Document:

exhibit10b

EXECUTION COPY  PUBLISHED DEAL CUSIP: 574600AJ1  PUBLISHED TERM FACILITY CUSIP: 574600AK8  TERM LOAN CREDIT AGREEMENT  dated as of  April 26, 2022  among  MASCO CORPORATION  as Borrower  The Lenders Party Hereto  PNC BANK, NATIONAL ASSOCIATION  as Administrative Agentf^  PNC CAPITAL MARKETS LLC  as Sole Bookrunner and Sole Lead Arranger  Exhibit 10b 

 

    TABLE OF CONTENTS    Page      ARTICLE I Definitions ...................................................................................................................1  SECTION 1.01. Defined Terms .......................................................................................................1  SECTION 1.02. Classification of Loans and Borrowings .............................................................23  SECTION 1.03. Terms Generally ..................................................................................................23  SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations. .........................................23  SECTION 1.05. Interest Rates; Benchmark Notification. .............................................................25  SECTION 1.06. Divisions .............................................................................................................25  ARTICLE II The Credits ...............................................................................................................25  SECTION 2.01. Commitments ......................................................................................................25  SECTION 2.02. Term Loans and Borrowings ...............................................................................25  SECTION 2.03. Requests for Borrowings .....................................................................................26  SECTION 2.04. [Reserved] ...........................................................................................................27  SECTION 2.05. [Reserved] ...........................................................................................................27  SECTION 2.06. [Reserved] ...........................................................................................................27  SECTION 2.07. Funding of Borrowings .......................................................................................27  SECTION 2.08. Interest Elections for Borrowings .......................................................................27  SECTION 2.09. Termination and Reduction of Commitments; Termination of Facility .............28  SECTION 2.10. Repayment of Loans; Evidence of Debt .............................................................29  SECTION 2.11. Prepayment of Loans ..........................................................................................29  SECTION 2.12. Fees .....................................................................................................................30  SECTION 2.13. Interest .................................................................................................................30  SECTION 2.14. Alternate Rate of Interest ....................................................................................31  SECTION 2.15. Increased Costs ...................................................................................................33  SECTION 2.16. Break Funding Payments ....................................................................................34  SECTION 2.17. Taxes ...................................................................................................................35  SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs ..........................38  SECTION 2.19. Mitigation Obligations; Replacement of Lenders ...............................................39  SECTION 2.20. Defaulting Lenders ..............................................................................................40  ARTICLE III Representations and Warranties ..............................................................................41  SECTION 3.01. Corporate Existence and Power ..........................................................................41  SECTION 3.02. Corporate and Governmental Authorization; No Contravention ........................41  SECTION 3.03. Binding Effect .....................................................................................................41  SECTION 3.04. Financial Information ..........................................................................................41  SECTION 3.05. Litigation .............................................................................................................42  SECTION 3.06. Compliance with ERISA .....................................................................................42  SECTION 3.07. Environmental Matters ........................................................................................42  SECTION 3.08. Taxes ...................................................................................................................42  

 

    Table of Contents   (continued)   Page      ii  SECTION 3.09. Not an Investment Company ...............................................................................43  SECTION 3.10. Compliance with Laws ........................................................................................43  SECTION 3.11. Foreign Employee Benefit Matters .....................................................................43  SECTION 3.12. Properties ............................................................................................................43  SECTION 3.13. Disclosure ............................................................................................................43  SECTION 3.14. Federal Reserve Regulations ...............................................................................44  SECTION 3.15. No Default ...........................................................................................................44  SECTION 3.16. Anti-Corruption Laws and Sanctions ..................................................................44  SECTION 3.17. Affected Financial Institutions. ...........................................................................44  ARTICLE IV Conditions ...............................................................................................................44  SECTION 4.01. Effective Date .....................................................................................................44  SECTION 4.02. Each Borrowing ..................................................................................................45  ARTICLE V Covenants .................................................................................................................46  SECTION 5.01. Information ..........................................................................................................46  SECTION 5.02. Existence; Conduct of Business ..........................................................................47  SECTION 5.03. Compliance with Laws ........................................................................................47  SECTION 5.04. Use of Proceeds ...................................................................................................48  SECTION 5.05. Maintenance of Properties; Insurance .................................................................48  SECTION 5.06. Books and Records; Inspection ...........................................................................48  SECTION 5.07. Financial Covenants ............................................................................................48  SECTION 5.08. Limitations on Subsidiary Debt ..........................................................................49  SECTION 5.09. Negative Pledge ..................................................................................................49  SECTION 5.10. Consolidations, Mergers and Sale of Assets .......................................................50  ARTICLE VI Events of Default ....................................................................................................51  SECTION 6.01. Events of Default ................................................................................................51  SECTION 6.02. Application of Payments. ....................................................................................53  ARTICLE VII The Administrative Agent .....................................................................................54  ARTICLE VIII Miscellaneous .......................................................................................................59  SECTION 8.01. Notices ................................................................................................................59  SECTION 8.02. Waivers; Amendments ........................................................................................60  SECTION 8.03. Expenses; Indemnity; Damage Waiver ...............................................................61  SECTION 8.04. Successors and Assigns .......................................................................................63  SECTION 8.05. Survival ...............................................................................................................66  SECTION 8.06. Counterparts; Integration; Effectiveness .............................................................66  

 

    Table of Contents   (continued)   Page      iii  SECTION 8.07. Severability .........................................................................................................68  SECTION 8.08. Right of Setoff .....................................................................................................68  SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process .............................68  SECTION 8.10. WAIVER OF JURY TRIAL ...............................................................................69  SECTION 8.11. Headings..............................................................................................................69  SECTION 8.12. Confidentiality ....................................................................................................69  SECTION 8.13. USA PATRIOT Act ............................................................................................70  SECTION 8.14. Interest Rate Limitation ......................................................................................70  SECTION 8.15. No Fiduciary Duty, etc.  . ....................................................................................70  SECTION 8.16. Material Non-Public Information. .......................................................................71  SECTION 8.17. Acknowledgment and Consent to Bail-In of Affected Financial Institutions. ....71      

 

        ii    SCHEDULES:    Schedule 2.01 --          Commitments      EXHIBITS:  Exhibit A  --  Form of Assignment and Assumption  Exhibit B  --  Reserved  Exhibit C  --  Reserved  Exhibit D  --  Reserved  Exhibit E  --  List of Closing Documents  Exhibit F-1  --  Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)  Exhibit F-2  --  Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)  Exhibit F-3  --  Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)  Exhibit F-4  --  Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)      

 

    TERM LOAN CREDIT AGREEMENT (this “Agreement”) dated as of April 26, 2022  among MASCO CORPORATION, the LENDERS from time to time party hereto, and PNC BANK,  NATIONAL ASSOCIATION, as Administrative Agent.  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, bears interest at a rate determined by reference to the Alternate  Base Rate.  All ABR Loans shall be denominated in Dollars.  “Acquired Debt” means, with respect to any Person which previously became or  hereafter becomes a Subsidiary, Debt of such Person which was outstanding before such Person became a  Subsidiary and which was not created in contemplation of such Person becoming a Subsidiary; provided  that such Debt shall no longer constitute “Acquired Debt” at any time that is more than ninety days after  such Person becomes a Subsidiary.  “Adjusted Daily Simple SOFR” means an interest rate per annum equal to (a) Daily  Simple SOFR, plus (b) 0.10%; provided that if the Adjusted Daily Simple SOFR as so determined would  be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this  Agreement.   “Adjusted Term SOFR Rate” means, with respect to any Term Benchmark Borrowing for  any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period,  plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the  Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.  “Administrative Agent” means PNC Bank, National Association (including its branches  and affiliates), in its capacity as administrative agent for the Lenders hereunder.  “Administrative Questionnaire” means an Administrative Questionnaire in a form  supplied by the Administrative Agent.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK  Financial Institution.   “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.  “Agent Indemnitee” has the meaning assigned to such term in Section 8.03.  

 

2   “Aggregate Commitment” means the aggregate of the Commitments of all of the  Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.  As of the  Effective Date, the Aggregate Commitment is $500,000,000.  “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a)  the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the  Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities  Business Days prior to such day (or if such day is not a Business Day, the immediately preceding  Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted Term SOFR Rate  for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on  such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME  Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the Alternate  Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be  effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the  Adjusted Term SOFR Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of  interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark  Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be  the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.   For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing  would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.  “Ancillary Document” has the meaning assigned to it in Section 8.06(b).  “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction  applicable to the Company or any of its Subsidiaries from time to time concerning or relating to bribery  or corruption.  “Applicable Parties” has the meaning assigned to such term in Article VII.  “Applicable Percentage” means, with respect to any Lender, the percentage of the  Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section  2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the  Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such  Lender's Commitment.  If the Commitments have terminated or expired, the Applicable Percentages shall  be determined based upon the Commitments most recently in effect, giving effect to any assignments and  to any Lender’s status as a Defaulting Lender at the time of determination.  “Applicable Rate” means, for any day, with respect to any Term Benchmark Loan or  RFR Loan, 0.70%, and with respect to any ABR Loan, 0.0%.    “Approved Electronic Platform” has the meaning assigned to it in Article VII.  “Approved Fund” has the meaning assigned to such term in Section 8.04.  “Arranger” means PNC Capital Markets LLC, in its capacity as a sole bookrunner and  sole lead arranger hereunder.  “Assignment and Assumption” means an assignment and assumption agreement entered  into by a Lender and an assignee (with the consent of any party whose consent is required by Section  

 

    3  8.04), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form  approved by the Administrative Agent.  “Availability Period” means the period from and including the Effective Date to but  excluding the earliest to occur of May 26, 2022 and the date of termination of the Commitments.   “Available Tenor” means, as of any date of determination and with respect to the then- current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment  period for interest calculated with reference to such Benchmark (or component thereof), as applicable,  that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for  determining any frequency of making payments of interest calculated pursuant to this Agreement as of  such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then- removed from the definition of “Interest Period” pursuant to clause (e) of Section 2.14.   “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European  Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to  time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United  Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other  law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing  banks, investment firms or other financial institutions or their affiliates (other than through liquidation,  administration or other insolvency proceedings).   “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject  of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator,  trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the  reorganization or liquidation of its business appointed for it, or, in the good faith determination of the  Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or  acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding  entered in respect thereof, provided that a Bankruptcy Event shall not result solely by virtue of any  ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental  Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or  provide such Person with immunity from the jurisdiction of courts within the United States or from the  enforcement of judgments or writs of attachment on its assets or permit such Person (or such  Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or  agreements made by such Person.  “Benchmark” means, initially, with respect to any (i) Term Benchmark Loan, the  Adjusted Term SOFR Rate or (ii) any RFR Loan, Adjusted Daily Simple SOFR; provided that if a  Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to  the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the  extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of  Section 2.14.   “Benchmark Replacement” means, for any Available Tenor, the first alternative set forth  in the order below that can be determined by the Administrative Agent for the applicable Benchmark  Replacement Date:  

 

    4   (1) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement  Adjustment,  (2) the sum of: (a) the alternate benchmark rate that has been selected by the  Administrative Agent and the Company as the replacement for the then-current Benchmark for  the applicable Corresponding Tenor giving due consideration to (i) any selection or  recommendation of a replacement benchmark rate or the mechanism for determining such a rate  by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for  determining a benchmark rate as a replacement for the then-current Benchmark for syndicated  credit facilities denominated in Dollars at such time in the United States and (b) the related  Benchmark Replacement Adjustment.  If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would  be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this  Agreement and the other Loan Documents.  “Benchmark Replacement Adjustment” means, with respect to any replacement of the  then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period  and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment,  or method for calculating or determining such spread adjustment, (which may be a positive or negative  value or zero) that has been selected by the Administrative Agent and the Company for the applicable  Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread  adjustment, or method for calculating or determining such spread adjustment, for the replacement of such  Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body  on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market  convention for determining a spread adjustment, or method for calculating or determining such spread  adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark  Replacement for syndicated credit facilities denominated in Dollars at such time.  “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark  Replacement and/or any Term Benchmark Loan, any technical, administrative or operational changes  (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day”,  the  definition of “U.S. Government Securities Business Day”, the definition of “Interest Period,” timing and  frequency of determining rates and making payments of interest, timing of borrowing requests or  prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage  provisions, and other technical, administrative or operational matters) that the Administrative Agent  decides (in consultation with the Company) may be appropriate to reflect the adoption and  implementation of such Benchmark and to permit the administration thereof by the Administrative Agent  in a manner substantially consistent with market practice (or, if the Administrative Agent decides that  adoption of any portion of such market practice is not administratively feasible or if the Administrative  Agent determines that no market practice for the administration of such Benchmark exists, in such other  manner of administration as the Administrative Agent decides is reasonably necessary (in consultation  with the Company) in connection with the administration of this Agreement and the other Loan  Documents).  “Benchmark Replacement Date” means, with respect to any Benchmark, the earlier to  occur of the following events with respect to such then-current Benchmark:     (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of  (a) the date of the public statement or publication of information referenced therein and (b) the date on  which the administrator of such Benchmark (or the published component used in the calculation thereof)  

 

    5  permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such  component thereof); or    (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on  which such Benchmark (or the published component used in the calculation thereof) has been determined  and announced by the regulatory supervisor for the administrator of such Benchmark (or such component  thereof) to be no longer representative; provided, that such non-representativeness will be determined by  reference to the most recent statement or publication referenced in such clause (3) and even if any  Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.    For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the  same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark  Replacement Date will be deemed to have occurred prior to the Reference Time for such determination  and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or  (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein  with respect to all then-current Available Tenors of such Benchmark (or the published component used in  the calculation thereof).  “Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of  one or more of the following events with respect to such then-current Benchmark:     (1) a public statement or publication of information by or on behalf of the administrator of such  Benchmark (or the published component used in the calculation thereof) announcing that such  administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such  component thereof), permanently or indefinitely, provided that, at the time of such statement or  publication, there is no successor administrator that will continue to provide any Available Tenor of such  Benchmark (or such component thereof);  (2) a public statement or publication of information by the regulatory supervisor for the  administrator of such Benchmark (or the published component used in the calculation thereof), the  Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with  jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with  jurisdiction over the administrator for such Benchmark (or such component), in each case, or a court or an  entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such  component), in each case which states that the administrator of such Benchmark (or such component) has  ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof)  permanently or indefinitely; provided that, at the time of such statement or publication, there is no  successor administrator that will continue to provide any Available Tenor of such Benchmark (or such  component thereof); or  (3) a public statement or publication of information by the regulatory supervisor for the  administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as  of a specified future date will no longer be, representative.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with  respect to any Benchmark if a public statement or publication of information set forth above has occurred  with respect to each then-current Available Tenor of such Benchmark (or the published component used  in the calculation thereof).  

