Document:

Advisory Agreement

 EXHIBIT 10.3 
 THE FRONTIER FUND ADVISORY AGREEMENT 
 This advisory agreement (the “Agreement”) dated as of the ___ day of
_____________, 200_, by and among The Frontier Fund, a Delaware statutory trust (the “Trust”), [Name of Trading Company], a Delaware limited liability company (the “Trading Company”), Equinox Fund Management, LLC, a Delaware
limited liability company (the “Managing Owner”) and [Name of Trading Advisor], a [    ] (the “Trading Advisor”). Capitalized and other defined terms used and not expressly defined herein shall have the same
respective meanings as set forth in the Prospectus (as hereinafter defined) of the Trust. 
 W I T N E S S E T H: 
 WHEREAS, the Trading Company has been organized primarily for the purpose of trading, buying, selling, spreading or otherwise acquiring, holding or disposing of futures,
forward and options contracts and other derivative instruments, not held as inventory, on behalf of the proceeds allocable to the sale of one or more Series of Units of the Trust. The foregoing commodities and other transactions are collectively
referred to as “Commodities”; and 
 WHEREAS, the Managing Owner is authorized to utilize the services of one or more commodity trading advisors in
connection with the Commodities trading activities of the various Series of Units of the Trust; and 
 WHEREAS, the Trust is currently offering Units in
different Series through the Selling Agents (the “Offering”), and in connection therewith, the Trust has filed with the United States Securities and Exchange Commission (the “SEC”), pursuant to the United States Securities Act of
1933, as amended (the “1933 Act”), a registration statement on Form S-1 to register the Units, and as part thereof a prospectus (which registration statement, together with all amendments thereto, shall be referred to herein as the
“Registration Statement” and which prospectus, in final form, shall be referred to herein as the “Prospectus”); and 
 WHEREAS, the Trust
will prepare and file applications for registration of the Units under the securities or Blue Sky laws of such jurisdictions as the Managing Owner deems appropriate; and 
 WHEREAS, the Trading Advisor’s present business includes the management of Commodities accounts for its clients; and 
 WHEREAS, the Trading Advisor is registered as a commodity trading advisor under the United States Commodity Exchange Act, as amended (the “CE Act”), and is a member of the National Futures Association (the “NFA”) in such
capacity and will maintain such registration and membership for the term of this Agreement; and 

 WHEREAS, the Trust, the Trading Company and the Trading Advisor desire to enter into this Agreement in order to set forth
the terms and conditions upon which the Trading Advisor will render and implement commodity advisory services on behalf of the Trust during the term of this Agreement; 
 NOW, THEREFORE, the parties agree as follows: 
  

	1.	Duties of the Trading Advisor. 

 (a) Appointment. The
Trading Company and the Managing Owner hereby appoint the Trading Advisor, and the Trading Advisor hereby accepts appointment, as the Trading Company’s limited attorney-in-fact to exercise discretion to invest and reinvest in Commodities during
the term of this Agreement the amount of assets allocated to the Trading Advisor by the Managing Owner as set forth on Exhibit A hereto, as such Exhibit A may be amended from time to time (the “Allocated Assets”) on the terms and
conditions and for the purposes set forth herein. The Managing Owner may adjust the amount of Allocated Assets once a week during each calendar month. In addition, the Managing Owner also may adjust the Allocated Assets on any Business Day in the
event that the Trust receives cumulative subscriptions, exchanges or redemptions of Units during any month in an amount equal to 20% or greater of the Net Asset Value of the Series of which the proceeds are being invested in the Trading Company as
of the most recent calendar month end. This limited power of attorney is a continuing power and shall continue in effect with respect to the Trading Advisor until terminated hereunder. The Trading Advisor shall have sole authority and responsibility
for independently directing the investment and reinvestment in Commodities of the Allocated Assets for the term of this Agreement pursuant to the trading programs, methods, systems, strategies which the Trust and the Managing Owner have selected to
be utilized by the Trading Advisor in trading the Allocated Assets as set forth on Exhibit A attached hereto (the “Trading Approach”), subject to the trading policies and limitations as set forth in the Prospectus and attached hereto as
Exhibit B (the “Trading Policies and Limitations”), as the same may be modified from time to time and provided in writing to the Trading Advisor. The portion of the Allocated Assets to be allocated by the Trading Advisor at any point in
time to one or more of the various trading strategies comprising the Trading Approach will be determined as set forth in the Prospectus or as otherwise agreed to with the Managing Owner, it being understood that trading gains and losses
automatically will alter the agreed upon allocations. Upon receipt of a new allocation, the Trading Advisor will determine and, if required, adjust its trading in light of the new allocation. 
 (b) Allocation of Responsibilities. The Managing Owner will have the responsibility for the management of any portion of the Allocated Assets that are
not invested in Commodities. The Trading Advisor will use its good faith best efforts in determining the investment and reinvestment in Commodities of the Allocated Assets in compliance with the Trading Policies and Limitations, and in accordance
with the Trading Approach. In the event that the Managing Owner shall, in its sole and absolute discretion, determine in good faith following consultation appropriate under the circumstances with the Trading Advisor that any trading instruction
issued by the Trading Advisor violates the Trust’s Trading Policies and Limitations, then the Managing Owner, following reasonable notice to the Trading Advisor appropriate under the circumstances, may override such trading instruction. Nothing
herein shall be construed to prevent the Managing Owner from imposing any limitation(s) on the trading activities of the Trading 

 
Company beyond those enumerated in the Prospectus if the Managing Owner determines that such limitation(s) are necessary or in the best interests of the
Trust or the Trading Company, in which case the Trading Advisor will adhere to such limitations following written notification thereof. 
 (c) Certain Agreements of the Trading Advisor. The Trading Advisor agrees that at least 90% of the annual gross income and gain, if any, generated by its Trading Approach for the Allocated Assets will result from buying and selling
Commodities and will be “qualifying income” within the meaning of Section 7704(d) of the Code. 
 (d) Modification of Trading
Approach. In the event the Trading Advisor requests to use, or the Managing Owner requests the Trading Advisor to use, a trading program, system, method or strategy other than or in addition to the trading programs, systems, methods or strategies
comprising the Trading Approach in connection with trading for the Trading Company (including, without limitation, the deletion or addition of an agreed upon trading program, system, method or strategy to the then agreed upon Trading Approach),
either in whole or in part, the Trading Advisor may not do so and/or shall not be required to do so, as appropriate, unless both the Managing Owner and the Trading Advisor consent thereto in writing. 
 (e) (1) Notification of Material Changes. The Trading Advisor also agrees to give the Managing Owner prior written notice of any proposed material change
in its Trading Approach, and agrees not to make any material change in such Trading Approach (as applied to the Trading Company) over the objection of the Managing Owner, it being understood that the Trading Advisor shall be free to institute
non-material changes in its Trading Approach (as applied to the Trading Company) without prior written notification. Without limiting the generality of the foregoing, refinements to the Trading Approach, the deletion of Commodities from, and the
addition of Commodities then being traded (i) on organized domestic commodities exchanges, (ii) on foreign commodities exchanges recognized by the Commodity Futures Trading Commission (the “CFTC”) as providing customer
protections comparable to those provided on domestic exchanges, or (iii) in the interbank foreign currency market to, the Trading Approach shall not be deemed a material change in the Trading Approach, and prior approval of the Managing Owner
shall not be required therefor. The only forward markets that will be permitted to be utilized are the interbank foreign currency markets and the London Metal Exchange. 
 (2) Subject to adequate assurances of confidentiality, the Trading Advisor agrees that it will discuss with the Managing Owner upon request any trading methods, programs, systems or strategies used by it for trading
customer accounts which differ from the Trading Approach used for the Trading Company, provided, that nothing contained in this Agreement shall require the Trading Advisor to disclose what it deems to be proprietary or confidential information.

 (f) Request for Information. The Trading Advisor agrees to provide the Managing Owner with any reasonable information concerning the
Trading Advisor that the Trust or the Trading Company may reasonably request (other than the identity of its customers or proprietary or confidential information concerning the Trading Approach), subject to receipt of adequate assurances of
confidentiality by the Managing Owner, including, but not limited to, information regarding any change in control, key personnel, Trading Approach and financial condition which 

 
the Trust or the Trading Company reasonably deems to be material to the Trust or the Trading Company. The Trading Advisor also shall notify the Managing
Owner of any such matters the Trading Advisor, in its reasonable judgment, believes may be material to the Trust or the Trading Company relating to the Trading Advisor and the Trading Approach. During the term of this Agreement, the Trading Advisor
agrees to provide the Managing Owner with updated monthly information related to the Trading Advisor’s performance results within a reasonable period of time after the end of the month to which it relates. 
 (g) Notice of Errors. The Trading Advisor is responsible for promptly reviewing all oral and written confirmations it receives to determine that the
Commodities trades were made in accordance with the Trading Advisor’s instructions. If the Trading Advisor determines that an error was made in connection with a trade or that a trade was made other than in accordance with the Trading
Advisor’s instructions, the Trading Advisor shall promptly notify the Managing Owner of this fact, and shall utilize its reasonable best efforts to cause the error or discrepancy to be corrected. 
  

	2.	Standard of Liability; Indemnification. 

 (a) (i) The
Trading Advisor shall not be liable to the Managing Owner, the Trust, the Trustee, the Trading Company or the owners of Units (the “Limited Owners”), or any of their respective successors or assigns under this Agreement for any act or
failure to act taken or omitted in good faith in a manner reasonably believed to be in or not opposed to the best interests of the Trust and the Trading Company if such act or failure to act did not constitute a breach of this Agreement, misconduct
or negligence on the part of the Trading Advisor. In any threatened, pending or completed action, arbitration, claim, demand, dispute, lawsuit or other proceeding (each a, “Proceeding”) to which the Trading Advisor was or is a party or is
threatened to be made a party arising out of or in connection with this Agreement or the management of the Trust’s or Trading Company’s assets by the Trading Advisor or the offering and sale of Units, the Managing Owner and the Trading
Company shall, subject to subsection (a)(iii) of this Section 2, indemnify and hold harmless the Trading Advisor and its principals, officers, directors, members, managers, shareholders, partners, employees and affiliates (“Principals and
Affiliates”) against any loss, liability, damage, cost, expense (including, without limitation, reasonable attorneys’ and accountants’ fees), judgments and amounts paid in settlement (“Losses”) actually and reasonably
incurred by them in connection with such Proceeding if the Trading Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Trust and the Trading Company and provided that its conduct did
not constitute negligence, misconduct, or a breach of this Agreement; provided, however, that no indemnification shall be available from the Managing Owner if such indemnification is prohibited by Section 4.6(b) of the Trust Agreement. The
termination of any Proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Trading Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the
Trust. 
 (ii) Without limiting sub-section (i) above, to the extent that the Trading Advisor has been successful on the merits or
otherwise in defense of any Proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, the Managing Owner shall indemnify the Trading Advisor and its Principals and Affiliates against the expenses
(including, without limitation, reasonable attorneys’ and accountants’ fees) actually and reasonably incurred by them in connection therewith. 

 (iii) Any indemnification under subsection (i) above, unless ordered by a court or administrative
forum, shall be made by the Managing Owner only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Trading Advisor
has met the applicable standard of conduct set forth in subsection (i) above; provided however, that no opinion shall be required to the extent that the Trading Advisor incurs any Losses arising directly out of (A) an untrue statement of a
material fact or any omission to state a material fact required to be stated in the Prospectus or necessary to make the statements in the Prospectus, in light of the circumstances in which they were made not misleading, except for such statements or
omissions based upon information furnished by the Trading Advisor for inclusion in the Prospectus or(B) any Selling Agent’s selling activities. Such independent legal counsel shall be selected jointly by the Managing Owner and the Trading
Advisor in a timely manner. The Trading Advisor will be deemed to have approved the Managing Owner’s selection unless the Trading Advisor notifies the Managing Owner in writing, received by Managing Owner within five days of Managing
Owner’s telecopying to the Trading Advisor of the notice of Managing Owner’s selection, that the Trading Advisor does not approve the selection. 
 (iv) In the event the Trading Advisor is made a party to any Proceeding or otherwise incurs any Losses as a result of, or in connection with the activities or claimed activities of the Trust, the Trading Company or
the Managing Owner or its principals, officers, directors, members, managers, shareholders, partners or employees unrelated to the Trading Advisor, the Managing Owner shall indemnify, defend and hold harmless the Trading Advisor and its Principals
and Affiliates against any Losses incurred in connection therewith. 
 (b) (i) The Trading Advisor shall indemnify and hold harmless the
Managing Owner, the Trust, the Trustee, the Trading Company and each of their respective Principals and Affiliates against any Losses actually and reasonably incurred by them (A) as a result of a breach of any representation, warranty or
agreement of the Trading Advisor made in this Agreement or (B) as a result of act or omission of the Trading Advisor relating to the Trust or the Trading Company if there has been a final judicial or regulatory determination that such act or
failure to act constituted a breach of this Agreement misconduct or negligence on the part of the Trading Advisor; provided, however that such final judicial or regulatory determination shall not be required in the event of a settlement of any
Proceeding with the prior written consent of the Trading Advisor. 
 (ii) In the event the Managing Owner, the Trust, the Trustee or the
Trading Company is made a party to any Proceeding or otherwise incurs any Losses as a result of, or in connection with, the activities or claimed activities of the Trading Advisor or its Principals or Affiliates unrelated to the Managing Owner or
the Trading Company’s business, the Trading Advisor shall indemnify, defend and hold harmless the Managing Owner, the Trust, the Trading Company and their respective Principals and Affiliates against any Losses incurred in connection therewith.

 (c) Promptly after receipt by any of the indemnified parties under this Agreement of notice of any Proceeding, the party seeking
indemnification (the “Indemnitee”) shall notify the 

 
party from which indemnification is sought (the “Indemnitor”) in writing of the commencement thereof if a claim with respect thereof is to be made
under this Agreement. To the extent that the Indemnitor has actual knowledge of the commencement of such Proceeding, the failure to notify the Indemnitor shall not relieve such Indemnitor from any indemnification liability which it may have to such
Indemnitee pursuant to this Section 2, and the omission to notify the Indemnitor shall not relieve the Indemnitor from any obligation or liability which it may have to any such Indemnitee otherwise than under this Section 2. The Indemnitor
shall be entitled to participate in the defense of any such Proceeding and to assume the defense thereof with the assistance of counsel reasonably satisfactory to the Indemnitee. In any such Proceeding, the Indemnitee shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the Indemnitee’s own expense unless (i) otherwise agreed by the Indemnitor and Indemnitee or (ii) the named parties to any such Proceeding (including any impleaded
parties) include both the Indemnitor and the Indemnitee, and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or the existence of different or additional defenses
(it being understood, however, that the Indemnitor shall not be liable for legal fees or other expenses of more than one separate firm of attorneys for all such Indemnitees, which firm shall be designated in writing by such Indemnitees and be
reasonably acceptable to the Indemnitor). The Indemnitee shall cooperate with the Indemnitor in connection with any such Proceeding and shall make all personnel, books and records relevant to the Proceeding available to the Indemnitor and grant such
authorizations or powers of attorney to the agents, representatives and counsel of the Indemnitor as the Indemnitor may reasonably consider desirable in connection with the defense of any such Proceeding. 
 (d) In the event that a person entitled to indemnification under this Section 2 is made a party to any Proceeding alleging both matters for which
indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or expense incurred in such Proceeding which relates
to the matters for which indemnification can be made. 
 (e) None of the indemnifications contained in this Section 2 shall be
applicable with respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld, or the party obligated to indemnify
such party. 
 (f) The provisions of this Section 2 shall survive the termination of this Agreement. 
  

	3.	Limits on Claims. 

 (a) Prohibited Acts. The Trading
Advisor agrees that it will not take any of the following actions against the Trust: (i) seek a decree or order by a court having jurisdiction in the premises (A) for relief in respect of the Trust in an involuntary case or proceeding
under the Federal Bankruptcy Code or any other federal or state bankruptcy, insolvency, reorganization, rehabilitation, liquidation or similar law or (B) adjudging the Trust a bankrupt or insolvent, or seeking reorganization, rehabilitation,
liquidation, arrangement, adjustment or composition of or in respect of the Trust under the Federal Bankruptcy Code or any other applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or
other similar official) of the Trust or of any substantial part of any of its properties, or ordering the 

 
winding up or liquidation of any of its affairs, or (ii) seek a petition for relief, reorganization or to take advantage of any law referred to in the
preceding clause or (iii) file an involuntary petition for bankruptcy (collectively, “Bankruptcy or Insolvency Action”). 
 (b) Limited Assets Available. In addition, the Trading Advisor agrees that for any obligations due and owing to it by the Trust, the Trading Advisor will look solely and exclusively to the assets of the Trading Company or to the assets of
the Managing Owner, if it has liability in its capacity as Managing Owner, to satisfy its claims and will not seek to attach or otherwise assert a claim against the other assets of the Trust, whether there is a Bankruptcy or Insolvency Action taken
or otherwise. The parties agree that this provision will survive the termination of this Agreement, whether terminated in a Bankruptcy or Insolvency Action or otherwise. 
 (c) No Limited Owner Liability. This Agreement has been made and executed by and on behalf of the Trust, the Trading Company and the Managing Owner for the benefit of the Units of the applicable Series of the Trust
and the obligations of the Trust, the Trading Company and/or the Managing Owner set forth herein are not binding upon any of the Limited Owners individually but are binding only upon the assets and property identified above and no resort shall be
had to the assets of other Series issued by the Trust or the Limited Owners’ personal property for the satisfaction of any obligation or claim hereunder. 
 (d) Subordination Agreement. The Trading Advisor agrees and consents (the “Consent”) to look solely to the Managing Owner and each Series for which trading advisory services are being performed by the
Trading Advisor (the “Contracting Series”) and assets (the “Contracting Series Assets”) of the Contracting Series and the Managing Owner for payment of any advisory fees. The Contracting Series Assets include only those funds and
other assets that are paid, held or distributed to the Trust on account of and for the benefit of the Contracting Series, including, without limitation, funds delivered to the Trust for the purchase of Units in a Series. In furtherance of the
Consent, the Trading Advisor agrees that any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) incurred, contracted for or otherwise existing arising
from, related to or in connection with the Trust and its assets and the Contracting Series and the Contracting Series Assets, shall be subject to the following limitations: 
 (1) Subordination of certain claims and rights. 
 (i) except as set forth below, the Claims, if any, of the Trading Advisor (the “Subordinated Claims”) shall be expressly subordinate and junior in right of payment to any and all other Claims against the Trust and any Series
thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract; provided, however, that the Trading Advisor’s Claims (if any) against the Contracting Series shall not be considered Subordinated
Claims with respect to enforcement against and distribution and repayment from the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets; and provided further that the Trading Advisor’s valid Claims, if any,
against the Contracting Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Contracting Series and (ii) the Trading Advisor will not take, demand or receive from any Series or the
Trust or any of their respective assets (other than the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets) any payment for the Subordinated Claims; 

 (2) the Claims of the Trading Advisor with respect to the Contracting Series shall only be asserted and
enforceable against the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other Series, the Trust generally or any of
their respective assets; 
 (3) if the Claims of the Trading Advisor against the Contracting Series or the Trust are secured in whole or in
part, the Trading Advisor hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the event such security is inadequate to satisfy such
Claims) treated as unsecured Claims against the Trust or any Series (other than the Contracting Series), as the case may be; 
 (4) in
furtherance of the foregoing, if and to the extent that the Trading Advisor receives monies in connection with the Subordinated Claims from a Series or the Trust (or their respective assets), other than the Contracting Series, the Contracting Series
Assets and the Managing Owner and its assets, the Trading Advisor shall be deemed to hold such monies in trust and shall promptly remit such monies to the Series or the Trust that paid such amounts for distribution by the Series or the Trust in
accordance with the terms hereof; and 
 (5) the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied,
and notwithstanding that the agreements in respect of such Claims are terminated, rescinded or canceled. 
  

	4.	Obligations of the Trust, the Managing Owner, the Trading Company and the Trading Advisor. 

 (a) The Registration Statement and Prospectus. Each of the Trust and the Managing Owner agrees to cooperate and use its good faith best efforts in
connection with (i) the preparation by the Trust of the Registration Statement and the Prospectus (and any amendments or supplements thereto); (ii) the filing of the Registration Statement and the Prospectus (and any amendments or
supplements thereto) with such governmental and self-regulatory authorities as the Managing Owner deems appropriate for the registration and sale of the Units and the taking of such other actions not inconsistent with this Agreement as the Managing
Owner may determine to be necessary or advisable in order to make the proposed offer and sale of Units lawful in any jurisdiction; and (iii) causing the Registration Statement (and any amendment thereto) to become effective under the 1933 Act
and the Blue Sky securities laws of such jurisdictions as the Managing Owner may deem appropriate. The Trading Advisor agrees to make all necessary disclosures regarding itself, its principals, trading performance, Trading Approach, customer
accounts (other than the names of customers, unless such disclosure is required by law or regulation) and otherwise as may be required, in the reasonable judgment of the Managing Owner, to be made in the Registration Statement and Prospectus and in
applications to any such jurisdictions. No description of, or other information relating to, the Trading Advisor may be distributed by the Managing Owner without the prior written consent of 

 
the Trading Advisor, which consent shall not be unreasonably withheld or delayed. If any event or circumstance occurs as a result of which it becomes
necessary, in the judgment of the Managing Owner to amend the Registration Statement in order to make the Registration Statement not materially misleading or to amend or to supplement the Prospectus in order to make the Prospectus not materially
misleading in light of the circumstances existing at the time it is delivered to a subscriber, or if it is otherwise necessary in order to permit the Trust to continue to offer its Units subsequent to the Initial Offering Period subject to the
limitations set forth in this Agreement, the Trading Advisor will furnish such information with respect to itself and its principals, as well as its Trading Approach and Past Performance History as the Managing Owner may reasonably request, and will
cooperate to the extent reasonably necessary in the preparation of any required amendments or supplements to the Registration Statement and/or the Prospectus. 
 (b) Trading Advisor Not A Promoter. The parties acknowledge that the Trading Advisor has not been, either alone or in conjunction with the Selling Agents or their affiliates, an organizer or promoter of the Trust.

