to be in full force and effect, or any Security Guarantor denies or disaffirms its obligation under its Security Guarantee; or (vii) any other Event of Default provided with respect to Securities
of that series. 
 The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or
involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

(b) Notwithstanding the foregoing, the sole remedy of Holders of the Securities for an Event of Default resulting from 

(i) any breach of the Company’s or any Security Guarantor’s obligation to file or furnish any documents or reports
required to be filed or furnished, as the case may be, with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; or 

(ii) any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act or of Section 3.05
of this Indenture; 
 shall, for the first 365 days after the giving of notice of the occurrence of such an Event of Default, consist exclusively of
liquidated damages (“liquidated damages”), and Holders shall not have any right under the Indenture to accelerate the maturity of the Securities of any series as a result of any such breach except as described in this paragraph (b).
If an Event of Default relating to any such obligation continues for 90 days after notice thereof is given in accordance with the Indenture, the Company shall pay liquidated damages to the Holders of the Outstanding Securities of such series at an
annual rate equal to: 
 (iii) 0.25% per annum of the Principal Amount of the Outstanding Securities of such series from
the 90 day following such notice to but not including the 180 day following such notice (or such shorter period until such Event of Default has been cured or waived); and 

  
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 (iv) 0.50% per annum of the Principal Amount of the Outstanding Securities
of such series from the 180 day following such notice to but not including the 365 day following such notice (or such shorter period until such Event of Default has been cured or waived). 

On such 365 day (or earlier, if such Event of Default is cured or waived prior to such 365 day), such liquidated damages shall cease to accrue, and such
Securities shall be subject to acceleration as provided above if the Event of Default is continuing. This paragraph (b) will not affect the rights of Holders in the event of the occurrence of any other Event of Default. 

If liquidated damages are payable under this paragraph (b), the Company shall deliver to the Trustee an Officer’s Certificate to that
effect stating the date on which such liquidated damages are or shall become payable. Unless and until a Trust Officer receives at the Corporate Trust Office such an Officer’s Certificate, the Trustee may assume without inquiry that no
liquidated damages are or shall be payable. If the Company is required to pay any liquidated damages pursuant to this paragraph (b), the Company shall provide a direction or order in the form of a written notice to the Trustee (and if the Trustee is
not the Paying Agent, the Paying Agent) of the Company’s obligation to pay such liquidated damages no later than three Business Days prior to date on which any such liquidated damages are scheduled to be paid; provided that the Company
shall make payments of all liquidated damages no later than the first Interest Payment Date subsequent to the 365 day following such notice (or such shorter period if such Event of Default has been cured or waived and liquidated damages have ceased
to accrue). Such notice shall set forth the amount of liquidated damages to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the extent it receives
funds from the Company to do so. The Trustee shall pay the liquidated damages to the Holders of record of each relevant series of Securities in the Security Register as of the close of business on the Business Day prior to the date on which such
payment is made; provided that any liquidated damages payable as of the Maturity Date of any series of Securities shall be paid to the Holder receiving the payment of the principal amount of such Securities. The Trustee shall not at any time
be under any duty or responsibility to any Holder of Securities to determine whether liquidated damages are payable, or with respect to the nature, extent, or calculation of the amount of liquidated damages owed, or with respect to the method
employed in such calculation of such liquidated damages. 
 SECTION 6.02 Acceleration. (a) If an Event of Default (other
than an Event of Default specified in Section 6.01(a)(v) above with respect to the Company) shall have occurred and be continuing and is known to the Trustee, the Trustee, by written notice to the Company, or the Holders of not less than 25% in
aggregate Principal Amount of the then Outstanding Securities of that series, by written notice to the Company and the Trustee, may declare the unpaid principal of (and premium, if any) and any accrued and unpaid interest on all the Securities of
the affected series to be immediately due and payable. Any such notice shall specify the Event of Default and that it is a “Notice of Acceleration.” If an Event of Default specified in Section 6.01(a)(v) above occurs with respect to
the Company, then the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Securities shall ipso facto become immediately due and payable without further notice or action on the part of the Trustee or any
Holder. 

  
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 (b) At any time after such a declaration of acceleration with respect to the Securities of any
series has been made, but before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article VI provided, the Holders of a majority in Principal Amount of the Outstanding Securities of such
series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

(i) the Company has paid or deposited with the Trustee a sum sufficient to pay: 

(A) all overdue interest on all of the Securities of that series; 

(B) the principal of (and premium, if any, on) Securities of that series which has become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in the Securities of that series; 

(C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed
therefor in the Securities of that series; and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements, and advances of the Trustee and its agents and counsel and 
 (ii) all Events of
Default with respect to the Securities of that series, other than the non-payment of the principal of the Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 6.04. 
 No such rescission shall affect any subsequent Default or Event of Default or impair any rights relating thereto. 

SECTION 6.03 Other Remedies. (a) If an Event of Default with respect to Securities of any series occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal of and interest on the Securities of such series or to enforce the performance of any provision of the Securities of such series or this Indenture. 

(b) The Trustee may maintain a proceeding even if it does not possess any of the Securities of such series or does not produce any of them in
the proceeding. Any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. A delay or omission by the Trustee or any Holder in exercising any
right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent
permitted by law. 

  
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 SECTION 6.04 Waiver of Past Defaults. The Holders of not less than a majority in
aggregate Principal Amount of the Securities of any series then Outstanding may, by written notice to the Trustee, on behalf of the Holders of all of the Securities of such series waive any existing Default or Event of Default and its consequences
under the Indenture except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest, if any, on any Security of such series. The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Persons entitled to waive any past default hereunder. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to waive any default hereunder,
whether or not such Holders remain Holders after such record date. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 SECTION 6.05 Control by
Majority. (a) With respect to the Securities of any series, the Holders of a majority in aggregate Principal Amount of the then Outstanding Securities of that series, on behalf of all Holders of the Outstanding Securities of that series,
may direct the time, method and place of conducting any proceeding for any remedies available to the Trustee or of exercising any trust or power conferred on the Trustee. Subject to Sections 7.01 and 7.02, however, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders of that series or that may involve or cause the Trustee any potential liability unless the Holders have
offered to the Trustee reasonable indemnity; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 

(b) Upon receipt by the Trustee of any such direction with respect to the Securities of such series, a record date shall automatically and
without any other action by any Person be set for determining the Holders of Outstanding Securities of such series entitled to join in such direction, which record date shall be the close of business on the day the Trustee receives such direction.
The Holders of Outstanding Securities of such series on such record date (or their duly appointed agents), and only such Persons, shall be entitled to join in such direction, whether or not such Holders remain Holders after such record date. 