 

    6  “Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if  any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that  definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current  Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14  and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for  all purposes hereunder and under any Loan Document in accordance with Section 2.14.   “Beneficial Ownership Certification” means a certification regarding beneficial  ownership or control as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Arrangement” means at any time an employee benefit plan within the meaning  of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is sponsored,  maintained or otherwise contributed to (i) by the Company or any of its Subsidiaries or (ii) for the benefit  of the employees of the Company or any of its Subsidiaries.   “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that  is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code, or (c)  any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title  I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and  interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.   “Blocking Law” means (a) any provision of Council Regulation (EC) No 2271/1996 of  22 November (and any law or regulation implementing such Regulation in any member state of the  European Union or the United Kingdom), (b) section 7 of the German Trade Regulation  (Außenwirtschaftsverordnung), or (c) any similar blocking or anti-boycott law.  “Board” means the Board of Governors of the Federal Reserve System of the United  States of America.  “Borrower” means the Company.  “Borrowing” means Term Loans of the same Type, made, converted or continued on the  same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect.  “Borrowing Request” means a request by the Borrower for a Borrowing in accordance  with Section 2.03.  “Business Day” means any day (other than a Saturday or a Sunday) on which banks are  open for business in New York City or Chicago; provided that, when used in connection with an amount  that bears interest at a rate based on SOFR or any direct or indirect calculation or determination of SOFR,  the term “Business Day” means any such day that is also a U.S. Government Securities Business Day.  “Capital Lease Obligations” of any Person means the obligations of such Person to pay  rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted for as  capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  

 

    7  “Change in Law” means the occurrence, after the date of this Agreement (or with respect  to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following:  (a) the  adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation  or treaty or in the administration, interpretation, implementation or application thereof by any  Governmental Authority, or (c) compliance by any Lender (or, for purposes of Section 2.15(b), by any  lending office of such Lender or by such Lender’s holding company, if any) with any request, rules,  guideline, requirement or directive (whether or not having the force of law) by any Governmental  Authority; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank  Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and  directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests,  rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the  Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or  foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a  “Change in Law” regardless of the date enacted, adopted, issued or implemented.  “Charges” has the meaning assigned to it in Section 8.14.  “CME Term SOFR Administrator” means CME Group Benchmark Administration  Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a  successor administrator).   “Code” means the Internal Revenue Code of 1986, as amended.  “Commitment” means (a) with respect to each Lender, the commitment of such Lender to  make Term Loans during the Availability Period as set forth on Schedule 2.01 or in the most recent  Assignment and Assumption or other documentation contemplated hereby executed by such Lender and  (b) as to all Lenders, the Aggregate Commitment, as such commitment may be (a) reduced or terminated  from time to time pursuant to Section 2.09 or Article VI, or (b) reduced or increased from time to time  pursuant to assignments by or to such Lender pursuant to Section 8.04.  “Communications” has the meaning assigned to such term in Article VII.  “Company” means Masco Corporation, a Delaware corporation, and its successors.  “Connection Income Taxes” means Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.  “Consolidated Debt” means at any date the Debt of the Company and its Consolidated  Subsidiaries determined on a consolidated basis as of such date minus the Debt Credit applicable to the  Company and its Consolidated Subsidiaries as of such date.  “Consolidated EBITDA” means, with reference to any period, Consolidated Net Income  plus, without duplication and to the extent deducted from revenues in determining such Consolidated Net  Income for such period, the sum of:  (i)  interest expense in accordance with GAAP,   (ii)  expense for income taxes paid or accrued,   (iii)  depreciation expense,   

 

    8  (iv)  amortization expense,   (v)  unusual or non-recurring non-cash expenses or losses (including any such loss  from discontinued operations),  (vi)  non-cash restructuring and rationalization charges and non-cash charges related  to impairment of long-lived assets, intangible assets and goodwill,  (vii)  non-cash charges related to impairment of financial investments as set forth in  the Fair Value of Financial Investments and Liabilities Note of the Company’s  quarterly and annual SEC filings,  (viii)  non-cash expenses related to stock based compensation (other than with respect  to phantom stock and stock appreciation rights), as set forth in the Stock-Based  Compensation Note of the Company’s quarterly and annual SEC filings,  (ix) other non-cash charges of any kind,   (x) cash restructuring and rationalization charges; provided that the aggregate  amount of any increase to Consolidated EBITDA pursuant to this clause (x), and  pursuant to clauses (i) or (ii) of the second sentence of Section 1.04(b) for the  applicable period shall not exceed 10% of Consolidated EBITDA in the absence  of the adjustments pursuant to this clause (x) and clauses (i) or (ii) of the second  sentence of Section 1.04(b),  (xi) cash fees and expenses incurred in connection with acquisitions, equity issuances  and debt incurrences that are not otherwise capitalized, and  (xii) cash fees, expenses, premiums and/or penalties incurred in connection with a  prepayment, redemption, purchase, repurchase or defeasance of any Debt prior to  the schedule maturity thereof, in an aggregate amount during the term of this  Agreement not to exceed $25,000,000,  minus, without duplication and to the extent included in determining such Consolidated Net  Income for such period, the sum of:  (a)  interest income,   (b)  income tax credits and refunds (to the extent not netted from tax expense),   (c)  any cash payments made during such period in respect of items described in  clauses (v) through (ix) above (other than cash payments made with respect to  phantom stock and stock appreciation rights) subsequent to the fiscal quarter in  which the relevant non-cash expenses or losses were incurred,    (d)  unusual or non-recurring non-cash income or gains realized, and  (e) any other non-cash items of income or gains.  Without duplication of the foregoing, Consolidated EBITDA shall be calculated for the Company and its  Subsidiaries in accordance with GAAP on a consolidated basis and computed without regard to the  

 

    9  cumulative effect of any changes in accounting principles, as shown on the Company’s consolidated  statement of income for such period.  For the purposes of calculating Consolidated EBITDA for any period of four consecutive  fiscal quarters (each, a “Reference Period”), (1) if at any time during such Reference Period the Company  or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such  Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive)  attributable to the property that is the subject of such Material Disposition for such Reference Period or  increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such  Reference Period, and (2) if during such Reference Period the Company or any Subsidiary shall have  made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after  giving effect thereto on a Pro Forma Basis as if such Material Acquisition occurred on the first day of  such Reference Period.  As used in this definition, “Material Acquisition” means any acquisition of  property or series of related acquisitions of property that (a) constitutes (i) assets comprising all or  substantially all or any significant portion of a business or operating unit of a business, or (ii) all or  substantially all of the common stock or other Equity Interests of a Person, and (b) involves the payment  of consideration by the Company and its Subsidiaries in excess of $150,000,000; and “Material  Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or  dispositions of property that involves a disposition of assets having  fair market value, or yields gross  proceeds to the Company or any of its Subsidiaries, in excess of $150,000,000.  “Consolidated Interest Expense” means, with reference to any period, the interest  expense (including without limitation interest expense under Capital Lease Obligations that is treated as  interest in accordance with GAAP) of the Company and its Subsidiaries, net of interest income received  on cash on deposit or Permitted Cash Equivalent Investments, calculated on a consolidated basis for such  period with respect to (a) all outstanding Debt of the Company and its Subsidiaries allocable to such  period in accordance with GAAP and (b) Swap Agreements (including, without limitation, all  commissions, discounts and other fees and charges owed with respect to letters of credit and bankers  acceptance financing and net costs under interest rate Swap Agreements to the extent such net costs are  allocable to such period in accordance with GAAP).  Without duplication of the foregoing, Consolidated  Interest Expense shall be calculated for the Company and its Subsidiaries in accordance with GAAP on a  consolidated basis and computed without regard to the cumulative effect of any changes in accounting  principles, as shown on the Company’s consolidated statement of income for such period.  In the event  that the Company or any Subsidiary shall have completed a “Material Acquisition” or a “Material  Disposition” (each as defined in the definition of “Consolidated EBITDA”) since the beginning of the  relevant period, Consolidated Interest Expense shall be determined for such period on a Pro Forma Basis  as if such acquisition or disposition, and any related incurrence or repayment of Debt, had occurred at the  beginning of such period.    “Consolidated Net Income” means, with reference to any period, the net income (or loss)  of the Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis  (without duplication) for such period, without any adjustment for net income (or loss) attributable to  Equity Interests of a Subsidiary of the Company that are not owned by Company or one of its  Subsidiaries (i.e., non-controlling interests); provided that there shall be excluded any income (or loss) of  any Person other than the Company or a Subsidiary, but any such income so excluded may be included in  such period or any later period to the extent of any cash dividends or distributions actually paid in the  relevant period to the Company or any wholly-owned Subsidiary of the Company.   “Consolidated Subsidiary” means, at any date, any Subsidiary the accounts of which  would be consolidated with those of the Company in its consolidated financial statements in accordance  with GAAP as of such date.  

 

    10  “Consolidated Tangible Assets” means, as of the date of any determination thereof, (a)  the total assets of the Company and its Subsidiaries calculated in accordance with GAAP on a  consolidated basis as of such date minus (b) the aggregate amount of intangible assets of the Company  and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date,  including, without limitation, customer lists, acquired technology, goodwill, trademarks, patents,  copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs,  unamortized debt discount and capitalized research and development costs.  “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.  “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either  a tenor (including overnight) or an interest payment period having approximately the same length  (disregarding business day adjustment) as such Available Tenor.   “Credit Party” means the Administrative Agent or any other Lender.  “Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal  to SOFR for the day (such day “SOFR Determination Date”) that is five (5) U.S. Government Securities  Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such  SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the  U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as  such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website.  Any change  in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date  of such change in SOFR without notice to the Company.   “Debt” of any Person means at any date, without duplication, (i) all obligations of such  Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or  other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of  property or services, except trade accounts payable, (iv) all Capital Lease Obligations of such Person, (v)  all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by  such Person, (vi) all Debt of others for which such a Person is contingently liable (including pursuant to a  Guarantee) and (vii) obligations, contingent or otherwise, of such Person as an account party in respect of  letters of credit, letters of guaranty or bankers’ acceptances.  In calculating the amount of any Debt at any  date for purposes of this Agreement, (a) accrued interest shall be excluded to the extent that it would be  properly classified as a current liability for interest under the heading “Accrued liabilities” (and not under  the heading “Notes payable”) in a balance sheet prepared as of such date in accordance with the  accounting principles and practices used in preparing the balance sheet referred to in Section 3.04(a) and  the related footnotes thereto and (b) the Debt of any Person shall include the Debt 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 Debt provide that such Person is not liable therefor.  “Debt Credit” for any Person means, at any date, the lesser of (i) the aggregate amount of  contingent obligations of such Person as an account party in respect of letters of credit, letters of guaranty  or bankers’ acceptances and (ii) $100,000,000.  “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.  

 

    11  “Defaulting Lender” means any Lender that (a) has failed, within three Business Days of  the date required to be funded or paid, to (i) fund any portion of its Loans, or (ii) pay over to any Credit  Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such  Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good  faith determination that a condition precedent to funding (specifically identified and including the  particular default, if any) has not been satisfied, (b) has notified the Company or any Credit Party in  writing, or has made a public statement to the effect, that it does not intend or expect to comply with any  of its funding obligations under this Agreement (unless such writing or public statement indicates that  such position is based on such Lender’s good faith determination that a condition precedent (specifically  identified and including the particular default, if any) to funding a loan under this Agreement cannot be  satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within  three Business Days after written request by the Administrative Agent, acting in good faith, to provide a  certification in writing from an authorized officer of such Lender that it will comply with its obligations  (and is financially able to meet such obligations) to fund prospective Loans under this Agreement (unless,  in the case of any such request with respect to the funding of prospective Loans, such certification  indicates that such Lender has made a good faith determination that a condition precedent (specifically  identified and including the particular default, if any) to funding a Loan under this Agreement cannot be  satisfied), provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon  the Administrative Agent’s receipt of such certification in form and substance satisfactory to it, or (d) has  become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.  “Dollars” or “$” refers to lawful money of the United States of America.  “Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction  located in the United States of America.  “EEA Financial Institution” means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA Resolution  Authority, (b) any entity established in an EEA Member Country which is a parent of an institution  described in clause (a) of this definition, or (c) any financial institution established in an EEA Member  Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is  subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union,  Iceland, Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any delegee)  having responsibility for the resolution of any EEA Financial Institution.  “Effective Date” means the date on which the conditions specified in Section 4.01 are  satisfied (or waived in accordance with Section 8.02).  “Electronic Signature” means an electronic sound, symbol, or process attached to, or  associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or  accept such contract or record.  “Environmental Laws” means any and all federal, state and local statutes, laws, judicial  decisions, regulations, ordinances, rules, judgments, orders, decrees, injunctions, permits, concessions,  grants, franchises, licenses, agreements and other governmental restrictions relating to the environment,  the effect of the environment on human health or to emissions, discharges or releases of pollutants,  

 

    12  contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or  wastes into the environment including, without limitation, ambient air, surface water, ground water, or  land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,  transport or handling of pollutants, contaminants, petroleum or petroleum products, chemicals or  industrial, toxic or hazardous substances or wastes or the clean-up or other remediation thereof.  “Environmental Liability” means any liability, contingent or otherwise (including any  liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the  Company 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  of the foregoing.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended  from time to time, and the rules and regulations promulgated thereunder.  “ERISA Group” means the Company, any Subsidiary and all members of a controlled  group of corporations and all trades or businesses (whether or not incorporated) under common control  which, together with the Company or any Subsidiary, are treated as a single employer under Section 414  of the Code or Section 4001(b) of ERISA.  “EU” means the European Union.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor Person), as in effect from time to time.  “Event of Default” has the meaning assigned to such term in Section 6.01.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a  Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,  (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office  or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax  (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender,  U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with  respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which  (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment  request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in  each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable  either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a  Loan or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes  attributable to such Recipient’s failure to comply with Section 2.17(f), and (d) any U.S. federal  withholding Taxes imposed under FATCA.  

 

    13  “Existing Credit Agreement” means the Credit Agreement dated as of March 13, 2019 by  and among the Company, Masco Europe S.à r.l., a wholly-owned Subsidiary of the Company organized  under the laws of the Grand Duchy of Luxembourg, certain lenders party thereto and JPMorgan Chase  Bank, N.A., as administrative agent, as amended by that certain Amendment No. 1 dated as of December  22, 2021 and as otherwise amended, restated, supplemented or otherwise modified prior to the Effective  Date.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this  Agreement (or any amended or successor version that is substantively comparable and not materially  more onerous to comply with), any current or future regulations or official interpretations thereof, any  agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among  Governmental Authorities and implementing such Sections of the Code.  “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB  based on such day’s federal funds transactions by depositary institutions, as determined in such manner as  the NYFRB shall set forth on the NYFRB’s Website from time to time, and published on the next  succeeding Business Day by the NYFRB as the effective federal funds rate, provided that, if the Federal  Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for  the  purposes of this Agreement.  “Financial Officer” means the president, vice president of finance (or similar title), chief  financial officer, principal accounting officer or treasurer of the Company.  “Fiscal Quarter” means a fiscal quarter of the Company.  “Fiscal Year” means a fiscal year of the Company.  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as  of the execution of this Agreement, the modification, amendment or renewal of this Agreement or  otherwise) with respect to the Adjusted Term SOFR Rate or Daily Simple SOFR, as applicable. For the  avoidance of doubt, the initial Floor for the Adjusted Term SOFR Rate and Daily Simple SOFR shall be  0.0%.  “Foreign Employee Benefit Plan” means any employee benefit plan as defined in Section  3(3) of ERISA which is sponsored, maintained or contributed to (i) by the Company or any of its  Subsidiaries or (ii) for the benefit of the employees of the Company or any of its Subsidiaries, and, in  each case, is not covered by ERISA pursuant to ERISA Section 4(b)(4).  “Foreign Lender” means a Lender that is not a U.S. Person.  “Foreign Pension Plan” means any employee pension plan as described in Section 3(2) of  ERISA which is sponsored, maintained or otherwise contributed to (i)(A) by any member of the ERISA  Group or (B) for the benefit of the employees of any member of the ERISA Group, (ii) is not covered by  ERISA pursuant to Section 4(b)(4) of ERISA, and (iii) under applicable local law or terms of such  Foreign Pension Plan, is required to be funded through a trust (other than a trust maintained exclusively  by a Governmental Authority).  “Foreign Subsidiary” means any Subsidiary other than a Domestic Subsidiary.  

 

    14  “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  (including any supra-national bodies such as the European Union or the European Central Bank) and any  group or body charged with setting regulatory capital rules or standards (including, without limitation, the  Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or  similar authority to any of the foregoing).  “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 Debt 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 Debt 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 Debt 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 Debt or (d) as an account party in respect of any letter of credit or letter of guaranty  issued to support such Debt; provided, that the term Guarantee shall not include endorsements for  collection or deposit in the ordinary course of business.  “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.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of the Borrower under any Loan  Document and (b) to the extent not otherwise described in clause (a), Other Taxes.  “Indemnitee” has the meaning assigned to such term in Section 8.03(b).   “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of  the Company that is not guaranteed by any other Person or subject to any other credit enhancement.  “Ineligible Institution” has the meaning assigned to such term in Section 8.04(b).   “Information” has the meaning assigned to such term in Section 8.12.   “Interest Election Request” means a request by the Borrower to convert or continue a  Borrowing in accordance with Section 2.08.  “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each  March, June, September and December and the Maturity Date, (b) with respect to any Term Benchmark  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 Term Benchmark 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 the Maturity Date and (c) with respect to any RFR Loan  (1)  

 

    15  each date that is on the numerically corresponding day in each calendar month that is one month after the  Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the  last day of such month) and (2) the Maturity Date.  “Interest Period” means, with respect to any Term Benchmark Borrowing, the period  commencing on the date of such Borrowing and ending on the numerically corresponding day in the  calendar month that is one, three or six months thereafter (in each case, subject to the availability for the  Benchmark applicable to the relevant Loan), 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 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, (ii) any Interest  Period 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 and (iii) no tenor that has been removed  from this definition pursuant to Section 2.14(e) shall be available for specification in such Borrowing  Request or Interest Election Request.  For purposes hereof, the date of a Borrowing initially shall be the  date on which such Borrowing is made and thereafter shall be the effective date of the most recent  conversion or continuation of such Borrowing.  “IRS” means the United States Internal Revenue Service.  “Lender Parent” means, with respect to any Lender, any Person as to which such Lender  is, directly or indirectly, a subsidiary.  “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall  have become a Lender hereunder pursuant to an Assignment and Assumption or otherwise, other than any  such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise.    “Lender-Related Person” has the meaning assigned to it in Section 8.03(d)  “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, and (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.  “Loan Documents” means this Agreement, any promissory notes issued pursuant to  Section 2.10(e), and any and all other agreements or instruments executed and delivered to, or in favor of,  the Administrative Agent or any Lenders in connection with the Agreement or the transactions  contemplated thereby.  “Loans” or “Term Loans” means the loans made by the Lenders to the Borrower pursuant  to Section 2.01 of  this Agreement.  “Material Adverse Change” means a material adverse change in (i) the business, assets,  operations or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole  from that reflected in the Company’s consolidated financial statements as of December 31, 2021, or (ii)  the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or  remedies of the Administrative Agent and the Lenders thereunder.  