 (c) Filings. The Trust may at any time determine not to file the Registration Statement with the SEC or withdraw the Registration
Statement from the SEC or any other governmental or self-regulatory authority with which it is filed or otherwise terminate the Registration Statement or the offering of Units. Upon any such withdrawal or termination, or if the “minimum”
Units of the applicable Series required to be sold pursuant to the Prospectus is not sold, this Agreement shall terminate and, except for the obligations set forth in Section 2, neither the Trust, the Trading Company nor the Managing Owner
shall have any obligations to the Trading Advisor with respect to this Agreement; nor shall the Trading Advisor have any obligations to the Trust, the Trading Company or the Managing Owner with respect to this Agreement. 
  

	5.	Trading Advisor’s Closing Obligations. 

 On or
prior to the Closing Date (as hereinafter defined) with respect to the initial offering of the Trust with respect to the applicable Series of Units (the “Initial Closing Date”), and thereafter, only if requested by the Managing Owner, on
or prior to each closing date during the continuous offering of the applicable Series of Units (each a “Subsequent Closing Date”), the Trading Advisor shall deliver or cause to be delivered, at the expense of the Trading Advisor, to the
Selling Agents, the Trust, the Trading Company and the Managing Owner, the reports, certificates and documents described below addressed to them and, except as may be set forth below, dated the Initial Closing Date or the Subsequent Closing Date, as
appropriate (unless the context otherwise requires, the Initial Closing Date and each Subsequent Closing Date shall each be referred to as a “Closing Date”): 
 (a) a report from the Trading Advisor which shall present, for the period from the date after the last day covered by the Trading Advisor’s Past Performance History as set forth under “Past Performance
Information” in the Prospectus to the latest practicable month-end before the Closing Date, figures which shall show the actual past performance of the Trading Advisor (or, if such actual past performance information is unavailable, then the
estimated past performance) for such period, and which shall certify that, to the best of its knowledge, such figures are complete and accurate in all material respects; 

 (b) a certificate of the Trading Advisor in the form proposed prior to the Closing Date by counsel to the
Trust and the Managing Owner, with such changes in such form as are proposed by the Trading Advisor or its counsel and are acceptable to the Trust and the Managing Owner and their counsel so as to make such form mutually acceptable to the Trust, the
Managing Owner, the Trading Advisor, and their respective counsel, to the effect that: 
 (1) the representations and warranties of the
Trading Advisor contained in this Agreement are true and correct in all material respects on the date of the certificate as though made on such date; 
 (2) nothing has come to the Trading Advisor’s attention which would cause the Trading Advisor to believe that, at any time from the time the Registration Statement initially became effective to the Closing Date,
the Registration Statement, as amended from time to time, or the Prospectus, as amended or supplemented from time to time, with respect to the Trading Advisor, or the affiliates, controlling persons, shareholders, directors, officers or employees of
any of the foregoing, or with respect to the Trading Approach or Past Performance History, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein
(with respect to the Prospectus, in light of the circumstances in which they were made) not misleading; and 
 (3) the Trading Advisor has
performed all covenants and agreements herein contained to be performed on its part at or prior to the Closing Date; 
 (c) a certificate of
the Trading Advisor signed by any relevant officer of the Trading Advisor (together with such supporting documents as are set forth in the certificate), in the form proposed prior to the Closing Date by counsel to the Trust and the Managing Owner,
with such changes in such form as are proposed by the Trading Advisor or its counsel and are acceptable to the Trust and the Managing Owner and their counsel so as to make such form mutually acceptable to the Trust, the Managing Owner, the Trading
Advisor, and their respective counsel, with respect to, (1) the continued effectiveness of the organizational documents of the Trading Advisor, (2) the continued effectiveness of the Trading Advisor’s registration as a commodity
trading advisor under the CE Act and membership as a commodity trading advisor with the NFA and (3) the incumbency and genuine signature of the President and Secretary of the Trading Advisor; 
 (d) a certificate from the state of formation of the Trading Advisor, to be dated at, on or around the Closing Date, as to its formation and good
standing, provided that no certificate of formation shall be required at any Subsequent Closing Date. 
  

	6.	Trust’s, Trading Company’s and Managing Owner’s Closing Obligations. 

 On or prior to the Initial Closing Date, and thereafter on or prior to each Subsequent Closing Date, if the Trust, the Trading Company and the Managing Owner have requested that the Trading Advisor provide
certificates and documents, the Trust, the Trading Company and the Managing Owner shall deliver or cause to be delivered to the Trading Advisor, the certificates and documents to the Trading Advisor and, except as may be set forth below, dated each
such Closing Date: 

 (a) certificates of the Trust, the Trading Company and the Managing Owner, addressed to the Trading
Advisor, in the form proposed prior to the Closing Date by counsel to the Trust, the Trading Company and the Managing Owner with such changes in such form as are proposed by the Trading Advisor or its counsel and are acceptable to the Trust, the
Trading Company, the Managing Owner and their counsel so as to make such form mutually acceptable to the Trust, the Trading Company, the Managing Owner, the Trading Advisor, and their respective counsel, with respect to, as applicable, (1) the
continued effectiveness of the Trust Agreement and the Certificate of Trust of the Trust, the limited liability company agreement of the Trading Company and the limited liability company agreement of the Managing Owner, (2) the continued
effectiveness of the registration of the Managing Owner as a commodity pool operator under the CE Act and membership with the NFA in such capacity and (3) the incumbency and genuine signature of the managing member of the Managing Owner; and

 (b) certificates from the State of Delaware with respect to each of the Trust, the Trading Company and the Managing Owner to be dated at,
on or around the Closing Date as to the formation and good standing of the Trust, the Trading Company and the Managing Owner. 
  

	7.	Trading Advisor Independence. 

 (a) Independent Contractor.
The Trading Advisor shall for all purposes herein be deemed to be an independent contractor with respect to the Trust, the Managing Owner, the Trading Company and each other commodity trading advisor that may in the future provide commodity trading
advisory services to the Trust, other trading companies and the Selling Agents, and shall, unless otherwise expressly authorized, have no authority to act for or to represent the Trust, the Trading Company, the Managing Owner, any other commodity
trading advisor or the Selling Agents in any way or otherwise be deemed to be a general agent, joint venturer or partner of the Trust, the Trading Company, the Managing Owner, any other commodity trading advisor or the Selling Agents, or in any way
be responsible for the acts or omissions of the Trust, the Trading Company, the Managing Owner, any other commodity trading advisor or the Selling Agents as long as it is acting independently of such persons. 
 (b) Unauthorized Activities. Without limiting the obligations of the Trust set forth under this Agreement, nothing herein contained shall be deemed to
require the Trust to take any action contrary to its Trust Agreement or Certificate of Trust or any applicable statute, regulation or rule of any exchange or self-regulatory organization. 
 (c) Purchase of Units. Any of the Trading Advisor, its principals, and employees may, in their discretion, purchase Units in the Trust. 
 (d) Confidentiality. The Trust, the Trading Company and the Managing Owner acknowledge that the Trading Approach of the Trading Advisor is the
confidential property of the Trading Advisor. Nothing in this Agreement shall require the Trading Advisor to disclose the confidential or proprietary details of its Trading Approach. The Trust, the Trading Company and the Managing Owner further
agree that they will keep confidential and will not disseminate the 

 
Trading Advisor’s trading advice to the Trading Company, except as, and to the extent that, it may be determined by the Managing Owner to be
(i) necessary for the monitoring of the business of the Trading Company and the Trust, including the performance of brokerage services by the Trading Company’s commodity broker(s) or (ii) expressly required by any law, statute, rule,
regulation or order, the request of any governmental, regulatory or self-regulatory agency, organization, exchange or other body or valid legal process. The Trust, the Trading Company and the Managing Owner further agrees that they shall not copy,
disclose, misuse, misappropriate or reverse engineer or otherwise appropriate or make use of in any manner the investment and trading strategies, systems, algorithms, models, techniques, methods, policies, programs and analyses previously, currently
or hereafter used by the Trading Advisor in the conduct of its business including all data, details, components, specifications, codes, formulae, know-how (technical or otherwise), electronic data processing systems, computer software programs and
computer hardware systems relating to the foregoing, and all embodiments, articulations, applications, expressions and reproductions of any of the foregoing including, without limitation, documents, notes, print-outs, work papers, charts, diskettes,
tapes and manuals. The provisions of this Section 7(d) shall survive the termination or the expiration of this Agreement. 
  

	8.	Commodity Broker. 

 All Commodities trades for the accounts
of the Trading Company and the Trust shall be made through such commodity broker or brokers as the Managing Owner directs or otherwise as may be agreed upon in accordance with such order execution procedures as are agreed upon between the Trading
Advisor and the Managing Owner. The Trading Advisor shall not be responsible for determining that any such bank or broker used in connection with any Commodities transactions meets the financial requirements or standards imposed by the Trust’s
Trading Policies and Limitations. At the present time it is contemplated that the Trust and the Trading Company will execute and clear all Commodities trades through the Clearing Brokers. The Trading Advisor may, however, with the consent of the
Managing Owner which consent shall not be unreasonably withheld, execute transactions at such other broker(s), and upon such terms and conditions, as the Trading Advisor and the Managing Owner agree if such broker(s) agree to “give up” all
such transactions to the Clearing Brokers for clearance. To the extent that the Trading Company determines to utilize a broker or brokers other than the Clearing Brokers, it will notify the Trading Advisor. 
  

	9.	Fees. 

 (a) In consideration of and in compensation for the
performance of the Trading Advisor’s services under this Agreement, the Trading Advisor shall receive from the Managing Owner a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”) as set forth on
Exhibit D hereto. 
 (b) Timing of Payment. Management Fees and Incentive Fees shall be paid within twenty (20) Business Days following
the end of the period for which they are payable. If an Incentive Fee shall have been paid by the Managing Owner to the Trading Advisor in respect of any calendar quarter and the Trading Advisor shall incur subsequent losses in trading on behalf of
the Trading Company, the Trading Advisor shall nevertheless be entitled to retain amounts previously paid to it in respect of New High Net Trading Profits. 

 (c) Fee Data. The Trading Advisor will be provided by the Managing Owner with the data used by the
Managing Owner to compute the foregoing fees within twenty (20) Business Days of the end of the relevant period. 
 (d) Third Party
Payments. Neither the Trading Advisor, nor any of its Principals or Affiliates shall receive any commissions, compensation, remuneration or payments whatsoever from any Clearing Broker with which the Trading Company carries an account for
transactions executed in the Trading Company’s account. 
  

	10.	Term and Termination. 

 (a) Term. This Agreement shall
commence on the date hereof and, unless sooner terminated, shall continue in effect for twelve full months following the date hereof (the “Initial Term”). After the expiration of the Initial Term, unless this Agreement is terminated
pursuant to sections (b), (c) or (d) of this Section 10, this Agreement shall be renewed automatically on the same terms and conditions set forth herein for successive additional one-year terms, each of which shall commence on the
first day of the month subsequent to the conclusion of the preceding twelve (12) month term. The automatic renewal(s) set forth in the preceding sentence hereof shall not be affected by (i) any reallocation of the Allocated Assets away
from the Trading Advisor pursuant to this Agreement, or (ii) the retention of Other Advisors following a reallocation, or otherwise. 
 (b) Automatic Termination. This Agreement shall terminate automatically in the event that the Trust is terminated. In addition, this Agreement shall terminate automatically in the event that the Allocated Assets declines as of the end of
any Business Day by 50% or more from the Allocated Assets (i) as of the first day of this Agreement, or (ii) as of the first day of any calendar year, as adjusted on an ongoing basis by (A) any decline(s) in the Allocated Assets
caused by distributions, exchanges, redemptions, permitted reallocations, and withdrawals, and (B) additions to the Allocated Assets caused by additional allocations of the Trust Estate to the Trading Advisor’s management based on sales of
additional Units of the applicable Series. 
 (c) Optional Termination Right of Trust and Trading Company. This Agreement may be terminated
at any time at the election of the Managing Owner in its sole discretion upon at least one (1) day’s prior written notice to the Trading Advisor. The Managing Owner will use its best efforts to cause any termination to occur as of a
month-end. This Agreement also may be terminated upon prior written notice, appropriate under the circumstances, to the Trading Advisor in the event that: (i) the Managing Owner determines in good faith following consultation appropriate under
the circumstances with the Trading Advisor that the Trading Advisor is unable to use its agreed upon Trading Approach to any material extent, as such Trading Approach may be refined or modified in the future in accordance with the terms of this
Agreement for the benefit of the Trust; (ii) the Trading Advisor’s registration as a commodity trading advisor under the CE Act, or membership as a commodity trading advisor with the NFA is revoked, suspended, terminated or not renewed;
(iii) the Managing Owner determines in good faith following consultation appropriate under the circumstances with the Trading Advisor that 

 
the Trading Advisor has failed to conform, and after receipt of written notice, continues to fail to conform in any material respect, to (A) any of the
Trust’s Trading Policies and Limitations, or (B) the Trading Approach; (iv) there is an unauthorized assignment of this Agreement by the Trading Advisor; (v) the Trading Advisor dissolves, merges or consolidates with another
entity or sells a substantial portion of its assets, any portion of its Trading Approach utilized by the Trust or its business goodwill, in each instance without the consent of the Managing Owner; (vi) any of the key principals listed on
Exhibit E is not in control of the Trading Advisor’s trading activities for the Trading Company; (vii) the Trading Advisor becomes bankrupt (admitted or decreed) or insolvent; or (viii) for any other reason, the Managing Owner
determines in good faith that such termination is essential for the protection of the Trust, the Trading Company and the applicable Series of Units, including, without limitation a good faith determination by the Managing Owner that the Trading
Advisor has breached a material obligation to the Trust or the Trading Company under this Agreement relating to the trading of the Allocated Assets. 
 (d) Optional Termination Right of Trading Advisor. The Trading Advisor shall have the right to terminate this Agreement at any time upon ten (10) days written notice to each of the Trust, the Trading Company and
the Managing Owner, appropriate under the circumstances, in the event (i) of the receipt by the Trading Advisor of an opinion of independent counsel satisfactory to the Trading Advisor and the Trust that by reason of the Trading Advisor’s
activities with respect to the Trust and the Trading Company, it is required to register as an investment adviser under the Advisers Act or under the laws of any state and it is not so registered; (ii) that the registration of the Managing
Owner as a commodity pool operator under the CE Act, or its NFA membership in such capacity, is revoked, suspended, terminated or not renewed; (iii) the Managing Owner imposes additional trading limitation(s) pursuant to Section 1 of this
Agreement which the Trading Advisor does not agree to follow in its management of the Allocated Assets, or the Managing Owner overrides trading instructions of the Trading Advisor or does not consent to a material change to the Trading Approach
requested by the Trading Advisor; (iv) if the amount of the Allocated Assets decreases to less than $XX million as the result of redemptions, reallocations or extraordinary expenses, but not trading losses, as of the close of business on any
Business Day; (v) the Managing Owner elects (pursuant to Section 1 of this Agreement) to have the Trading Advisor use a different Trading Approach in the Trading Advisor’s management of Trust assets from that which the Trading Advisor
is then using to manage such assets and the Trading Advisor objects to using such different Trading Approach; (vi) there is an unauthorized assignment of this Agreement by the Trust, the Trading Company or the Managing Owner; (vii) there
is a material breach of this Agreement by the Trust, the Trading Company and/or the Managing Owner after giving written notice to the Managing Owner which identifies such breach and such material breach has not been cured within 10 days following
receipt of such notice by the Managing Owner; or (viii) other good cause is shown and the written consent of the Managing Owner is obtained (which shall not be withheld unreasonably). In addition, after the expiration of the Initial Term, the
Trading Advisor may terminate this Agreement as of any calendar quarter end upon 90 days’ prior written notice to the Managing Owner. 
 (e) Termination Fees. In the event that this Agreement is terminated with respect to, or by, the Trading Advisor pursuant to this Section 10 or the Managing Owner allocates the Trust’s assets to Other Advisors, the Trading Advisor
shall be entitled to, and the Trust shall pay, the Management Fee and the Incentive Fee, if any, which shall be computed (i) with respect to 

 
the Management Fee, on a pro rata basis, based upon the portion of the month for which the Trading Advisor had the Allocated Assets under management, and
(ii) with respect to the Incentive Fee, if any, as if the effective date of termination was the last day of the then current calendar quarter. The rights of the Trading Advisor to fees earned through the earlier to occur of the date of
expiration or termination shall survive this Agreement until satisfied. 
 (f) Termination and the Prospectus. In the event of termination of
this Agreement, the Prospectus and marketing materials mentioning the Trading Advisor shall be amended as promptly as possible. 
  

	11.	Liquidation of Positions. 

 The Trading Advisor agrees to
liquidate open positions in the amount that the Managing Owner informs the Trading Advisor, in writing via telecopy or other equivalent means, that the Managing Owner considers necessary or advisable to liquidate in order to (i) effect any
termination or reallocation pursuant to Sections 1 or 10, respectively, or (ii) fund its pro rata share of any redemption, exchange, distribution, Trading Company expense or Trust expense. The Managing Owner shall not, however, have authority
to instruct the Trading Advisor as to which specific open positions to liquidate, except as provided in Section 1 hereof. The Managing Owner shall provide the Trading Advisor with such reasonable prior notice of such liquidation as is
practicable under the circumstances and will endeavor to provide at least one (1) days’ prior notice. In the event that losses incurred by the Trading Advisor exceed the amount of the Allocated Assets, the Managing Owner agrees to cover
such excess losses from its assets, but in no event from the assets of the other Series issued by the Trust. 
  

	12.	Other Accounts of the Trading Advisor. 

 (a) Management of
Other Accounts. Subject to section (c) of this Section 12, the Trading Advisor shall be free to manage and trade accounts for other investors (including other public and private commodity pools) during the term of this Agreement and to use
the same or other information and Trading Approach utilized in the performance of services for the Trading Company and the Trust for such other accounts so long as the Trading Advisor’s ability to carry out its obligations and duties to the
Trust pursuant to this Agreement is not materially impaired thereby. In addition, the Trading Advisor and its Principals and Affiliates also will be permitted to trade in Commodities using the Trading Approach or otherwise for their own accounts, so
long as the Trading Advisor’s ability to carry out its obligations and duties to the Trading Company and the Trust pursuant to this Agreement is not materially impaired thereby. 
 (b) Acceptance of Additional Capital. Furthermore, so long as the Trading Advisor is performing services for the Trust and the Trading Company, it agrees
that it will not accept additional capital for management in the Commodities markets if doing so would have a reasonable likelihood of resulting in the Trading Advisor having to modify materially its agreed upon Trading Approach being used for the
Trust and the Trading Company in a manner which might reasonably be expected to have a material adverse effect on the Trust or the Trading Company. Without limiting the generality of the foregoing, it is understood that this section shall not
prohibit the acceptance of additional capital, which acceptance requires only routine adjustments to trading patterns in order to comply with speculative position limits or daily trading limits. 

 (c) Equitable Treatment of Accounts. The Trading Advisor agrees, in its management of accounts other than
the account of the Trading Company and the Trust, that it will not knowingly or deliberately favor on an overall basis any other account managed or controlled by it or any of its Principals or Affiliates (in whole or in part) over the Trading
Company or the Trust. The preceding sentence shall not be interpreted to preclude (i) the Trading Advisor from charging another client fees which differ from the fees to be paid to it hereunder, or (ii) an adjustment by the Trading Advisor
in the implementation of any agreed upon Trading Approach in accordance with the procedures set forth in Section 1 hereof which is undertaken by the Trading Advisor in good faith in order to accommodate additional accounts. The Trading Advisor,
upon reasonable request and receipt of adequate assurances of confidentiality, shall provide the Managing Owner with an explanation of the differences, if any, in performance between the Trading Company and the Trust and any other similar account
pursuant to the same Trading Approach for which the Trading Advisor or any of its Principals or Affiliates acts as a commodity trading advisor (in whole or in part). 
 (d) Inspection of Records. Upon the reasonable request of, and upon reasonable notice from, the Managing Owner, the Trading Advisor shall permit the Managing Owner to review at the Trading Advisor’s offices
during normal business hours such trading records as it reasonably may request for the purpose of confirming that the Trading Company and the Trust have been treated equitably on an overall basis with respect to advice rendered during the term of
this Agreement by the Trading Advisor for other accounts managed by the Trading Advisor, which the parties acknowledge to mean that the Managing Owner may inspect, subject to such restrictions as the Trading Advisor may reasonably deem necessary or
advisable so as to preserve the confidentiality of proprietary information and the identity of its clients, all trading records of the Trading Advisor as it reasonably may request during normal business hours. The Trading Advisor may, in its
discretion, withhold from any such report or inspection the identity of the client for whom any such account is maintained and in any event, the Trust and the Managing Owner shall keep all such information obtained by them from the Trading Advisor
confidential. 
  

	13.	Speculative Position Limits. 

 If, at any time during the
term of this Agreement, it appears to the Trading Advisor that it may be required to aggregate the Trading Company’s Commodities positions with the positions of any other accounts it or its principals own or control for purposes of applying the
speculative position limits of the CFTC, any exchange, self-regulatory body, or governmental authority, the Trading Advisor promptly will notify the Managing Owner if the Trading Company’s positions under its management are included in an
aggregate amount which equals or exceeds the applicable speculative limit. The Trading Advisor agrees that, if its trading recommendations pursuant to its agreed upon Trading Approach are altered because of the potential application of speculative
position limits, the Trading Advisor will modify its trading instructions to the Trading Company and its other accounts in a good faith effort to achieve an equitable treatment of all accounts; to wit, the Trading Advisor will liquidate Commodities
positions and/or limit the taking of new positions in all accounts it manages, including the Trading Company, as nearly as possible in proportion to the number of contracts of the relevant market that would otherwise be held by the 

 
respective accounts to the extent necessary to comply with applicable speculative position limits. The Trading Advisor presently believes that its Trading
Approach for the management of the Trading Company’s account can be implemented for the benefit of the Trading Company notwithstanding the possibility that, from time to time, speculative position limits may become applicable. 
  