SECTION 6.06 Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding with
respect to this Indenture or the Securities of the applicable series for any remedy thereunder, unless: 
 (i) such Holder
shall have previously given to the Trustee written notice of a continuing Event of Default; 
 (ii) Holders of at least 25%
in aggregate Principal Amount of the then Outstanding Securities of that series have also made such a written request to the Trustee to pursue the remedy; 

  
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 (iii) such Holder or Holders of the Securities have provided to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense in connection with the institution of such proceedings; 

(iv) the Trustee does not comply with the request delivered in clause (ii) within 90 days; and 

(v) during or prior to such 90-day period, the Holders of a majority in aggregate principal amount of the Securities of such
series then Outstanding have not given the Trustee a written direction that, in the opinion of the Trustee, is inconsistent with such request; 

provided, however, that the limitations in this Section 6.06 do not apply to a suit initiated by a Holder for the enforcement of payment of
the principal of, or premium or interest, if any, on such Securities on or after the respective due dates expressed in such Securities after any applicable grace periods have expired. 

A Holder may not use this Indenture either to prejudice the rights of, or to obtain a preference or priority over, another Holder of Securities of the same
series in case of any Event of Default described in clause (i), (ii) or (vi) of Section 6.01 or of another Holder of any series of Securities in the case of any Event of Default described in clauses (iii), (iv) or (v) of
Section 6.01 
 SECTION 6.07 Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture
(including, without limitation, Section 6.06), the right of any Holder to receive payment of principal of (and premium, if any) or interest, if any, on any Security of any series held by such Holder, on or after the respective due dates,
redemption dates or repurchase dates expressed in this Indenture or in such series of Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of
such Holder. 
 SECTION 6.08 Collection Suit by Trustee. If an Event of Default specified in Section 6.01(i) or
(ii) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company or any Security Guarantor (if any) for the whole amount then due and owing (together with
applicable interest on any overdue principal and, to the extent lawful, interest on overdue interest) and the amounts provided in Section 7.07. 

SECTION 6.09 Trustee May File Proofs of Claim. 

(a) The Trustee is authorized to (irrespective of whether the principal of the Securities of such series is then due): 

(i) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Securities of such series allowed in any bankruptcy, insolvency, liquidation or other
judicial proceedings relative to the Company, any Security Guarantor or any other obligor upon the Securities, or their respective creditors or properties; and 

  
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 (ii) collect and receive any moneys or other property payable or deliverable in
respect of any such claims and distribute them in accordance with this Indenture. 
 Any receiver, trustee, liquidator, sequestrator (or other similar
official) in any such proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, taxes, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due to the Trustee pursuant to Section 7.07. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties which the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

(b) Nothing in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10 Priorities. If the Trustee collects any money, or any money or property distributable pursuant to this Article after
the occurrence of any Event of Default, it shall pay out the money or property in the following order: 
 FIRST: to the
Trustee (including and predecessor trustee), its agents and counsel for amounts due under Section 7.07; 
 SECOND: if
the Holders proceed against the Company directly without the Trustee in accordance with this Indenture, to Holders for their collection costs; 

THIRD: to Holders for amounts due and unpaid on the Securities of any series for principal and interest, if any, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Securities of such series for principal and interest, respectively; and 

FOURTH: to the Company or, to the extent the Trustee collects any amount pursuant to Article XI hereof from any Security
Guarantor, to such Security Guarantor, or to such party as a court of competent jurisdiction shall direct. 

  
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 The Trustee may, upon at least five Business Days notice to the Company, fix a record date and payment date for
any payment to Holders pursuant to this Section 6.10. 
 SECTION 6.11 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 in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder of Securities of the affected series pursuant to Section 6.07 or a suit by Holders of more than 10% in principal
amount of Outstanding Securities. 
 ARTICLE VII 

TRUSTEE 
 SECTION 7.01
Duties and Responsibilities of the Trustee. The Trustee, with respect to the Securities of any series, prior to the occurrence of an Event of Default with respect to the Securities of such series and after the curing or waiving of all Events
of Default with respect to the Securities of such series which may have occurred, undertakes to perform such duties and only such duties with respect to such series as are specifically set forth in this Indenture. 

(a) If an Event of Default with respect to the Securities of a series has occurred and is continuing (and has not been cured or waived), the
Trustee shall exercise such of the rights and powers vested in it by this Indenture with respect to such series 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. 
 (b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they
conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

  
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 (c) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own bad faith or willful misconduct, except that: 
 (i) this paragraph (c) does not
limit the effect of paragraphs (b) and (f) of this Section 7.01; 
 (ii) the Trustee shall not be liable for
any error of judgment made in good faith by a Trust Officer or Trust Officers unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Sections 6.02, 6.04, 7.05 or otherwise exercising any trust or power conferred upon the Trustee under this Indenture. 

(d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 

(e) All moneys received by the Trustee shall, until used or applied as herein provided, be held in trust by the Trustee for the purposes for
which they were received, but need not be segregated from other funds except to the extent required by law. Neither the Trustee nor any agent of the Company or the Trustee shall be under any liability for interest on any moneys received by it
hereunder, except as otherwise agreed with the Company. 
 (f) No provision of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. This Section 7.01 is in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act. 

(g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Article VII and to the provisions of the Trust Indenture Act. 
 (h) Unless otherwise specifically
provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 

(i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities
that might be incurred by it in compliance with such request or direction. 
 (j) Wherever in this Article VII a negligence, misconduct or
bad faith standard with respect to the Trustee is referred to, it shall mean a negligence, misconduct or bad faith standard as determined by a final non-appealable judgment of a court of competent jurisdiction. 

  
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 SECTION 7.02 Rights of Trustee. Subject to Section 7.01: 

(a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably 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 any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document; 
 (b) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order
and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company. The Trustee shall not be liable for any action it takes or omits to take in good
faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care by it hereunder; 
 (d) The Trustee shall not be liable for any action it takes, suffers or omits to take in good faith which
it believes to be authorized or within its rights or powers; provided that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith; 

(e) The Trustee may consult with counsel of its selection, and the advice or any Opinion of Counsel with respect to legal matters relating to
this Indenture and any series of Securities shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such
counsel; 
 (f) If the Trustee shall reasonably determine it necessary or advisable after due inquiry of the Company, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company, during normal business hours upon reasonable prior notice, and shall incur no liability or additional liability of any
kind by reason of such inquiry or investigation; 
 (g) The Trustee shall not be deemed to have notice or be charged with knowledge of any
Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or has received written notice from the Company, the Paying Agent or any Holder of any event that is in fact such a default at the Corporate Trust Office
of the Trustee, and such notice references the Securities and this Indenture; 
 (h) The rights, privileges, protections, immunities and
benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, Custodian and other Person employed to act
hereunder; 

  
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 (i) The Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of the Officers authorized at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded; 
 (j) Anything in this Indenture notwithstanding, in no
event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such loss or damage
and regardless of the form of action; and 
 (k) The Trustee shall not be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. 