 

    16  “Material Adverse Effect” means a material adverse effect on (i) the business, assets,  operations or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole  from that reflected in the Company’s consolidated financial statements as of December 31, 2021, or (ii)  the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or  remedies of the Administrative Agent and the Lenders thereunder.  “Material Foreign Pension Plan” has the meaning assigned to such term in Section  6.01(j).  “Material Obligations” means (a) Debt, Off-Balance Sheet Liabilities and/or obligations  under one or more Swap Agreements, in each case, of the Company and/or one or more of its  Subsidiaries, arising in one or more related or unrelated transactions, in an aggregate outstanding amount  exceeding $75,000,000, other than (i) the Loans and (ii) Debt owing to the Company or any of its  Subsidiaries and (b) Debt arising under the Revolving Credit Agreement.  For purposes of determining  Material Obligations, the amount of the obligations of the Company 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 Company or such Subsidiary would be required to pay if such Swap Agreement were  terminated at such time.  “Material Plan” has the meaning assigned to such term in Section 6.01(j).  “Maturity Date” means April 26, 2023.  “Maximum Rate” has the meaning assigned to it in Section 8.14.  “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.  “Multiemployer Plan” means at any time an employee pension benefit plan within the  meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or  required to make or, pursuant to an applicable collective bargaining agreement, accruing an obligation to  make contributions or has within the preceding five plan years made or been required to make  contributions, including for these purposes any Person which ceased to be a member of the ERISA Group  during such five year period.  “Net Consolidated Debt” means, as of any date of determination, (a) Consolidated Debt  minus (b) the positive amount (if any) by which the sum of (i) 100% of unrestricted cash and Permitted  Cash Equivalent Investments held by the Company or its Domestic Subsidiaries on such date and (ii)  100% of unrestricted cash and Permitted Cash Equivalent Investments held by Foreign Subsidiaries of the  Company on such date (net of related tax obligations, if any, for repatriation, withholding and transaction  costs and expenses related thereto, in each case, as determined by the Company in its reasonable  discretion), exceeds $25,000,000.  “NYFRB” means the Federal Reserve Bank of New York.  “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in  effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is  not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are  published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds  transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds  broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so  determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  

 

    17  “NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org or  any successor source.  “Obligations” means all unpaid principal of and accrued and unpaid interest on the  Loans, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations  and indebtedness (including interest and fees accruing during the pendency of any bankruptcy,  insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such  proceeding), obligations and liabilities of any of the Company and its Subsidiaries to any of the Lenders,  the Administrative Agent or any indemnified party, individually or collectively, existing on the Effective  Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or  unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or  otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of  any of the Loans made or reimbursement or other obligations incurred.  “OFAC” means the Office of Foreign Assets Control of the United States Department of  the Treasury.  “Off-Balance Sheet Liabilities” of a Person means (a) any repurchase obligation or  liability of such Person with respect to accounts or notes receivable sold by such Person (including, the  principal amount of obligations or liabilities which (i) if structured as a secured lending agreement,  constitutes the principal amount thereof or (ii) if structured as a purchase arrangement, would be  outstanding at such time if the same were structured as a secured lending agreement rather than a  purchase agreement), (b) any indebtedness, liability or obligation under any sale and leaseback  transaction evidenced by a sale or other transfer of any property or asset by any Person with the intent to  lease such property or asset as lessee, which is not a Capital Lease Obligation or (c) any indebtedness,  liability or obligation under any so-called “synthetic lease” transaction entered into by such Person.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a  result of a present or former connection between such Recipient and the jurisdiction imposing such Tax  (other than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest under,  engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an  interest in any Loan or Loan Document).  “Other Taxes” means all present or future stamp, court or documentary, intangible,  recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest under, or  otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes  imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19) .  “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight  federal funds and overnight eurodollar transactions denominated in Dollars by U.S.–managed banking  offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth  on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the  NYFRB as an overnight bank funding rate.  “Participant” has the meaning assigned to such term in Section 8.04.  “Participant Register” has the meaning assigned to such term in Section 8.04.  “Patriot Act” has the meaning assigned to such term in Section 8.13.  

 

    18  “Payment” has the meaning assigned to it in Article VIII.  “Payment Notice” has the meaning assigned to it in Article VIII.   “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in  ERISA and any successor entity performing similar functions.   “Permitted Cash Equivalent Investments” means:  (a)  direct obligations of, or obligations the principal of and interest on which are  unconditionally guaranteed by, the United States of America (or by any agency thereof to the  extent such obligations are backed by the full faith and credit of the United States of America), in  each case maturing within one year from the date of acquisition thereof;  (b)  investments in commercial paper maturing within 270 days from the date of  acquisition thereof and having, at such date of acquisition, a credit rating obtainable from S&P of  A-1 or higher or from Moody’s of P-1 or higher;  (c)  investments in certificates of deposit, bankers’ acceptances and time deposits  maturing within 360 days from the date of acquisition thereof issued or guaranteed by or placed  with, and money market deposit accounts issued or offered by, any financial institution which has  a combined capital and surplus and undivided profits of not less than $500,000,000 and which has  a credit rating of A- or higher from S&P and A3 or higher from Moody’s (or, in the case of any  such financial institution located in a jurisdiction outside the United States of America which is  not so rated, which has comparable other credit ratings or, if none exist, is otherwise reasonably  acceptable to the Administrative Agent);  (d)  fully collateralized repurchase agreements with a term of not more than thirty (30)  days for securities described in clause (a) above and entered into with a financial institution  satisfying the criteria described in clause (c) above;   (e)  money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under  the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii)  have portfolio assets of at least $1,000,000,000;  (f)  [reserved]; and  (g)  foreign investments substantially comparable to any of the foregoing in connection  with managing cash of any Subsidiary having operations in a foreign country.  “Person” means any natural person, corporation, limited liability company, trust, joint  venture, association, company, partnership, Governmental Authority or other entity.  “Plan” means at any time an employee pension benefit plan within the meaning of  Section 3(2) of ERISA (other than a Multiemployer Plan) which is covered by Title IV of ERISA or  subject to the minimum funding standards under Section 412 of the Code and either (i) is sponsored,  maintained, or contributed to, (A) by any member of the ERISA Group or (B) for employees of any  member of the ERISA Group or (ii) has at any time within the preceding five years been sponsored,  maintained, or contributed to, by any Person which was at such time a member of the ERISA Group or  for employees of any Person which was at such time a member of the ERISA Group.  

 

    19  “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section  3(42) of ERISA.   “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the  “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum  interest rate published by the Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest  Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted  therein (as determined by the Administrative Agent) or any similar release by the Board (as determined  by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the  date such change is publicly announced or quoted as being effective.  “Prior Plan” means at any time (i) any Plan which at such time is no longer sponsored,  maintained or contributed to by any member of the ERISA Group or (ii) any Multiemployer Plan to  which no member of the ERISA Group is at such time any longer making contributions or, pursuant to an  applicable collective bargaining agreement, accruing an obligation to make contributions.  “Pro Forma Basis” means, with respect to any event, that the Company is in compliance  on a pro forma basis with the applicable covenant, calculation or requirement herein recomputed as if the  event with respect to which compliance on a pro forma basis is being tested had occurred on the first day  of the four fiscal quarter period most recently ended on or prior to such date in accordance with Section  1.04(b).  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  “Recipient” means (a) the Administrative Agent, and (b) any Lender, as applicable.  “Reference Time” with respect to any setting of the then-current Benchmark means (1) if  such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business Days  preceding the date of such setting, (2) if, following a Benchmark Transition Event and Benchmark  Replacement Date with respect to the Term SOFR Rate, such Benchmark is Daily Simple SOFR, then  four Business Days prior to such setting, or (3) if such Benchmark is neither the Term SOFR Rate nor  Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.   “Refunding” has the meaning assigned to such term in Section 5.08(b).  “Refunding Debt” means any Debt of a Person that is deemed to be for the purpose of  Refunding other Debt of such Person, as further defined in Section 5.08(b).  “Register” has the meaning assigned to such term in Section 8.04.  “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 and such Person’s  Affiliates.  “Relevant Governmental Body” means the Federal Reserve Board and/or the NYFRB,  the CME Term SOFR Administrator, as applicable or a committee officially endorsed or convened by the  Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.   “Required Lenders” means, subject to Section 2.20, at any time, (a) prior to the date on  which the Term Loans are funded, Lenders having Commitments representing more than 50% of the sum  

 

    20  of all outstanding Commitments at such time, and (b) from and after the date on which the Term Loans  are funded, Lenders having outstanding Term Loans representing more than 50% of the sum of all  outstanding Term Loans at such time.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Responsible Officer” means a vice president or a Financial Officer of the Company.  “Revolving Credit Agreement” means the Credit Agreement dated as the Effective Date  by and among the Company, Masco Europe S.à r.l., certain lenders from time to time party thereto and  JPMorgan Chase Bank, N.A., as administrative agent, as amended, restated, amended and restated,  refinanced, replaced, supplemented or otherwise modified from time to time.   “RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such  Borrowing.  “RFR Loan” means a Loan that bears interest at a rate based on the Adjusted Daily  Simple SOFR.  “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial  Services LLC business and any successor thereto.  “Sanctioned Country” means, at any time, a country, region or territory which is itself the  subject or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People’s  Republic, the so- called Luhansk People’s Republic, the Crimea Region of Ukraine, Cuba, Iran, North  Korea and Syria).  “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related  list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations  Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the  United Kingdom or the Hong Kong Monetary Authority, (b) any Person operating, organized or resident  in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in  the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.  “Sanctions” means all economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by (a) the U.S. government, including those administered by  OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union,  any European Union member state, Her Majesty’s Treasury of the United Kingdom, the Hong Kong  Monetary Authority or other relevant sanctions authority.  “SEC” means the United States Securities and Exchange Commission.  “Significant Subsidiaries” means any one or more Subsidiaries which, if considered in  the aggregate as a single Subsidiary, would be a “significant subsidiary” as defined in Rule 1-02 of  Regulation S-X under the Securities Exchange Act of 1934.    “SOFR” means a rate equal to the secured overnight financing rate as administered by the  SOFR Administrator.    

 

    21  “SOFR Administrator” means the NYFRB (or a successor administrator of the secured  overnight financing rate).    “SOFR Administrator’s Website” means the NYFRB’s Website, currently at  http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as  such by the SOFR Administrator from time to time.    “SOFR Determination Date” has the meaning specified in the definition of “Daily Simple  SOFR”.  “SOFR Rate Day” has the meaning specified in the definition of “Daily Simple SOFR”.  “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 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.  “Subsidiary” means any subsidiary of the Company.  “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 Company or the Subsidiaries shall be a Swap Agreement.  “Swap Obligations” means any and all obligations of the Company or any Subsidiary,  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 permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and  all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement  transaction.  “Taxes” means all present or future taxes, levies, imposts, duties, deductions,  withholdings (including backup withholding), assessments, fees or other charges imposed by any  Governmental Authority, including any interest, additions to tax or penalties applicable thereto.  “Term Benchmark”, 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 Term SOFR Rate.  “Term SOFR Determination Day” has the meaning assigned to it under the definition of  Term SOFR Reference Rate.  “Term SOFR Rate” means, with respect to any Term Benchmark Borrowing and for any  tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00  

 

    22  a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such  tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR  Administrator.  “Term SOFR Reference Rate”  means, for any day and time (such day, the “Term SOFR  Determination Day”), with respect to any Term Benchmark Borrowing and for any tenor comparable to  the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward- looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR  Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by  the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR  Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will  be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government  Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term  SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business  Days prior to such Term SOFR Determination Day.    “Transactions” means the execution, delivery and performance by the Borrower of this  Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, and the  use of the proceeds thereof.  “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 Term SOFR Rate, the Alternate Base Rate or Adjusted Daily Simple SOFR.  “UK Financial Institutions” means any BRRD Undertaking (as such term is defined  under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential  Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from  time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain  credit institutions and investment firms, and certain affiliates of such credit institutions or investment  firms.  “UK Resolution Authority” means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial Institution.   “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement  excluding the related Benchmark Replacement Adjustment.  “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any)  by which (i) the value of all benefit liabilities under such Plan, determined on a plan termination basis  using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the  fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any  accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan,  but only to the extent that such excess represents a potential liability of a member of the ERISA Group to  the Plan, the PBGC or any other Person under Title IV of ERISA.  “U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii)  a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends  that the fixed income departments of its members be closed for the entire day for purposes of trading in  United States government securities.  

 

    23  “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30)  of the Code.  “U.S. Special Resolution Regime” has the meaning assigned to it in Section 8.18.   “U.S. Tax Compliance Certificate” has the meaning assigned to such term in  Section 2.17(f)(ii)(B)(3).  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time  under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion  powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,   any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce,  modify or change the form of a liability of any UK Financial Institution  or any contract or instrument  under which that liability arises, to convert all or part of that liability into shares, securities or obligations  of that person or any other person, to provide that any such contract or instrument is to have effect as if a  right had been exercised under it or to suspend any obligation in respect of that liability or any of the  powers under that Bail-In Legislation that are related to or ancillary to any of those powers.   SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of this  Agreement, Loans may be classified and referred to by Type (e.g., a “Term Benchmark Loan” or an  “ABR Loan”).  Borrowings also may be classified and referred to by Type (e.g., a “Term Benchmark  Borrowing” or an “ABR 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”.  The word “law” shall be construed as  referring to all statutes, rules, regulations, codes and other laws (including official rulings and  interpretations thereunder having the force of law or with which affected Persons customarily comply),  and all judgments, orders and decrees, of all Governmental Authorities.  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,  restated, supplemented or otherwise modified (subject to any restrictions on such amendments,  restatements, supplements or modifications set forth herein), (b) any definition of or reference to any  statute, rule or regulation shall be construed as referring thereto as from time to time amended,  supplemented or otherwise modified (including by succession of comparable successor laws), (c) any  reference herein to any Person shall be construed to include such Person’s successors and assigns (subject  to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any  other Governmental Authority that shall have succeeded to any or all functions thereof, (d) 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, (e) 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 (f) 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; Pro Forma Calculations. (a)   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 Company notifies the  

 

    24  Administrative Agent that the Company requests an amendment to any provision 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 Administrative Agent notifies the Company that the Required  Lenders 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.  Notwithstanding any other provision contained herein, all terms of an accounting or  financial nature used herein shall be construed, and all computations of amounts and ratios referred to  herein shall be made, (i) without giving effect to any election under Accounting Standards Codification  825-10-25  (or any other Accounting Standards Codification or Financial Accounting Standard having a  similar result or effect) to value any Debt or other liabilities of the Company or any Subsidiary at “fair  value”, as defined therein and (ii) without giving effect to any treatment of Debt in respect of convertible  debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards  Codification or Financial Accounting Standard having a similar result or effect) to value any such Debt in  a reduced or bifurcated manner as described therein, and such Debt shall at all times be valued at the full  stated principal amount thereof.  (b)  All pro forma computations required to be made hereunder giving effect to any  acquisition or disposition, or issuance, incurrence or assumption of Debt, or other transaction shall in each  case be calculated giving pro forma effect thereto (and, in the case of any pro forma computation made  hereunder to determine whether such acquisition or disposition, or issuance, incurrence or assumption of  Debt, or other transaction is permitted to be consummated hereunder, to any other such transaction  consummated since the first day of the period covered by any component of such pro forma computation  and on or prior to the date of such computation) as if such transaction had occurred on the first day of the  period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial  statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of  any such financial statements, ending with the last fiscal quarter included in the financial statements  referred to in Section 3.04(a)), and, to the extent applicable, to the historical earnings and cash flows  associated with the assets acquired or disposed of and any related incurrence or reduction of Debt, all in  accordance with Article 11 of Regulation S-X of the SEC.  Such computations may give effect to (i) any  projected cost savings (net of continuing associated expenses) expected to be realized as a result of such  event to the extent such cost savings would be permitted to be reflected in financial statements prepared  in compliance with Article 11 of Regulation S-X of the SEC or (ii) any other cost savings (net of  continuing associated expenses) that are reasonably anticipated by the Company to be achieved in  connection with any such event and are attributable to actions started or occurring within the 12-month  period following the consummation of such event, which the Company, in its reasonable judgment,  determines are achievable; provided that if any cost savings included in any pro forma calculations  pursuant to this clause (ii) shall at any time cease to be achievable, in the Company’s reasonable  judgment, then on and after such time pro forma calculations to be made hereunder shall no longer reflect  such cost savings.  Notwithstanding the foregoing, (x) all adjustments pursuant to this paragraph will be  without duplication of any amounts that are otherwise included or added back in computing Consolidated  EBITDA in accordance with the definition of such term and (y) the aggregate amount of any increase in  Consolidated EBITDA pursuant to clauses (i) or (ii) of the preceding sentence, and pursuant to clause (x)  of the definition of “Consolidated EBITDA”, for any applicable period being tested shall not exceed 10%  of Consolidated EBITDA as a result of the relevant event in the absence of the adjustments pursuant to  clauses (i) or (ii) of the preceding sentence and clause (x) of the definition of “Consolidated EBITDA”.  If  any Debt bears a floating rate of interest and is being given pro forma effect, the interest on such Debt  shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the  entire period (taking into account any Swap Agreement applicable to such Debt).  