	14.	Redemptions, Distributions, Reallocations and Additional Allocations. 

 (a) Notice. The Managing Owner will use its best efforts to give the Trading Advisor at least one (1) Business Day’s prior notice of any proposed redemptions, exchanges, distributions, reallocations,
additional allocations, or withdrawals. 
 (b) Allocations. Redemptions, exchanges, withdrawals, and distributions of Units of the applicable
Series shall be charged against Allocated Assets. 
  

	15.	Brokerage Confirmations and Reports. 

 The Managing Owner
will instruct the Clearing Brokers to furnish the Trading Advisor with copies of all trade confirmations, daily equity runs, and monthly trading statements relating to the Allocated Assets. The Trading Advisor will maintain records and will monitor
all open positions relating thereto; provided, however, that the Trading Advisor shall not be responsible for any errors by the Clearing Brokers or any other brokers appointed pursuant to Section 8. The Managing Owner also will furnish the
Trading Advisor with a copy of the form of all reports, including but not limited to, monthly, quarterly and annual reports, sent to the Limited Owners, and copies of all reports filed with the SEC, the CFTC and the NFA. The Trading Advisor shall,
at the Managing Owner’s request, make a good faith effort to provide the Managing Owner with copies of all trade confirmations, daily equity runs, monthly trading reports or other reports sent to the Trading Advisor by the Clearing Brokers
regarding the Trust and the Trading Company, and in the Trading Advisor’s possession or control, as the Managing Owner deems appropriate, if the Managing Owner cannot obtain such copies on its own behalf. Upon request, the Managing Owner will
provide the Trading Advisor with accurate information with respect to the Allocated Assets. 
  

	16.	The Trading Advisor’s Representations and Warranties. 

 The Trading
Advisor represents and warrants to the Trust, the Trustee, the Managing Owner and the Trading Company that: 
 (a) All references to the
Trading Advisor and its principals in the Prospectus are complete and accurate in all material respects and as to them the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact which is necessary to
make the statements therein not misleading, except that with respect to [Table X] in the Prospectus, this representation and warranty extends only to the underlying data made available by the Trading Advisor for the preparation thereof and not to
any hypothetical or pro forma adjustments. 
 (b) The information with respect to the Trading Advisor set forth in the actual performance
tables in the Prospectus have been prepared in accordance with the “Fully-Funded Subset” method or such other methods approved by the CFTC as described in the Trading 

 
Advisor’s current Disclosure Document delivered to the Managing Owner (the “Disclosure Document”). The Disclosure Document complies in all
material respects with the applicable regulations promulgated under the CE Act by the CFTC and the NFA’s rules. 
 (c) The Trading
Advisor is duly registered under the CE Act as a commodity trading advisor, is a member of the NFA in such capacity, and is in compliance with such other registration and licensing requirements as shall be necessary to enable it to perform its
obligations hereunder, and agrees to maintain and renew such registrations and licenses during the term of this Agreement. 
 (d) The Trading
Advisor has complied, and will continue to comply, in all material respects with all laws, statutes, rules, regulations and orders having application to its business, properties and assets, the violation of which might reasonably be expected, in the
Trading Advisor’s best knowledge and belief, to materially and adversely affect its ability to comply with and perform its obligations under this Agreement and in connection with the offering of Units. As of the date hereof, there are no
Proceedings, notices of investigation or investigations pending or, to the best knowledge and belief of the Trading Advisor, threatened against the Trading Advisor or any of its Principals or Affiliates regarding noncompliance with any applicable
laws, statutes, rules, regulations or orders, or at law or in equity, or before or by any court, any foreign, federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, or any governmental,
regulatory or self-regulatory agency, organization, exchange or other body, in which an adverse decision might reasonably be expected, in the Trading Advisor’s best knowledge and belief, to materially and adversely affect its ability to comply
with or perform its obligations under this Agreement or result in a material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. 
 (e) The Trading Advisor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has full power
and authority to enter into this Agreement and to provide the services required of it hereunder. The Trading Advisor is qualified to conduct business and is in good standing in every jurisdiction in which the nature or conduct of its business
requires such qualification and the failure to qualify might reasonably be expected to have a materially adverse effect on its ability to comply with or perform its obligations under this Agreement (it being understood that any decision as to the
jurisdiction or jurisdictions in which the Trading Advisor shall conduct its business is within the sole discretion of the Trading Advisor). 
 (f) The execution and delivery of this Agreement and the incurrence and performance of the obligations contemplated in this Agreement by the Trading Advisor will not conflict with, violate, breach or constitute a default under any term or
provision of its certificate of incorporation, by-laws or other charter or governing documents, or any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Trading Advisor is a party, or by which it is
bound, or to which any of the property or assets of the Trading Advisor is subject, or any laws, statutes, rules, regulations, orders or other legal requirement applicable to the Trading Advisor or to the property or assets of the Trading Advisor of
any court or any regulatory authority having jurisdiction over the Trading Advisor. 

 (g) This Agreement has been duly and validly authorized, executed and delivered by the Trading Advisor
and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms. 
 (h) At any time during the term of
this Agreement that a prospectus relating to the Units is required to be delivered in connection with the offer and sale thereof, the Trading Advisor agrees upon the request of the Managing Owner to provide the Managing Owner with such information
as shall be necessary so that, as to the Trading Advisor and its principals, such prospectus is complete and accurate in all material respects. 
 (i) The Trading Advisor is not bankrupt or insolvent. 
 All representations, warranties and covenants contained in this Agreement shall be
continuing during the term of this Agreement and shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. The Trading Advisor hereby agrees that as of the date of this Agreement it is,
and during its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make such representations, warranties or covenants not true, the Trading
Advisor promptly will notify the other parties of such facts in the manner provided below. All representations, warranties and covenants herein contained shall inure to the benefit of the party to whom it is addressed and its respective heirs,
executors, administrators, legal representatives, successors and permitted assigns. 
  

	17.	The Managing Owner’s Representations and Warranties. 

 The Managing
Owner represents and warrants to the Trading Advisor for itself and the Trust that: 
 (a) The Prospectus as from time to time amended or
supplemented is complete and accurate in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact which is necessary to make the statements therein not misleading, except that the foregoing
representation does not apply to any statement or omission concerning any Trading Advisor in the Prospectus, made in reliance upon, and in conformity with information furnished to the Managing Owner by or on behalf of any Trading Advisor expressly
for use in the Prospectus. 
 (b) It is a limited liability company duly organized, validly existing and in good standing under the laws of
the State of Delaware and has full power and authority to perform its obligations under this Agreement. The Managing Owner is qualified to conduct business and is in good standing in every jurisdiction in which the nature or conduct of its business
requires such qualification and the failure to qualify might reasonably be expected to have a materially adverse effect on its ability to comply with or perform its obligations under this Agreement (it being understood that any decision as to the
jurisdiction or jurisdictions in which the Managing Owner shall conduct its business is within the sole discretion of the Managing Owner). 
 (c) The Managing Owner and the Trust have the capacity and authority to enter into this Agreement on behalf of the Trust. 

 (d) This Agreement has been duly and validly authorized, executed and delivered on the Managing
Owner’s and the Trust’s behalf and is a valid and binding agreement of the Managing Owner and the Trust enforceable in accordance with its terms. 
 (e) The execution and delivery of this Agreement and the incurrence and performance of the obligations contemplated in this Agreement by the Managing Owner will not conflict with, violate, breach or constitute a
default under any term or provision of its certificate of incorporation, by-laws or other charter or governing documents, or any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Managing Owner is a
party, or by which it is bound, or to which any of the property or assets of the Managing Owner is subject, or any law, statute, rule, regulation, order or other legal requirement applicable to the Managing Owner or to the property or assets of the
Managing Owner of any court or any regulatory authority having jurisdiction over the Managing Owner. 
 (f) It is registered as a commodity
pool operator and is a member of the NFA, and it will maintain and renew such registration and membership during the term of this Agreement. 
 (g) The Trust is a statutory trust duly organized and validly existing under the laws of the State of Delaware and has full power and authority to enter into this Agreement and to perform its obligations under this Agreement. 
 (h) The Managing Owner has complied, and will continue to comply in all material respects with all laws, statutes, rules, regulations and orders having
application to its business, properties and assets, the violation of which might reasonably be expected, in the Managing Owner’s best knowledge and belief, to materially and adversely affect its ability to comply with and perform its
obligations under this Agreement and in connection with the offering of Units. As of the date hereof, there are no Proceedings, notices of investigation or investigations pending or, to the best knowledge and belief of the Managing Owner, threatened
against the Managing Owner or any of its Principals or Affiliates regarding noncompliance with any applicable laws, statutes, rules, regulations or orders, or at law or in equity, or before or by any court, any foreign, federal, state, municipal or
other governmental department, commission, board, bureau, agency or instrumentality, or any governmental, regulatory or self-regulatory agency, organization, exchange or other body, in which an adverse decision might reasonably be expected, in the
Managing Owner’s best knowledge and belief, to materially and adversely affect its ability to comply with or perform its obligations under this Agreement or result in a material adverse change in the condition, financial or otherwise, business
or prospects of the Managing Owner. 
 (i) The Managing Owner is not bankrupt or insolvent. 
 All representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and shall survive the termination of this
Agreement with respect to any matter arising while this Agreement was in effect. The Managing Owner hereby agrees that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations, warranties and
covenants herein contained. In addition, if at any time any event occurs which would make such representations, warranties or covenants not true, the Managing Owner promptly will notify the other parties of such facts in the manner provided below.
All representations, warranties and covenants herein contained shall inure to the benefit of the party to whom it is addressed and its respective heirs, executors, administrators, legal representatives, successors and permitted assigns. 

	18.	Assignment. 

 This Agreement may not be assigned by any of the parties
hereto without the express prior written consent of the other parties hereto. 
  

	19.	Successors. 

 This Agreement shall be binding upon and inure to the benefit
of the parties hereto and the successors and permitted assigns of each of them, and no other person (except as otherwise provided herein) shall have any right or obligation under this Agreement. The terms “successors” and
“assigns” shall not include any purchasers, as such, of Units. 
  

	20.	Amendment or Modification or Waiver. 

 This Agreement may not be amended or
modified, nor may any of its provisions be waived, except upon the prior written consent of the parties hereto. 
  

	21.	Notices. 

 Except as otherwise provided herein, all notices required to be
delivered under this Agreement shall be effective only if in writing and shall be deemed given by the party required to provide notice when received by the party to whom notice is required to be given and shall be delivered personally or by
registered mail, postage prepaid, return receipt requested, or by telecopy, as follows (or to such other address as the party entitled to notice shall hereafter designate by written notice to the other parties): 
  

			
	 If to the Managing Owner:
  
 Equinox Fund Management, LLC
 1660 Lincoln Street, Suite 100
 Denver, Colorado 80264
 Attention: Mr. Richard E. Bornhoft
 Facsimile: 303-832-9354
	  	 If to the Trust:
  
 The Frontier Fund- [ - ] Series
 c/o Equinox Fund Management, LLC
 1660 Lincoln Street, Suite 100
 Denver, Colorado 80264
 Attention: Mr. Richard E. Bornhoft
 Facsimile:
303-832-9354

		
	 If to the Trading Advisor:
  
 [ - ]
	  	

 and in either case with a copy to: 
 Arnold & Porter LLP 
 399 Park Avenue 
 New York, New York 10022-4690 
 Attention:
Michael F. Griffin, Esq. 
 Facsimile: (212) 715-1399 
  

	22.	Governing Law. 

 Each party agrees that this Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles. 
  

	23.	Survival. 

 All representations, warranties and covenants in this
Agreement, or contained in certificates required to be delivered hereunder shall survive the termination of this Agreement, with respect to any matter arising while this Agreement was in effect. Furthermore, all representations, warranties and
covenants hereunder shall inure to the benefit of each of the parties to this Agreement and their respective successors and permitted assigns. 
  

	24.	Disclosure Document Modifications. 

 The Trading Advisor shall promptly
furnish the Managing Owner with a copy of all modifications to its Disclosure Document when available for distribution. Upon receipt of any modified Disclosure Document by the Managing Owner, the Managing Owner will provide the Trading Advisor with
an acknowledgement of receipt thereof. 
  

	25.	Promotional Literature. 

 Each party agrees that prior to using any
promotional literature in which reference to the other parties hereto is made, they shall furnish a copy of such information to the other parties and will not make use of any promotional literature containing references to such other parties to
which such other parties object, except as otherwise required by law or regulation. 
  

	26.	No Waiver. 

 No failure or delay on the part of any party hereto in
exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power
or remedy. Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given. 
  

	27.	No Liability of Limited Owners. 

 This Agreement has been made and executed
by and on behalf of the Trust, and the obligations of the Trust and/or the Managing Owner set forth herein are not binding upon any of the Limited 

 
Owners individually, but rather, are binding only upon the assets and property of the Trust, and, to the extent provided herein, upon the assets and property
of the Managing Owner. 
  

	28.	Third-Party Beneficiaries. 

 Wilmington Trust Company, the trustee of the
Trust, shall be a third-party beneficiary of the applicable provisions of this Agreement. The Principals and Affiliates of each of the Trading Advisor and the Managing Owner shall be third-party beneficiaries of the applicable provisions of this
Agreement. 
  

	29.	Headings. 

 Headings to Sections herein are for the convenience of the
parties only, and are not intended to be or to affect the meaning or interpretation of this Agreement. 
  

	30.	Complete Agreement. 

 This Agreement constitutes the entire agreement
between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding upon the parties hereto. 
  

	31.	Counterparts. 

 This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Signatures on this Agreement may be communicated by facsimile transmission and shall be binding upon the parties so transmitting their
signatures. Counterparts with original signatures shall be provided to the other parties following the applicable facsimile transmission; provided, that the failure to provide the original counterpart shall have no effect on the validity or the
binding nature of this Agreement. 
  

	32.	Series Disclaimer. 

 The parties hereto acknowledge and agree that the
Trust is organized in series pursuant to Sections 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each series of the
Trust shall be enforceable against the assets of such series of the Trust only, and not against the assets of the Trust generally or the assets of any other series of the Trust or against the Trustee of the Trust. There may be several series of the
Trust created pursuant to the Declaration of Trust and Trust Agreement of the Trust. 

 IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first
above written. 
  

			
	THE FRONTIER FUND, with respect to [_] Series
		
	By:	 	EQUINOX FUND MANAGEMENT, LLC.
	Its:	 	Managing Owner
		
	By:	 	 
		 	Name
		 	Title
	
	[NAME OF TRADING COMPANY]
		
	By:	 	EQUINOX FUND MANAGEMENT, LLC.
	Its:	 	Managing Owner
		
	By:	 	 
		 	Name
		 	Title
	
	EQUINOX FUND MANAGEMENT, LLC
		
	By:	 	 
		 	Name
		 	Title
	
	[NAME OF TRADING ADVISOR]
		
	By:	 	 
		 	Name
		 	Title

 EXHIBIT A 
 ALLOCATED ASSETS AND TRADING APPROACH 
 Allocated Assets: 
 The Allocated Assets shall equal $XX,XXX,XXX. 
 Trading Approach: 
 The initial trading program to be used by the Trading Advisor shall be ________. 

 EXHIBIT B 
 TRADING LIMITATIONS AND POLICIES 
 The following limitations and policies are applicable to assets representing the
Allocated Assets of the Trust as a whole and at the outset to the Trading Advisor individually; since the Trading Advisor initially will manage 100% of the Allocated Assets, such application of the limitations and policies is identical initially for
the Allocated Assets of the Trust and the Trading Advisor. The Trading Advisor sometimes may be prohibited from taking positions for the Allocated Assets which it would otherwise acquire due to the need to comply with these limitations and policies.
The Managing Owner will monitor compliance with the trading limitations and policies set forth below, and it may impose additional restrictions (through modification of such limitations and policies) upon the trading activities of the Trading
Advisor, as it, in good faith, deems appropriate in the best interests of the applicable Series of Units of the Trust, subject to the terms of this Agreement. 
 The Managing Owner will not approve a material change in the following trading limitations and policies without obtaining the prior written approval of Limited Owners owning more than 50% of the applicable Series of Units. The Managing
Owner may, however, impose additional trading limitations on the trading activities of the applicable Series of Units of the Trust without obtaining such approval if the Managing Owner determines such additional limitations to be necessary in the
best interests of the applicable Series of Units of the Trust. 
 Trading Limitations The [_] Series Units of the Trust will not: (i) engage in
pyramiding its Commodities positions (i.e., use unrealized profits on existing positions to provide margin for the acquisition of additional positions in the same or a related Commodity), but may take into account open trading equity on existing
positions in determining generally whether to acquire additional Commodities positions; (ii) borrow or loan money (except with respect to the initiation or maintenance of Commodities positions or obtaining lines of credit for the trading of
forward currency contracts; provided, however, that the [_] Series. Units of the Trust is prohibited from incurring any indebtedness on a non-recourse basis); (iii) permit rebates to be received by the Managing Owner or its affiliates, or
permit the Managing Owner or any affiliate to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (iv) permit the Trading Advisor to share in any portion of the commodity brokerage fees paid by the
[_] Series Units of the Trust; (v) commingle its assets, except as permitted by law; or (vi) permit the churning of its Commodity accounts. 
 The
[_] Series Units of the Trust will conform in all respects to the rules, regulations and guidelines of the markets on which its trades are executed. 
 Trading Policies Subject to the foregoing limitations, the Trading Advisor has agreed to abide by the trading policies of the [_] Series Units of the Trust, which currently are as follows: 
 (1) The Allocated Assets will generally be invested in contracts which are traded in sufficient volume which, at the time such trades are initiated, are
reasonably expected to permit entering and liquidating positions. 

 (2) Stop or limit orders may, in the Trading Advisor’s discretion, be given with respect to
initiating or liquidating positions in order to attempt to limit losses or secure profits. If stop or limit orders are used, no assurance can be given, however, that the Clearing Brokers will be able to liquidate a position at a specified stop or
limit order price, due to either the volatility of the market or the inability to trade because of market limitations. 
 (3) The Trading
Advisor generally will not initiate an open position in a futures contract (other than a cash settlement contract) during any delivery month in that contract, except when required by exchange rules, law or exigent market circumstances. This policy
does not apply to forward and cash market transactions. 
 (4) The Trading Advisor, on behalf of the Trading Company, may occasionally make
or accept delivery of a commodity including, without limitation, currencies. The Trading Advisor also may engage in “EFP” transactions (i.e., an exchange of futures for physical transaction, as permitted on the relevant exchange) involving
currencies and metals and other commodities. Provided that the Trading Company constitutes an “eligible contract participant” (as such term is defined in Section 1(a)(12) of the CE Act), the Trading Advisor may engage in swap
transactions on behalf of the Trading Company. 
 (5) The Trading Advisor may, from time to time, employ trading techniques such as spreads,
straddles and conversions. 
 (6) The Trading Advisor will not initiate open futures or option positions which would result in net long or
short positions requiring as margin or premium for outstanding positions in excess of 15% of the Allocated Assets for any one commodity, or in excess of 66% of the Allocated Assets for all commodities combined. Under certain market conditions, such
as an inability to liquidate open commodities positions because of daily price fluctuations, the Managing Owner may be required to commit Allocated Assets as margin in excess of the foregoing limits and in such case the Managing Owner will cause the
Trading Advisor to reduce its open futures and option positions to comply to these limits before initiating new commodities positions. 
 (7)
To the extent the Trading Advisor engages in transactions in forward currency contracts other than with or through the Clearing Brokers, the Trading Advisor will only engage in such transactions with or through a bank which as of the end of its last
fiscal year had an aggregate balance in its capital, surplus and related accounts of at least $100,000,000, as shown by its published financial statements for such year, and through other broker-dealer firms with an aggregate balance in its capital,
surplus and related accounts of at least $50,000,000. If transactions are effected for the Trading Company in the forward markets, the only forward markets that will be permitted to be utilized are the interbank foreign currency markets and the
London Metal Exchange. The utilization of other forward markets requires the consent of the Managing Owner. 

 EXHIBIT C 
 [ATTACH LATEST DISCLOSURE DOCUMENT OF THE TRADING ADVISOR] 

 EXHIBIT D 
 FEE SCHEDULE 
 (a) (1) The Managing Owner shall pay to the Trading Advisor a monthly Management Fee equal to
1/12/th/ of XX percent of the Net Asset Value of the Series being managed by the Trading Advisor (approximately, XX% annually). For purposes of calculating the Management Fee payable to the Trading Advisor, the Net Asset Value of the Series being
managed by the Trading Advisor shall be determined before reduction for any Management Fees accrued, Incentive Fees accrued or extraordinary fees and expenses accrued as of such month-end and before giving effect to any capital contributions made
and any distributions or redemptions accrued during or as of such month-end. In the event that a Limited Owner redeems some or all of its Units or exchanges some or all of its Units for Units in another Series, the Trust is dissolved or terminated
or this Agreement is terminated as of any date other than the last day of a calendar month, the Management Fee for such month shall be paid on a pro-rated basis based on the ratio that the number of days in the calendar month through the date of
such event bears to the total number of days in the calendar month. 
 (2) “Net Asset Value of a Series” means the total assets of
a Series including, but not limited to, all cash and cash equivalents (valued at cost plus accrued interest and amortization of original issue discount) less total liabilities of the Series, each determined on the basis of generally accepted
accounting principles in the United States, consistently applied under the accrual method of accounting (“GAAP”), including, but not limited to, the extent specifically set forth below: 
 (i) Net Asset Value of a Series shall include any unrealized profit or loss on open Commodities positions, and any other credit or debit accruing to the
Series but unpaid or not received by the Series. 
 (ii) All open commodity futures contracts and options traded on a United States exchange
are calculated at their then current market value, which shall be based upon the settlement price for that particular commodity futures contract and option traded on the applicable United States exchange on the date with respect to which Net Asset
Value of a Series is being determined; provided, that if a commodity futures contract or option traded on a United States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which
that position is traded or otherwise, the settlement price on the first subsequent day on which the position could be liquidated shall be the basis for determining the market value of such position for such day. The current market value of all open
commodity futures contracts and options traded on a non-United States exchange shall be based upon the liquidating value for that particular commodity futures contract and option traded on the applicable non-United States exchange on the date with
respect to which Net Asset Value of a Series is being determined; provided, that if a commodity futures contract or option traded on a non- United States exchange could not be liquidated on such day, due to the operation of rules of the exchange
upon which that position is traded or otherwise, the liquidating value on the first subsequent day on which the position could be liquidated shall be the basis for determining the market value of such position for such day. The current market value
of all open forward contracts entered into shall be the mean between the last bid and last asked prices quoted by the 

 
bank or financial institution which is a party to the contract on the date with respect to which Net Asset Value of a Series is being determined; provided,
that if such quotations are not available on such date, the mean between the last bid and asked prices on the first subsequent day on which such quotations are available shall be the basis for determining the market value of such forward contract
for such day. The Managing Owner may in its discretion value any assets pursuant to such other principles as it may deem fair and equitable so long as such principles are consistent with normal industry standards. 
 (iii) Interest earned on a Series commodity brokerage account shall be accrued at least daily. 
 (iv) The amount of any distribution made shall be a liability of the Series from the day when the distribution is declared until it is paid. 