SECTION 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities of any series and may otherwise deal with the Company, any Security Guarantors or any of their respective Affiliates with the same rights it would have if it were not Trustee. However, in the event the Trustee acquires any conflicting
interest pursuant to Section 310(b) of the Trust Indenture Act, it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee, or resign. Any Paying Agent, Registrar or co-Registrar may do the same with
like rights and duties. However, the Trustee must comply with Sections 7.10 and 7.11. 
 SECTION 7.04 Trustee’s Disclaimer.
The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or of the Securities, it shall not be accountable for the Company’s use of the proceeds from any of the Securities, and it
shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of any of the Securities or in any Securities other than the Trustee’s certificate of authentication, except that
the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the
Company, are true and accurate, subject to the qualifications set forth therein. The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture, unless it agrees to do so in writing with the Company. The
Trustee shall have no duty to monitor or investigate the Company’s compliance with or the breach of, or cause to be performed or observed, any representation, warranty or covenant made in this Indenture. 

SECTION 7.05 Notice of Default. If a Default or Event of Default occurs and is continuing with respect to the Securities of any
series and if a Trust Officer has actual knowledge thereof, the Trustee shall mail to each Holder of Securities of such series, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, notice of the Default or
Event of Default (“Notice of Default”) within 90 days after the Trustee’s knowledge thereof (unless 

  
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such Default or Event of Default has been waived or cured prior to such mailing). Except in the case of a Default or Event of Default in payment of principal of, or interest or premium, if any,
of any Security of such series (including payments pursuant to the redemption or required repurchase provisions of such Security, if any) or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee may
withhold the notice if and so long as the board of directors, the executive committee or a committee of directors and/or Trust Officers of the Trustee in good faith determines that withholding the notice is in the interests of the Holders of
Securities of such series. 
 SECTION 7.06 Reports by the Trustee to Holders. The Trustee shall comply with Section 313 of
the Trust Indenture Act. The Company agrees to notify promptly the Trustee whenever any Securities become listed on any stock exchange and of any delisting thereof. 

SECTION 7.07 Compensation and Indemnity. (a) The Company shall pay to the Trustee from time to time reasonable compensation
for its acceptance of this Indenture and services hereunder as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, costs of preparing and reviewing reports, certificates and other
documents, costs of preparation and mailing of notices to Holders and reasonable costs of counsel retained by the Trustee in connection with the delivery of an opinion of counsel or otherwise, in addition to the compensation for its services, except
for any such expense, disbursement or advance as may arise from its negligence, bad faith or willful misconduct. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel,
accountants, experts and other Persons not regularly in its employ. 
 (b) The Company shall indemnify the Trustee against any and all loss,
liability or expense (including reasonable attorneys’ fees and expenses) incurred by it without negligence, willful misconduct or bad faith on its part in connection with the acceptance and administration of this trust and the performance of
its duties hereunder, including the costs and expenses of enforcing this Indenture (including this Section 7.07) and of defending itself against any claims (whether asserted by any Holder, the Company, any Security Guarantor or otherwise). The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee
may have separate counsel and the Company shall pay the fees and expenses of such counsel; provided that the Company shall not be required to pay such fees and expenses if it assumes the Trustee’s defense, and, in the reasonable judgment
of outside counsel to the Trustee, there is no conflict of interest between the Company and the Trustee in connection with such defense. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the
Trustee through the Trustee’s own negligence, willful misconduct or bad faith. 
 (c) To secure the Company’s payment obligations
in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on a particular Security. The
Trustee’s right to receive payment of any amounts due under this Section 7.07 shall not be subordinate to any other liability or indebtedness of the Company. 

  
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 (d) The Company’s payment obligations pursuant to this Section 7.07 shall survive the
discharge of the Securities, the termination for any reason of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses or renders services in connection with the occurrence of a Bankruptcy Law Event of Default,
the expenses (including the reasonable charges and expenses of its counsel) are intended to constitute expenses of administration under any Bankruptcy Law; provided that this shall not affect the Trustee’s rights as set forth in this
Section 7.07 or Section 7.11. “Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the
rights of any other Trustee hereunder. 
 SECTION 7.08 Resignation and Removal; Appointment of Successor Trustee. (a) The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice of resignation to the Company and to the Holders of Securities of such series, such notice to the Holders to be given by mailing (by
first-class mail) the same within 30 days after such notice is given to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument in duplicate, executed by authority of the
Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the mailing
of such notice of resignation, the resigning trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee, or any Holder of the Securities of the affected series who has been a
bona fide holder of a Security or Securities of the affected series for at least six months may, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) The Company shall remove the Trustee if:

 (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.10 and shall fail to resign
after written request therefor by the Company or by any such Holder of Securities; 
 (ii) the Trustee shall fail to comply
with the provisions of Section 310(b) of the Trust Indenture Act, after written request therefor by the Company or by any Holder who has been a bona fide holder of a Security or Securities for at least six months; 

(iii) the Trustee shall be adjudged as bankrupt or insolvent; 

(iv) a receiver or liquidator of the Trustee or of its property shall be appointed or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 

(v) the Trustee otherwise becomes incapable of acting, 

  
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 then, in any such case, the Company may remove the Trustee and appoint a successor trustee by written instrument,
in duplicate, executed by order of the Board of Directors of the Company, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to Section 315(e) of the Trust Indenture Act,
any Holder who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate Principal Amount of the Securities of any series at the time outstanding may at any time remove the
Trustee for that series and appoint a successor trustee by delivering to the Trustee so removed, to the successor trustee so appointed and to the Company the evidence provided for in Section 12.01 of the action in that regard taken by the
Holders. If no successor trustee shall have been so appointed and have accepted appointment 60 days after the mailing of such notice of removal, the trustee being removed may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

(d) Any resignation or removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this
Section 7.08 shall become effective upon acceptance of appointment by the successor trustee as provided herein. 
 (e) The Company
shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by
first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series
and the address of its Corporate Trust Office. 
 (f) In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such
retiring Trustee shall, upon payment of its charges and subject to its lien provided for in Section 7.07, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

  
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 (g) In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall
accept such appointment and which: 
 (i) shall contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; 

(ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee; and 
 (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one Trustee, 
 it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee. Upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company
or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates. 
 (h) Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(i) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under the Trust Indenture Act. 
 (j) Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the
Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09 Successor
Trustee by Merger. (a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another Person, the resulting, surviving or transferee Person without any
further act shall be the successor Trustee; provided, that such entity shall otherwise be qualified and eligible under this Article VII. 