 

    25  (c)  Notwithstanding anything to the contrary contained herein and for all purposes  hereunder only those leases (assuming for purposes hereof that such leases were in existence on January  1, 2015) that would have constituted capital leases or financing leases in conformity with GAAP on  January 1, 2015, shall be considered capital leases or financing leases for all purposes hereunder, and all  calculations and deliverables under this Agreement or any other Loan Document shall be made or  delivered, as applicable, in accordance therewith.  SECTION 1.05.  Interest Rates; Benchmark Notification.  The interest rate on a Loan  may be derived from an interest rate benchmark that may be discontinued or is, or may in the future  become, the subject of regulatory reform.  Upon the occurrence of a Benchmark Transition Event, Section  2.14(b) provides a mechanism for determining an alternative rate of interest.  The Administrative Agent  does not warrant or accept any responsibility for, and shall not have any liability with respect to, the  administration, submission, performance or any other matter related to any interest rate used in this  Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof,  including without limitation, whether the composition or characteristics of any such alternative, successor  or replacement reference rate will be similar to, or produce the same value or economic equivalence of,  the existing interest rate being replaced or have the same volume or liquidity as did any existing interest  rate prior to its discontinuance or unavailability.  The Administrative Agent and its affiliates and/or other  related entities may engage in transactions that affect the calculation of any  interest rate used in this  Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement)  and/or any relevant adjustments thereto, in each case, in a manner adverse to the Company.  The  Administrative Agent may select information sources or services in its reasonable discretion to ascertain  any interest rate used in this Agreement, any component thereof, or rates referenced in the definition  thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Company,  any Lender or any other person or entity for damages of any kind, including direct or indirect, special,  punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or  otherwise and whether at law or in equity), for any error or calculation of any such rate (or component  thereof) provided by any such information source or service.  SECTION 1.06.  Divisions.  For all purposes under the Loan Documents, in connection  with any division or plan of division under Delaware law (or any comparable event under a different  jurisdiction’s laws):  (a) if any asset, right, obligation or liability of any Person becomes the asset, right,  obligation or liability of a different Person, then it shall be deemed to have been transferred from the  original Person to the subsequent Person, and (b) if any new Person comes into existence, such new  Person shall be deemed to have been organized and acquired on the first date of its existence by the  holders of its Equity Interests at such time.  ARTICLE II    The Credits  SECTION 2.01.  Commitments.  Subject to the terms and conditions set forth herein,  each Lender agrees to make Term Loans to the Borrower in a single draw during the Availability Period  in an amount not to exceed such Lender’s Commitment, by making immediately available funds available  to the Administrative Agent’s designated account, not later than the time specified by the Administrative  Agent.  For the avoidance of doubt, the Term Loans made pursuant to this Section 2.01 shall be borrowed  in a single advance.  Amounts repaid or prepaid in respect of the Term Loans may not be reborrowed.    SECTION 2.02.  Term Loans and Borrowings.  (a)   Each Term Loan shall be made as  part of a Borrowing consisting of Term Loans made by the Lenders ratably in accordance with their  

 

    26  respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not  relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are  several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.    (b)  Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans,  or Term Benchmark Loans as the Borrower may request in accordance herewith.  Each Lender at its  option may make any Term Loan by causing any domestic or foreign branch or Affiliate of such Lender  to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17  shall apply to such Affiliate to the same extent as to such Lender); 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 Term Benchmark Borrowing,  such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less  than $10,000,000.  At the time that each ABR Borrowing is made, such Borrowing shall be in an  aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000.  Borrowings of  more than one Type may be outstanding at the same time.  (d)  Subject to payment of amounts owing under Section 2.16, the Borrower shall 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.  Requests for Borrowings.  To request a Borrowing, the Borrower shall  notify the Administrative Agent of such request (a) by irrevocable written notice (via a written Borrowing  Request in a form approved by the Administrative Agent and signed by the Borrower, promptly followed  by telephonic confirmation of such request) (i) in the case of a Term Benchmark Borrowing, not later than  11:00 a.m., New York City Time, three (3) Business Days before the date of the proposed Borrowing, or  (b) by telephone in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1)  Business Day before the date of the proposed Borrowing.  Each such telephonic Borrowing Request  pursuant to clause (b) in the preceding sentence shall be irrevocable and shall be confirmed promptly by  hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved  by the Administrative Agent and signed by the Borrower.  Each such telephonic and written Borrowing  Request shall specify the following information in compliance with Section 2.02:   (i)  the aggregate principal 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 Term Benchmark  Borrowing;  (iv)  in the case of a Term Benchmark Borrowing, the initial Interest Period to be  applicable thereto, which shall be a period contemplated by the definition of the term  “Interest Period”; and  (v)  the location and number of the Borrower’s account to which funds are to be  disbursed, which shall comply with the requirements of Section 2.07.  If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR  Borrowing.  If no Interest Period is specified with respect to any requested Term Benchmark Borrowing,  then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly  

 

    27  following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall  advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of  the requested Borrowing. Notwithstanding the foregoing, in no event shall the Borrower be permitted to  request pursuant to this Section 2.03, a Daily Simple SOFR Loan (it being understood and agreed that  Daily Simple SOFR shall only apply to the extent provided in Sections 2.14(a) and 2.14(f)).  SECTION 2.04.  [Reserved].    SECTION 2.05.  [Reserved].  SECTION 2.06.  [Reserved].  SECTION 2.07.  Funding of Borrowings.  (a)   Each Lender shall make the Term Loan to  be made by it hereunder on the proposed date thereof in accordance with Section 2.01.  The  Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts  so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in  New York City or Chicago and designated by the Borrower in the applicable Borrowing Request.  (b)  Unless the Administrative Agent shall have received notice from a Lender prior to  the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent  such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made  such share available on such date in accordance with paragraph (a) of this Section and may, in reliance  upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a  Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent,  then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith  on demand such corresponding amount with interest thereon, for each day from and including the date  such amount is made available to the Borrower to but excluding the date of payment to the Administrative  Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the  case of the Borrower, the interest rate applicable to ABR Loans.  If such Lender pays such amount to the  Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.  SECTION 2.08.  Interest Elections for Borrowings.  (a)   Each Borrowing initially shall  be of the Type specified in the applicable Borrowing Request and, in the case of a Term Benchmark  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 any such Term Benchmark 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, in which case each such portion shall be allocated ratably among the Lenders holding the  Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a  separate Borrowing.    (b)  To make an election pursuant to this Section, the Borrower shall notify the  Administrative Agent of such election by telephone or irrevocable written notice by the time that a  Borrowing Request would be required under Section 2.03 if the Borrower were requesting a 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 telecopy to the Administrative Agent of a written Interest Election Request in a form approved  by the Administrative Agent and signed by the Borrower.  Notwithstanding any contrary provision herein,  this Section shall not be construed to permit the Borrower to (i) elect an Interest Period for Term  

 

    28  Benchmark Loans that does not comply with Section 2.02(d) or (ii) convert any Borrowing to a  Borrowing of a Type that is not available.  (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 (ii) and (iii) 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 Term  Benchmark Borrowing; and  (iv)  if the resulting Borrowing is a Term Benchmark Borrowing, the Interest  Period to be applicable thereto after giving effect to such election, which Interest Period  shall be a period contemplated by the definition of the term “Interest Period”.  If any such Interest Election Request requests a Term Benchmark 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. Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant  to this Section 2.08(c) a Daily Simple SOFR Loan (it being understood and agreed that Daily Simple  SOFR shall only apply to the extent provided in Sections 2.14(a) and 2.14(f)).  (d)  Promptly following receipt of an Interest Election Request, the Administrative  Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting  Borrowing.  (e)  If the Borrower fails to deliver a timely Interest Election Request with respect to a  Term Benchmark 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 an Event of Default  has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so  notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Borrowing  may be converted to or continued as a Term Benchmark Borrowing, and (ii) unless repaid, each Term  Benchmark Borrowing and RFR Borrowing shall be converted to an ABR Borrowing at the end of the  Interest Period applicable thereto.  SECTION 2.09.  Termination and Reduction of Commitments; Termination of Facility.   (a)   Unless previously terminated, the Commitments shall terminate immediately upon the initial funding  of the Term Loans, and in any event shall be automatically and permanently reduced to zero at 3:00 p.m.  (New York City time) on May 26, 2022.  (b)  The Company may at any time during the Availability Period terminate, or from  time to time during the Availability Period reduce, the Commitments; provided that each reduction of the  Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than  $5,000,000.   

 

    29  (c)  The Company shall notify the Administrative Agent of any election to terminate or  reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the  effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the  contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable;  provided that a notice of termination of the Commitments delivered by the Company may state that such  notice is conditioned upon the effectiveness of other credit facilities or debt financing, in which case such  notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified  effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall  be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in  accordance with their respective Commitments.  (d)  Any such termination of the Commitments in full specifying termination of this  Agreement shall be accompanied by the payment in full in cash of all reimbursable expenses and other  Obligations (other than contingent indemnity obligations).  SECTION 2.10.  Repayment of Loans; Evidence of Debt.  (a)   The Borrower hereby  unconditionally promises to pay to the Administrative Agent for the account of each Lender the then  unpaid principal amount of the Term Loans on the Maturity Date, unless accelerated sooner pursuant to  Article VII.    (b)  Each Lender shall maintain in accordance with its usual practice an account or  accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by  such Lender, including the amounts of principal and interest payable and paid to such Lender from time to  time hereunder.  (c)  The Administrative Agent shall maintain accounts in which it shall record (i) the  amount of each Loan made hereunder 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  each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder  for the account of the Lenders and each Lender’s share thereof.  (d)  The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this  Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein;  provided that the failure of any Lender or the Administrative Agent 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.  (e)  Any Lender may request that Loans made by it to the Borrower be evidenced by a  promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a  promissory note payable to such Lender and its registered assigns and in a form approved by the  Administrative Agent.  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 payee named therein and its registered assigns.  SECTION 2.11.  Prepayment of Loans. 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  the provisions of this Section 2.11.  The Borrower shall notify the Administrative Agent by telephone  (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in the case of prepayment of a  Term Benchmark Borrowing, not later than 11:00 a.m., New York City Time, three (3) Business Days  before the date of prepayment, (ii) in the case of a prepayment of an RFR Borrowing, not later than 11:00  

 

30  a.m., New York City time, five (5) Business Days before the date of prepayment, or (iii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) 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.  Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16. SECTION 2.12.  Fees.  (a)   The Company agrees to pay to the Administrative Agent and  the Arranger, for their own account, fees payable in the amounts and at the times separately agreed upon  between the Company and the Administrative Agent or the Arranger.  (b) All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent.  Fees paid shall not be refundable under any  circumstances.  SECTION 2.13.  Interest. (a)   The Loans comprising each ABR Borrowing shall bear  interest at the Alternate Base Rate plus the Applicable Rate.    (b) The Loans comprising each Term Benchmark Borrowing shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.  (c) The Loans comprising each RFR Borrowing shall bear interest at Adjusted Daily Simple SOFR plus the Applicable Rate.  (d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity,  upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment,  at a rate per annum equal to (i) in the case of overdue principal and interest of any Loan, 2% plus the rate  otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the  case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this  Section.  (e) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan and upon termination of the Commitments; 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, 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 Term  Benchmark Term 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.  (f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is  based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year),  and in each case shall be payable for the actual number of days elapsed (including the first day but  excluding the last day). The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR  Rate, Adjusted Daily Simple SOFR and Daily Simple SOFR shall be determined by the Administrative  Agent, and such determination shall be conclusive absent manifest error.  

 

31  SECTION 2.14.  Alternate Rate of Interest.    (a) Subject to clauses (b) (c), (d), (e) and (f) of this Section 2.14, if: (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period  for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for  ascertaining the Adjusted Term SOFR Rate or the Term SOFR Rate for such Interest  Period or (B) at any time, that adequate and reasonable means do not exist for  ascertaining the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR; or   (ii) the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the  Adjusted Term SOFR Rate or the Term SOFR Rate for such Interest Period will not  adequately and fairly reflect the cost to such Lenders of making or maintaining their  Loans included in such Borrowing for such Interest Period or (B) at any time, the  applicable Adjusted Daily Simple SOFR or Daily Simple SOFR will not adequately and  fairly reflect the cost to such Lenders of making or maintaining their Loans included in  such Borrowing;  then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone,  telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent  notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist,  with respect to the relevant Benchmark and (y) the Company on behalf of such Borrower delivers a new  Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in  accordance with the terms of Section 2.03, (A) any Interest Election Request that requests the conversion  of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any  Borrowing Request that requests a Term Benchmark Borrowing shall instead be deemed to be an Interest  Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing so long as the  Adjusted Daily Simple SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR  Borrowing if the Adjusted Daily Simple SOFR also is the subject of Section 2.14(a)(i) or (ii) above and  (B) any Borrowing Request that requests an RFR Borrowing shall instead be deemed to be a Borrowing Request, as applicable, for an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Company's receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to the Benchmark applicable to such Term Benchmark Loan or RFR Loan, then until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (1) with respect to any Term Benchmark Loan, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple SOFR also is the subject of Section 2.14(a)(i) or (ii) above on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan. (b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the  Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark  Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement"  for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for  

 

32  all purposes hereunder and under any Loan Document in respect of such Benchmark setting and  subsequent Benchmark settings without any amendment to, or further action or consent of any other party  to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in  accordance with clause (2) of the definition of “Benchmark Replacement” for such Benchmark  Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes  hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New  York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is  provided to the Lenders without any amendment to, or further action or consent of any other party to, this  Agreement or any other Loan Document so long as the Administrative Agent has not received, by such  time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required  Lenders.   (c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from  time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any  amendments implementing such Benchmark Replacement Conforming Changes will become effective  without any further action or consent of any other party to this Agreement or any other Loan Document.   (d) The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark  Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the  removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the  commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or  election that may be made by the Administrative Agent and/or the Company or, if applicable, any Lender  (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor,  rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any  decision to take or refrain from taking any action or any selection, will be conclusive and binding absent  manifest error and may be made in its or their sole discretion and without consent from any other party to  this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this  Section 2.14.  (e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then- current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such  Benchmark is not displayed on a screen or other information service that publishes such rate from time to  time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor  for the administrator of such Benchmark has provided a public statement or publication of information  announcing that any tenor for such Benchmark is or will be no longer representative, then the  Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or  after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was  removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information  service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an  announcement that it is or will no longer be representative for a Benchmark (including a Benchmark  Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all  Benchmark settings at or after such time to reinstate such previously removed tenor.  (f) Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Company may revoke any request for a Term Benchmark Borrowing or RFR  Borrowing of, conversion to or continuation of Term Benchmark Loans or RFR Loans to be made,  converted or continued during any Benchmark Unavailability Period and, failing that, the Company will  be deemed to have converted any request for a Term Benchmark Borrowing into a request for a  