(b) (1) The Managing Owner shall pay to the Trading Advisor an Incentive Fee of XX% of “New High Net Trading Profits” (as hereinafter
defined) generated by the Trading Advisor, including realized and unrealized gains and losses thereon, as of the close of business on the last day of each calendar quarter (the “Incentive Measurement Date”). 
 (2) “New High Net Trading Profits” (for purposes of calculating the Trading Advisor’s Incentive Fees) shall be computed as of the
Incentive Measurement Date and shall include such profits (as outlined below) since the Incentive Measurement Date of the most recent preceding calendar quarter for which an Incentive Fee was earned (or, with respect to the first Incentive Fee, as
of the commencement of operations) (the “Incentive Measurement Period”). New High Net Trading Profits for any Incentive Measurement Period shall be the net profits, if any, from the Trading Advisor’s trading during such period
(including (i) gross realized trading profit (loss) plus or minus (ii) the change in unrealized trading profit (loss) on open positions, minus (iii) the fees charged to the Series by the Managing Owner and the Clearing Brokers for
brokerage commissions, exchange fees, NFA fees, give up fees and other transaction related fees and expenses charged in connection with the Series’ trading activities and on-going service fees for certain administrative services payable to
certain Selling Agents and shall be calculated after the determination of the Trading Advisor’s Management Fee, but before deduction of any Incentive Fees payable during the Incentive Measurement Period) minus (iv) the “Carryforward
Loss” (as defined in the next sentence), if any, as of the beginning of the Incentive Measurement Period. If the total of items (i) through (iv), above, is negative at the end of an Incentive Measurement Period, such amount shall be the
Carryforward Loss for the next quarter. Carryforward Losses shall (v) be proportionately reduced to reflect reductions in Allocated Assets that have been instructed by the Managing Owner. Such proportional reduction shall be based upon the
ratio that the reduction of assets allocated away from the Trading Advisor bears to the then current amount of Allocated Assets which the Trading Advisor is managing prior to giving effect to such reduction in the Allocated Assets. New High Net
Trading Profits shall not include interest earned or credited. New High Net Trading Profits shall be generated only to the extent that cumulative New High Net Trading Profits exceed the highest level of the Trading Advisor’s cumulative New High
Net Trading Profits achieved by such Series as of a previous Incentive Measurement Date. Except as set forth below, net losses after proportional reduction under clause (v) above from prior quarters must be recouped before New High Net Trading
Profits can again be generated. If a withdrawal or distribution occurs at any date that is not an 

 
Incentive Measurement Date, the date of the withdrawal or distribution shall be treated as if it were an Incentive Measurement Date, but any Incentive Fee
accrued in respect of the withdrawn assets on such date shall not be paid to the Trading Advisor until the next scheduled Incentive Measurement Date. New High Net Trading Profits for an Incentive Measurement Period shall exclude capital
contributions to the Series in an Incentive Measurement Period, distributions or redemptions payable by the Series during an Incentive Measurement Period, as well as losses, if any, associated with redemptions during the Incentive Measurement Period
and prior to the Incentive Measurement Date. In calculating New High Net Trading Profits, Incentive Fees paid for a previous Incentive Measurement Period shall not reduce cumulative New High Net Trading Profits in subsequent periods. 

 EXHIBIT E 
 List of Key PrincipalsCredit Agreement between the Company and JPMorgan Chase Bank, N.A.

  
  
 EXHIBIT 10.1 
 

 
 CREDIT AGREEMENT 
 dated as of 
 May 12, 2008 
 among 
 MATERIAL SCIENCES CORPORATION 
 and 
 JPMORGAN CHASE BANK, N.A. 
  
  
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	ARTICLE I - DEFINITIONS	  	1
	 SECTION 1.01. Defined Terms
	  	1
	 SECTION 1.02. Classification of Loans and Borrowings
	  	13
	 SECTION 1.03. Terms Generally
	  	13
	 SECTION 1.04. Accounting Terms; GAAP
	  	13
		
	ARTICLE II - THE CREDITS	  	14
	 SECTION 2.01. Commitments
	  	14
	 SECTION 2.02. Loans and Borrowings
	  	14
	 SECTION 2.03. Borrowing Procedures; Requests for Revolving Borrowings
	  	14
	 SECTION 2.04. Protective Advances
	  	15
	 SECTION 2.05. Letters of Credit
	  	15
	 SECTION 2.06. Funding of Borrowings
	  	17
	 SECTION 2.07. Interest Elections
	  	17
	 SECTION 2.08. Termination of Commitment
	  	18
	 SECTION 2.09. Repayment and Amortization of Loans; Evidence of Debt
	  	19
	 SECTION 2.10. Prepayment of Loans
	  	19
	 SECTION 2.11. Fees
	  	20
	 SECTION 2.12. Interest
	  	21
	 SECTION 2.13. Alternate Rate of Interest
	  	22
	 SECTION 2.14. Increased Costs
	  	22
	 SECTION 2.15. Break Funding Payments
	  	23
	 SECTION 2.16. Taxes
	  	23
	 SECTION 2.17. Payments Generally; Allocation of Proceeds; Sharing of Set-offs
	  	24
	 SECTION 2.18. Indemnity for Returned Payments
	  	25
		
	ARTICLE III - Representations and Warranties	  	25
	 SECTION 3.01. Organization; Powers
	  	25
	 SECTION 3.02. Authorization; Enforceability
	  	25
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	25
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	25
	 SECTION 3.05. Properties
	  	26
	 SECTION 3.06. Litigation and Environmental Matters
	  	26
	 SECTION 3.07. Compliance with Laws and Agreements
	  	26
	 SECTION 3.08. Investment Company Status
	  	26
	 SECTION 3.09. Taxes
	  	26
	 SECTION 3.10. ERISA
	  	27
	 SECTION 3.11. Disclosure
	  	27
	 SECTION 3.12. Material Agreements
	  	27
	 SECTION 3.13. Solvency
	  	27
	 SECTION 3.14. Insurance
	  	27
	 SECTION 3.15. Capitalization and Subsidiaries
	  	27
	 SECTION 3.16. Security Interest in Collateral
	  	28
	 SECTION 3.17. Employment Matters
	  	28
	 SECTION 3.18. Common Enterprise
	  	28
		
	ARTICLE IV - CONDITIONS	  	28
	 SECTION 4.01. Effective Date
	  	28
	 SECTION 4.02. Each Credit Event
	  	31
		
	ARTICLE V - AFFIRMATIVE COVENANTS	  	31

  

 i 

			
	 SECTION 5.01. Financial Statements; Borrowing Base and Other Information
	  	31
	 SECTION 5.02. Notices of Material Events
	  	33
	 SECTION 5.03. Existence; Conduct of Business
	  	33
	 SECTION 5.04. Payment of Obligations
	  	34
	 SECTION 5.05. Maintenance of Properties
	  	34
	 SECTION 5.06. Books and Records; Inspection Rights
	  	34
	 SECTION 5.07. Compliance with Laws
	  	34
	 SECTION 5.08. Use of Proceeds and Letters of Credit
	  	34
	 SECTION 5.09. Insurance
	  	34
	 SECTION 5.10. Casualty and Condemnation
	  	34
	 SECTION 5.11. Appraisals
	  	35
	 SECTION 5.12. Depository Banks
	  	35
	 SECTION 5.13. Additional Collateral; Further Assurances
	  	35
		
	ARTICLE VI - NEGATIVE COVENANTS	  	35
	 SECTION 6.01. Indebtedness
	  	36
	 SECTION 6.02. Liens
	  	37
	 SECTION 6.03. Fundamental Changes
	  	37
	 SECTION 6.04. Intentionally Omitted
	  	38
	 SECTION 6.05. Asset Sales
	  	38
	 SECTION 6.06. Sale and Leaseback Transactions
	  	38
	 SECTION 6.07. Swap Agreements
	  	38
	 SECTION 6.08. Intentionally Omitted
	  	39
	 SECTION 6.09. Transactions with Affiliates
	  	39
	 SECTION 6.10. Restrictive Agreements
	  	39
	 SECTION 6.11. Amendment of Organizational Documents
	  	39
		
	ARTICLE VII - EVENTS OF DEFAULT	  	39
		
	ARTICLE VIII - MISCELLANEOUS	  	42
	 SECTION 8.01. Notices
	  	42
	 SECTION 8.02. Waivers; Amendments
	  	43
	 SECTION 8.03. Expenses; Indemnity; Damage Waiver
	  	43
	 SECTION 8.04. Successors and Assigns
	  	44
	 SECTION 8.05. Survival
	  	45
	 SECTION 8.06. Counterparts; Integration; Effectiveness
	  	46
	 SECTION 8.07. Severability
	  	46
	 SECTION 8.08. Right of Setoff
	  	46
	 SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	46
	 SECTION 8.10. WAIVER OF JURY TRIAL
	  	47
	 SECTION 8.11. Headings
	  	47
	 SECTION 8.12. Confidentiality
	  	47
	 SECTION 8.13. Nonreliance; Violation of Law
	  	47
	 SECTION 8.14. USA PATRIOT Act
	  	47
	 SECTION 8.15. Disclosure
	  	48
		
	ARTICLE IX - LOAN GUARANTY	  	48
	 SECTION 9.01. Guaranty
	  	48
	 SECTION 9.02. Guaranty of Payment
	  	48
	 SECTION 9.03. No Discharge or Diminishment of Loan Guaranty
	  	48
	 SECTION 9.04. Defenses Waived
	  	49
	 SECTION 9.05. Rights of Subrogation
	  	49
	 SECTION 9.06. Reinstatement; Stay of Acceleration
	  	49
	 SECTION 9.07. Information
	  	49
	 SECTION 9.08. Termination
	  	49

  

 ii 

			
	 SECTION 9.09. Taxes
	  	50
	 SECTION 9.10. Maximum Liability
	  	50
	 SECTION 9.11. Contribution
	  	50
	 SECTION 9.12. Liability Cumulative
	  	1

 SCHEDULES: 
 Schedule 3.05 - Properties 
 Schedule 3.06 - Disclosed Matters 
 Schedule 3.14 - Insurance 
 Schedule 3.15 - Capitalization and Subsidiaries 
 Schedule 6.01 - Existing Indebtedness 
 Schedule 6.02 - Existing Liens 
 Schedule 6.09 - Transactions with Affiliates 
 Schedule 6.10 - Existing
Restrictions 
 EXHIBITS: 
 Exhibit A - Form of Borrowing
Base Certificate 
 Exhibit B - Form of Compliance Certificate 
 Exhibit C - Joinder Agreement 
  

 iii 

 CREDIT AGREEMENT dated as of May 12, 2008 (as it may be amended or modified from time to time, this
“Agreement”), by and among MATERIAL SCIENCES CORPORATION, a Delaware Corporation, and each of the other Loan Parties signatory hereto and JPMORGAN CHASE BANK, N.A. 
 The parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Account” has the meaning assigned to such term in the Security Agreement. 
 “Account Debtor” means any Person obligated on an Account. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next  1/16 of 1%) equal to (a) the LIBO
Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
 “Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greater
of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of
1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate,
respectively. 
 “Approved Fund” has the meaning assigned to such term in Section 8.04(b). 
 “Availability” means, at any time, an amount equal to (a) the lesser of the Revolving Commitment and the Borrowing Base
minus (b) the Revolving Exposure. 
 “Availability Period” means the period from and including the
Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitment. 
 “Available
Revolving Commitment” means, at any time, the Revolving Commitment then in effect minus the Revolving Exposure at such time. 
 “Banking Services” means each and any of the following bank services provided to any Loan Party by the Lender or any of its Affiliates: (a) commercial credit cards, (b) stored value cards and (c) treasury
management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Banking Services Obligations” of the Loan Parties means any and all obligations of the Loan Parties, whether absolute or contingent and
howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services. 

 “Board” means the Board of Governors of the Federal Reserve System of the United States
of America. 
 “Borrower” means Material Sciences Corporation, a Delaware corporation. 
 “Borrowing” means (a) Revolving Loans made, converted or continued on the same date and as to which a single Interest Period is in
effect, and (b) a Protective Advance. 
 “Borrowing Base” means, at any time, 85% of the Loan Parties’ Eligible
Accounts at such time minus Reserves. The Lender may, in its Permitted Discretion, reduce the advance rates set forth above or reduce one or more of the other elements used in computing the Borrowing Base. 
 “Borrowing Base Certificate” means a certificate, signed and certified as accurate and complete by a Financial Officer of the Borrower,
in substantially the form of Exhibit B or another form which is acceptable to the Lender in its sole discretion. 
 “Borrowing
Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03 utilizing Bank’s customary form. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois are authorized or required by law to remain closed; provided that, when
used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any
law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by the Lender (or, for purposes of Section 2.14(b), by any lending office of the
Lender or by the Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
Revolving Loans or Protective Advances. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Collateral” means any and all property owned, leased or operated by a Person covered by the Collateral Documents and any
and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Lender, to secure the Secured Obligations. 
 “Collateral Access Agreement” has the meaning assigned to such term in the Security Agreement. 
 “Collateral Documents” means, collectively, the Security Agreement, the Mortgages and any other documents granting a Lien upon the
Collateral as security for payment of the Secured Obligations. 
 “Collection Account” has the meaning assigned to such term
in the Security Agreement. 
 “Commitment” means the Revolving Commitment, as such Commitment may be reduced or increased
from time to time pursuant to assignments by or to the Lender pursuant to Section 8.04. 
  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 
 2 

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

“Credit Exposure” means the sum of (a) the Revolving Exposure at such time, plus (b) an amount equal to the
aggregate principal amount of Protective Advances outstanding at such time. 
 “Default” means any event or condition which
constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06. 
 “Document” has the meaning assigned to such term in the Security Agreement. 
 “Dollars” or “$” refers to lawful money of the United States of America. 
 “Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 8.02). 
 “Eligible Accounts” means, at any time, the Accounts of the Loan Parties which the Lender determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans and the
issuance of Letters of Credit hereunder. Without limiting the Lender’s discretion provided herein, Eligible Accounts shall not include any Account: 
 (a) which is not subject to a first priority perfected security interest in favor of the Lender; 
 (b) which is subject to any Lien other than (i) a Lien in favor of the Lender and (ii) a Permitted Encumbrance which does not have priority over the Lien in favor of the Lender; 
 (c) which is unpaid more than 60 days after the original due date, or which has been written off the books of the Borrower or otherwise
designated as uncollectible; 
 (d) which is owing by an Account Debtor for which more than 25% of the Accounts owing from
such Account Debtor and its Affiliates are ineligible due to subsection (c) above; 
 (e) which is owing by an Account
Debtor to the extent the aggregate amount of Accounts owing from such Account Debtor and its Affiliates to the Borrower exceeds 30% of the aggregate Eligible Accounts, but only such excess portion shall be deemed ineligible; 
 (f) with respect to which any covenant, representation, or warranty contained in this Agreement or in the Security Agreement has been
breached or is not true; 
 (g) which (i) does not arise from the sale of goods or performance of services in the
ordinary course of business, (ii) is not evidenced by an invoice or other documentation satisfactory to the Lender which has been sent to the Account Debtor, (iii) represents a progress billing, (iv) is contingent upon the
Borrower’s completion of any further performance, (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or any other repurchase or return basis, or (vi) relates to
payments of interest; 
  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 
 3 

 (h) for which the goods giving rise to such Account have not been shipped to the Account
Debtor or for which the services giving rise to such Account have not been performed by the Borrower or if such Account was invoiced more than once; 
 (i) with respect to which any check or other instrument of payment has been returned uncollected for any reason; 
 (j) which is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver, custodian, trustee, or liquidator of its assets, (ii) has had possession of all or
a material part of its property taken by any receiver, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt,
winding-up, or voluntary or involuntary case under any state or federal bankruptcy laws, (iv) has admitted in writing its inability, or is generally unable to, pay its debts as they become due, (v) become insolvent, or (vi) ceased
operation of its business; 
 (k) which is owed by any Account Debtor which has sold all or substantially all of its assets;

 (l) which is owed by an Account Debtor which (i) does not maintain its chief executive office in the U.S. or Canada or
(ii) is not organized under applicable law of the U.S., any state of the U.S., Canada, or any province of Canada unless, in either case, such Account is backed by a Letter of Credit reasonably acceptable to the Lender which is in the possession
of, has been assigned to and is directly drawable by the Lender; 
 (m) which is owed in any currency other than U.S. dollars;

 (n) which is owed by (i) the government (or any department, agency, public corporation, or instrumentality thereof) of
any country other than the U.S. unless such Account is backed by a Letter of Credit reasonably acceptable to the Lender which is in the possession of the Lender, or (ii) the government of the U.S., or any department, agency, public corporation,
or instrumentality thereof, unless the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.), and any other steps necessary to perfect the Lien of the Lender in such
Account have been complied with to the Lender’s reasonable satisfaction; 
 (o) which is owed by any Affiliate, employee,
officer, director, agent or stockholder of any Loan Party; 
 (p) RESERVED; 
 (q) which is owed by an Account Debtor or any Affiliate of such Account Debtor to which the Borrower/any Loan Party is indebted, but only
to the extent of such indebtedness or is subject to any security, deposit, progress payment, retainage or other similar advance made by or for the benefit of an Account Debtor, in each case to the extent thereof; 
 (r) which is subject to any counterclaim, deduction, defense, setoff or dispute; 
 (s) which is evidenced by any promissory note, chattel paper, or instrument; 
 (t) which is owed by an Account Debtor located in any jurisdiction which requires filing of a “Notice of Business Activities
Report” or other similar report in order to permit the Borrower to seek judicial enforcement in such jurisdiction of payment of such Account, unless the Borrower has filed such report or qualified to do business in such jurisdiction;

  

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 (u) with respect to which the Borrower has made any agreement with the Account Debtor for
any reduction thereof, other than discounts and adjustments given in the ordinary course of business, or any Account which was partially paid and the Borrower created a new receivable for the unpaid portion of such Account; 
 (v) which does not comply in all material respects with the requirements of all applicable laws and regulations, whether Federal, state or
local, including without limitation the Federal Consumer Credit Protection Act, the Federal Truth in Lending Act and Regulation Z of the Board; 
 (w) which is for goods that have been sold under a purchase order or pursuant to the terms of a contract or other agreement or understanding (written or oral) that indicates or purports that any Person other than the
Borrower has or has had an ownership interest in such goods, or which indicates any party other than the Borrower as payee or remittance party; 
 (x) which was created on cash on delivery terms; 
 (y) for which the goods or services giving
rise to such Account have been manufactured or processed (in the case of goods) or provided (in the case of services) by or at a Loan Party’s facilities in Morrisville, Pennsylvania or Middleton, Ohio; or 
 (z) which the Lender determines may not be paid by reason of the Account Debtor’s inability to pay or which the Lender otherwise
determines is unacceptable for any reason whatsoever. 
 In the event that an Account which was previously an Eligible Account ceases to be
an Eligible Account hereunder, the Borrower shall notify the Lender thereof on and at the time of submission to the Lender of the next Borrowing Base Certificate. In determining the amount of an Eligible Account, the face amount of an Account may,
in the Lender’s Permitted Discretion, be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program
allowances, price adjustments, finance charges or other allowances (including any amount that the Borrower may be obligated to rebate to an Account Debtor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the
aggregate amount of all cash received in respect of such Account but not yet applied by the Borrower to reduce the amount of such Account. 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating
in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the
holder thereof to purchase or acquire any such equity interest. 
  