  
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 (b) In case at the time such successor or successors to the Trustee shall succeed to the trusts
created by this Indenture, any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated;
and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in
all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

SECTION 7.10 Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the
Trust Indenture Act. The Trustee shall have a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the Trust Indenture Act;
provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Company are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. 

SECTION 7.11 Preferential Collection of Claims Against Company. The Trustee shall comply with Section 311(a) of the Trust
Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated. 

SECTION 7.12 Communications with the Trustee. Any and all notices, certificates, opinions or filings with the SEC required or
permitted to be provided by the Company to the Trustee under this indenture shall be in writing and shall be personally delivered, sent via an internationally recognized overnight delivery service or sent by facsimile or electronic transmission to
the address or telecopy number of the Corporate Trust Office. 
 ARTICLE VIII 

DEFEASANCE 
 SECTION 8.01
Applicability of the Article; Company’s Option to Effect Defeasance or Covenant Defeasance. Unless pursuant to Section 2.03 provision is made for the inapplicability of either or both of (a) defeasance of the Securities of a
series under Section 8.02 or (b) covenant defeasance of the Securities of a series under Section 8.03, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article, shall be
applicable to the Securities of such series, and the Company may, at its option, by resolution of the Board of Directors, at any time, elect to have either Section 8.02 or Section 8.03 applied to the Outstanding Securities of a series upon
compliance with the conditions set forth in this Article VIII. 
 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 

  
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the satisfaction of the applicable conditions set forth in Section 8.04, be deemed to have been discharged from its obligations with respect to such Outstanding Securities on the date all of
the conditions set forth in Section 8.04 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 Securities of such series, which shall thereafter be deemed to be Outstanding only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (i) and (ii) of this
Section 8.02, and to have satisfied all its other obligations under such Securities 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 provisions which shall survive until otherwise terminated or discharged hereunder: 
 (i) the rights of Holders of
Outstanding Securities of such series to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on
such Securities when such payments are due; 
 (ii) the Company’s obligations with respect to such Securities under
Sections 2.06, 2.07, 2.08, 2.09, 2.10, 3.02, 8.05, 8.06 and 8.07 hereof; 
 (iii) the rights (including indemnity rights
under Article VII), powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith; and 

(iv) the Company’s obligations under this Article VIII. 

Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03 hereof with respect to the Securities of such series. 
 SECTION 8.03 Covenant Defeasance. Upon
the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction of the applicable conditions set forth in Section 8.04, be released from its obligations
under the covenants contained in Article III (other than Sections 3.01, 3.02, 3.03 and 3.10) and Section 4.01 hereof and the covenants contained in any supplemental indenture applicable to such series, with respect to the Outstanding Securities
of such series on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of such series 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 (it being understood that such Securities shall
not be deemed Outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities of such series, 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 

  
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under Section 6.01(a)(iii), (iv) or (vi) hereof with respect to Outstanding Securities of such series, but, except as specified above, the remainder of this Indenture and of the
Securities of such series shall be unaffected thereby. 
 SECTION 8.04 Conditions to Legal or Covenant Defeasance. The Company
may exercise its Legal Defeasance option or its Covenant Defeasance option with respect to the Outstanding Securities of a particular series only if: 

(a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of
Section 7.10 who shall agree to comply with the provisions of this Article VIII applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities: (i) an amount in such currency, currencies or currency unit in which such Securities and any related coupons are then specified as payable at Stated Maturity, or (ii) non-callable U.S. Government
Obligations that through the scheduled payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay and discharge, and that shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the
principal of (and premium, if any) and interest, if any, on such Outstanding Securities on the stated maturity date of such principal and any installment of principal, or interest or premium, if any; 

(b) In the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel
confirming that: (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date hereof, there has been a change in the applicable 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 Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and
will be subject to 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 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel
confirming that the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to 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 with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit or, insofar as Section 6.01(a)(v) hereof is concerned, at any time in the period ending on the 124th day after the
date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 

  
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 (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 is a party or by which the Company is bound (other than a breach, violation or default resulting from the borrowing of funds to be
applied to such deposit); 
 (f) The Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit made
by the Company pursuant to its election under Section 8.02 or 8.03 hereof was not made by the Company with the intent of preferring the Holders of the affected Securities over the other creditors of the Company with the intent of defeating,
hindering, delaying or defrauding creditors of the Company, or others; 
 (g) The Company shall have delivered to the Trustee an Opinion of
Counsel, subject to customary exceptions and qualifications, reasonably acceptable to the Trustee to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment
Company Act of 1940; 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 provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

SECTION 8.05 Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to
Section 8.06 hereof, the Trustee shall hold in trust all money, U.S. Legal Tender and/or non- callable U.S. Government Obligations (including the proceeds thereof) deposited with it in respect of the Outstanding Securities of a particular
series pursuant to this Article VIII. The Trustee shall apply the deposited money and the U.S. Legal Tender from the U.S. Government Obligations through the Paying Agent and in accordance with the provisions of such Securities and this Indenture, to
the payment of principal (and premium, if any) and interest, if any, on the Securities. 
 SECTION 8.06 Repayment to the
Company. Notwithstanding anything in this Article VIII to the contrary, (a) the Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money, non-callable U.S. Government Obligations or other securities
held by them as provided in Section 8.04 hereof upon payment of all the obligations with respect to the relevant series of Securities under this Indenture (such excess to be determined in the opinion of a nationally recognized firm of
independent public accountants and expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof)), and (b) subject to any applicable abandoned property law, the
Trustee and the Paying Agent shall pay to the Company upon request any money or non-callable U.S. Government Obligations held by them as provided in Section 8.04 hereof for the payment of principal of, premium or interest on the Securities that
remains unclaimed for two years, and, thereafter, Holders entitled to the money will be deemed general creditors of the Company with respect to the money and must look only to the Company and not to the Trustee for payment. 