 

33  Borrowing of or conversion to (A) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not  the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple  SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at  any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR  based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used  in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on  the date of the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period  with respect to the Benchmark applicable to such Term Benchmark Loan or RFR Loan, then until such  time as a Benchmark Replacement is implemented pursuant to this Section 2.14, on the last day of the  Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business  Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, (x) an RFR  Borrowing so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition  Event or (y) an ABR Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition  Event, on such day.  SECTION 2.15.  Increased Costs.  (a)   If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or  other assessment) against assets of, deposits with or for the account of, or credit extended  by, any Lender (except any such reserve requirement reflected in the Adjusted Term  SOFR Rate);   (ii) impose on any Lender or any applicable interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by  such Lender; or  (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C)  Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or  other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;  and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient  of making, continuing, converting into or maintaining any Loan or of maintaining its obligation to make  any such Loan or to reduce the amount of any sum received or receivable by such Lender or such other  Recipient hereunder, whether of principal, interest or otherwise, then the Borrower will pay to such  Lender or such other Recipient, as the case may be, such additional amount or amounts as will  compensate such Lender or such other Recipient, as the case may be, for such additional costs incurred or  reduction suffered as reasonably determined by such Lender or such other Recipient (which determination  shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly  situated customers of the applicable Lender or such other Recipient under agreements having provisions  similar to this Section 2.15 after consideration of such factors as such Lender or such other Recipient then  reasonably determines to be relevant).  (b) If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the  capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made  by such Lender, to a level below that which such Lender or such Lender’s holding company could have  achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of  such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time  the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender  

 

34  or such Lender’s holding company for any such reduction suffered as reasonably determined by such  Lender or such other Recipient (which determination shall be made in good faith (and not on an arbitrary  or capricious basis) and consistent with similarly situated customers of the applicable Lender or such  other Recipient under agreements having provisions similar to this Section 2.15 after consideration of  such factors as such Lender or such other Recipient then reasonably determines to be relevant).  (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such 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 Company and shall be conclusive absent manifest error.  The  Company shall pay, or cause any other Person obligated thereon to pay, such Lender the amount shown as  due on any such certificate within ten (10) days after receipt thereof.  (d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that  the Company shall not be required to compensate a Lender pursuant to this Section for any increased  costs or reductions incurred more than 180 days prior to the date that such Lender, notifies the Company  of the Change in Law giving rise to such increased costs or reductions and of such 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 180-day period referred to above shall be extended to include  the period of retroactive effect thereof.  SECTION 2.16.  Break Funding Payments. (a)   In the event of (w) the payment of any  principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto  (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11),  (x) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (y) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11 and is revoked in accordance therewith) or (z) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Company pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such 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 Term SOFR Rate that would have been applicable to such Loan (but excluding any margin), 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 such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the eurocurrency or other applicable market.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. (b) With respect to RFR Loans, in the event of (i) the payment of any principal of any such Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of  Default or an optional or mandatory prepayment of Loans), or (ii) the assignment of any such Loan other  than on the Interest Payment Date applicable thereto as a result of a request by the Company pursuant to  Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and  expense attributable to such event.  A certificate of any Lender setting forth any amount or amounts that  such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be  

 

35  conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any  such certificate within 10 days after receipt thereof.  SECTION 2.17.  Taxes.  (a)   Payments Free of Taxes.  Any and all payments by or on  account of any obligation of the Borrower under any Loan Document shall be made without deduction or  withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in  the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any  Tax from any such payment by a withholding agent, then the applicable withholding agent shall be  entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld  to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an  Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such  deduction or withholding has been made (including such deductions and withholdings applicable to  additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the  sum it would have received had no such deduction or withholding been made.  (b) Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the  Administrative Agent timely reimburse it for the payment of, Other Taxes.  (c) Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.17, the Borrower shall deliver to the  Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority  evidencing such payment, a copy of the return reporting such payment or other evidence of such payment  reasonably satisfactory to the Administrative Agent.  (d) Indemnification by the Borrower.  The Borrower shall indemnify each Recipient, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes (including  Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable  or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, in  each case, on account of any obligation of the Borrower under any Loan Document and any reasonable  expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly  or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of  such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative  Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive  absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to  such Lender (but only to the extent that the Borrower has not already indemnified the Administrative  Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any  Taxes attributable to such Lender’s failure to comply with the provisions of Section 8.04(c) relating to the  maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each  case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and  any reasonable expenses arising therefrom or with respect thereto, whether or not such 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 any Lender by the Administrative Agent shall be  conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and  apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise  payable by the Administrative Agent to the Lender from any other source against any amount due to the  Administrative Agent under this paragraph (e).  

 

36  (f) Status of Credit Parties.  (i) Any Credit Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to  the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or  the Administrative Agent, such properly completed and executed documentation reasonably requested by  the Borrower or the Administrative Agent as will permit such payments to be made without withholding  or at a reduced rate of withholding.  In addition, any Credit Party, if reasonably requested by the  Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable  law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or  the Administrative Agent to determine whether or not such Credit Party is subject to backup withholding  or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two  sentences, the completion, execution and submission of such documentation (other than such  documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the  Credit Party’s reasonable judgment such completion, execution or submission would subject such Credit  Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Credit Party.  (ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person:  (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable; (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; (2) executed copies of IRS Form W-8ECI; (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 

 

37  881(c)(3)(A) of the Code, a “10 percent shareholder” of the  Borrower within the meaning of Section 881(c)(3)(B) of the Code, or  a “controlled foreign corporation” described in Section 881(c)(3)(C)  of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed  copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or  (4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner; (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and (D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Each Credit Party agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify  the Company and the Administrative Agent in writing of its legal inability to do so.  (g) Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified  

 

38  pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section  2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of  indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund),  net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other  than any interest paid by the relevant Governmental Authority with respect to such refund).  Such  indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the  amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by  the relevant Governmental Authority) in the event that such indemnified party is required to repay such  refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g),  in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to  this paragraph (g) the payment of which would place the indemnified party in a less favorable net after- Tax position than the indemnified party would have been in if the Tax subject to indemnification and  giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification  payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not  be construed to require any indemnified party to make available its Tax returns (or any other information  relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.  (h) Survival.  Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement  of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all  obligations under any Loan Document.  SECTION 2.18.  Payments Generally; Pro Rata Treatment; Sharing of Set-offs.    (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise)  prior 12:00 noon, New York City 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  Administrative Agent, be deemed to have been received on the next succeeding Business Day for  purposes of calculating interest thereon.  All such payments shall be made in Dollars to the  Administrative Agent at its offices at 500 First Avenue, Pittsburgh, Pennsylvania, 15219.  The  Administrative Agent shall distribute any such payments denominated in the same currency received by it  for the account of any other Person to the appropriate recipient promptly following receipt thereof.  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.  (b) At any time that payments are not required to be applied in the manner required by Section 6.02, if at any time insufficient funds are received by and available to the Administrative Agent to  pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i)  first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto  in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards  payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the  amounts of principal then due to such parties.    (c) At the election of the Administrative Agent, all payments of principal, interest, 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 Administrative Agent.  The Borrower hereby irrevocably  

 

39  authorizes (i) the Administrative Agent 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 and that all such Borrowings  shall be deemed to have been requested pursuant to Section 2.03 and (ii) the Administrative Agent to  charge any deposit account of the Borrower maintained with the Administrative Agent for each payment  of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan  Documents.  (d) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Term Loans resulting in such Lender  receiving payment of a greater proportion of the aggregate amount of its Term Loans and accrued interest  thereon than the proportion received by any other Lender, then the Lender receiving such greater  proportion shall purchase (for cash at face value) participations in the Term Loans of other Lenders to the  extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in  accordance with the aggregate amount of principal of and accrued interest on their respective Term  Loans; provided that (i) if any such participations are purchased and all or any portion of the payment  giving rise thereto is recovered,  such participations shall be rescinded and the purchase price restored to  the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be  construed to apply to any payment made by the Borrower pursuant to and in accordance with the express  terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or  sale of a participation in any of its Loans to any assignee or participant, other than to the Company or any  Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Borrower  consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any  Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the  Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender  were a direct creditor of the Borrower in the amount of such participation.  (e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders  hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the  Borrower has made such payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Lenders the amount due.  In such event, if the Borrower has not in fact made  such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith  on demand the amount so distributed to any such Lender with interest thereon, for each day from and  including the date such amount is distributed to it to but excluding the date of payment to the  Administrative Agent, at the greater of the NYFRB Rate (in the case of an amount denominated in  Dollars) and a rate determined by the Administrative Agent in accordance with banking industry rules on  interbank compensation.  SECTION 2.19.  Mitigation Obligations; Replacement of Lenders.  (a)   If any Lender  requests compensation under Section 2.15, or if the Borrower is required to pay Indemnified Taxes or any  additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant  to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for  funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its  offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i)  would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the  future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not  otherwise be materially disadvantageous to such Lender.  The Company hereby agrees to pay all  reasonable costs and expenses incurred by any Lender in connection with any such designation or  assignment.   

 

40  (b) If (i) any Lender requests compensation under Section 2.15 or (ii) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental  Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting  Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and the  Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with  and subject to the restrictions contained in Section 8.04), all its interests, rights (other than its existing  rights to payments pursuant to Sections 2.15 or 2.17) and obligations under the Loan Documents to an  assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts  such assignment); provided that (i) the Company shall have received the prior written consent of the  Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have  received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon,  accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such  outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) and  (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such  assignment and delegation cease to apply. SECTION 2.20.  Defaulting Lenders.  Notwithstanding any provision of this Agreement  to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for  so long as such Lender is a Defaulting Lender:  (a) any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at  maturity, pursuant to Section 6.02 or otherwise) or received by the Administrative Agent from a  Defaulting Lender pursuant to Section 8.08 shall be applied at such time or times as may be determined  by the Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting  Lender to the Administrative Agent hereunder; second, as the Company may request (so long as no  Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting  Lender has failed to fund its portion thereof as required by this Agreement, as determined by the  Administrative Agent; third, if so determined by the Administrative Agent and the Company, to be held  in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future  funding obligations with respect to Loans under this Agreement, in accordance with this Section; fourth,  to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent  jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting  Lender’s breach of its obligations under this Agreement or under any other Loan Document; fifth, so long  as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result  of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting  Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any  other Loan Document; and sixth, to such Defaulting Lender or as otherwise directed by a court of  competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any  Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such  Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such  payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to  being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held  by the Lenders pro rata in accordance with the Commitments.  Any payments, prepayments or other  amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a  Defaulting Lender pursuant to this Section shall be deemed paid to and redirected by such Defaulting  Lender, and each Lender irrevocably consents hereto;  

 

41  (b) the Commitment and Term Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any  consent to any amendment, waiver or other modification pursuant to Section 8.02); provided, that, except  as otherwise provided in Section 8.02, this clause (b) shall not apply to the vote of a Defaulting Lender in  the case of an amendment, consent, waiver or other modification requiring the consent of “such Lender”  or each Lender directly affected thereby pursuant to clauses (i), (ii) or (iii) in the first proviso in Section  8.02(b).  In the event that the Administrative Agent and the Company each agrees that a  Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting  Lender, then on such date such Lender shall purchase at par such of the Loans of the other Lenders as the  Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in  accordance with its Applicable Percentage.  ARTICLE III  Representations and Warranties  The Company represents and warrants to the Lenders that:  SECTION 3.01.  Corporate Existence and Power.  The Company is duly organized,  validly existing and in good standing under the laws of its jurisdiction of formation, and has all requisite  powers and all material governmental licenses, authorizations, consents and approvals required to carry  on its business, considered as a whole, substantially as now conducted.  SECTION 3.02.  Corporate and Governmental Authorization; No Contravention. The  execution, delivery and performance by the Company of each Loan Document to which it is a party, are  within the Company’s corporate or other like powers, have been duly authorized by all necessary  corporate or other like action, require no action by or in respect of, or filing with, any Governmental  Authority (except filings under the Securities Exchange Act of 1934) and do not contravene, or constitute  a default under, any provision of applicable law or regulation or of the certificate of incorporation or by- laws or other constitutive documents of the Company or of (i) any material agreement, indenture or  instrument binding upon the Company (which, for the avoidance of doubt, shall be deemed to include any  agreement, indenture or instrument evidencing Material Obligations), or (ii) any material judgment,  injunction, order, decree or other instrument binding upon the Company, or result in the creation or  imposition of any Lien on any asset of the Company or any of its Subsidiaries.  SECTION 3.03.  Binding Effect.  The Loan Documents to which the Borrower is a party  have been duly executed and delivered by the Borrower and constitute legal, valid and binding obligations  of the Borrower enforceable against such party in accordance with their respective terms, except as the  same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and  by general principles of equity.  SECTION 3.04.  Financial Information.  (a) The consolidated balance sheet of the Company and its Consolidated Subsidiaries as of December 31, 2021 and the related consolidated statements of income and cash flows for the Fiscal  Year then ended, reported on by PricewaterhouseCoopers LLP and set forth in the Company’s 2021 Form  10-K fairly present, in conformity with GAAP, the consolidated financial position of the Company and its 

 

42  Consolidated Subsidiaries as of such date and the consolidated results of their operations and their cash  flows for such Fiscal Year.  (b) Except as disclosed in the Company’s 2021 Form 10-K (but not including any general risk factors specified in such disclosure), no Material Adverse Change has occurred or is  continuing.  SECTION 3.05.  Litigation.  There is no action, suit or proceeding pending against, or to  the knowledge of the Company threatened against or affecting, the Company or any of its Subsidiaries  before any court or arbitrator or any Governmental Authority (i) which, except as disclosed in the  Company’s 2021 Form 10-K (but not including any general risk factors included in such disclosure), in  the reasonable opinion of the Company, has resulted in or is likely to result in a Material Adverse Change  or (ii) which in any manner draws into question the validity of any Loan Document.  SECTION 3.06.  Compliance with ERISA.  Each member of the ERISA Group (i) has  satisfied the minimum funding standards of Section 302(a) of ERISA and Section 412(a) of the Code with  respect to each Plan and (ii) is in compliance in all material respects with the presently applicable  provisions of ERISA and the Code with respect to each Plan.  Except as would not reasonably be  expected to result in a Material Adverse Effect, each Benefit Arrangement and each Plan which is  intended to be qualified under Section 401(a) of the Code as currently in effect has been determined to be  so qualified and, to the Company’s knowledge, no event has taken place which could reasonably be  expected to cause the loss of such qualified status.  No member of the ERISA Group has (x) sought a  waiver of the minimum funding standard under Section 412(c) of the Code in respect of any Plan, (y)  failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any  Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or  could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the  Code, in each case securing an amount greater than $10,000,000 or (z) incurred any liability under Title  IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA which could  materially adversely affect the business, consolidated financial position or consolidated results of  operations of the Company and its Consolidated Subsidiaries, considered as a whole.  SECTION 3.07.  Environmental Matters.  In the ordinary course of its business, the  Company conducts appropriate reviews of the effect of Environmental Laws on the business, operations  and properties of the Company and its Subsidiaries, in the course of which it identifies and evaluates  pertinent liabilities and costs (including, without limitation, capital or operating expenditures required for  clean-up or closure of properties presently or previously owned or for the lawful operation of its current  facilities, required constraints or changes in operating activities, and evaluation of liabilities to third  parties, including employees, together with pertinent costs and expenses).  On the basis of this review, the  Company has reasonably concluded that Environmental Laws are not likely to have a Material Adverse  Effect.  SECTION 3.08.  Taxes.  The Company and its Subsidiaries have filed all United States  Federal income tax returns and all other material tax returns which are required to be filed by them and  have paid all taxes shown as due pursuant to such returns or pursuant to any assessment received by the  Company or any Subsidiary, except such taxes, if any, as are being contested in good faith and as to  which, in the opinion of the Company, adequate reserves have been provided in accordance with GAAP.    