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 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time
to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or
Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the
incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any
notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Adjusted LIBO Rate. 
 “Event of Default” has the meaning assigned to such term in Article VII. 
 “Excluded Taxes” means, with respect to the Lender, or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is
located or, in the case of the Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is
located. 
 “Federal Funds Effective Rate” means, for any day, the
weighted average (rounded upwards, if necessary, to the next  1/100 of 1%) of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the
average (rounded upwards, if necessary, to the next  1/100 of 1%) of the quotations for such day for such transactions received
by the Lender from three Federal funds brokers of recognized standing selected by it. 
 “Financial Officer”
means the chief financial officer, principal accounting officer, treasurer, corporate controller or director of finance of the Borrower. 
 “Funding Account” has the meaning assigned to such term in Section 4.01(h). 
 “GAAP” means
generally accepted accounting principles in the United States of America. 
 “Governmental Authority” means the government
of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
  

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 “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the
purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 
 “Guaranteed Obligations” has the meaning assigned to such term in Section 9.01. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for
borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of
property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such
Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances, (k) obligations under any liquidated earn-out and (l) obligations of such Person to purchase securities or other property arising out of or in connection with the sale of the same or substantially similar securities or
property or any other Off-Balance Sheet Liability. 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 provide that such Person is not liable therefor. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with
Section 2.07. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, the first Business Day of each
calendar month and the Maturity Date, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of
more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, and (c) the Maturity Date. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one, two, 

  

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three or six months thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end
on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case
of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Inventory” has the meaning assigned to such term in the Security Agreement. 
 “Joinder
Agreement” has the meaning assigned to such term in Section 5.13. 
 “LC Collateral Account” has the meaning
assigned to such term in Section 2.05(h). 
 “LC Disbursement” means a payment made by the Lender pursuant to a Letter
of Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters
of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower or any other Loan Party at such time. 
 “Lender” means JPMorgan Chase Bank, N.A. 
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such Service, or any successor to or
substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Lender from time to time for purposes of providing quotations of interest rates applicable to dollar
deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event
that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity
comparable to such Interest Period are offered by the principal London office of the Lender in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Loan Documents” means this Agreement, any promissory notes issued pursuant to the Agreement, any Letter of Credit applications, the
Collateral Documents, and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Lender and including all other pledges, powers of attorney, consents, assignments,
contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Lender in connection with the
Agreement or the transactions contemplated thereby. Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other
modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 
  

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 “Loan Guarantor” means each Loan Party (other than the Borrower) and as of the date
hereof includes Material Sciences Corporation, Engineered Materials and Solutions Group, Inc., MSC Laminates and Composites, Inc., Material Sciences Service Corporation, MSC Pre Finish Metals (EGV), Inc., MSC Walbridge Coating, Inc., and MSC
Laminates and Composites (EGV), Inc. 
 “Loan Guaranty” means Article IX of this Agreement. 
 “Loan Parties” means the Borrower, the Borrower’s domestic Subsidiaries who are party hereto and any other Person who becomes a
party to this Agreement pursuant to a Joinder Agreement and their successors and assigns. 
 “Loans” means the loans and
advances made by the Lender pursuant to this Agreement, including Protective Advances. 
 “Material Adverse Effect” means a
material adverse effect on (a) the business, assets, operations, prospects or financial condition, of the Borrower and the other Loan Parties taken as a whole, (b) the ability of any Loan Party to perform any of its material obligations
under the Loan Documents to which it is a party, (c) the Collateral, or the Lender’s Liens on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Lender hereunder. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap
Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $250,000. For purposes of determining Material Indebtedness, the “obligations” of the Borrower or any Subsidiary in respect of
any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Maturity Date” means May 12, 2011 or any earlier date on which the Commitment is reduced to zero or otherwise terminated pursuant
to the terms hereof. 
 “Maximum Liability” has the meaning assigned to such term in Section 9.10. 
 “Mortgages” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Lender, on real
property of a Loan Party, including any amendment, modification or supplement thereto. 
 “Multiemployer Plan” means a
multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Proceeds” means, with respect to any event,
(a) the cash proceeds received in respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar
event, condemnation awards and similar payments, and, in the case of a sale, transfer or other disposition, sale proceeds, in each case, net of (b) the sum of (i) all reasonable fees and out-of-pocket costs and expenses paid to third
parties (other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding),
the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) in the case of a
condemnation or 

  

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similar event, all money actually applied to repair or reconstruct the damaged property or property affected by the condemnation or taking, and (v) the
amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, that are directly attributable to such event (as determined reasonably and
in good faith by a Financial Officer). 
 “Non-Paying Guarantor” has the meaning assigned to such term in Section 9.11.

 “Obligated Party” has the meaning assigned to such term in Section 9.02. 
 “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees
and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Lender or any indemnified party arising under the Loan Documents. Obligations shall also include (i) all Banking Services Obligations; and
(ii) all Swap Obligations owing to the Lender or its Affiliates. 
 “Off-Balance Sheet Liability” of a Person means
(a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any sale and leaseback transaction which is not a Capital Lease
Obligation, (c) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (d) any indebtedness, liability or obligation arising with respect to any other
transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person (other than operating leases). 
 “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. 
 “Participant” has the meaning set forth in Section 8.04. 
 “Paying Guarantor” has the
meaning assigned to such term in Section 9.11. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions. 
 “Permitted Discretion” means a determination made
in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment. 
 “Permitted Encumbrances” means: 
 (a) Liens imposed by law for taxes that are not yet due or are
being contested in compliance with Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04;

 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation,
unemployment insurance and other social security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts,
leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
  

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 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause
(k) of Article VII; and 
 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or
arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

 provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be
deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Prepayment Event” means: 
 (a) any sale, transfer or other disposition (including pursuant to a sale and leaseback transaction) of any property or asset of any Loan
Party, other than dispositions described in Section 6.05(a); or 
 (b) any casualty or other insured damage to, or any
taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any Loan Party with a fair value immediately prior to such event equal to or greater than $250,000; or 
 (c) the issuance by the Borrower of any Equity Interests, or the receipt by the Borrower of any capital contribution (other than
(i) the issuance by Borrower of any Equity Interests to management or employees of a Loan Party, (ii) the issuance by Borrower of Equity Interests to any equity holder of Borrower as of the Effective Date, (iii) the issuance by
Borrower of any Equity Interests, the proceeds of which are used to make capital expenditures or to consummate acquisitions); or 
 (d) the incurrence by any Loan Party of any Indebtedness, other than Indebtedness permitted under Section 6.01. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by the Lender as its prime rate; each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective. 
 “Protective Advance” has the meaning assigned to such term in Section 2.04.

 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person. 
 “Report” means reports prepared by the Lender or
another Person showing the results of appraisals, field examinations or audits pertaining to the Borrower’s assets from information furnished by or on behalf of the Borrower, after the Lender has exercised its rights of inspection pursuant to
this Agreement. 
 “Requirement of Law” means, as to any Person, the Certificate of Incorporation and By-Laws or other
organizational or governing 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. 
  

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 “Reserves” means any and all reserves which the Lender deems necessary, in its Permitted
Discretion, to maintain with respect to the Collateral or any Loan Party. 
 “Revolving Commitment” means the commitment of
the Lender to make Revolving Loans and Letters of Credit hereunder. The initial amount of the Lender’s Revolving Commitment is Fifteen Million and NO/100 Dollars ($15,000,000.00). 
 “Revolving Exposure” means, at any time, the sum of the outstanding principal amount of Revolving Loans and LC Exposure at such time.

 “Revolving Loan” means a Loan made pursuant to Section 2.01(a). 
 “Secured Obligations” means all Obligations, together with all (i) Banking Services Obligations and (ii) Swap Obligations
owing to the Lender or its Affiliates. 
 “Security Agreement” means that certain Pledge and Security Agreement, dated as of
the date hereof, between the Borrower and the Lender, and any other pledge or security agreement entered into, concurrently with or after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document),
or any other Person, as the same may be amended, restated or otherwise modified from time to time. 
 “Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which the Lender is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of
the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in
any reserve percentage. 
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared
in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or
one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means
any direct or indirect subsidiary of the Borrower or a Loan Party, as applicable. 
 “Swap Agreement” means 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; 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 Borrower or the Subsidiaries shall be a Swap Agreement. 
  

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 “Swap Obligations” of a Person means any and all obligations of such Person, whether
absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements, and (b) any and
all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction. 
 “Taxes” means any
and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
 “Transactions” means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit
hereunder. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan,
or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of Illinois or any other state the laws of which are required to be applied in connection with the issue of perfection of security
interests. 
 “Underfunded Plan” means a Plan that has an “accumulated funding deficiency” (as defined in
Section 412 of the Code or Section 302 of ERISA). 
 “Withdrawal Liability” means liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a
“Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 
 SECTION 1.03. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Lender that the Borrower requests an amendment to any provision 

  

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hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if
the Lender notifies the Borrower that the Lender 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. 
 ARTICLE II 
 The Credits 
 SECTION 2.01. Commitment. Subject to the terms and conditions set forth herein, the Lender agrees to make Revolving Loans to the Borrower from
time to time during the Availability Period in an aggregate principal amount that will not result in (i) the Revolving Exposure exceeding the lesser of (x) the Revolving Commitment or (y) the Borrowing Base, subject to the
Lender’s authority, in its sole discretion, to make Protective Advances pursuant to the terms of Section 2.04. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and
reborrow Revolving Loans. 
 SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing
consisting of Loans of the same Class and Type. Any Protective Advance shall be made in accordance with the procedures set forth in Section 2.04. 
 (b) Subject to Section 2.13, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith, provided that all Borrowings made on the
Effective Date must be made as ABR Borrowings. The Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of the Lender to make such Loan; provided that any exercise of such option shall not
affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each
Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000. ABR Revolving Borrowings may be in any amount. Borrowings of more than one Type and Class may be
outstanding at the same time; provided that there shall not at any time be more than a total of 5 Eurodollar Revolving Borrowings outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would
end after the Maturity Date. 
 SECTION 2.03. Borrowing Procedures; Requests for Revolving Borrowings. 
 (a) Funding Account. Not later than 1:00 p.m., Chicago time, on each Business Day, the Lender shall, subject to the conditions of this Agreement
(but without any further written notice required), make available to the Borrower, by a credit to the Funding Account, the proceeds of an ABR Borrowing to the extent necessary to pay items to be drawn on the Funding Account that day. All other
Revolving Loans shall be made upon notice given in accordance with §2.03(b). 
 (b) Notices by the Borrower to the Lender of requests
for Revolving Loans other than pursuant to §2.03(a). To request a Revolving Borrowing, the Borrower shall notify the Lender of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 10:00 a.m., Chicago
time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., Chicago time, 

  

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on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement
as contemplated by Section 2.05(e) may be given not later than 9:00 a.m., Chicago time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery,
electronic (PDF) transmission, or facsimile to the Lender of a written Borrowing Request in a form approved by the Lender and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.01: 
  

	 	(i)	the aggregate amount of the requested Borrowing; 

 (ii) the date of such Borrowing, which shall be a Business Day; 
 (iii) whether such Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing; and 
 (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period.” 
 If no election as to the Type of
Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected
an Interest Period of one month’s duration. 
 SECTION 2.04. Protective Advances. Subject to the limitations set forth below, the
Lender is authorized by the Borrower, from time to time in the Lender’s sole discretion (but shall have absolutely no obligation to), to make Loans to the Borrower, which the Lender, in its Permitted Discretion, deems necessary or desirable
(i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or required
to be paid by the Borrower pursuant to the terms of this Agreement, including payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including costs, fees, and expenses as described in Section 8.03) and other
sums payable under the Loan Documents (any of such Loans are herein referred to as “Protective Advances”); provided that, the aggregate amount of Protective Advances outstanding at any time shall not at any time exceed
$100,000; provided further that, the aggregate amount of outstanding Protective Advances plus the aggregate Revolving Exposure shall not exceed the aggregate Revolving Commitment. Protective Advances may be made even if the conditions
precedent set forth in Section 4.02 have not been satisfied. The Protective Advances shall be secured by the Liens in favor of the Lender in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be ABR
Borrowings. 
 SECTION 2.05. Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the
Borrower may request the issuance of Letters of Credit for its own account and for the account of any Subsidiaries that are Loan Parties, in a form reasonably acceptable to the Lender at any time and from time to time during the Availability Period.
Any Loan Party which shall hereafter apply for or obtain the issuance of a Letter of Credit shall pay to Lender all fees and costs which would otherwise be payable by Borrower hereunder. In the event of any inconsistency between the terms and
conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Lender relating to any Letter of Credit, the terms and
conditions of this Agreement shall control. 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Loan Party shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved
by the Lender) to the Lender (prior to 9:00 am, Chicago time, at least three Business Days prior to the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of
Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or 

  

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extend such Letter of Credit. If requested by the Lender, the Loan Party also shall submit a letter of credit application on the Lender’s standard form
in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent
and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $4,000,000 and (ii) the total Revolving Exposure shall not exceed the lesser of the total Revolving Commitment
and the Borrowing Base. 
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier
of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the
Maturity Date; provided, however, that any Letter of Credit with a term not exceeding one (1) year may provide for its renewal for additional periods not exceeding one (1) year as long as (x) each of the relevant Loan Party and Lender
have the option to prevent such renewal before the expiration of such term or any such period and (y) neither Lender nor the relevant Loan Party shall permit any such renewal to extend such expiration date beyond the date set forth in clause
(ii) above. 
 (d) Reimbursement. If the Lender shall make any LC Disbursement in respect of a Letter of Credit, the Loan Parties
jointly and severally agree to reimburse such LC Disbursement by paying to the Lender an amount equal to such LC Disbursement not later than 11:00 a.m., Chicago time, on the date that such LC Disbursement is made, if the Borrower shall have received
notice of such LC Disbursement prior to 9:00 a.m., Chicago time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 11:00 a.m., Chicago time, on (i) the Business Day that
the relevant Loan Party receives such notice, if such notice is received prior to 9:00 a.m., Chicago time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is
not received prior to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving
Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. 
 (e) Obligations Absolute. The Loan Parties’ joint and several obligation to reimburse LC Disbursements as provided in paragraph (d) of
this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein
being untrue or inaccurate in any respect, (iii) payment by the Lender under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations
hereunder. Neither the Lender nor any of its Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Lender; provided that the foregoing shall not be construed to
excuse the Lender from liability to the relevant Loan Party to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Loan Parties to the extent permitted by applicable law)
suffered by the relevant Loan Party that are caused by the Lender’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of the Lender (as finally determined by a court of competent jurisdiction), the Lender shall be deemed to have exercised care in each such determination. In furtherance
of the foregoing and without limiting the generality 

  

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thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of
Credit, the Lender may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon
such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (f) Disbursement Procedures.
The Lender shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Lender shall promptly notify the relevant Loan Party by telephone (confirmed by facsimile) of
such demand for payment and whether the Lender has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Loan Parties of their obligation to reimburse the
Lender with respect to any such LC Disbursement. 
 (g) Interim Interest. If the Lender shall make any LC Disbursement, then, unless
the Borrower or other Loan Party shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but
excluding the date that the Borrower or other Loan Party reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower or other Loan Party fails to reimburse such LC Disbursement
when due pursuant to paragraph (e) of this Section, then Section 2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Lender. 
 (h) Cash Collateralization. If any Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Lender
demanding the deposit of cash collateral pursuant to this paragraph, the Borrower or other Loan Party shall deposit in an account with the Lender, in the name and for the benefit of the Lender (the “LC Collateral Account”), an
amount in cash equal to 105% of the LC Exposure as of such date plus accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become
immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held by the Lender as
collateral for the payment and performance of the Secured Obligations. The Lender shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Loan Parties hereby grant the Lender a security
interest in the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Lender and at the Borrower’s risk and expense, such deposits
shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Lender for LC Disbursements for which it has not been reimbursed and, to the extent not so
applied, shall be held for the satisfaction of the reimbursement obligations of the Loan Parties for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other Secured Obligations. If the Borrower
or any other Loan Party is required to provide an amount of cash collateral hereunder as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid) shall be returned to the Loan Party which had provided such cash
collateral upon the earlier to occur of (i) the payment in full of all outstanding Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and (ii) on the third Business
Day after all such Events of Default have been cured or waived. 
 SECTION 2.06. Funding of Borrowings. The Lender shall make each
Loan to be made by it hereunder on the proposed date thereof available to the Borrower by promptly crediting the amounts in immediately available funds, to the Funding Account; provided that ABR Revolving Loans made to finance the
reimbursement of an LC Disbursement as provided in Section 2.05(e) or a Protective Advance shall be retained by the Lender. 
 SECTION
2.07. Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified
in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving 

  

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Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions
of the affected Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Protective Advances, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Lender of such election by telephone by the time that a Borrowing Request
would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be
irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Lender of a written Interest Election Request in a form approved by the Lender and signed by the Borrower. 
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a
Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is
repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if a Default has occurred and is continuing and the Lender so notifies the Borrower,
then, so long as a Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing
at the end of the Interest Period applicable thereto. 
 SECTION 2.08. Termination of Commitment. (a) Unless previously
terminated, the Commitment shall terminate on the Maturity Date. 
 (b) The Borrower may at any time terminate the Commitment upon
(i) the payment in full of all outstanding Loans, together with accrued and unpaid interest thereon and on any Letters of Credit, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each
such Letter of Credit, the furnishing to the Lender of a cash deposit or a back-up standby letter of credit reasonably satisfactory to the Lender, equal to 105% of the LC Exposure as of such date), (iii) the payment in full of the accrued and
unpaid fees, and (iv) the payment in full of all reimbursable expenses then due and owing and other Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) together with
accrued and unpaid interest thereon. 
  

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 (c) The Borrower shall notify the Lender of any election to terminate the Commitment under paragraph
(b) of this Section at least two Business Days prior to the effective date of such termination, specifying such election and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable;
provided that a notice of termination of the Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice
to the Lender on or prior to the specified effective date) if such condition is not satisfied. Any termination of the Commitment shall be permanent. 
 SECTION 2.09. Repayment and Amortization of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Lender for its account the then unpaid principal amount of each
Revolving Loan on the Maturity Date, (ii) to the Lender the then unpaid amount of each Protective Advance on the earlier of the Maturity Date or demand by the Lender. 
 (b) At any time after (x) a Default has occurred and is continuing or (y) Availability has been less than $3,000,000 and Lender, in its
Permitted Discretion, has elected to take full cash dominion over the Deposit Accounts each Business Day, the Lender shall apply all funds credited to the Collection Account the previous Business Day (whether or not immediately available)
first to prepay any Protective Advances that may be outstanding and second to prepay the Revolving Loans and to cash collateralize outstanding LC Exposure. 
 (c) The Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to the Lender resulting from each Loan made by the Lender, including the amounts
of principal and interest payable and paid to the Lender from time to time hereunder. 
 (d) The Lender shall maintain accounts in which it
shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the 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
the Lender hereunder and (iii) the amount of any sum received by the Lender hereunder. 
 (e) The entries made in the accounts
maintained pursuant to paragraph (d) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent demonstrable error); provided that the failure of the
Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (f) The Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to the
Lender a promissory note payable to the order of the Lender (or, if requested by the Lender, to the Lender and its registered assigns) and in a form consistent with the terms hereof. Thereafter, the Loans evidenced by such promissory note and
interest thereon shall at all times (including after assignment pursuant to Section 8.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered
note, to such payee and its registered assigns). 
 SECTION 2.10. Prepayment of Loans. (a) The Borrower shall have the right at
any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (e) of this Section. 
 (b) In the event and on each occasion that the Revolving Exposure exceeds the lesser of (A) the Revolving Commitment or (B) the Borrowing Base, the Borrower shall prepay the Revolving Loans and LC Exposure
in an aggregate amount equal to such excess. 
 (c) In the event and on each occasion that any Net Proceeds are received by or on behalf of
any Loan Party in respect of any Prepayment Event, the Borrower shall, promptly after such Net Proceeds are 

  

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received by any Loan Party, prepay the Obligations as set forth in Section 2.10(d) below in an aggregate amount equal to 100% of such Net Proceeds,
provided that, in the case of any event described in clause (a) or (b) of the definition of the term “Prepayment Event”, if the Borrower shall deliver to the Lender a certificate of a Financial Officer to the effect that
the Loan Parties intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 180 days after receipt of such Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible
assets (excluding inventory) to be used in the business of the Loan Parties, and certifying that no Default has occurred and is continuing, then either (i) so long as full cash dominion is not in effect, no prepayment shall be required pursuant
to this paragraph in respect of the Net Proceeds specified in such certificate or (ii) if full cash dominion is in effect, if the Net Proceeds specified in such certificate are to be applied by (A) the Borrower, then such Net Proceeds
shall be applied by the Lender to reduce the outstanding principal balance of the Revolving Loans (without a permanent reduction of the Revolving Commitment) and upon such application, the Lender shall establish a Reserve against the Borrowing Base
in an amount equal to the amount of such proceeds so applied and (B) any Loan Party that is not a Borrower, then such Net Proceeds shall be deposited in a cash collateral account and in either case, thereafter, such funds shall be made
available to the applicable Loan Party as follows: 
 (1) Borrower shall request a Revolving Loan (specifying that the request
is to use Net Proceeds pursuant to this Section) or the applicable Loan Party shall request a release from the cash collateral account be made in the amount needed; 
 (2) so long as the conditions set forth in Section 4.02 have been met, the Lender shall make such Revolving Loan or the Lender shall
release funds from the cash collateral account; and 
 (3) in the case of Net Proceeds applied against the Revolving Loan, the
Reserve established with respect to such insurance proceeds shall be reduced by the amount of such Revolving Loan; 
 provided that to the extent of
any such Net Proceeds therefrom that have not been so applied by the end of such 180-day period, at which time a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied. 
 (d) All such amounts pursuant to Section 2.10(c) (as to any insurance or condemnation proceeds, to the extent they arise from casualties or losses
to Equipment, Fixtures and real property) shall be applied, first to prepay any Protective Advances that may be outstanding, pro rata, second to prepay the Revolving Loans without a corresponding reduction in the Revolving Commitment
and to cash collateralize outstanding LC Exposure. If the precise amount of insurance or condemnation proceeds allocable to Inventory as compared to Equipment, Fixtures and real property is not otherwise determined, the allocation and application of
those proceeds shall be determined by the Lender, in its Permitted Discretion. 
 (e) The Borrower shall notify the Lender by telephone
(confirmed by facsimile) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 10:00 a.m., Chicago time, three Business Days before the date of prepayment, or (ii) in the case of
prepayment of an ABR Revolving Borrowing, not later than 10:00 a.m., Chicago time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing
or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitment as contemplated by Section 2.08, then such notice of prepayment may be revoked
if such notice of termination is revoked in accordance with Section 2.08. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as
provided in Section 2.02. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12. 
 SECTION
2.11. Fees. (a) The Borrower agrees to pay to the Lender a commitment fee, which shall accrue at a rate of one-quarter of one percent (0.25%) per annum on the average daily amount of the Available Revolving Commitment of the Lender
during the period from and including the Effective Date to but excluding the 

  

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date on which the Lender’s Revolving Commitment terminates. Accrued commitment fees shall be payable in arrears on the first Business Day of each month
and on the date on which the Revolving Commitment terminates, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed. 
 (b) The Borrower, and any Loan Party which applies for a Letter of Credit, agrees to pay to the Lender (i) a letter of
credit fee with respect to Letters of Credit, at a per annum rate equal to 1.5% on the average daily amount of the Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and
including the Effective Date to but excluding the later of the date on which the Lender’s Revolving Commitment terminates and the date on which the Lender ceases to have any LC Exposure, and (ii) the Lender’s standard fees with
respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Letter of credit fees accrued through and including the last day of each calendar quarter shall be payable on the first Business
Day of each month following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitment terminates and any such fees accruing
after the date on which the Commitment terminates shall be payable on demand. Any other fees payable to the Lender pursuant to this paragraph shall be payable within 10 days after demand. 
 (c) The Borrower agrees to pay to the Lender a closing fee in an aggregate amount equal to $10,000.00. The entire closing fee shall be deemed fully
earned by the Lender and shall be due and payable in full on the Effective Date. 
 (d) Borrower agrees to pay Lender’s legal fees in
the amount of $15,000.00, plus costs, and environmental and audit fees in the aggregate amount of $10,000.00. 
 (e) All fees payable
hereunder shall be paid on the dates due, in immediately available funds, to the Lender. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.12. Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus one and one-half percent (1.50%). 
 (c) Each Protective Advance shall bear interest at the Alternate Base Rate plus 2%. 
 (d) Notwithstanding the foregoing, during the occurrence and continuance of an Event of Default, the Lender may, at its option, by notice to the
Borrower, declare that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable to such Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder, such
amount shall accrue at 2% plus the rate applicable to such fee or other obligation as provided hereunder. 
 (e) Accrued interest on each
Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitment; provided that (i) interest accrued pursuant to
paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such
Loan shall be payable on the effective date of such conversion. 
  