SECTION 8.07 Indemnity for Moneys and U.S. Government Obligations Held in Trust. The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the moneys or non-callable U.S. Government Obligations 

  
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deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof, other than any such tax, fee or other charge that by law is for the account of the
Holders of the Outstanding Securities of such series. 
 SECTION 8.08 Reinstatement. If the Trustee or Paying Agent is unable to
apply any U.S. Legal Tender, other moneys or non-callable U.S. Government Obligations in accordance with this Article VIII, as the case may be, by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture and the Securities of the relevant series shall be revived and reinstated as though no deposit had occurred pursuant to
this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender, other moneys or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the
Company has made any payment of principal of, or premium or interest, if any, on any Security because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Security to receive such payment from
the U.S. Legal Tender, other moneys or U.S. Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE IX 

DISCHARGE OF INDENTURE 

SECTION 9.01 Satisfaction and Discharge. This Indenture shall be discharged and shall cease to be of further effect with respect
to any series of Securities (except as to any surviving rights or registration of transfer, exchange or conversion of the Securities of such series expressly provided for in the Indenture or in the form of Security for such series) as to all
Outstanding Notes of such series of Securities when: 
 (a) either 

(i) all Securities of such series theretofor executed, authenticated and delivered (except lost, stolen or destroyed Securities
of such series that have been replaced or paid and Securities of such series for whose payment money has theretofor been (x) deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust or (y) paid to any State or the District of Columbia pursuant to its unclaimed property or similar laws) have been delivered to the Trustee for cancellation; or 

(ii) all Securities of such series not theretofore delivered to the Trustee for cancellation 

(A) have become due and payable; or 

(B) will become due and payable at their stated maturity within one year; or 

(C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of 

  
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(A), (B) or (C) above, has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, money in the amount in the currency or currency
units in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such series of Securities not theretofor delivered to the Trustee for cancellation, for principal (and premium, if any) and
interest, if any, to the date of such deposit (in the case of Securities which have become due and payable), or to the Stated Maturity or redemption date, as the case may be, together with irrevocable instructions from the Company directing the
Trustee to apply such funds to the payment; 
 (b) the Company has paid or caused to be paid all other sums payable hereunder with respect
to such Securities; and 
 (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each to the
effect that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture the obligations of the Company to the Trustee under Section 7.07 and, if
money shall have been deposited with the Trustee pursuant to subclause (ii) of paragraph (a) of this Section, the obligations of the Trustee under Section 9.02 and the last paragraph of Section 3.03 shall survive. 

SECTION 9.02 Application of Trust Money. Subject to the provisions of the last paragraph of Section 3.03, all money deposited
with the Trustee pursuant to Section 9.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with the Trustee. 

ARTICLE X 
 AMENDMENTS 

SECTION 10.01 Supplemental Indentures Without Consent of Holders. (a) The Company, the Security Guarantors, if any, and the
Trustee may amend or supplement this Indenture or the Securities of any series without the consent of any Holder: 
 (i) to
cure any ambiguity, defect or inconsistency; 
 (ii) to comply with Article IV in respect of the assumption by a Successor
Company of the obligations of the Company under the Securities of any or all series and this Indenture; 
 (iii) to provide
for uncertificated Securities in addition to or in place of certificated Securities, provided, however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code; 

(iv) to add guarantees with respect to the Securities or to secure the Securities; 

  
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 (v) to add to the covenants of the Company or any Security Guarantor for the
benefit of the Holders of all or any series of Securities or to surrender any right or power herein conferred upon the Company in the Indenture; 

(vi) to add any additional Events of Default with respect to all or any series of the Securities; 

(vii) to comply with any requirements of the SEC in connection with effecting or maintaining the qualification of this
Indenture under the Trust Indenture Act; 
 (viii) to make any change that would provide any additional rights or benefits to
the Holders of all or any series of Securities or that does not, in the opinion of the Trustee, adversely affect the rights of any Holder of such Securities in any material respect; 

(ix) to evidence and provide for the acceptance of appointment hereunder by a successor trustee and to add to or change any of
the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee; 

(x) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03; 

(xi) to make any change necessary to make the Indenture, the Securities of any series or the Security Guarantee relating to any
series of Securities, as applicable, consistent with the description of the Securities in the prospectus or any related prospectus supplement relating to such Securities; 

(xii) to correct or supplement any provision of the Indenture that may be inconsistent with any other provision of the
Indenture or to make any other provisions with respect to matters or questions arising under this Indenture; provided, such actions shall not adversely affect the interests of any Holder; or 

(xiii) to change or eliminate any of the provisions of this Indenture; provided, that any such change or elimination shall
become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of any such provision. 

(b) After an amendment or supplement under this Section 10.01 becomes effective, the Company shall mail to Holders of the affected
Securities a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 10.01. 

SECTION 10.02 With Consent of Holders. (a) Subject to Section 10.01, except as provided in the next succeeding
paragraphs, the Company, the Security Guarantors, if any, and the Trustee may amend or supplement this Indenture or the Securities of any series without notice to any Holder but with the written consent of the Holders of at least a majority in
aggregate principal amount of the Securities of such series then Outstanding affected by such 

  
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modification or amendment (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Securities). Without the consent of each
Holder affected hereby, however, an amendment or waiver may not: 
 (i) reduce the principal amount of Securities of any
series whose Holders must consent to an amendment, supplement or waiver; 
 (ii) reduce the rate of or change or have the
effect of changing the time for payment of interest, including Defaulted Interest, on any Securities; 
 (iii) reduce the
principal amount of or change or have the effect of changing the stated maturity of the principal of, or any installment of principal of, any Securities, or change the date on which any Securities may be subject to redemption, or reduce any premium
payable upon the redemption thereof or the Redemption Price therefor; 
 (iv) make any Securities payable in money other than
that stated in the Securities; 
 (v) make any change in the provisions of this Indenture entitling each Holder to receive
payment of principal of, premium and interest on such Securities on or after the Stated Maturity thereof (or, in the case of redemption, on or after the redemption date) or to bring suit to enforce such payment, or permitting Holders of a majority
in principal amount of Outstanding Notes to waive Defaults or Events of Default; 
 (vi) amend, change or modify in any
material respect any obligation of the Company to make and consummate a Change of Control Offer in respect of a Change of Control Event that has occurred, to the extent any such Change of Control Offer may be required under the terms of any series
of Securities; 
 (vii) eliminate or modify in any manner the obligations of a Security Guarantor with respect to its
Security Guarantee which adversely affects Holders in any material respect, except as expressly otherwise provided for in this Indenture; or 

(viii) change any obligation of the Company to maintain an office or agency in the place and for the purposes specified in
Section 3.02. 
 Subject to Section 6.04, the Holder or Holders of a majority in aggregate principal amount of the Securities of such series then
Outstanding may waive any existing Default or compliance by the Company with any provision of this Indenture or the Securities of any series affected by such default or compliance. 

(b) It shall not be necessary for the consent of the Holders under this Section 10.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 (c) After an amendment,
supplement or waiver under this Section becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any

  
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defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement o waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in
aggregate principal amount of the Securities then Outstanding affected may waive compliance in a particular instance by the Company with any provision of this Indenture or such Securities. 