 

43  SECTION 3.09.  Not an Investment Company.  The Company is not an “investment  company” or a company “controlled” by an “investment company” within the meaning of the Investment  Company Act of 1940, as amended.  SECTION 3.10.  Compliance with Laws.  The Company complies, and has caused each  Subsidiary to comply, in all material respects with all applicable laws, ordinances, rules, regulations, and  requirements of Governmental Authorities (including, without limitation, Environmental Laws and  ERISA and the rules and regulations thereunder), except where (i) the necessity of compliance therewith  is contested in good faith by appropriate proceedings, (ii) no officer of the Company is aware that the  Company or the relevant Subsidiary has failed to comply therewith or (iii) the Company has reasonably  concluded that failure to comply is not likely to have a Material Adverse Effect.    SECTION 3.11.  Foreign Employee Benefit Matters.  (a) Each Foreign Employee Benefit  Plan is in compliance with all laws, regulations and rules applicable thereto and the respective  requirements of the governing documents for such Plan; (b) there are no deficiencies in contributions,  payments or other funding required of the Company and its Subsidiaries by applicable law or the  governing plan documents with respect to any governmental or statutory Foreign Pension Plan, and the  present value of the aggregate accumulated benefit obligations under all other Foreign Pension Plans does  not exceed the current fair market value of the assets held in the trusts for such Plans; and (c) there are no  actions, suits or claims pending or, to the knowledge of the Company and its Subsidiaries, threatened  against the Company or any Subsidiary of it or any member of the ERISA Group with respect to any  Foreign Employee Benefit Plan, except in each case where such failure to comply, deficiencies, excess  obligations, absence of reserves, or actions, suits or claims would not individually or in the aggregate  have a Material Adverse Effect.  SECTION 3.12.  Properties.  (a)      Each of the Company and its Subsidiaries has good  title to, or valid leasehold interests in, all its real and personal property material to its business, except for  defects in title that do not interfere with its ability to conduct its business as currently conducted or to  utilize such properties for their intended purposes.  (b) Each of the Company and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof  by the Company and its Subsidiaries does not infringe upon the rights of any other Person, except for any  such infringements that, individually or in the aggregate, could not reasonably be expected to result in a  Material Adverse Effect.  SECTION 3.13.   Disclosure.  (a)    None of the reports, financial statements, certificates  or other written information furnished by or on behalf of the Company or any Subsidiary to the  Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered  hereunder (as modified or supplemented by other information so furnished), taken as a whole, contains  any material misstatement of fact or omits to state any material fact necessary to make the statements  therein, in the light of the circumstances under which they were made, not misleading as of the date when  furnished; provided that, with respect to projected financial information, the Company represents only  that such information was prepared in good faith based upon assumptions reasonably believed by the  Company to be reasonable at the time (it being recognized that actual results during the period or periods  covered by any such projections may differ from the projected results and the differences may be  material).  

 

44  (b) As of the Effective Date, to the knowledge of the Company, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any  Lender in connection with this Agreement is true and correct in all material respects.  SECTION 3.14.  Federal Reserve Regulations.  No part of the proceeds of any Loan have  been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of  the Regulations of the Board, including Regulations T, U and X.  SECTION 3.15.  No Default.  No Default or Event of Default has occurred and is  continuing.  SECTION 3.16.  Anti-Corruption Laws and Sanctions.  The Company has implemented  and maintains in effect policies and procedures reasonably designed to promote compliance by the  Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti- Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and, to the knowledge of  the Company its directors, officers, employees and agents, are in compliance with Anti-Corruption Laws  and applicable Sanctions in all material respects.  None of (a) the Company, any Subsidiary or to the  knowledge of the Company or such Subsidiary any of their respective directors, officers or employees, or  (b) to the knowledge of the Company, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. Any provision of this Section 3.16 shall not apply to any Person if and to the extent that it is or would be unenforceable by or in respect of that Person by reason of breach of any applicable Blocking Law. SECTION 3.17.  Affected Financial Institutions.  The Borrower is not an Affected  Financial Institution.  ARTICLE IV  Conditions  SECTION 4.01.  Effective Date.  The obligations of the Lenders to make Loans  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) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence  satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a  signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.  (b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (i) Kenneth G.  Cole, Vice President, General Counsel and Secretary of the Company, and (ii) Davis Polk & Wardwell  LLP, outside counsel for the Company, both of which shall be in form and covering such other matters  relating to the Company, the Loan Documents or the Transactions as the Administrative Agent shall  reasonably request.  The Company hereby requests such counsel to deliver such opinion.  (c) The Lenders shall have received (i) audited consolidated financial statements of the Company for the two most recent fiscal years ended prior to the Effective Date as to which such financial  statements are available, (ii) unaudited interim consolidated financial statements of the Company for each  quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to  

 

45  clause (i) of this paragraph and completed at least 45 days prior to the Effective Date and as to which such  financial statements are publicly available and (iii) financial statement projections through and including  the Company’s 2026 fiscal year, together with such information relating to such projections as the  Administrative Agent and the Lenders shall reasonably request (including, without limitation, a detailed  description of the assumptions used in preparing such projections).  (d) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and  good standing of the Borrower, the authorization of the Transactions and any other legal matters relating  to the Borrower, the Loan Documents or the Transactions, all in form and substance reasonably  satisfactory to the Administrative Agent and its counsel and as further described in the list of closing  documents attached as Exhibit E.   (e) The Administrative Agent and each requesting Lender shall have received, at least five days prior to the Effective Date and to the extent requested by any of the Lenders, (i) all  documentation and other information required by bank regulatory authorities under applicable “know- your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, and  (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the conditions set forth in this clause (e) shall be deemed to be satisfied). (f) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming  compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02.  (g) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced at least two (2) Business Days  prior to the Effective Date, reimbursement or payment of all out-of-pocket expenses required to be  reimbursed or paid by the Company hereunder.  The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such  notice shall be conclusive and binding.   SECTION 4.02.  Each Borrowing.  The obligation of each Lender to make a Loan on the  occasion of any Borrowing 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 (or, in the case of any such representation or warranty already  qualified by “Material Adverse Effect” or materiality, in all respects) on and as of the date of such  Borrowing, except for any representation and warranty made as of a specific date, in which case such  representation and warranty shall have been true and correct in all material respects (or, in the case of any  such representation or warranty already qualified by “Material Adverse Effect” or materiality, in all  respects) as of such date; provided that the representations and warranties set forth in Sections 3.04(b) and  3.05 shall only be made on the Effective Date.  (b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing.  

 

46  Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date  thereof as to the matters specified in paragraphs (a) and (b) of this Section.  ARTICLE V  Covenants  Until the Commitments have expired or terminated and the principal of and interest on  each Loan and all fees  payable hereunder have been paid in full in cash, the Company covenants and  agrees with the Lenders that:  SECTION 5.01.  Information.  The Company will furnish to the Administrative Agent for  distribution to each of the Lenders (including, if so desired, by means of electronic communications in  accordance with Section 8.01):  (a) as soon as available and in any event within the earlier of (i) ninety-five (95) days after the end of each Fiscal Year and (ii) the date on which the following items are required to be  delivered to the SEC, a consolidated balance sheet of the Company and its Consolidated Subsidiaries as  of the end of such Fiscal Year and the related consolidated statements of income and cash flows for such  Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous  Fiscal Year, all reported on by PricewaterhouseCoopers LLP or other independent public accountants of  nationally recognized standing, whose report shall be without material qualification;  (b) as soon as available and in any event within the earlier of (i) fifty (50) days after the end of each of the first three quarters of each Fiscal Year and (ii) the date on which the following items  are required to be delivered to the SEC, a condensed consolidated balance sheet of the Company and its  Consolidated Subsidiaries as of the end of such quarter, the related condensed consolidated statement of  income for such quarter and the related condensed consolidated statements of income and cash flows for  the portion of such Fiscal Year ended at the end of such quarter, setting forth in each case in comparative  form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in  reasonable detail and certified, to the best of his or her knowledge (subject to normal year-end  adjustments), as to fairness of presentation, and consistency with GAAP (except for changes concurred in  by the Company’s independent public accountants) by a Financial Officer of the Company;  (c) simultaneously with the delivery of each set of financial statements referred to in subsections (a) and (b) above, a certificate of a Financial Officer of the Company (i) setting forth in  reasonable detail the calculations required to establish whether the Company was in compliance with the  requirements of Sections 5.07 to 5.09, inclusive, on the date of such financial statements, (ii) stating, to  the best of his or her knowledge, whether any Default exists on the date of such certificate and (iii) if any  Default then exists, setting forth the details thereof and the action which the Company is taking or  proposes to take with respect thereto;  (d) within ten (10) days after any officer of the Company becomes aware of the existence of any Default, unless such Default shall have been cured before the end of such ten (10) day  period, a certificate of a Financial Officer of the Company setting forth the details of such Default and the  action which the Company is taking or proposes to take with respect thereto;  (e) promptly upon the filing thereof, copies of all reports on Forms 10-K, 10-Q and 8-K and similar regular and periodic reports which the Company shall have filed with the SEC;  

 

47  (f) if and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan  which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the  plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy  of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of  complete or partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is  in “endangered” or “critical” status (within the meaning of Section 305 of ERISA), is insolvent or has  been terminated, a copy of such notice, (iii) receives notice from the PBGC under Title IV of ERISA of  an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect  of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the  minimum funding standard under Section 412(c) of the Code, a copy of such application; (v) gives notice  of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other  information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063  of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or  Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or  Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a  bond or other security, a certificate of a Financial Officer of the Company setting forth details as to such  occurrence and action, if any, which the Company or applicable member of the ERISA Group is required  or proposes to take; provided that no such notice or certificate shall be required unless the aggregate  unpaid actual or potential liability of members of the ERISA Group involved in all events referred to in  clauses (i) through (vii) above of which officers of the Company have obtained knowledge and have not  previously reported under this subsection (f) exceeds $25,000,000; and  (g) from time to time (i) such additional information regarding the financial position or business of the Company as the Administrative Agent, at the request of any Lender, may reasonably  request and (2) information and documentation reasonably requested by the Administrative Agent or any  Lender for purposes of compliance with applicable “know your customer” and anti-money laundering  rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.  SECTION 5.02.  Existence; Conduct of Business.  The Borrower will do or cause to be  done all things necessary to preserve, renew and keep in full force and effect its legal existence (provided  that the foregoing shall not prohibit any merger or consolidation permitted under Section 5.10).  The  Borrower will do or cause to be done all things necessary to preserve, renew and keep in full force and  effect the rights, qualifications, licenses, permits, privileges, franchises, governmental authorizations and  intellectual property rights 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 Company  has reasonably concluded that the failure to comply is not likely to have a Material Adverse Effect.  SECTION 5.03.  Compliance with Laws.  The Company will comply, and cause each  Subsidiary to comply, in all material respects with all applicable laws, ordinances, rules, regulations, and  requirements of Governmental Authorities (including, without limitation, Environmental Laws and  ERISA and the rules and regulations thereunder) except where (i) the necessity of compliance therewith is  contested in good faith by appropriate proceedings, (ii) no officer of the Company is aware that the  Company or any Subsidiary has failed to comply therewith or (iii) the Company has reasonably  concluded that failure to comply is not likely to have a Material Adverse Effect.  The Company will  maintain in effect policies and procedures reasonably designed to promote compliance by the Company,  its Subsidiaries and their respective directors, officers, employees and agents with  Anti-Corruption Laws  and applicable Sanctions. Any provision of this Section 5.03 shall not apply to any Person if and to the  extent that it is or would be unenforceable by or in respect of that Person by reason of breach of any  applicable Blocking Law.  

 

48  SECTION 5.04.  Use of Proceeds.  The Borrower shall use the proceeds of the Loans to  provide funds for general corporate purposes, including, but not limited to, acquisitions and working  capital purposes.  None of the proceeds of the Loans made under this Agreement will be used in violation  of any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board).  Margin stock (as defined under Regulation U) does not and will not constitute more than 25% of the value  of the consolidated assets of the Company and its Consolidated Subsidiaries.  The Borrower will not  request any Borrowing, and shall not use directly, or knowingly indirectly, the proceeds of any Borrowing  (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state or (iii) in any manner that would result in the violation of  any Sanctions applicable by any Person party hereto or otherwise participating in the Loans, whether as Administrative Agent, Arranger, Lender, underwriter, advisor, investor or otherwise. SECTION 5.05.  Maintenance of Properties; Insurance.  (a)   The Company will, and will  cause each of its Subsidiaries to, keep and maintain all property material to the conduct of its business in  good working order and condition, ordinary wear and tear excepted, except where the Company has  reasonably concluded that failure to comply is not likely to have a Material Adverse Effect.  (b) The Company and its Consolidated Subsidiaries considered as a whole will maintain with financially sound and reputable insurance companies insurance in such amounts and covering such  risks as is consistent with sound business practice, and the Company will furnish to the Administrative  Agent upon request full information as to the insurance carried; provided, that the Company and its  Subsidiaries may self-insure to the extent the Company reasonably determines that such self insurance is  consistent with prudent business practice.  SECTION 5.06.  Books and Records; Inspection.  The Company will, and will cause each  of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries, in  all material respects, are made of all material dealings and transactions in relation to its business and  activities.  The Company will, and will cause each Subsidiary to, permit the Administrative Agent, on  behalf of itself or any requesting Lender, by its representatives and agents, to inspect any of the property,  books and financial records of the Company and each Subsidiary, to examine and make copies of the  books of accounts and other financial records of the Company and each Subsidiary, and to discuss the  affairs, finances and accounts of the Company and each Subsidiary with, and to be advised as to the same  by, their respective officers at such times and intervals, having due regard for the ongoing business of the  Company and its Subsidiaries, as the Administrative Agent, on behalf of itself or any requesting Lender,  may reasonably request; provided, however, that if no Event of Default has occurred and is continuing no  more than one such inspection per calendar year shall be conducted.  SECTION 5.07.  Financial Covenants.   (a) Minimum Interest Coverage Ratio.  The Company will not permit the ratio, determined as of the end of each of its Fiscal Quarters, of (i) Consolidated EBITDA to (ii) Consolidated  Interest Expense, in each case for the period of four (4) consecutive Fiscal Quarters ending with the end  of such Fiscal Quarter, to be less than 2.50 to 1.00.  (b) Maximum Net Leverage Ratio.  The Company will not permit the ratio, determined as of the end of each of its Fiscal Quarters, of (i) Net Consolidated Debt as of the last day of such Fiscal  

 