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 (f) All interest hereunder shall be computed on the basis of a year of 360 days, and shall be payable for
the actual number of days elapsed. The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Lender, and such determination shall be conclusive absent manifest error. 
 SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
 (a) the Lender determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist
for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Lender
determines the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to the Lender of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest
Period; 
 then the Lender shall give notice thereof to the Borrower by telephone or facsimile as promptly as practicable thereafter and, until the Lender
notifies the Borrower that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar
Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 SECTION 2.14. Increased Costs. (a) If any Change in Law shall: 
 (i) impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, the Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or

 (ii) impose on the Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans
made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender
of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to the Lender of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received
or receivable by the Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered.

 (b) If the Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of
return on the Lender’s capital or on the capital of the Lender’s holding company, as a consequence of this Agreement or the Loans made by, Letters of Credit issued by the Lender to a level below that which the Lender or the Lender’s
holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of the Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will
pay to the Lender such additional amount or amounts as will compensate the Lender or the Lender’s holding company for any such reduction suffered. 
 (c) A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall
be delivered to the Borrower and shall be conclusive absent demonstrable error. The Borrower shall pay the Lender the amount shown as due on any such certificate within 30 days after receipt thereof. 
 (d) Failure or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender’s right
to demand such compensation; provided that the Borrower shall 

  

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not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that the
Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of
an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto or (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any
notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.08 and is revoked in accordance therewith), then, in any such event, the Borrower shall compensate the Lender for the loss, cost and expense
attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to the Lender shall be deemed to include an amount determined by the Lender to be the excess, if any, of (i) the amount of interest which would have
accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor
(or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest
rate which the Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of the Lender setting forth any amount or amounts that
the Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent demonstrable error. The Borrower shall pay the Lender the amount shown as due on any such certificate within 10 days after
receipt thereof. 
 SECTION 2.16. Taxes. (a) Any and all payments by or on account of any obligation of the Borrower hereunder
shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Lender (as the case may be) receives an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower shall indemnify the Lender within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
paid by the Lender on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to the Borrower by the Lender shall be conclusive absent demonstrable error. 
 (d) As soon as
practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender. 
 (e) If
the Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid 

  

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additional amounts pursuant to this Section 2.16, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 2.16 with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Lender and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Lender in the event the Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Lender to make available its tax returns (or any other
information relating to its taxes which it deems confidential) to the Borrower or any other Person. 
 SECTION 2.17. Payments Generally;
Allocation of Proceeds; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Section 2.14, 2.15 or 2.16, or otherwise) prior to 2:00 p.m., Chicago time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the
Lender, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Lender at its offices at 10 South Dearborn, Chicago, Illinois 60603. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments hereunder shall be made in dollars. At all times that full cash dominion is in effect pursuant to Section 7.3 of the Security Agreement, solely for purposes of determining the amount of Loans available for borrowing
purposes, checks (in addition to immediately available funds applied pursuant to Section 2.09(b)) from collections of items of payment and proceeds of any Collateral shall be applied in whole or in part against the Obligations, on the Business
Day after receipt, subject to actual collection. 
 (b) Any proceeds of Collateral received by the Lender (i) not constituting either
(A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), (B) a mandatory prepayment (which shall be applied in accordance with
Section 2.10) or (C) amounts to be applied from the Collection Account when full cash dominion is in effect (which shall be applied in accordance with Section 2.09(b)) or (ii) after an Event of Default has occurred and is
continuing and the Lender so elects such funds shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Lender from the Borrower, second, to pay interest due in respect
of the Protective Advances, third, to pay the principal of the Protective Advances, fourth, to pay interest then due and payable on the Loans (other than the Protective Advances), fifth, to prepay principal on the Loans (other
than the Protective Advances) and unreimbursed LC Disbursements, sixth, to pay an amount to the Lender equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate
amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations, seventh, to payment of any amounts owing with respect to Banking Services and Swap Obligations, eighth, to the payment of any other Secured
Obligation due to the Lender by the Borrower, and ninth, any remainder shall be for the account of, and paid to, the Loan Party lawfully entitled thereto. Notwithstanding anything to the contrary contained in this Agreement, unless so
directed by the Borrower, or unless a Default is in existence, the Lender shall not apply any payment which it receives to any Eurodollar Loan of a Class, except (a) on the expiration date of the Interest Period applicable to any such
Eurodollar Loan or (b) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any such event, the Borrower shall pay the break funding payment required in accordance with Section 2.15. The
Lender shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations. 
 (c) At the election of the Lender, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to
Section 8.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this
Section or may be deducted from any deposit account of the Borrower maintained with the Lender. 

  

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The Borrower hereby irrevocably authorizes (i) the Lender to make a Borrowing for the purpose of paying each payment of principal, interest and fees as
it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (but such a Borrowing may only constitute a Protective Advance if it is to reimburse costs, fees and expenses
as described in Section 8.03) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.04, as applicable and (ii) the Lender to charge any deposit account of the Borrower maintained with the Lender
for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents. 
 SECTION
2.18. Indemnity for Returned Payments. If after receipt of any payment which is applied to the payment of all or any part of the Obligations, the Lender is for any reason compelled to surrender such payment or proceeds to any Person because
such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations or part
thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Lender and the Borrower shall be liable to pay to the Lender. The provisions
of this Section 2.18 shall be and remain effective notwithstanding any contrary action which may have been taken by the Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.18 shall survive the
termination of this Agreement. 
 ARTICLE III 
 Representations and Warranties 
 Each Loan Party represents and warrants to the Lender that:

 SECTION 3.01. Organization; Powers. Each of the Loan Parties is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required except
to the extent the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.02.
Authorization; Enforceability. The Transactions are within each Loan Party’s organizational powers and have been duly authorized by all necessary organizational actions. The Loan Documents to which each Loan Party is a party have been
duly executed and delivered by such Loan Party and constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except
such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant to the Loan Documents, (b) will not violate any Requirement of Law applicable to any Loan Party or any of its
Subsidiaries, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any of its Subsidiaries in any material respect or its assets, or give rise to a right thereunder to
require any payment to be made by any Loan Party or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of its Subsidiaries, except Liens created pursuant to the Loan
Documents. 
 SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the
Lender its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended February 28, 2007, and (ii) as of and for the fiscal month and the 

  

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portion of the fiscal year ended March 31, 2008, certified by its chief financial officer. Such financial statements present fairly, in all material
respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of
footnotes in the case of the statements referred to in clause (ii) above. 
 (b) No event, change or condition has occurred that has
had, or could reasonably be expected to have, a Material Adverse Effect, since February 29, 2008. 
 SECTION 3.05. Properties.
(a) As of the date of this Agreement, Schedule 3.05 sets forth the address of each parcel of real property that is owned or leased by each Loan Party. Each of such leases and subleases is valid and enforceable in accordance with its
terms and is in full force and effect, and no default by any party to any such lease or sublease exists. Each of the Loan Parties has good and marketable title to, or valid leasehold interests in, all its real and personal property, free of all
Liens other than those permitted by Section 6.02. 
 (b) Each Loan Party owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property necessary to its business as currently conducted, a correct and complete list of which, as of the date of this Agreement, is set forth on Schedule 3.05, and, to the knowledge of the Loan
Parties, the use thereof by the Loan Parties and its Subsidiaries does not infringe in any material respect upon the rights of any other Person, and the Loan Parties’ rights thereto are not, except as set forth on Schedule 3.05, subject to any
licensing agreement or similar arrangement. 
 SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions,
suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or affecting the Loan Parties (i) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than as set forth on Schedule 3.06) or (ii) that involve this Agreement or the
Transactions. 
 (b) Except as set forth on Schedule 3.06, (i) no Loan Party nor any of its Subsidiaries has received written notice of
any claim with respect to any material Environmental Liability or knows of any basis for any Environmental Liability and (ii) and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected
to result in a Material Adverse Effect, no Loan Party nor any of its Subsidiaries (1) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law or (2) has become subject to any Environmental Liability. 
 (c) Since the date of this Agreement, there has been no change in the
status of the matters disclosed on Schedule 3.06 that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Material Adverse Effect. 
 SECTION 3.07. Compliance with Laws and Agreements. Each Loan Party is in compliance with all Requirements of Law applicable to it or its property
and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has
occurred and is continuing. 
 SECTION 3.08. Investment Company Status. No Loan Party is an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.09. Taxes. Each Loan Party has timely filed or
caused to be filed all federal, state and other material Tax returns and reports required to have been filed and has paid or caused to be paid all federal, state or other material Taxes required to have been paid by it, except Taxes that are being
contested in good faith by 

  

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appropriate proceedings and for which such Loan Party has set aside on its books adequate reserves. No federal or state tax liens are currently of record
against any Loan Party and no material claims are being asserted with respect to any such taxes. 
 SECTION 3.10. ERISA. No ERISA
Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. The present
value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 158) did not, as of the date of the financial statements most recently preceding the
Effective Date that reflect such amounts, exceed by more than $1,350,000, the fair market value of the assets of such Plan. The present value of all accumulated benefit obligations of all Underfunded Plans (based on the assumptions used for purposes
of Statement of Financial Accounting Standards No.158) did not, as of the date of the financial statements most recently preceding the date of this Agreement that reflect such amounts, exceed by more than $0, the fair market value of the assets of
all such Underfunded Plans. 
 SECTION 3.11. Disclosure. The Borrower has disclosed to the Lender all agreements, instruments and
corporate or other restrictions to which it or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No reports, financial
statements, certificates or other information furnished by or on behalf of any Loan Party to the Lender in writing in connection with the negotiation of this Agreement or any other Loan Document (as modified or supplemented by other information so
furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading when taken as a whole;
provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time delivered and, if such projected
financial information was delivered prior to the Effective Date, as of the Effective Date. 
 SECTION 3.12. Material Agreements. No
Loan Party is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any material agreement to which it is a party or (ii) any agreement or
instrument evidencing or governing Indebtedness. 
 SECTION 3.13. Solvency. (a) Immediately after the consummation of the
Transactions to occur on the Effective Date, (i) the fair value of the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise, (ii) the present fair saleable value of
the property of each Loan Party will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (iii) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, and (iv) each Loan Party will not have unreasonably small
capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted after the Effective Date. 
 (b) No Loan Party intends to or believes that it will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it and the timing of the
amounts of cash to be payable on or in respect of its Indebtedness. 
 SECTION 3.14. Insurance. Schedule 3.14 sets forth a
description of all insurance maintained by or on behalf of the Loan Parties as of the Effective Date. As of the Effective Date, all premiums in respect of such insurance have been paid. The Borrower believes that the insurance maintained by or on
behalf of the Loan Parties is adequate. 
 SECTION 3.15. Capitalization and Subsidiaries. As of the Effective Date, Schedule
3.15 sets forth a correct and complete list of the name of each and all of the Borrower’s Subsidiaries. All of the issued and outstanding Equity Interests owned by any Loan Party has been (to the extent such concepts are relevant with
respect to such ownership interests) duly authorized and issued and fully paid and non-assessable 
  

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 SECTION 3.16. Security Interest in Collateral. The provisions of this Agreement and the other Loan
Documents create legal and valid Liens on all the Collateral in favor of the Lender, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Obligations, enforceable against the applicable Loan Party and all third
parties, and having priority (subject to Permitted Encumbrances and other Liens permitted pursuant to Section 6.02 hereof) over all other Liens on the Collateral subject for the following Collateral to the following occurrences (i) in the
case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the completion of such filings in the appropriate jurisdictions set forth on Exhibit A of the Security Agreements, (ii) with
respect to any deposit account not maintained with Lender, the execution of Deposit Account Control Agreements, (iii) in the case of all Copyrights, Trademarks and Patents for which UCC filings are insufficient, all appropriate filings having
been made with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, (iv) in the case of a letter-of-credit rights that are not supporting obligations of Collateral, the execution of a contractual
obligation granting control to Lender over such letter-of-credit rights, (v) in the case of electronic chattel paper, the completion of all steps necessary to grant control to Lender over such electronic chattel paper, (vi) in the case of
motor vehicles, proper notations on the applicable certificates of title and (vii) in the case of Collateral constituting real property, the filing of Mortgages in the appropriate jurisdictions. 
 SECTION 3.17. Employment Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party pending or, to the
knowledge of the Borrower, threatened. The hours worked by and payments made to employees of the Loan Parties have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such
matters except for such violations which would not reasonably be expected to result in a Material Adverse Effect. All payments due from any Loan Party or for which any claim may be made against any Loan Party, on account of wages and employee health
and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Loan Party. 
 SECTION 3.18. Common
Enterprise. Each Loan Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lender to
the Borrower hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by such Loan
Party is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest. 
 ARTICLE IV 

Conditions 
 SECTION 4.01.
Effective Date. The obligations of the Lender to make Loans and to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with
Section 8.02): 
 (a) Credit Agreement and Loan Documents. The Lender (or its counsel) shall have received
(i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Lender (which may include facsimile transmission of a signed signature page of this
Agreement) that such party has signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other certificates, documents, instruments and agreements as the Lender shall reasonably request in connection
with the transactions contemplated by this Agreement and the other Loan Documents, including a written opinion of the Loan Parties’ counsel, in form and substance reasonably acceptable to Lender. 
  

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 (b) Financial Statements and Projections. The Lender shall have received
(i) audited consolidated financial statements of Borrower for the 2005, 2006 and 2007 fiscal years, (ii) unaudited interim consolidated financial statements of Borrower for each fiscal month and quarter ended after the date of the latest
applicable financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable judgment of the Lender, reflect any material
adverse change in the consolidated financial condition of Borrower, as reflected in the financial statements or projections contained in the Confidential Information Memorandum and (iii) satisfactory projections through the 2009 fiscal year.

 (c) Closing Certificates; Certified Certificate of Incorporation; Good Standing Certificates. The Lender shall have
received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall (A) certify the resolutions of its Board of Directors, members or other body authorizing the
execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the Financial Officers and any other officers of such Loan Party authorized to sign the Loan Documents
to which it is a party, and (C) contain appropriate attachments, including the certificate or articles of incorporation or organization of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan
Party and a true and correct copy of its by-laws or operating, management or partnership agreement, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization. 
 (d) No Default Certificate. The Lender shall have received a certificate, signed by the chief financial officer of the Borrower, on
the initial Borrowing date (i) stating that no Default has occurred and is continuing, and (ii) stating that the representations and warranties contained in Article III are true and correct in all material respects as of such date.

 (e) Fees. The Lender shall have received all fees required to be paid, and all expenses for which invoices have been
presented (including the reasonable fees and expenses of legal counsel), on or before the Effective Date. All such amounts will be paid with proceeds of Loans made on the Effective Date and will be reflected in the funding instructions given by the
Borrower to the Lender on or before the Effective Date. 
 (f) Lien Searches. The Lender shall have received the
results of a recent lien search in each relevant jurisdiction where assets of the Loan Parties are located, and such search shall reveal no liens on any of the assets of the Loan Parties except for liens permitted by Section 6.02 or discharged
on or prior to the Effective Date pursuant to a pay-off letter or other documentation reasonably satisfactory to the Lender. 
 (g) Pay-Off Letter. The Lender shall have received satisfactory pay-off letters for all existing Indebtedness to be repaid from the proceeds the initial Borrowing, confirming that all Liens upon any of the property of the Loan
Parties constituting Collateral (except for Liens permitted by Section 6.02 hereof) will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash
collateralized or supported by a Letter of Credit. 
 (h) Funding Account. The Lender shall have received a notice
setting forth the deposit account of the Borrower (the “Funding Account”) to which the Lender is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement. 

(i) Customer List. The Lender shall have received a true and complete Customer List. 
 (j) Collateral Access and Control Agreements. The Lender shall have received each Collateral Access Agreement required to be
provided pursuant to Section 4.13 of the Security Agreement. 
 (k) Solvency. The Lender shall have received a
solvency certificate from a Financial Officer. 
  

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 (l) Borrowing Base Certificate. The Lender shall have received a Borrowing Base
Certificate which calculates the Borrowing Base as of the end of the week immediately preceding the Effective Date. 
 (m)
Pledged Stock; Stock Powers; Pledged Notes. The Lender shall have received the certificates representing the shares of Capital Stock, if any, pledged pursuant to the Security Agreement, together with an undated stock power for each such
certificate executed in blank by a duly authorized officer of the pledgor thereof. 
 (n) Filings, Registrations and
Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Collateral Documents or under law or reasonably requested by the Lender to be filed, registered or recorded in order to perfect in favor of the
Lender, the 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 6.02), shall be in proper form for filing, registration or recordation.

 (o) Environmental Reports. The Lender shall have received an environmental review reports with respect to the real
properties of the Borrower and the other Loan Parties specified by the Lender from firm(s) satisfactory to the Lender, which review reports shall be acceptable to the Lender. Any environmental hazards or liabilities identified in any such
environmental review reports shall indicate the Loan Parties’ plans with respect thereto. 
 (p) Mortgages, etc.
The Lender shall have received, with respect to each parcel of real property which is required to be subject to a Lien in favor of the Lender, each of the following, in form and substance reasonably satisfactory to the Lender: 
 (i) a Mortgage on such property; 
 (ii) evidence that a counterpart of the Mortgage has been recorded in the place necessary, in the Lender’s judgment, to create a valid and enforceable first priority Lien in favor of the Lender; 
 (iii) ALTA or other mortgagee’s title policy; 
 (iv) a survey acceptable to the Lender; 
 (v) an opinion of counsel in the state in which such parcel of real property is located in form and substance and from counsel reasonably satisfactory to the Lender; and 
 (vi) such other information, documentation, and certifications as may be reasonably required by the Lender. 
 (q) Insurance. The Lender shall have received evidence of insurance coverage in form, scope, and substance reasonably satisfactory
to the Lender and otherwise in compliance with the terms of Section 5.09 and Section 4.12 of the Security Agreement. 
 (r) Letter of Credit Application. The Lender shall have received a properly completed letter of credit application if the issuance of a Letter of Credit will be required on the Effective Date. 
 (s) Other Documents. The Lender shall have received such other documents as the Lender or its counsel may have reasonably
requested. 
 The Lender shall notify the Borrower of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the
obligations of the Lender to make Loans and to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied or waived in accordance with Section 8.02 hereto. 
  

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 SECTION 4.02. Each Credit Event. The obligation of the Lender to make a Loan on the occasion of
any Borrowing, and to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal
or extension of such Letter of Credit, as applicable. 
 (b) At the time of and immediately after giving effect to such
Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
 (c) After giving effect to any Borrowing or the issuance of any Letter of Credit, Availability is not less than zero. 
 Each
Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b) and
(c) of this Section. 
 ARTICLE V 
 Affirmative Covenants 
 Until the Commitment has expired or been terminated and the principal of and interest on each Loan
and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated or been cash collaterized in accordance with the terms hereof and all LC Disbursements shall have been reimbursed, each Loan Party
executing this Agreement covenants and agrees, jointly and severally with all of the Loan Parties, with the Lender that: 
 SECTION 5.01.
Financial Statements; Borrowing Base and Other Information. The Borrower will furnish to the Lender: 
 (a) within 120
days after the end of each fiscal year of the Borrower, the form 10-K for such fiscal year filed with the Securities and Exchange Commission; 
 (b) within 45 days after the end of each of the first three fiscal quarters of the Borrower, the form 10-Q for such fiscal quarter filed with the Securities and Exchange Commission; 
 (c) within 30 days after the end of each fiscal month of the Borrower, its consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such fiscal month and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of
(or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers, as presenting fairly in all material respects the financial condition and results of operations of the Borrower and
its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 
 (d) concurrently with any delivery of financial statements under clause (a) or (b) or (c) above, a certificate of a
Financial Officer of the Borrower in substantially the form of Exhibit C (i) certifying, in 

  

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the case of the financial statements delivered under clause (b) or (c), as presenting fairly in all material respects the financial condition and
results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes, (ii) certifying as to
whether a Default has occurred during the respective period and, if a Default has occurred during the respective period, specifying the details thereof and any action taken or proposed to be taken with respect thereto, and (iii) stating whether
any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate; 
 (e) as soon as available but in any event within 25 days of the end of each calendar month,
and at such other times as may be necessary to re-determine availability of Advances hereunder, as of the period then ended, a Borrowing Base Certificate and supporting information in connection therewith, together with any additional reports with
respect to the Borrowing Base as the Lender may reasonably request; 
 (f) as soon as available but in any event within 20
days of the end of each calendar month and at such other times as may be requested by the Lender, as of the period then ended, all delivered electronically in a text formatted file acceptable to the Lender: 
 (i) a detailed aging of the Borrower’s Accounts (1) including all invoices aged by invoice date and due date (with an
explanation of the terms offered), (2) reconciled to the Borrowing Base Certificate delivered as of such date prepared in a manner reasonably acceptable to the Lender, together with a summary specifying the name, address, and balance due for
each Account Debtor, and (3) separately identifying all accounts arising from the sale of goods or services provided by the Morrisville, Pennsylvania and/or the Middleton, Ohio plants operated by certain of the Loan Parties; 
 (ii) a worksheet of calculations prepared by the Borrower to determine Eligible Accounts, such worksheets detailing the Accounts excluded
from Eligible Accounts and the reason for such exclusion; 
 (iii) a reconciliation of the Borrower’s Accounts between
the amounts shown in the Borrower’s general ledger and financial statements and the reports delivered pursuant to clauses (i) and (ii) above; and 
 (iv) a reconciliation of the loan balance per the Borrower’s general ledger to the loan balance under this Agreement; 
 (g) as soon as possible and in any event within 30 days of filing thereof, copies of all tax returns filed by any Loan Party with the U.S.
Internal Revenue Service; 
 (h) if requested by Lender, promptly after the same become publicly available, copies of all
periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with
any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; and 
 (i)
promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Lender may reasonably
request. 
  