SECTION 10.03 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes. 
 SECTION 10.04 Compliance with TIA; Documents to Be Given to Trustee.
Every such supplemental indenture shall comply with the TIA as then in effect. The Trustee, subject to the provisions of Sections 7.01 and 7.02, may receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such
supplemental indenture complies with the applicable provisions of this Indenture. 
 SECTION 10.05 Notation on or Exchange of
Securities. Securities authenticated and delivered after the adoption of any amendment or supplement pursuant to the provisions of this Article may bear a notation approved by the Trustee as to form (but not as to substance) as to any matter
provided for by such amendment or supplement or as to any action taken at any such meeting. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Securities of any series then Outstanding will execute and upon
Company Order the Trustee will authenticate and make available for delivery new Securities of such series that reflects the changed terms. Failure to make the appropriate notation or to issue new Securities shall not affect the validity of such
amendment or supplement. 
 SECTION 10.06 Trustee to Sign Amendments and Supplements. Upon receipt of a Company Order
accompanied by a resolution of the Company’s Board of Directors authorizing the execution of a supplemental indenture pursuant to Section 10.01 or Section 10.02 hereof, and upon receipt by the Trustee of: 

(i) the documents described in Section 10.04 hereof; and 

(ii) with respect to an amendment pursuant to Section 10.02, evidence satisfactory to the Trustee of the consent of the
Holders as aforesaid, 
 the Trustee shall join with the Company in the execution of any amendment, supplement or waiver, including any supplemental
indenture, and to make any further appropriate agreements and stipulations which may be therein contained, unless such amendment, supplement or waiver affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but shall not be obligated to, enter into such amendment, supplement or waiver. In signing such amendment, supplement or waiver, the Trustee shall be 

  
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entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Sections 7.01 and 7.02) shall be fully protected in relying upon such evidence as it deems appropriate,
including, without limitation, solely an Opinion of Counsel and an Officer’s Certificate stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that all conditions precedent to the execution of such
amendment, supplement or waiver have been complied with. 
 ARTICLE XI 

SECURITY GUARANTEES 

SECTION 11.01 Applicability of the Article; Company’s Option to Implement Security Guarantees. If pursuant to
Section 2.03 provision is made for the applicability of either Security Guarantees with respect to the Securities of a series under this Article XI, then the provisions of this Article XI, together with the other provisions of the Securities of
such series, shall be applicable to the Securities of such series, as such provisions may be modified by any supplemental indenture in respect of such series of Securities. 

SECTION 11.02 Security Guarantees. (a) Each Security Guarantor hereby fully and unconditionally guarantees, jointly and
severally with each other Security Guarantor, to each Holder and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the obligations (such guaranteed obligations, the
“Guaranteed Obligations”) of the Securities of any series that are subject to Security Guarantees. Unless terminated hereunder, each such Security Guarantor further agrees (to the extent permitted by law) that such obligations may
be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound by the provisions of this Article XI, to the extent otherwise applicable, notwithstanding any extension or renewal of any such
obligation. Each Security Guarantor hereby agrees to pay, in addition to the amounts stated above, any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing or exercising any rights
under any Security Guarantee. 
 (b) Each Security Guarantor waives presentation to, demand of payment from and protest to the Company of
any of the obligations under such Securities or this Indenture and also waives notice of protest for nonpayment. Each Security Guarantor waives notice of any default under this Indenture, the Securities of such series or any other agreement. The
obligations of each Security Guarantor hereunder shall not be affected by (i) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities
or any other agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities of such series or any other
agreement; (iv) the release of any security held by any Holder or the Trustee for the obligations under the Securities or this Indenture; (v) the failure of any Holder to exercise any right or remedy against the other Security Guarantors
with respect to the Securities of such series; or (vi) any change in the ownership of the Company. 
 (c) Each Security Guarantor
further agrees that its Security Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the
obligations under such Securities. 

  
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 (d) The obligations of each Security Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason (other than payment of the obligations under the Securities in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of
setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the obligations under the Securities or this Indenture. Without limiting the generality of the foregoing, the obligations of
each Security Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver
or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations under the Securities or this Indenture, or by any other act or thing or omission or delay to do any other act or thing
which may or might in any manner or to any extent vary the risk of such Security Guarantor or would otherwise operate as a discharge of such Security Guarantor as a matter of law or equity. 

(e) Each Security Guarantor further agrees that its Security Guarantee herein shall continue to be effective or be reinstated, as the case may
be, if at any time payment, or any part thereof, of principal of or interest on any of the Company’s obligations with respect to the Securities of such series is rescinded or must otherwise be restored by any Holder upon the bankruptcy or
reorganization of the Company or otherwise. 
 (f) In furtherance of the foregoing and not in limitation of any other right which the
Trustee or any Holder has at law or in equity against each Security Guarantor by virtue hereof, upon the failure of the Company to pay any of the Company’s obligations with respect to the Securities of such series when and as the same shall
become due, whether at maturity, by acceleration, by redemption or otherwise, each Security Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount
equal to the sum of: 
 (i) the unpaid amount of such obligations then due and owing; and 

(ii) accrued and unpaid interest on such obligations under the Securities and this Indenture then due and owing (but only to
the extent not prohibited by law); 
 provided, that any delay by the Trustee in giving such written demand shall in no event affect any Security
Guarantor’s obligations under its Security Guarantee. 
 (g) Each Security Guarantor further agrees that, as between such
Security Guarantor on the one hand, and the Holders, on the other hand: 
 (i) the maturity of the obligations with respect
to Securities of such series guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Security Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of
such obligations; and 

  
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 (ii) in the event of any such declaration of acceleration of such obligations,
such obligations (whether or not due and payable) shall forthwith become due and payable by such Security Guarantor for the purposes of such Security Guarantee. 

SECTION 11.03 Limitation on Liability; Termination; Release and Discharge. 

(a) The obligations of each Security Guarantor hereunder with respect to the Securities of any series shall be limited to the maximum amount as
shall, after giving effect to all other contingent and fixed liabilities of such Security Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Security Guarantor in respect of the obligations of
such other Security Guarantor under its Security Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Security Guarantor under its Security Guarantee not constituting a fraudulent conveyance
or fraudulent transfer under federal or state law. 
 (b) If no Default or Event of Default has occurred and is continuing, a Security
Guarantor will be released and relieved of its obligations under its Security Guarantee: 
 (i) automatically upon any sale,
exchange or transfer, whether by way of merger or otherwise, to any Person that is not an Affiliate of the Company, of all of the Company’s direct or indirect equity interests in the Security Guarantor; 

(ii) automatically upon the liquidation and dissolution of the Security Guarantor; 

(iii) following delivery of a written notice by the Company to the Trustee, upon the release of all guarantees or other
obligations of the Security Guarantor with respect to the obligations of the Company or any of its Subsidiaries under the Senior Credit Facility; provided that if at any time following any release of a Security Guarantor from its guarantee of
the Securities pursuant to this subsection (iii), the Security Guarantor again guarantees, becomes a co-obligor with respect to or otherwise provides direct credit support for any of the obligations of the Company or any of its Subsidiaries under
the Senior Credit Facility, then the Company shall cause the Security Guarantor to again guarantee the Securities in accordance with this Indenture. 