49  Quarter to (ii) Consolidated EBITDA for the period of four (4) consecutive Fiscal Quarters ending with  the end of such Fiscal Quarter to exceed 4.00 to 1.00.  SECTION 5.08.  Limitations on Subsidiary Debt.    (a) The Company will not at any time permit any Consolidated Subsidiary to create, incur, issue, guarantee, assume or suffer to exist any Debt if, immediately after giving effect thereto, the  aggregate outstanding amount of Debt (determined at that time) of all Consolidated Subsidiaries (other  than Debt owed to the Company or one or more other Consolidated Subsidiaries) would exceed the  greater of (i) 12.5% of Consolidated Tangible Assets (calculated as of the last day of the most recently  ended Fiscal Quarter) and (ii) $500,000,000.  (b) Subsection (a) above shall not prevent (i) a Consolidated Subsidiary from creating, incurring, issuing, guaranteeing or assuming Debt for the purpose of extending, renewing or Refunding an  equal or greater principal amount of Debt then outstanding of such Consolidated Subsidiary; provided,  that subsection (a) shall apply to the extent that the aggregate principal amount of any such extending,  renewing or Refunding Debt exceeds the aggregate principal amount of the Debt being extended, renewed  or refunded, (ii) the creation, incurrence, issuance, guarantee or assumption of Debt owed to or owned by  the Company or a Consolidated Subsidiary or (iii) Masco Europe S.à r.l. from creating, incurring, issuing,  guaranteeing, assuming or suffering to exist Debt (including Debt in form of letters of credit (or similar  obligations)) under the Revolving Credit Agreement.  For purposes of 5.08, Debt of a Person (herein  defined as “Refunding Debt”) is deemed to be for the purpose of “Refunding” other Debt of such Person  if and to the extent that (i) no later than five (5) Business Days after the Refunding Debt is incurred, the  Company delivers to the Administrative Agent written notice stating that the purpose of such Debt is to  refund outstanding Debt and specifying the Debt to be refunded, (ii) the proceeds of such Refunding Debt  are held in the form of cash or Permitted Cash Equivalent Investments (free of any Lien except a Lien  securing the specified Debt to be refunded) until such specified Debt is repaid and (iii) such specified  Debt to be refunded is repaid within one hundred fifty (150) days after the Refunding Debt is incurred; it  being understood and agreed that to the extent that the specified Debt is not so repaid within one hundred  fifty (150) days after the Refunding Debt is originally incurred, the Refunding Debt shall be deemed to be  incurred as Debt for the purposes of Section 5.08(a) on the one hundred fifty-first (151st) day after such  original incurrence.  SECTION 5.09.  Negative Pledge.  Neither the Company nor any Consolidated  Subsidiary will create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired  by it, except:  (a) any Lien on any property or asset of the Company or any Subsidiary existing on the date hereof provided that the aggregate amount of Debt or other obligations secured thereby does not  exceed $50,000,000;  (b) any Lien existing on any asset of any entity at the time such entity becomes a Consolidated Subsidiary and not created in contemplation of such event; provided that the obligations  secured by such Lien are not increased and are not secured by any additional assets;  (c) any Lien on any asset securing Debt incurred or assumed solely for the purpose of financing all or any part of the cost of acquiring such asset (or acquiring a corporation or other entity  which owned such asset); provided that such Lien attaches to such asset concurrently with or within  ninety (90) days after such acquisition;  

 

    50  (d)  any Lien on any asset of any entity existing at the time such entity is merged or  consolidated with or into the Company or a Consolidated Subsidiary and not created in contemplation of  such event; provided that the obligations secured by such Lien are not increased and are not secured by  any additional assets;  (e)  any Lien existing on any asset prior to the acquisition thereof by the Company or a  Consolidated Subsidiary and not created in contemplation of such acquisition; provided that the  obligations secured by such Lien are not increased and are not secured by any additional assets;  (f)  any Lien arising out of the refinancing, extension, renewal or refunding of any Debt  secured by any Lien permitted by any of the foregoing subsections of this Section; provided that such  Debt is not increased and is not secured by any additional assets;  (g)  any Lien in favor of the holder of indebtedness (or any Person or entity acting for or  on behalf of such holder) arising pursuant to any order of attachment, distraint or similar legal process  arising in connection with court proceedings so long as the execution or other enforcement thereof is  effectively stayed and the claims secured thereby are being contested in good faith by appropriate  proceedings and no Default under Section 6.01(k) shall have occurred and is continuing in connection  therewith;  (h)  Liens incidental to the normal conduct of its business or the ownership of its assets  which (i) do not secure Debt, (ii) do not secure any obligation in an amount exceeding $150,000,000 and  (iii) do not in the aggregate materially detract from the value of the assets of the Company and its  Consolidated Subsidiaries taken as a whole or in the aggregate materially impair the use thereof in the  operation of the business of the Company and its Consolidated Subsidiaries taken as a whole;  (i)  Liens incurred to cash collateralize letter of credit exposure under and to the extent  required by the Revolving Credit Agreement; and  (j)  Liens securing Debt which are not otherwise permitted by the foregoing subsections  of this Section; provided that the aggregate outstanding principal amount of Debt secured by all such  Liens shall not at any time exceed the greater of (i) 5% of Consolidated Tangible Assets (calculated as of  the last day of the most recently ended Fiscal Quarter) and (ii) $200,000,000.  SECTION 5.10.  Consolidations, Mergers and Sale of Assets.    (a)  The Company will not directly or indirectly sell, lease, transfer or otherwise dispose  of all or substantially all of its assets, or merge or consolidate with any other Person, or acquire any other  Person through purchase of assets or capital stock, unless either (i) the Company shall be the continuing  or surviving corporation or (ii) the successor or acquiring corporation (if other than the Company) shall be  a corporation organized under the laws of (x) one of the States of the United States of America, and shall  assume, by a writing reasonably satisfactory in form and substance to the Required Lenders, all of the  obligations of the Company under this Agreement, including all covenants herein and therein contained,  in which case such successor or acquiring corporation shall succeed to and be substituted for the  Company with the same effect as if it had been named herein as a party hereto.   (b)  No disposition of assets, merger, consolidation or acquisition referred to in  subsection (a) of this Section shall be permitted if, immediately after giving effect thereto, any Default  would exist under any of the terms or provisions of this Agreement.  

 

    51  ARTICLE VI    Events of Default  SECTION 6.01.  Events of Default.  If any of the following events (“Events of Default”)  shall occur:  (a)  the Borrower shall fail to pay (i) when due any principal of any Loan or (ii) within  five (5) days of the due date thereof, any interest, fees or other amounts payable under this Agreement;  (b)  the Company shall fail to observe or perform any covenant contained in the first  sentence of Section 5.02, Section 5.04 or Sections 5.07 to 5.10, inclusive;  (c)  [Reserved];   (d)  the Company shall fail to observe or perform (i) any covenant in Section 5.01(d) for  five (5) days after written notice thereof has been given to the Company by the Administrative Agent at  the request of any Lender or (ii) any covenant or agreement contained in this Agreement or any other  Loan Document (other than those covered by subsection (a) or (b) above or clause (i) of this subsection  (d)) for thirty (30) days after written notice thereof has been given to the Company by the Administrative  Agent at the request of any Lender;  (e)  any representation, warranty, certification or statement made by the Company in this  Agreement or any amendment hereof or in any other Loan Document shall prove to have been incorrect  in any material respect when made or deemed to have been made; provided that, if any representation and  warranty deemed to have been made by the Company pursuant to the last sentence of Article IV as to the  satisfaction of the condition of borrowing set forth in Section 4.02(b) shall have been incorrect solely by  reason of the existence of a Default of which the Company was not aware when such representation and  warranty was deemed to have been made and which was cured before or promptly after the Company  became aware thereof, then such representation and warranty shall be deemed not to have been incorrect  in any material respect;  (f)  the Company or any of its Consolidated Subsidiaries shall fail to make one or more  payments in respect of any Material Obligations (other than Acquired Debt in an aggregate outstanding  principal amount not exceeding $150,000,000) when due or within any applicable grace period, and such  failure has not been waived;  (g)  any event or condition occurs, or the Company or any Consolidated Subsidiary shall  fail to observe or perform any term, covenant or agreement contained in any instrument or agreement  (other than this Agreement) by which it is bound relating to Debt, obligations under Swap Agreements  and/or Off-Balance Sheet Liabilities (other than Acquired Debt in an aggregate outstanding principal  amount not exceeding $150,000,000), and the effect of all such failures, events and conditions is to cause  the maturity of any Material Obligations to be accelerated or to permit (any applicable period of grace  having expired and any required notice having been given) the holder or holders of any Material  Obligations (or any Person acting on their behalf) to accelerate the maturity thereof, or to require the  prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that  this clause (g) shall not apply to Debt that becomes due as a result of the voluntary sale or transfer of any  property or assets;  (h)  the Company or any Significant Subsidiary shall commence a voluntary case or  other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under  

 

52  any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a  trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property  under any such law, or shall consent to any such relief or to the appointment of or taking possession by  any such official in an involuntary case or other proceeding commenced against it under any such law, or  shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they  become due, or a resolution shall be adopted by either the shareholders or the board of directors of such  corporation to authorize any of the foregoing;  (i) an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary in any United States Federal court or other court of competent jurisdiction  seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy,  insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,  receiver, liquidator, custodian or other similar official of it or any substantial part of its property under  any such law, and in each case such involuntary case or other proceeding shall remain undismissed and  unstayed for a period of sixty (60) days; or an order for relief shall be entered against the Company or any  Significant Subsidiary as debtors under the federal bankruptcy laws as now or hereafter in effect;  (j) any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $3,000,000 which it shall have become liable to pay to the PBGC or to a Plan  under Title IV of ERISA; or notice of intent to terminate a Plan or Plans having aggregate Unfunded  Liabilities in excess of $75,000,000 (collectively, a “Material Plan”) shall be filed under Title IV of  ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing;  or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other  than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed under  Section 4042 of ERISA to administer any Material Plan; or a condition shall exist by reason of which the  PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or  there shall occur a complete or partial withdrawal from, or a default, within the meaning of Section  4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more  members of the ERISA Group to incur a current payment obligation or obligations in excess of  $75,000,000 or; the institution by the PBGC or any similar foreign Governmental Authority of  proceedings to terminate a Foreign Pension Plan which could reasonably be expected to subject the  Company and its Subsidiaries, taken as a whole, to liability in excess of $75,000,000 (a “Material Foreign  Pension Plan”); or a foreign Governmental Authority shall appoint or institute proceedings to appoint a  trustee to administer any Material Foreign Pension Plan in place of the existing administrator in  connection with a plan termination; provided that no Event of Default shall exist under this subsection (j)  with respect to any Prior Plan unless it is reasonably likely that one or more members of the ERISA  Group is liable with respect to the relevant Unfunded Liabilities or current payment obligation or  obligations, as the case may be;  (k) a judgment or order for the payment of money in excess of $150,000,000 shall be rendered against the Company or any Subsidiary and such judgment or order shall continue unsatisfied  and unstayed for a period of forty-five (45) days;   (l) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the  meaning of Rule 13d-3 promulgated by the SEC under said Act) of 30% or more of the outstanding  shares of common stock of the Company; or during any period of 12 consecutive months, occupation of a  majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who  were neither (i) members of the board of directors on the first day of such period, (ii) nominated,  appointed or approved for election by persons referred to in clause (i)  constituting at the time of such  nomination, appointment or approval at least a majority of such board nor (iii) nominated, appointed or  

 

53  approved for election by directors referred to in clauses (i) and (ii) constituting at the time of such  nomination, election or approval at least a majority of such board; or  (m) any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or the Company or any Subsidiary 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);   then, and in every such event (other than an event with respect to the Company described in clause (h) or  (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either or both of the following actions, at the same or different times:  (i) terminate the Commitments, and thereupon the Commitments 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 and under the other Loan Documents, 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 Company described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, 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 during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity. SECTION 6.02.  Application of Payments.  Notwithstanding anything herein to the  contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof  to the Administrative Agent by the Company or the Required Lenders all payments received on account  of the Obligations shall, subject to Section 2.20, be applied by the Administrative Agent as follows:  (i) first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative Agent (including  fees and disbursements and other charges of counsel to the Administrative Agent payable  under Section 8.03 and amounts pursuant to Section 2.12 payable to the Administrative  Agent in its capacity as such);  (ii) second, to payment of that portion of the Obligations constituting fees, expenses, indemnities and other amounts (other than principal and interest) payable to the  Lenders (including fees and disbursements and other charges of counsel to the Lenders  payable under Section 8.03) arising under the Loan Documents, ratably among them in  proportion to the respective amounts described in this clause (ii) payable to them;  (iii) third, to payment of that portion of the Obligations constituting accrued and unpaid charges and interest on the Loans, ratably among the Lenders in proportion to the  respective amounts described in this clause (iii) payable to them;  

 

54  (iv) fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in proportion to the respective amounts  described in this clause (iv) payable to them;  (v) fifth, to the payment in full of all other Obligations, in each case ratably among the Administrative Agent and the Lenders based upon the respective aggregate  amounts of all such Obligations owing to them in accordance with the respective amounts  thereof then due and payable; and  (vi) finally, the balance, if any, after all Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law.  ARTICLE VII  The Administrative Agent  Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent  and authorizes the Administrative Agent to take such actions on its behalf, including  execution of the  other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the  terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.  The bank serving as the Administrative Agent hereunder shall have the same rights and  powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not  the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and  generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as  if it were not the Administrative Agent hereunder.  The Administrative Agent shall not have any duties or obligations except those expressly  set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) the Administrative  Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has  occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary  action or exercise any discretionary powers, except discretionary rights and powers expressly  contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as  directed by the Required Lenders (or such other number or percentage of the Lenders as shall be  necessary under the circumstances as provided in Section 8.02), and (c) except as expressly set forth in  the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable  for the failure to disclose, any information relating to the Company or any of its Subsidiaries that is  communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any  capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the  consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as  shall be necessary under the circumstances as provided in Section 8.02) or in the absence of its own gross  negligence or willful misconduct.  The Administrative Agent shall be deemed not to have knowledge of  any Default unless and until written notice thereof is given to the Administrative Agent by the Company  or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or  inquire into (i) any statement, warranty or representation made in or in connection with any Loan  Document, (ii) the contents of any certificate, report or other document delivered hereunder or in  connection with any Loan Document, (iii) the performance or observance of any of the covenants,  agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability,  effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or  

 

55  (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or its counsel. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability  for relying upon, any notice, request, certificate, consent, statement, instrument, document or other  writing believed by it to be genuine and to have been signed or sent by the proper Person.  The  Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by  it to be made by the proper Person, and shall not incur any liability for relying thereon.  The  Administrative Agent may consult with legal counsel (who may be counsel for the Company),  independent accountants and other experts selected by it, and shall not be liable for any action taken or  not taken by it in accordance with the advice of any such counsel, accountants or experts.  The Administrative Agent may perform any and all of its duties and exercise its rights  and powers by or through any one or more sub-agents appointed by the Administrative Agent.  The  Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights  and powers through their respective Related Parties.  The exculpatory provisions of the preceding  paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and  any such sub-agent, and shall apply to their respective activities in connection with the syndication of the  credit facilities provided for herein as well as activities as Administrative Agent.  Subject to the appointment and acceptance of a successor Administrative Agent as  provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and  the Company.  Upon any such resignation, the Required Lenders shall have the right, in consultation with  the Company (provided that no consultation with the Company shall be required if an Event of Default  has occurred and is continuing), to appoint a successor.  If no successor shall have been so appointed by  the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring  Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on  behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in  New York, New York, or an Affiliate of any such bank.  Upon the acceptance of its appointment as  Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with  all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring  Administrative Agent shall be discharged from its duties and obligations hereunder.  The fees payable by  the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor  unless otherwise agreed between the Borrower and such successor.  After the Administrative Agent’s  resignation hereunder, the provisions of this Article and Section 8.03 shall continue in effect for the  benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect  of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.  Each Lender acknowledges and agrees that the extensions of credit made hereunder are  commercial loans and letters of credit and not investments in a business enterprise or securities.  Each  Lender further represents that it is engaged in making, acquiring or holding commercial loans in the  ordinary course of its business and  has, independently and without reliance upon the Administrative  Agent or any other Lender and based on such documents and information as it has deemed appropriate,  made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire  or hold Loans hereunder.  Each Lender shall, independently and without reliance upon the Administrative  Agent or any other Lender and based on such documents and information (which may contain material,  non-public information within the meaning of the United States securities laws concerning the Company  and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in  taking or not taking action under or based upon this Agreement, any related agreement or any document  furnished hereunder or thereunder and in deciding whether or the extent to which it will continue as a  lender or assign or otherwise transfer its rights, interests and obligations hereunder.  