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 (j) provided, however, that so long as no Revolving Loans have been outstanding during a particular
month, then Borrower need not produce the items otherwise required by Section 5.01 (c), (e) or (f) unless specifically requested by Lender in connection with a proposed Borrowing. 
 SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Lender prompt (and in any event, no later than five Business Days after
an executive officer becomes aware thereof) written notice of the following: 
 (a) the occurrence of any Default; 

(b) receipt of any notice of any governmental investigation or any litigation commenced or threatened against any Loan Party that
(i) seeks damages in excess of $500,000.00, (ii) seeks injunctive relief, (iii) is asserted or instituted against any Plan, its fiduciaries (with respect to the exercise of such fiduciaries’ duties) or its assets,
(iv) alleges criminal misconduct by any Loan Party, (v) alleges the violation of any law regarding, or seeks remedies in connection with, any Environmental Laws; (vi) contests any tax, fee, assessment, or other governmental charge in
excess of $100,000.00, or (vii) involves any product recall; 
 (c) any Lien (other than a Lien permitted pursuant to
Section 6.02 hereof) or claim made or asserted against any of the Collateral; 
 (d) any loss, damage, or destruction to
the Collateral in the amount of $250,000.00 or more, whether or not covered by insurance; 
 (e) any and all default notices
received under or with respect to any leased location or public warehouse where Collateral in the amount of $250,000.00 or more is located (which shall be delivered within two Business Days after receipt thereof); 
 (f) all material amendments to real estate leases, together with a copy of each such amendment; 
 (g) the fact that a Loan Party has entered into a Swap Agreement or an amendment to a Swap Agreement, together with copies of all
agreements evidencing such Swap Agreement or amendments thereto (which shall be delivered within two Business Days); 
 (h)
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $100,000; and

 (i) any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect.

 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting
forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.03. Existence; Conduct of Business. Each Loan Party will (a) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications,
licenses, permits, franchises, governmental authorizations, intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its
business is conducted except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, 

  

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liquidation or dissolution permitted under Section 6.03 and (b) carry on and conduct its business in substantially the same manner and in
substantially the same fields of enterprise as it is presently conducted and reasonable extensions thereof. 
 SECTION 5.04. Payment of
Obligations. Each Loan Party will pay or discharge all Material Indebtedness and all other material liabilities and obligations, including Taxes, before the same shall become delinquent or in default, except where (a) the validity or amount
thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.05. Maintenance of
Properties. Each Loan Party will keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 
 SECTION 5.06. Books and Records; Inspection Rights. Each Loan Party will, and will cause each Subsidiary to, (i) keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities and (ii) permit any representatives designated by the Lender (including employees of the Lender, or any
consultants, accountants, lawyers and appraisers retained by the Lender), upon reasonable prior notice during normal business hours, to visit and inspect its properties, to examine and make extracts from its books and records, including
environmental assessment reports and Phase I or Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times during normal business hours and as often as reasonably
requested. The Loan Parties acknowledge that the Lender, after exercising its rights of inspection, may prepare certain Reports pertaining to the Loan Parties’ assets for internal use by the Lender. Each Loan Party will permit the Lender to
conduct field audit examinations of the Loan Party’s assets, liabilities, books and records once per year at such Loan Party’s expense (so long as any Loan has been outstanding in the prior fiscal year); provided further that the Loan
Party will permit the Lender to conduct such examinations at any time and with any reasonable frequency during the existence of a Default. In connection with such field audits, or in a manner consistent with Lender’s customary practice, the
Loan Party will permit the Lender to make test verifications of the Accounts with the Loan Party’s customers. 
 SECTION 5.07.
Compliance with Laws. Each Loan Party will comply with all Requirements of Law applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material
Adverse Effect. 
 SECTION 5.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used only for proper
business purposes. No part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, or for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

 SECTION 5.09. Insurance. Each Loan Party will maintain with financially sound and reputable carriers having a financial strength
rating of at least A+ by A.M. Best Company (a) insurance in such amounts (with no greater risk retention) and against such risks (including (i) loss or damage by fire and loss in transit; (ii) theft, burglary, pilferage, larceny,
embezzlement, and other criminal activities; (iii) business interruption; (iv) general liability and (v) and such other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses
operating in the same or similar locations and (b) all insurance required pursuant to the Collateral Documents. Lender hereby agrees that the insurance in place on the Effective Date and set forth on Schedule 3.14 hereof satisfies the foregoing
requirements as of the Effective Date. At Lender’s reasonable written request, the Borrower will furnish to the Lender, information in reasonable detail as to the insurance so maintained. 
 SECTION 5.10. Casualty and Condemnation. The Borrower (a) will furnish to the Lender prompt written notice of any casualty or other insured
damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest 

  

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therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in
the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents. 
 SECTION 5.11. Appraisals. Not more than once per year if requested by Lender, the Loan Parties will provide the Lender with appraisals or updates
thereof of their Inventory, Equipment and real property from an appraiser selected and engaged by the Lender, and prepared on a basis reasonably satisfactory to the Lender, such appraisals and updates to include, without limitation, information
required by applicable law and regulations. Absent an Event of Default, no appraisals of real estate shall be required to be conducted prior to the Maturity Date. If an Event of Default has occurred and is continuing, additional such appraisals may
be obtained from time to time at the sole expense of the Loan Parties. 
 SECTION 5.12. Depository Banks. Except for accounts
maintained at Northern Trust Bank (which accounts will be closed within 90 days following the Effective Date), the Borrower and each Loan Party will maintain the Lender as its principal depository bank, including for the maintenance of operating,
administrative, cash management, collection activity, and other deposit accounts for the conduct of its business. 
 SECTION 5.13.
Additional Collateral; Further Assurances. (a) Subject to applicable law, the Borrower and each other Loan Party shall, unless the Lender otherwise consents, cause each Subsidiary of the Borrower (excluding any foreign Subsidiary) formed
or acquired after the date of this Agreement in accordance with the terms of this Agreement to become a Loan Party by executing the Joinder Agreement set forth as Exhibit D hereto (the “Joinder Agreement”). Upon execution and
delivery thereof, each such Person (i) shall automatically become a Loan Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant Liens
to the Lender, in any property (other than any real property) of such Loan Party which constitutes Collateral. 
 (b) The Borrower and each
other Loan Party will pledge 100% of the issued and outstanding Equity Interests of each of its domestic Subsidiaries to the Lender pursuant to the terms and conditions of the Loan Documents or other security documents as the Lender shall reasonably
request. 
 (c) Without limiting the foregoing, each Loan Party will execute and deliver, or cause to be executed and delivered, to the
Lender such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents and such other
actions or deliveries of the type required by Section 4.01, as applicable), which may be required by law or which the Lender may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan
Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Loan Parties. 
 (d) If any material assets (including any real property or improvements thereto or any interest therein) are acquired by the Borrower or any Subsidiary that is a Loan Party after the Effective Date (other than assets
constituting Collateral under the Security Agreement that become subject to the Lien in favor of the Security Agreement upon acquisition thereof), the Borrower will notify the Lender, and, if requested by the Lender, the Borrower will cause such
assets to be subjected to a Lien securing the Secured Obligations and will take, and cause the Subsidiary Loan Parties to take, such actions as shall be necessary or reasonably requested by the Lender to grant and perfect such Liens, including
actions described in paragraph (c) of this Section, all at the expense of the Loan Parties. 
 ARTICLE VI 
 Negative Covenants 
 Until the
Commitment has expired or terminated and the principal of and interest on each Loan and all fees, expenses and other amounts (other than contingent indemnification obligations to the extent no claim 

  

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giving rise thereto has been asserted) payable under any Loan Document have been paid in full and all Letters of Credit have expired or terminated or been
cash collateralized in accordance with the terms hereof and all LC Disbursements shall have been reimbursed, the Loan Parties covenant and agree, jointly and severally, with the Lender that: 
 SECTION 6.01. Indebtedness. No Loan Party will create, incur or suffer to exist any Indebtedness, except: 
 (a) the Secured Obligations; 
 (b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness in accordance with clause (f) hereof; 
 (c) Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary, provided that
(i) Indebtedness of any Subsidiary that is not a Loan Party to the Borrower or any Subsidiary that is a Loan Party shall be evidenced by a Promissory Note pledged to Lender pursuant to a Security Agreement, such pledge to be made not more than
90 days after the earlier of (x) the execution hereof or (y) the execution of such Promissory Note and (ii) Indebtedness of the Borrower to any Subsidiary and Indebtedness of any Subsidiary that is a Loan Party to any Subsidiary that
is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably satisfactory to the Lender; 
 (d)
Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary, provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01 and
(ii) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations of the applicable Subsidiary on the same terms as the Indebtedness so Guaranteed is subordinated to the Secured Obligations; 
 (e) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or
capital assets (whether or not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the
acquisition thereof, and extensions, renewals and replacements of any such Indebtedness in accordance with clause (f) hereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $1,000,000 at any time outstanding; 
 (f) Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in clauses
(b) and (e) hereof; provided that, (i) the principal amount or interest rate of such Indebtedness is not increased other than as a result of the capitalization of interest, (ii) any Liens securing such Indebtedness are
not extended to any additional property of any Loan Party, (iii) no Loan Party that is not originally obligated with respect to repayment of such Indebtedness is required to become obligated with respect thereto except in accordance with clause
(d) of this Section 6.01, (iv) such extension, refinancing or renewal does not result in a shortening of the average weighted maturity of the Indebtedness so extended, refinanced or renewed, (v) the terms of any such extension,
refinancing, or renewal are not materially less favorable to the obligor thereunder than the original terms of such Indebtedness and (vi) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the
Secured Obligations, then the terms and conditions of the refinancing, renewal, or extension Indebtedness must include subordination terms and conditions that are at least as favorable to the Lender as those that were applicable to the refinanced,
renewed, or extended Indebtedness; 
 (g) Indebtedness owed to any person providing workers’ compensation, health,
disability or other employee benefits or property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such person, in each case incurred in the ordinary course of business; 
  

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 (h) Indebtedness of the Borrower or any Subsidiary in respect of performance bonds, bid
bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the ordinary course of business; 
 (i)
other unsecured Indebtedness not to exceed $500,000.00 in the aggregate at any time outstanding. 
 SECTION 6.02. Liens. No Loan Party
will create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Liens created pursuant to any Loan Document; 
 (b) Permitted Encumbrances; 
 (c) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property
or asset of the Borrower or Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 (d) Liens securing Indebtedness permitted pursuant to Section 6.01(e) hereof; 
 (e) any Lien existing on any property or asset (other than Accounts and Inventory) prior to the acquisition thereof by the Borrower or any
Subsidiary or existing on any property or asset (other than Accounts and Inventory) of any Person that becomes a Loan Party after the date hereof prior to the time such Person becomes a Loan Party; provided that (i) such Lien is not
created in contemplation of or in connection with such acquisition or such Person becoming a Loan Party, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Loan Party and (iii) such Lien shall secure
only those obligations which it secures on the date of such acquisition or the date such Person becomes a Loan Party, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 (f) Liens of a collecting bank arising in the ordinary course of business under Section 4-208 of the Uniform
Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon; 
 (g) Liens arising out
of sale and leaseback transactions permitted by Section 6.06; and 
 (h) Liens granted by a Subsidiary that is not a Loan
Party in favor of the Borrower or another Loan Party in respect of Indebtedness owed by such Subsidiary. 
 Notwithstanding the foregoing, none of the Liens
permitted pursuant to this Section 6.02 may at any time attach to any Loan Party’s (1) Accounts, other than those permitted under clause (a) of the definition of Permitted Encumbrance and clause (a) above and
(2) Inventory, other than those permitted under clauses (a) and (b) of the definition of Permitted Encumbrance and clause (a) above. 
 SECTION 6.03. Fundamental Changes. (a) No Loan Party will merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except
that any Loan Party (other than the Borrower) may merge into any Loan Party in a transaction in which the surviving entity is a Loan Party. 
  

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 (b) No Loan Party will engage to any material extent in any business other than businesses of the type
conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto and reasonable extensions thereof. 
 SECTION 6.04. Intentionally Omitted. 
 SECTION 6.05. Asset Sales. No Loan Party will sell, transfer,
lease or otherwise dispose of any asset, including any Equity Interest owned by it, nor will the Borrower permit any Subsidiary that is a Loan Party to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or another
Subsidiary), except: 
 (a) sales, transfers and dispositions of (i) inventory in the ordinary course of business and
(ii) used, obsolete, worn out or surplus equipment or property in the ordinary course of business; 
 (b) sales,
transfers and dispositions to the Borrower or any Subsidiary, provided that any such sales, transfers or dispositions to a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09; 
 (c) sales, transfers and dispositions of accounts receivable in connection with the compromise, settlement or collection thereof;

 (d) the sale of Equipment to the extent such Equipment is exchanged for credit against the purchase price of a similar
replacement thereof, or the proceeds of such sale are reasonably promptly applied to the purchase price of such Equipment; 
 (e) sale and leaseback transactions permitted by Section 6.06; 
 (f) dispositions resulting from any casualty
or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower or any Subsidiary; 
 (g) sales, transfers and other dispositions of assets (other than Equity Interests in a Subsidiary unless all Equity Interests in such
Subsidiary are sold) that are not permitted by any other paragraph of this Section, provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this paragraph (g) shall not
exceed $500,000 during any fiscal year of the Borrower; and 
 (h) licenses of patents, technology and know-how associated
therewith to joint ventures in connection with the start-up of a joint venture. 
 provided that all sales, transfers, leases and other dispositions
permitted hereby (other than those permitted by paragraphs (b) and (f) above) shall be made for fair value and for at least 75% cash consideration. 
 SECTION 6.06. Sale and Leaseback Transactions. No Loan Party will enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred, except for any such sale of any fixed or
capital assets by the Borrower or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 90 days after the Borrower or such Subsidiary acquires or
completes the construction of such fixed or capital asset. 
 SECTION 6.07. Swap Agreements. No Loan Party will enter into any Swap
Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), and
(b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or
investment of the Borrower or any Subsidiary. 
  

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 SECTION 6.08. Intentionally Omitted. 
 SECTION 6.09. Transactions with Affiliates. Except as set forth in Schedule 6.09, no Loan Party will sell, lease or otherwise transfer any
property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions that (i) are in the ordinary course of business
and (ii) are at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and
any Subsidiary that is a Loan Party, (c) any Indebtedness permitted under Section 6.01(c), (d) the payment of reasonable fees to directors of the Borrower or any Subsidiary who are not employees of the Borrower or any Subsidiary, and
compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Borrower or its Subsidiaries in the ordinary course of business and (e) any issuances of securities or
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by the Borrower’s board of directors. 
 SECTION 6.10. Restrictive Agreements. No Loan Party will directly or indirectly, enter into, incur or permit to exist any agreement or other
arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends
or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that
(i) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but
shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements
relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the
foregoing shall not apply to customary provisions in leases [and other contracts] restricting the assignment thereof. 
 SECTION 6.11.
Amendment of Organizational Documents. No Loan Party will, nor will it permit any Subsidiary to, amend, modify or waive any of its rights under its certificate of incorporation, by-laws, operating, management or partnership agreement or other
organizational documents, to the extent any such amendment, modification or waiver would be materially adverse to the Lender. 
 ARTICLE VII

 Events of Default 
 If
any of the following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any
principal of any Loan or the Borrower or any other Loan Party shall fail to pay any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable; 
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days; 
  

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 (c) any representation or warranty made or deemed made by or on behalf of any Loan Party
in or in connection with this Agreement or any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this
Agreement or any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been materially incorrect when made or deemed made; 
 (d) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with
respect to a Loan Party’s existence) or 5.08 or in Article VI; 
 (e) any Loan Party shall fail to observe or perform any
covenant, condition or agreement contained in this Agreement (other than those which constitute a default under another Section of this Article), and such failure shall continue unremedied for a period of (i) 5 days after the earlier of
knowledge of such breach or written notice thereof from the Lender if such breach relates to terms or provisions of Section 5.01, 5.02 (other than Section 5.02(a)), 5.03 through 5.07, 5.09, 5.10 or 5.12 of this Agreement or (ii) 15
days after the earlier of knowledge of such breach or notice thereof from the Lender if such breach relates to terms or provisions of any other Section of this Agreement; 
 (f) any Loan Party shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material
Indebtedness, when and as the same shall become due and payable, and such failure continues after the applicable grace or notice period, if any, specified in the documents related thereto on the date of such failure; 
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) 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; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) liquidation, reorganization or other relief in respect of a Loan Party or any Subsidiary of any Loan Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Subsidiary of any Loan Party or for a
substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) any Loan Party or any Subsidiary of any Loan Party shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Loan Party or Subsidiary of
any Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing; 
 (j) any Loan Party shall become unable, admit
in writing its inability or fail generally to pay its debts as they become due; 
  

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 (k) one or more judgments for the payment of money in an aggregate amount in excess of
$250,000 shall be rendered against any Loan Party and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to
attach or levy upon any assets of any Loan Party to enforce any such judgment or any Loan Party shall fail within 30 days to discharge one or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect, which judgments or orders, in any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently pursued; 
 (l) an ERISA Event shall have occurred that, in the opinion of the Lender, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in a Material Adverse Effect ; 
 (m) the occurrence of any
“default”, as defined in any Loan Document (other than this Agreement) or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein
provided; 
 (n) the Loan Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or
to assert the invalidity or unenforceability of the Loan Guaranty, or any Loan Guarantor shall fail to comply with any of the terms or provisions of the Loan Guaranty to which it is a party, or any Loan Guarantor shall deny that it has any further
liability under the Loan Guaranty to which it is a party, or shall give notice to such effect; 
 (o) any Collateral Document
shall for any reason fail to create a valid and perfected first priority security interest in any Collateral purported to be covered thereby, except as permitted by the terms of any Collateral Document, or any Collateral Document shall fail to
remain in full force or effect (other than as a result of the failure of the Lender to take any action within its control) or any action shall be taken by a Loan Party to discontinue or to assert the invalidity or unenforceability of any Collateral
Document, or any Loan Party shall fail to comply with any of the terms or provisions of any Collateral Document; 
 (p) any
material provision of any Loan Document for any reason ceases to be valid, binding and enforceable (other than a result of the failure of the Lender to take any action within its control) in accordance with its terms (or any Loan Party shall
challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and
enforceable in accordance with its terms); or 
 (q) any Loan Party is criminally indicted or convicted under any law that may
reasonably be expected to lead to a forfeiture of any property of such Loan Party having a fair market value in excess of $100,000; 
 then, and in every
such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Lender may, by notice to the Borrower, take either or both
of the following actions, at the same or different times: (i) terminate the Commitment, and thereupon the Commitment shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in
which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and
other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to
the Borrower described in clause (h) or (i) of this Article, the Commitment shall automatically terminate and the 

  

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principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall
automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and the continuance of an Event of Default, the Lender may increase the rate
of interest applicable to the Loans and other Obligations as set forth in this Agreement and exercise any rights and remedies provided to the Lender under the Loan Documents or at law or equity, including all remedies provided under the UCC.

 ARTICLE VIII 
 Miscellaneous

 SECTION 8.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
facsimile, as follows: 
  

	 	(i)	if to any Loan Party, to the Borrower at: 

 Material
Sciences Corporation 
 2200 East Pratt Boulevard 
 Elk Grove Village, Illinois 60007 
 Attention: Chief Financial Officer 
 Facsimile No: 847-439-0737 
  

	 	(ii)	if to the Lender, to JPMorgan Chase Bank, N.A. at: 

 JPMorgan Chase Bank, N.A. 
 Chase Business Credit 
 Mail Code IL1-1458 
 10 South Dearborn, 22nd Floor 
 Chicago, Illinois 60603 
 Attention: David
A. Lehner 
 Facsimile No: 312-732-7593 
 All
such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received or (ii) sent by facsimile shall be deemed to have been given
when sent, provided that if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient. 
 (b) Notices and other communications to the Lender hereunder may be delivered or furnished by electronic communications (including e-mail and internet or
intranet websites) pursuant to procedures approved by the Lender. The Lender or the Borrower (on behalf of the Loan Parties) 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. All such notices and other communications (i) sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if not given during
the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (b)(i) of notification that such notice or communication is available and identifying the website address therefor.