(c) If there is a Legal Defeasance or a Covenant Defeasance, or if the Company satisfies its obligations under the Securities pursuant to
Section 9.01, then all of the Security Guarantors will be released and relieved of their obligations under their respective Security Guarantees. 

SECTION 11.04 Reserved. [Reserved]. 

SECTION 11.05 Right of Contribution. Each Security Guarantor that makes a payment or distribution under a Security Guarantee will
be entitled, upon payment in full of all Guaranteed Obligations under the Securities, to a contribution from each other Security Guarantor in an amount equal to such other Security Guarantor’s pro rata portion of such payment, based on
the respective net assets of all the Security Guarantors at the time of such payment determined in accordance with GAAP. The provisions of this Section 11.05 shall in no 

  
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respect limit the obligations and liabilities of each Security Guarantor to the Trustee and the Holders and each Security Guarantor shall remain liable to the Trustee and the Holders for the full
amount guaranteed by such Security Guarantor hereunder. 
 SECTION 11.06 No Subrogation. Each Security Guarantor agrees that it
shall not be entitled to any right of subrogation in respect of any Guaranteed Obligations until payment in full in cash or cash equivalents of all the Company’s obligations under the relevant Securities. If any amount shall be paid to any
Security Guarantor on account of such subrogation rights at any time when all of the such obligations shall not have been paid in full in cash or cash equivalents, such amount shall be held by such Security Guarantor in trust for the Trustee and the
Holders, segregated from other funds of such Security Guarantor, and shall, forthwith upon receipt by such Security Guarantor, be turned over to the Trustee in the exact form received by such Security Guarantor (duly endorsed by such Security
Guarantor to the Trustee, if required), to be applied against the such obligations. 
 ARTICLE XII 

CONCERNING THE HOLDERS 

SECTION 12.01 Evidence of Action Taken by Holders. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of any series may be embodied in and evidenced: 
 (a) by one or more
instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; 
 (b) by the record of
the Holders of Securities of such series voting in favor thereof at any meeting of Holders duly called and held; or 
 (c) by a combination
of such instrument or instruments and any such record of such a meeting of Holders; 
 and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 7.01 and
7.02) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Article. 
 SECTION 12.02 Proof of
Execution of Instruments and of Holding of Securities; Record Date. Subject to Sections 7.01 and 7.02, the execution of any instrument by a Holder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Security Register or by a certificate of the Registrar thereof. The Company may set a record date for
purposes of determining the identity of holders of Securities entitled to vote or consent to any action referred to in Section 12.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates
(in the case of any adjournment or resolicitation) not more than 90 days nor less than 20 days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only holders of Securities of record on
such record date shall be entitled to so vote or give such consent or to withdraw such vote or consent. 

  
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 SECTION 12.03 Who May Be Deemed Owners of Securities. The Company, the Trustee, any
Paying Agent and any Registrar may deem and treat the person in whose name any Security of any series shall be registered in the Security Register on the applicable record date as the absolute owner of such Security (whether or not such Security
shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of (and premium, if any) and interest, if any, on such Security and for all other
purposes; and neither the Company nor the Trustee nor any paying agent nor any Registrar shall be affected by any notice to the contrary. All such payments so made to, or upon the order of, any Holders shall be valid, and, to the extent of the sum
or sums so paid, effectual to satisfy and discharge the liability of moneys payable upon any such Security. 
 SECTION 12.04 Record
Date for Action by Holders. Whenever in this Indenture it is provided that Holders of a specified percentage in aggregate principal amount of the Securities of any series may take any action (including the making of any demand or request, the
giving of any direction, notice, consent or waiver or the taking of any other action), other than any action taken at a meeting of Holders of such series, the Company, pursuant to a resolution of its Board of Directors, or the Holders of at least
10% in aggregate principal amount of the Securities of such series then Outstanding, may request the Trustee to fix a record date for determining Holders entitled to notice of and to take any such action. In case the Company or the Holders of
Securities of such series in the amount above specified shall desire to request Holders of such series to take any action and shall request the Trustee to fix a record date with respect thereto by written notice setting forth in reasonable detail
the Holder action to be requested, the Trustee shall promptly (but in any event within five days of receipt of such request) fix a record date that shall be a business day not less than 15 nor more than 20 days after the date on which the Trustee
receives such request. If the Trustee shall fail to fix a record date as hereinabove provided, then the Company or the Holders of Securities of such series in the amount above specified may fix the same by mailing written notice thereof (the record
date so fixed to be a business day not less than 15 nor more than 20 days after the date on which such written notice shall be given) to the Trustee. If a record date is fixed according to this Section 12.04, only persons shown as Holders of
the Securities of such series on the Security Register at the close of business on the record date so fixed shall be entitled to take the requested action and the taking of such action by the Holders of Securities of such series on the record date
of the required percentage of the aggregate Principal Amount of the Securities shall be binding on all Holders of such series; provided, that the taking of the requested action by the Holders of Securities of such series on the record date of the
percentage in aggregate Principal Amount of the Securities in connection with such action shall have been evidenced to the Trustee, as provided in Section 12.01, not later than 180 days after such record date. 

SECTION 12.05 Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided
in Section 12.01, of the taking of any action by the Holders of the percentage in aggregate Principal Amount of the Securities of any series specified in this Indenture in connection with such action, any holder of a Security the serial number
of which is shown by the evidence to be included among the serial numbers of the 

  
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Securities of the series the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article,
revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security and of any
Securities issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate Principal Amount of the Securities
of any series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of such series. 

ARTICLE XIII 
 HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 13.01 Company to Furnish Trustee Names and Addresses of Holders. The Company will
furnish or cause to be furnished to the Trustee: 
 (a) semi-annually, not later than 15 days after the Regular Record Date for each series
of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities as of such Regular Record Date (unless the Trustee has such information), or if there is no Regular Record Date for
interest for such series of Securities, semi-annually, upon such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that so long as the Trustee is the Registrar, no such list shall be required to be furnished. 