  

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 (c) Any party hereto may change its address or facsimile number for notices and other communications
hereunder by notice to the other parties hereto. 
 SECTION 8.02. Waivers; Amendments. (a) No failure or delay by the Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Lender hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver
of any Event of Default, regardless of whether the Lender may have had notice or knowledge of such Event of Default at the time. 
 (b)
Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower
and the Lender, or (ii) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Lender and the Loan Party or Loan Parties that are parties thereto. 
 SECTION 8.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the
Lender and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Lender (whether outside counsel or the allocated costs of its internal legal department), in connection with the credit facilities provided for
herein, the preparation and administration of the Loan Documents or any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by the Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Lender,
including the fees, charges and disbursements of any counsel for the Lender (whether outside counsel or the allocated costs of its internal legal department), in connection with the enforcement, collection or protection of its rights in connection
with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans or Letters of Credit. Expenses being reimbursed by the Borrower under this Section include, without limiting the generality of the foregoing, but subject to the limitations set forth elsewhere in this Agreement, costs and
expenses incurred in connection with: 
 (i) appraisals (but reimbursement shall only be due for appraisals obtained during
the occurrence and continuance of an Event of Default hereunder) and insurance reviews; 
 (ii) field examinations and the
preparation of Reports based on the fees charged by a third party retained by the Lender or the internally allocated fees for each Person employed by the Lender with respect to each field examination; 
 (iii) background checks regarding senior management and/or key investors, as deemed necessary or appropriate in the reasonable discretion
of the Lender; 
 (iv) taxes, fees and other charges for (A) lien and title searches and title insurance and
(B) recording the Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue the Lender’s Liens; 
  

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 (v) sums paid or incurred to take any action required of any Loan Party under the Loan
Documents that such Loan Party fails to pay or take; and 
 (vi) forwarding loan proceeds, collecting checks and other items
of payment, and establishing and maintaining the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral. 
 All of the
foregoing costs and expenses may be charged to the Borrower as Revolving Loans or to another deposit account, all as described in Section 2.17(c). 
 (b) The Borrower shall indemnify the Lender, and each Related Party of the Lender (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, penalties, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of
(i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with
such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related expenses
resulted from the gross negligence or wilful misconduct of such Indemnitee. 
 (c) The relationship between any Loan Party on the one hand
and the Lender on the other hand shall be solely that of debtor and creditor. The Lender (i) shall not have any fiduciary responsibilities to any Loan Party or (ii) does not undertake any responsibility to any Loan Party to review or
inform such Loan Party of any matter in connection with any phase of any Loan Party’s business or operations. To the extent permitted by applicable law, no Loan Party shall assert, and each hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the
Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (d) All amounts due under this Section shall be payable
promptly within thirty days after written demand therefor. 
 SECTION 8.04. Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Lender) any legal or equitable right, remedy or claim under or by reason of
this Agreement. 
 (b) The Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to it); provided that, except in the case of an assignment to an Affiliate of the Lender or an Approved Fund, the Borrower must give its prior written consent to
such assignment (which consent shall not be unreasonably 

  

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withheld); and provided further that any consent of the Borrower otherwise required under this paragraph shall not be required if an Event of
Default under clause (h) or (i) of Article VII has occurred and is continuing. Subject to notification of an assignment, the assignee shall be a party hereto and, to the extent of the interest assigned, have the rights and obligations of
the Lender under this Agreement, and the Lender shall, to the extent of the interest assigned, be released from its obligations under this Agreement (and, in the case of an assignment covering all of the Lender’s rights and obligations under
this Agreement, the Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 8.03). The Borrower hereby agrees to execute any amendment and/or any other document that may be necessary
to effectuate such an assignment, including an amendment to this Agreement to provide for multiple lenders and an administrative agent to act on behalf of such lenders. Any assignment or transfer by the Lender of rights or obligations under this
Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by the Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 
 For the purposes of this Section 8.04(b), the term “Approved Fund” has the following meaning: 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans
and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) the Lender, (b) an Affiliate of the Lender or (c) an entity or an Affiliate of an entity that administers or manages
the Lender. 
 (c) The Lender may, without the consent of the Borrower, sell participations to one or more banks or other entities (a
“Participant”) in all or a portion of the Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) the Lender’s
obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly
with the Lender in connection with the Lender’s rights and obligations under this Agreement. Subject to paragraph (d) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and
2.16 to the same extent as if it were the Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. 
 (d) A Participant shall not be entitled to receive any greater payment under Section 2.14 or 2.15 than the Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. 
 (e) The Lender may at any time pledge or assign
a security interest in all or any portion of its rights under this Agreement to secure obligations of the Lender, including any pledge or assignment to secure obligations to a Federal Reserve Lender, and this Section shall not apply to any such
pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party
hereto. 
 SECTION 8.05. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Lender, the Lender or any Lender may have
had notice or knowledge of any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any
fee or any other amount payable under this Agreement is outstanding (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and unpaid or any Letter of Credit is outstanding and so long as the
Commitment has not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the Commitment or the termination of this Agreement or any provision hereof. 
  

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 SECTION 8.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate
letter agreements with respect to fees payable to the Lender entered into with a Loan Party constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION
8.07. Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 8.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, the Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by
such Lender or Affiliate to or for the credit or the account of the Borrower or such Loan Guarantor against any of and all the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the
Loan Documents and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) The Loan Documents (other than those containing a contrary
express choice of law provision) shall be governed by and construed in accordance with the internal laws (including, without limitation, 735 ILCS Section 105/5-1 et seq, but otherwise without regard to the conflict of laws provisions) of the
State of Illinois, but giving effect to federal laws applicable to national banks. 
 (b) Each Loan Party hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any U.S. Federal or Illinois State court sitting in Chicago, Illinois in any action or proceeding arising out of or relating to any Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Illinois State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Lender, the Lender or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan
Party or its properties in the courts of any jurisdiction. 
 (c) Each Loan Party hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 
 46 

 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 8.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 8.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 8.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be
taken into consideration in interpreting, this Agreement. 
 SECTION 8.12. Confidentiality. The Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority,
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the
Loan Parties and their obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the
Lender on a non-confidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such
information that is available to the Lender, on a non-confidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with
its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 SECTION 8.13. Nonreliance; Violation of Law. The Lender hereby represents that it is not relying on or looking to any margin stock for the
repayment of the Borrowings provided for herein. Anything contained in this Agreement to the contrary notwithstanding, the Lender shall not be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any
applicable statute or regulation. 
 SECTION 8.14. USA PATRIOT Act. The Lender is subject to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) and hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 
 47 

 SECTION 8.15. Disclosure. Each Loan Party hereby acknowledges and agrees that the Lender and/or
its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. 
 ARTICLE IX 
 Loan Guaranty 
 SECTION 9.01. Guaranty. Each Loan Guarantor (other than those that have delivered a separate Guaranty) hereby agrees that it is jointly and
severally liable for, and, as primary obligor and not merely as surety, absolutely and unconditionally guarantees to the Lender the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of
the Secured Obligations and all reasonable, out-of-pocket costs and expenses including, without limitation, all court costs and reasonable attorneys’ and paralegals’ fees (including allocated costs of in-house counsel and paralegals) and
reasonable expenses paid or incurred by the Lender in endeavoring to collect all or any part of the Secured Obligations from, or in prosecuting any action against, the Borrower, any Loan Guarantor or any other guarantor of all or any part of the
Secured Obligations (such costs and expenses, together with the Secured Obligations, collectively the “Guaranteed Obligations”). Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in
part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign
branch or Affiliate of any Lender that extended any portion of the Guaranteed Obligations. 
 SECTION 9.02. Guaranty of Payment. This
Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives any right to require the Lender to sue the Borrower, any Loan Guarantor, any other guarantor, or any other person obligated for all or any part of the
Guaranteed Obligations (each, an “Obligated Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations. 
 SECTION 9.03. No Discharge or Diminishment of Loan Guaranty. (a) Except as otherwise provided for herein, the obligations of each Loan
Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations), including: (i) any
claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the
Borrower or any other guarantor of or other person liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party, or their assets or any resulting
release or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, Lender, or any other person, whether in
connection herewith or in any unrelated transactions. 
 (b) The obligations of each Loan Guarantor hereunder are not subject to any defense
or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit
payment by any Obligated Party, of the Guaranteed Obligations or any part thereof. 
 (c) Further, the obligations of any Loan Guarantor
hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or
modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any part
of the Guaranteed Obligations 

  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 
 48 

 
or any obligations of any other guarantor of or other person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the
Lender with respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance,
act, omission or delay that might in any manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than the indefeasible payment in full in
cash of the Guaranteed Obligations). 
 SECTION 9.04. Defenses Waived. To the fullest extent permitted by applicable law, each Loan
Guarantor hereby waives any defense based on or arising out of any defense of the Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the
liability of the Borrower or any Loan Guarantor, other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any person against any Obligated Party, or any other person. The Lender
may, at its election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all
or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without
affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash. To the fullest extent permitted by applicable law, each
Loan Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor
against any Obligated Party or any security. 
 SECTION 9.05. Rights of Subrogation. No Loan Guarantor will assert any right, claim or
cause of action, including, without limitation, a claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral, until the Loan Parties and the Loan Guarantors have fully performed all their
obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) to the Lender. 
 SECTION 9.06. Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of
the Borrower or otherwise, each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time as though the payment had not been made and whether or not the Lender is in possession of this
Loan Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any
agreement relating to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Lender. 
 SECTION 9.07. Information. Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment
of the Guaranteed Obligations and the nature, scope and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that the Lender shall not have any duty to advise any Loan Guarantor of information known to
it regarding those circumstances or risks. 
 SECTION 9.08. Termination. The Lender may continue to make loans or extend credit to the
Borrower based on this Loan Guaranty until five days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such notice, each Loan Guarantor will continue to be liable to the Lender for any Guaranteed
Obligations created, assumed or committed to prior to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect to, or substitutions for, all or any part of that Guaranteed
Obligations. 
  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 
 49 

 SECTION 9.09. Taxes. All payments of the Guaranteed Obligations will be made by each Loan
Guarantor free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Loan Guarantor shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Lender receives an amount equal to the sum it would have received had no such deductions
been made, (ii) such Loan Guarantor shall make such deductions and (iii) such Loan Guarantor shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 SECTION 9.10. Maximum Liability. The provisions of this Loan Guaranty are severable, and in any action or proceeding involving any state corporate
law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Loan Guarantor under this Loan Guaranty would otherwise be held or determined to be
avoidable, invalid or unenforceable on account of the amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this Loan Guaranty to the contrary, the amount of such liability shall,
without any further action by the Loan Guarantors or the Lender, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the
relevant Loan Guarantor’s “Maximum Liability”. This Section with respect to the Maximum Liability of each Loan Guarantor is intended solely to preserve the rights of the Lender to the maximum extent not subject to avoidance
under applicable law, and no Loan Guarantor nor any other person or entity shall have any right or claim under this Section with respect to such Maximum Liability, except to the extent necessary so that the obligations of any Loan Guarantor
hereunder shall not be rendered voidable under applicable law. Each Loan Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing this Loan Guaranty
or affecting the rights and remedies of the Lender hereunder, provided that, nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum Liability. 
 SECTION 9.11. Contribution. In the event any Loan Guarantor (a “Paying Guarantor”) shall make any payment or payments under this
Loan Guaranty or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations under this Loan Guaranty, each other Loan Guarantor (each a “Non-Paying Guarantor”) shall contribute
to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Applicable Percentage” of such payment or payments made, or losses suffered, by such Paying Guarantor. For purposes of this Article IX, each Non-Paying
Guarantor’s “Applicable Percentage” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment or loss was made by reference to the ratio of (i) such Non-Paying
Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been determined, the aggregate
amount of all monies received by such Non-Paying Guarantor from the Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the aggregate Maximum Liability of all Loan Guarantors hereunder (including such
Paying Guarantor) as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Loan Guarantor, the aggregate amount of
all monies received by such Loan Guarantors from the Borrower after the date hereof (whether by loan, capital infusion or by other means). Nothing in this provision shall affect any Loan Guarantor’s several liability for the entire amount of
the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan Guarantors covenants and agrees that its right to receive any contribution under this Loan Guaranty from a Non-Paying Guarantor shall be subordinate
and junior in right of payment to the payment in full in cash of the Guaranteed Obligations. This provision is for the benefit of the Lender and the Loan Guarantors and may be enforced by any one, or more, or all of them in accordance with the terms
hereof. 
  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 
 50 

 SECTION 9.12. Liability Cumulative. The liability of each Loan Party as a Loan Guarantor under
this Article IX is in addition to and shall be cumulative with all liabilities of each Loan Party to the Lender under this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of
the other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year
first above written. 
  

			
	 BORROWER:

	
	Material Sciences Corporation, a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	 LOAN PARTIES:

	
	Material Sciences Corporation, Engineered Materials and Solutions Group, Inc., an Illinois corporation,
		
	By:	 	/s/ James M. Froisland
	Name:	 	  
 James M.
Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	MSC Laminates and Composites, Inc., a Delaware corporation,
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	Material Sciences Service Corporation, a Delaware corporation,
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	MSC Pre Finish Metals (EGV), Inc., a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary

  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 

			
	MSC Walbridge Coatings, Inc.
	a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	MSC Laminates and Composites (EGV), Inc., a Delaware corporation
		
	By:	 	 /s/ James M. Froisland

	Name:	 	 James M. Froisland

	Title:	 	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
	
	 LENDER:

	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ David A. Lehner

	Name:	 	 David A. Lehner

	Title:	 	Vice President

  

 JPMorgan Chase Bank, N.A. 
 Credit Agreement 

 EXHIBIT A 
 BORROWING BASE CERTIFICATE 
  

											
	 

	 	BORROWING BASE REPORT	 	 	 	 
	 	 	 	 	Rpt #	 	 
	Obligor Number:	 	 	 		 	Date:	 	 
	Loan Number:	 	 	 	 	 	Period Covered:                      to           
          
	 	 		 
	 COLLATERAL CATEGORY
  
	 	 A/R
  
	 	 Inventory
  
	 	 Total Eligible Collateral

 

	Description	 	 	 	 	 		 	 
	1	 	Beginning Balance (Previous report - Line 8)	 	 	 	 	 		 	 
	2	 	Additions to Collateral (Gross Sales or Purchases)	 	 	 	 	 		 	 
	3	 	Other Additions (Add back any non-A/R cash in line 3)	 	 	 	 	 		 	 
	4	 	Deductions to Collateral (Cash Received)	 	 	 	 	 		 	 
	5	 	Deductions to Collateral (Discounts, other)	 	 	 	 	 		 	 
	6	 	Deductions to Collateral (Credit Memos, all)	 	 	 	 	 		 	 
	7	 	Other non-cash credits to A/R	 	 	 	 	 		 	 
	8	 	Total Ending Collateral Balance	 	 	 	 	 		 	 
	9	 	Less Ineligible - Past Due	 	 	 	 	 		 	 
	10	 	Less Ineligible - Cross-age (        %)	 	 	 	 	 		 	 
	11	 	Less Ineligible - Foreign	 	 	 	 	 		 	 
	12	 	Less Ineligible - Contra	 	 	 	 	 		 	 
	13	 	Less Ineligible - Other (attached schedule)	 	 	 	 	 		 	 
	14	 	Total Ineligibles - Accounts Receivable	 	 	 	 	 		 	 
	 	 	 	 	 	 	 	 		 	 
	15	 	Less Ineligible – Inventory Slow-moving	 	 	 	 	 		 	 
	16	 	Less Ineligible – Inventory Offsite not covered	 	 	 	 	 		 	 
	17	 	Less Ineligible – Inventory WIP	 	 	 	 	 		 	 
	18	 	Less Ineligible – Consigned	 	 	 	 	 		 	 
	19	 	Less Ineligible – Other (attached schedule)	 	 	 	 	 		 	 
	20	 	Total Ineligible Inventory	 	 	 	 	 		 	 
	 	 	 	 	 	 	 	 		 	 
	21	 	Total Eligible Collateral	 	 	 	 	 		 	 
	22	 	Advance Rate Percentage	 	%	 	%	 		 	 
	23	 	Net Available - Borrowing Base Value	 	 	 	 	 		 	 
	24	 	Reserves (other)	 	 	 	 	 		 	 
	25	 	Total Borrowing Base Value	 	 	 	 	 		 	 
	25A	 	Total Availability/CAPS	 	 	 	 	 	 	 	 
	26	 	Revolver Line	 	 	 	 	 	Total Revolver Line	 	 
	27	 	Maximum Borrowing Limit (Lesser of 25 or 26)*	 	 	 	 	 	Total Available	 	 
	27A	 	Suppressed Availability	 	 	 	 	 		 	 
	LOAN STATUS	 	 	 	 	 	 	 	 
	28	 	Previous Loan Balance (Previous Report Line 31)	 	 	 	 	 		 	 
	29	 	 Less: A. Net Collections (Same as line 4)
           B. Adjustments/Other
                    
	 	 	 	 	 		 	 
	30	 	 Add: A. Request for Funds
           B. Adjustments/Other
                    
	 	 	 	 	 		 	 
	31	 	New Loan Balance	 	 	 	 	 		 	 
	32	 	Letter of Credit/BA’s outstanding	 	 	 	 	 		 	 
	33	 	Availability Not Borrowed (Lines 27 less 31 & 32)	 	 	 	 	 	 	 	 
	34	 	Term Loan	 	 	 	 	 	Total New Loan Balance:
	35	 	OVERALL EXPOSURE (lines 31 & 34)	 		 		 		 	 
	 	 	 	 		 		 		 	 
	Pursuant to, and in accordance with, the
terms and provisions of that certain Credit Agreement (“Agreement”), among JPMorgan Chase Bank, N.A. (“Chase”), the Loan Parties and
                         (“Borrower”), Borrower is executing and delivering to Chase this Collateral Report
accompanied by supporting data (collectively referred to as the “Report”). Borrower represents and warrants to Chase that this Report is true and correct in all material respects, and is based on information contained in Borrower’s
own financial accounting records. Borrower, by the execution of this Report, hereby ratifies, confirms and affirms all of the terms, conditions and provisions of the Agreement, and further certifies on this
         day of                 , 20    , that the Borrower is in compliance with said
Agreement.
	 BORROWER NAME:
  
	 	 AUTHORIZED
SIGNATURE:
  

  

 Exhibit A 

 EXHIBIT B 
 COMPLIANCE CERTIFICATE 
  

	To:	JPMorgan Chase Bank, N.A. 

 This Compliance Certificate is
furnished pursuant to that certain Credit Agreement dated as of May     , 2008 (as amended, modified, renewed or extended from time to time, the “Agreement”) among Material Sciences Corporation (the
“Borrower”), the other Loan Parties and JPMorgan Chase Bank, N.A., as Lender. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES ON BEHALF OF THE BORROWER AND NOT IN MY INDIVIDUAL CAPACITY THAT: 
 1. I am the duly elected
                                       
  of the Borrower; 
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision,
a detailed review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements [for quarterly or monthly financial statements add: and such financial
statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes]; 
 3. The examinations described in paragraph 2 did not disclose, except as set forth below,
and I have no knowledge of (i) the existence of any Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate or (ii) any change in GAAP or in the application
thereof that has occurred since the date of the audited financial statements referred to in Section 3.04 of the Agreement; 
 4. I
hereby certify that no Loan Party has changed (i) its name, (ii) its chief executive office, (iii) principal place of business, (iv) the type of entity it is or (v) its state of incorporation or organization without having
given the Lender the notice required by Section 4.15 of the Security Agreement; and 
 5. Described below are the exceptions, if any, to
paragraph 3 by listing, in detail, the (i) nature of the Default, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such Default or (ii) the change in
GAAP or the application thereof and the effect of such change on the attached financial statements: 
  

			
		 	  

		 	  

		 	  

  

 Exhibit B 

 The foregoing certifications and the financial statements delivered with this Certificate in support
hereof, are made and delivered this          day of                 . 
  

			
	MATERIAL SCIENCES CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 Exhibit C 

 EXHIBIT C 
 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (this “Agreement”), dated as of
                ,     , 200    , is entered into between
                                        ,
a                              (the “New Subsidiary”) and JPMORGAN CHASE BANK, N.A. (the
“Lender”) under that certain Credit Agreement, dated as of                 ,     , 200     among
                         (the “Borrower”), the Loan Parties party thereto, and the Lender (as the same may be
amended, modified, extended or restated from time to time, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement. 
 The New Subsidiary and the Lender, hereby agree as follows: 
 1. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a Loan Party under the Credit Agreement and a “Loan Guarantor”
for all purposes of the Credit Agreement and shall have all of the obligations of a Loan Party and a Loan Guarantor thereunder as if it had executed the Credit Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be
bound by, all of the terms, provisions and conditions contained in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth in Article III of the Credit Agreement,
*[and]* (b) all of the covenants set forth in Articles V and VI of the Credit Agreement *[and (c) all of the guaranty obligations set forth in Article X of the Credit Agreement. Without limiting the generality of the
foregoing terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in Section 10.10 of the Credit Agreement, hereby guarantees, jointly and severally with the other Loan Guarantors, to the Lender and the Lender, as
provided in Article X of the Credit Agreement, the prompt payment and performance of the Guaranteed Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the
terms thereof and agrees that if any of the Guaranteed Obligations are not paid or performed in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the New Subsidiary will, jointly and severally
together with the other Loan Guarantors, promptly pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly
paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such extension or renewal.]* *[The New Subsidiary has delivered to the Lender an executed Loan
Guaranty.]* 
 2. If required, the New Subsidiary is, simultaneously with the execution of this Agreement, executing and delivering
such Collateral Documents (and such other documents and instruments) as requested by the Lender in accordance with the Credit Agreement. 
 3. The address of the New Subsidiary for purposes of Section 8.01 of the Credit Agreement is as follows: 
  

			
	  
	  	
	  
	  	
	  
	  	
	  
	  	

 4. The New Subsidiary hereby waives acceptance by the Lender of the guaranty by the New Subsidiary
upon the execution of this Agreement by the New Subsidiary. 
  

 Exhibit C 

 5. This Agreement 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. 
 6. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS. 
 IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its authorized officer, and the Lender, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

  

			
	[NEW SUBSIDIARY]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Acknowledged and accepted:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 Exhibit C

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