SECTION 13.02 Preservation of Information; Communications to Holders. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in Section 13.01 and the names and addresses of Holders received by the Trustee in its capacity as the Registrar. The Trustee may destroy any list furnished to it as provided in
Section 13.01 upon receipt of a new list so furnished. 
 (b) If three or more Holders (referred to in this Section 13.02(b) as
“applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such
application states that the applicants desire to communicate with other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either 

(i) afford such applicants access to the information preserved at the time by the Trustee in accordance with
Section 13.02(a); or 

  
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 (ii) inform such applicants as to the approximate number of Holders whose names
and addresses appear in the information preserved at the time by the Trustee in accordance with Section 13.02(a), and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such
application. 
 If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written
request of such applicants, mail to each Holder whose name and address appears in the information preserved at the time by the Trustee in accordance with Section 13.02(a) a copy of the form of proxy or other communication which is specified in
such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail
to such applicants and file with the SEC, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interest of the Holders or would be in
violation of applicable law. Such written statement shall specify the basis of such opinion. If the SEC, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of
such objections or if, after the entry of an order sustaining one or more of such objections, the SEC shall find, after notice and opportunity for hearing, that all objections so sustained have been met and shall enter an order so declaring, the
Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting
their application. 
 (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 13.02(b), regardless of
the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 13.02(b). 

SECTION 13.03 Reports by the Trustee. (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each
May 15th following the date of this Indenture (commencing May 15, 2015) deliver to Holders a brief report, dated as of such May 15th, which complies with the provisions of such Section 313(a). 

(b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each securities exchange upon
which Securities of any series are listed, with the SEC and with the Company. The Company will promptly notify the Trustee when any Securities are listed on any securities exchange and of any delisting thereof. 

  
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 ARTICLE XIV 

MISCELLANEOUS 
 SECTION 14.01
Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the Trust Indenture Act, the provision required by the Trust
Indenture Act shall control. 
 SECTION 14.02 Notices. 

(a) Any notice or communication shall be in writing and delivered in person or mailed by first-class mail, postage prepaid, addressed as
follows: 
 if to the Company: Southwestern Energy Company, 10000 Energy Drive, Spring, Texas 77389; 

if to the Trustee: U.S. Bank National Association, 5555 San Felipe, Suite 1150 Houston, Texas 77056, Attention: Corporate Trust. 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) Any notice or communication mailed to a registered Holder shall be mailed or delivered by an overnight delivery service to the Holder at
the Holder’s address as it appears on the Security Register and shall be sufficiently given if so mailed or delivered within the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. In case by reason of suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders as shall be made with the
approval of the Trustee, which approval shall not be unreasonably withheld, shall constitute a sufficient notification to such Holders for every purpose hereunder. 

(c) Any notices or communications given to the Trustee shall be effective only upon actual receipt by the Trustee at its Corporate Trust
Office, and any notices or communications given to the Company shall be effective only upon actual receipt by the Company at the address shown in Section 14.02(a). 

(d) Any notice or communication delivered to the Company under the provisions herein shall constitute notice to the Security Guarantors, if
any. 
 (e) The Trustee shall have the right, but shall not be required, to rely upon and comply with instructions and directions sent by
e-mail, facsimile and other similar unsecured electronic methods by Persons believed by the Trustee to be authorized to give instructions and directions on behalf of the Company; provided that no such reliance shall be permitted in cases of
willful misconduct, bad faith or negligence. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of
the Company; and (absent negligence, bad faith or willful misconduct) the Trustee shall have no liability for any losses, liabilities, costs 

  
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or expenses incurred or sustained by the Company as a result of such reliance upon or compliance with such notices, instructions, directions or other communications. The Company shall use all
reasonable endeavors to ensure that any such notices, instructions, directions or other communications transmitted to the Trustee pursuant to this Indenture are complete and correct. Any such notices, instructions, directions or other communications
shall be conclusively deemed to be valid instructions from the Company to the Trustee for the purposes of this Indenture. 
 (f) Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. The Trustee may waive notice
to it of any provision herein, and such waiver shall be deemed to be for its convenience and discretion. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. 
 (g) Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Securities. The Company, any Security Guarantors, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

SECTION 14.03 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to
take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (a) 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 

(b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with, 

except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

SECTION 14.04 Statements Required in Certificate or Opinion. Each Officer’s Certificate or Opinion of Counsel with respect to
compliance with a covenant or condition provided for in this Indenture shall include: 
 (1) a statement that the individual making such
certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
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 (4) a statement as to whether or not, in the opinion of such individual, such covenant or
condition has been complied with. 
 Any certificate, statement or opinion of an Officer of the Company may be based, insofar as it relates
to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based
as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or Opinion of Counsel may be based, insofar as it relates to factual matters or information which is in the
possession of the Company, upon the certificate, statement or opinion of or representations by an Officer or Officers of the Company unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters
upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of an Officer of the Company or of counsel
may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company unless such Officer or counsel knows that the certificate or opinion
or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

SECTION 14.05 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of,
Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 14.06 Legal Holidays. A
“Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in New York City. If a payment date is a Legal Holiday,
payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 

SECTION 14.07 Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or
corporation, other than the Holders of the Securities and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Indenture or any provision herein contained. 

SECTION 14.08 Governing Law, Etc. 

(a) THIS INDENTURE (INCLUDING ANY SECURITY GUARANTEES) AND THE SECURITIES OF ANY SERIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO, AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
INDENTURE OR THE SECURITIES OF ANY SERIES OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE FULLEST EXTENT PERMITTED BY LAW. 

  
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 (b) Each of the Company and any Security Guarantor hereby: 

(i) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture (including any Security
Guarantees) or the Securities of any series, as the case may be, may be instituted in any Federal or state court sitting in the Borough of Manhattan, The City of New York; 

(ii) waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying
of venue of any such suit, action or proceeding, and any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum; 

(iii) irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding; 

(iv) agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding
may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment; and 
 (v) agrees that
service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit, action or proceeding. 

(c) Nothing in this Section 14.08 shall affect the right of the Trustee or any Holder of Securities to serve process in any other manner
permitted by law. 
 SECTION 14.09 No Recourse Against Others. An incorporator, director, officer, employee, stockholder or
controlling Person, as such, of the Company or any Security Guarantor shall not have any liability for any obligations of the Company under any Security of any series, this Indenture or any Security Guarantee or for any claim based on, in respect of
or by reason of such obligations or their creation. By accepting of the Securities of such series, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities of
such series. 
 SECTION 14.10 Successors. All agreements of the Company and any Security Guarantor in this Indenture and the
Securities of any series shall bind its respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 14.11 Duplicate and Counterpart Originals. The parties may sign any number of copies of this Indenture. One signed copy is
enough to prove this Indenture. This Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of
signature pages by facsimile or electronic format (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

  
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 SECTION 14.12 Severability. In case any provision in this Indenture or in the
Securities of any series shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 14.13 Table of Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have
been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 14.14 PATRIOT ACT Compliance. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT
ACT the Trustee, like all financial institutions, is required to obtain, verify, and record information that identifies each Person or legal entity that establishes a relationship or opens account with the Trustee. The parties to this Indenture
agree that they will provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the USA PATRIOT ACT. 

  
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 SIGNATURES 

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

 

			
	SOUTHWESTERN ENERGY COMPANY, as Company
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 74

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