 

56  Except with respect to the exercise of setoff rights of any Lender, in accordance with  Section 8.08, the proceeds of which are applied in accordance with this Agreement, each Lender agrees  that it will not take any action, nor institute any actions or proceedings, against the Borrower or with  respect to any Loan Document, without the prior written consent of the Required Lenders or, as may be  provided in this Agreement or the other Loan Documents, with the consent of the Administrative Agent.  The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or  omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to  act for, any other Lender.  The Administrative Agent shall have the exclusive right on behalf of the  Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal  or interest has become due and payable pursuant to the terms of this Agreement.    Each Lender (x) represents and warrants, as of the date such Person became a Lender  party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its  respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any  other Borrower, that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans or the Commitments,   (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset  managers), PTE 95-60 (a class exemption for certain transactions involving insurance company  general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance  company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions  involving bank collective investment funds) or PTE 96-23 (a class exemption for certain  transactions determined by in-house asset managers), is applicable with respect to such Lender’s  entrance into, participation in, administration of and performance of the Loans, the Commitments  and this Agreement,   (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified  Professional Asset Manager made the investment decision on behalf of such Lender to enter into,  participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the  entrance into, participation in, administration of and performance of the Loans, the Commitments  and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84- 14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of  PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,  administration of and performance of the Loans, the Commitments and this Agreement, or  (iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.  In addition, unless the immediately preceding clause (i) is true with respect to a Lender or such Lender  has not provided another representation, warranty and covenant as provided in the immediately preceding  clause (iv), such Lender further (x) represents and warrants, as of the date such Person became a Lender  party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its  respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower that none of  the Administrative Agent or any of their respective Affiliates is a fiduciary with respect to the assets of  

 

57  such Lender (including in connection with the reservation or exercise of any rights by the Administrative  Agent under this Agreement, any Loan Document or any documents related hereto or thereto).  The Administrative Agent hereby informs the Lenders that each such Person is not  undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the  transactions contemplated hereby, and that such Person has a financial interest in the transactions  contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments  with respect to the Loans, the Commitments, this Agreement and any other Loan Documents (ii) may  recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being  paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other  payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise,  including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting  fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum  usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees,  processing fees, term out premiums, bankers’ acceptance fees, breakage or other early termination fees or  fees similar to the foregoing.  The Borrower agrees that the Administrative Agent may, but shall not be obligated to,  make any Communications available to the Lenders by posting the Communications on IntraLinksTM,  DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to  be its electronic transmission system (the “Approved Electronic Platform”).  Although the Approved Electronic Platform and its primary web portal are secured with  generally-applicable security procedures and policies implemented or modified by the Administrative  Agent from time to time (including, as of the Effective Date, a user ID/password authorization system)  and the Approved Electronic Platform is secured through a per-deal authorization method whereby each  user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and  the Borrower acknowledges and agrees that the distribution of material through an electronic medium is  not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the  representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that  there may be confidentiality and other risks associated with such distribution. Each of the Lenders and the  Borrower hereby approves distribution of the Communications through the Approved Electronic Platform  and understands and assumes the risks of such distribution.  THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS  ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED  BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE  COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM  AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED  ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND,  EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF  MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF  THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE  BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE  APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT  OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE  PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER, ANY ISSUING BANK  OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT  OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR  EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE  

 

58  BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS  THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.   “Communications” means, collectively, any notice, demand, communication, information, document or  other material provided by or on behalf of the Borrower pursuant to any Loan Document or the  transactions contemplated therein which is distributed by the Administrative Agent or any Lender by  means of electronic communications pursuant to this Section, including through an Approved Electronic  Platform.  Each Lender agrees that notice to it (as provided in the next sentence) specifying that  Communications have been posted to the Approved Electronic Platform shall constitute effective delivery  of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees (i) to  notify the Administrative Agent in writing (which could be in the form of electronic communication)  from time to time of such Lender’s (as applicable) email address to which the foregoing notice may be  sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.  Each of the Lenders and the Borrower agrees that the Administrative Agent may, but  (except as may be required by applicable law) shall not be obligated to, store the Communications on the  Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable  document retention procedures and policies.  Nothing herein shall prejudice the right of the Administrative Agent or any Lender to  give any notice or other communication pursuant to any Loan Document in any other manner specified in  such Loan Document.  Each of the Lenders and the Borrower hereby agree as follows regarding certain  erroneous payments:  (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under the last four paragraphs of this Article VII shall be conclusive, absent manifest error. (ii) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) 

 

    59  with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or  accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has  been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it  otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such  Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand  from the Administrative Agent, it shall promptly, but in no event later than one Business Day  thereafter, return to the Administrative Agent the amount of any such Payment (or portion  thereof) as to which such a demand was made in same day funds, together with interest thereon  in respect of each day from and including the date such Payment (or portion thereof) was  received by such Lender to the date such amount is repaid to the Administrative Agent at the  greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance  with banking industry rules on interbank compensation from time to time in effect.  (iii) Each party hereto hereby agrees that (x) in the event an erroneous Payment (or portion  thereof) are not recovered from any Lender that has received such Payment (or portion thereof)  for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender  with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay,  discharge or otherwise satisfy any Obligations owed by the Borrower; provided, that this  Section shall not be interpreted to increase (or accelerate the due date for), or have the effect of  increasing (or accelerating the due date for), the obligations of the Borrower relative to the  amount (and/or timing for payment) of the obligations that would have been payable had such  erroneous Payment not been made by the Administrative Agent; provided, further, that for the  avoidance of doubt, the immediately preceding clauses (x) and (y) shall not apply to the extent  any such erroneous Payment is, and solely with respect to the amount of such erroneous  Payment that is, comprised of funds received by the Administrative Agent from the Borrower  for the purpose of making a payment.  (iv) Each party’s obligations under the three immediately preceding paragraphs of this Article  VII shall survive the resignation or replacement of the Administrative Agent or any transfer of  rights or obligations by, or the replacement of, a Lender, the termination of the Commitments  or the repayment, satisfaction or discharge of all Obligations under any Loan Document.    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 telecopy, as follows:  (i)  if to the Borrower, to the Borrower at 17450 College Parkway, Livonia, MI  48152, Attention of John G. Sznewajs (Telecopy No. (313) 792-6798; Telephone No.  (313) 792-6044; e-mail: john_sznewajs@mascohq.com);   (ii)  if to the Administrative Agent, to PNC Bank, National Association, Agency  Services, PNC Firstside Center, 4th Floor, Attention Brian Hays (e-mail:  brian.hays@pnc.com); and  

 

    60  (iii)  if to any other Lender, to it at its address (or telecopy number) set forth in its  Administrative Questionnaire.  Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be  deemed to have been given when received; notices sent by facsimile shall be deemed to have been given  when sent (except that, if not given during normal business hours for the recipient, shall be deemed to  have been given at the opening of business on the next business day for the recipient).  Notices delivered  through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective  as provided in said paragraph (b).  (b)  Notices and other communications to the Lenders hereunder may be delivered or  furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative  Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise  agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the  Company may, in its discretion, agree to accept notices and other communications to it hereunder by  electronic communications pursuant to procedures approved by it; provided that approval of such  procedures may be limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an  acknowledgement from the intended recipient (such as by the “return receipt requested” function, as  available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to  an Internet or intranet website shall be deemed received upon the deemed receipt by the intended  recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or  communication is available and identifying the website address therefor; provided that, for both  clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal  business hours of the recipient, such notice or communication shall be deemed to have been sent at the  opening of business on the next business day for the recipient.  (c)  Any party hereto may change its address or telecopy number for notices and other  communications hereunder by notice to the other parties hereto.  All notices and other communications  given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have  been given on the date of receipt.  SECTION 8.02.  Waivers; Amendments.  (a)   No failure or delay by the Administrative  Agent or any 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  Administrative Agent and the Lenders hereunder and under the other Loan Documents 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 the Borrower 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 shall not be construed as a waiver of any  Default, regardless of whether the Administrative Agent or any Lender may have had notice or  knowledge of such Default at the time.  (b)  Subject to clauses (b) and (c) of Section 2.14, neither this Agreement nor any  provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in  writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative  

 

    61  Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase  the  Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount  of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the  written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of  the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the  amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any  Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section  2.18(b) or (d), or Section 6.02, in a manner that would alter the pro rata sharing or priority of payments  required thereby, without the written consent of each Lender adversely affected thereby, or (v) change  any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof  specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder  or make any determination or grant any consent hereunder, without the written consent of each Lender;  provided further (x) that no such agreement shall amend, modify or otherwise affect the rights or duties of  the Administrative Agent hereunder without the prior written consent of the Administrative Agent and (y)  any amendment to Section 2.20 shall require the consent of the Administrative Agent.  (c)  Notwithstanding the foregoing, this Agreement and any other Loan Document may  be amended (or amended and restated) with the written consent of the Required Lenders, the  Administrative Agent and the Borrower (x) to add one or more credit facilities to this Agreement and to  permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in  respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the  Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the  Lenders holding such credit facilities in any determination of the Required Lenders and Lenders.  (d)  If, in connection with any proposed amendment, waiver or consent  requiring the  consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders  is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is  necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Company  may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that,  concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to  the Company and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans  and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and  to become a Lender for all purposes under this Agreement and to assume all obligations of the Non- Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of  Section 8.04, (ii) such other bank or other entity shall consent to such proposed amendment, waiver or  consent and (iii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of  such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting  Lender by the Borrower hereunder to and including the date of termination, including without limitation  payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any,  equal to the payment which would have been due to such Lender on the day of such replacement under  Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to  the replacement Lender.  (e)  Notwithstanding anything to the contrary herein the Administrative Agent may, with  the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan  Documents to cure any ambiguity, omission, mistake, defect or inconsistency.  Both before and promptly  after the execution thereof, the Administrative Agent shall furnish a copy of such amendment,  modification or supplement to each Lender.  SECTION 8.03.  Expenses; Indemnity; Damage Waiver.  (a)   The Company shall pay (i)  all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including  

 

62  the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection  with the syndication and distribution (including, without limitation, via the internet or through a service  such as IntraLinksTM) of the credit facilities provided for herein, the preparation and administration of this  Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions  hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),  and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the  fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection  with the enforcement or protection of its rights in connection with this Agreement and any other Loan  Document, including its rights under this Section, or in connection with the Loans made hereunder,  including all such out-of-pocket expenses incurred during  any workout, restructuring or negotiations in  connection therewith in respect of such Loans.  (b) The Company shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,  and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related  expenses, including the fees, charges and disbursements of a single firm of counsel for all such  Indemnitees, taken as a whole and, if necessary, of a single firm of local counsel in each appropriate  jurisdiction (which may include a single firm of special counsel acting in multiple jurisdictions) for all  such Indemnitees, taken as a whole (and, solely in the case of an actual or perceived conflict of interest  where the indemnified person affected by such conflict notifies you of the existence of such conflict and  thereafter retains its own counsel, of one other firm of counsel for each such affected 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 any Loan Document 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 the use of the proceeds  therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property  owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in  any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,  investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation,  investigation or proceeding is brought by the Borrower or its respective equity holders, Affiliates,  Creditors or any other third Person and 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, liabilities or related expenses (x)  are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted  from the gross negligence or willful misconduct of, or the material breach of any express material  obligation of, such Indemnitee or (y) arise from any proceeding not involving any act or omission by the  Company or its Affiliates and that is brought by any Indemnitee against any other Indemnitee (other than  any proceeding brought against an Indemnitee in its capacity as an agent, an arranger, a bookrunner or  any similar role under the Loan Documents).  This Section 8.03(b) shall not apply with respect to Taxes  other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.  (c) Each Lender severally agrees to pay any amount required to be paid by the Company under paragraph (a) or (b) of this Section 8.03 to the Administrative Agent, and each Related  Party of any of the foregoing Persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the  Company and without limiting the obligation of the Company to do so), ratably according to their  respective Applicable Percentage in effect on the date on which indemnification is sought under this  Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated  and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage  immediately prior to such date), from and against any and all losses, claims, damages, liabilities and  related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any  time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against  

 

63  such Agent Indemnitee in any way relating to or arising out of the Commitments, this Agreement, any of  the other Loan Documents or any documents contemplated by or referred to herein or therein or the  transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee  under or in connection with any of the foregoing; provided that the unreimbursed expense or indemnified  loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against  such Agent Indemnitee in its capacity as such; provided further that no Lender shall be liable for the  payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,  suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of  competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful  misconduct.  The agreements in this Section shall survive the termination of this Agreement and the  payment of the Loans and all other amounts payable hereunder.  (d) To the extent permitted by applicable law, Borrower shall not assert, and the Borrower hereby waives, any claim against the Administrative Agent, the Arranger and any Lender, and  any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related  Person”) for any losses, claims (including intraparty claims), demands, damages or liabilities of any kind  (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), except to the extent found by a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Lender-Related Person, or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof. (e) All amounts due under this Section shall be payable not later than fifteen (15) 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 (i) the Borrower may not assign or otherwise transfer any of its rights or  obligations hereunder without the prior written consent of each Lender (and any attempted assignment or  transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or  otherwise transfer its rights or obligations hereunder except in accordance with this Section.  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, Participants (to the extent provided in  paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of  each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or  by reason of this Agreement.  (b) (i)    Subject to the conditions set forth in paragraph (b)(ii) below, any 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) with the prior written  consent (such consent not to be unreasonably withheld or delayed) of:  (A) the Company, (provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the  Administrative Agent within ten (10) Business Days after having received notice  thereof); provided, further, that no consent of the Company shall be required for an  assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of  Default has occurred and is continuing, any other assignee; and  

 

64  (B) the Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an assignment to a Lender, an Affiliate of a Lender, or an  Approved Fund.  (ii) Assignments shall be subject to the following additional conditions: (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning  Lender’s Commitment or Loans, the amount of the Commitment or Loans of the  assigning Lender subject to each such assignment (determined as of the date the  Assignment and Assumption with respect to such assignment is delivered to the  Administrative Agent) shall not be less than $10,000,000 unless each of the Company  and the Administrative Agent otherwise consent, provided that no such consent of the  Company shall be required if an Event of Default has occurred and is continuing;  (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement;  (C) the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement  incorporating an Assignment and Assumption by reference pursuant to an Approved  Electronic Platform as to which the Administrative Agent and the parties to the  Assignment and Assumption are participants, together with a processing and recordation  fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender  or shared between such Lenders; provided, that the Company shall pay such assignment  fee in connection with a replacement of any Lender requested by the Company pursuant  to Section 2.19(b) or 8.02(d) of this Agreement;  (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more  credit contacts to whom all syndicate-level information (which may contain material non- public information about the Company and its Affiliates and their Related Parties or their  respective securities) will be made available and who may receive such information in  accordance with the assignee’s compliance procedures and applicable laws, including  Federal and state securities laws; and  (E) no assignment shall be made to an Ineligible Institution. For the purposes of this Section 8.04(b), the terms “Approved Fund” and “Ineligible  Institution” have the following meanings:  “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) a Lender, (b) an Affiliate of a Lender or  (c) an entity or an Affiliate of an entity that administers or manages a Lender. “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender  Parent, (c) the Company, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment  vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s)  thereof.  

 

65  (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee  thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and  Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender  thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released  from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering  all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a  party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 8.03).  Any  assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply  with this Section 8.04 shall be treated for purposes of this Agreement as a sale by such Lender of a  participation in such rights and obligations in accordance with paragraph (c) of this Section.  (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it  and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and  principal amount (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof  from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the  Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register  pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding  notice to the contrary.  The Register shall be available for inspection by the Company and any Lender, at  any reasonable time and from time to time upon reasonable prior notice.  (v) Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an  Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the  Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s  completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the  processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such  assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such  Assignment and Assumption and record the information contained therein in the Register; provided that if  either the assigning Lender or the assignee shall have failed to make any payment required to be made by  it pursuant to Section 2.07(b), 2.18(e) or 8.03(c), the Administrative Agent shall have no obligation to  accept such Assignment and Assumption and record the information therein in the Register unless and  until such payment shall have been made in full, together with all accrued interest thereon.  No  assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as  provided in this paragraph.  (c) Any Lender may, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to one or more banks or other entities other than an Ineligible  Institution (a “Participant”) in all or a portion of such Lender’s rights and obligations under this  Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A)  such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain  solely responsible to the other parties hereto for the performance of such obligations and (C) the  Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with  such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any  agreement or instrument pursuant to which a Lender sells such a participation shall provide that such  Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification  or waiver of any provision of this Agreement; provided that such agreement or instrument may provide  that such Lender will not, without the consent of the Participant, agree to any amendment, modification or  waiver described in the first proviso to Section 8.02(b) that affects such Participant.  The Borrower agrees  that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the  

 

    66  requirements and limitations therein, including the requirements under Section 2.17(f) (it being  understood that the documentation required under Section 2.17(f) shall be delivered to the participating  Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to  paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of  Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be  entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation, than  its participating Lender would have been entitled to receive, except to the extent such entitlement to  receive a greater payment results from a Change in Law that occurs after the Participant acquired the  applicable participation.  To the extent permitted by law, each Participant also shall be entitled to the  benefits of Section 8.08 as though it were a Lender, provided such Participant agrees to be subject to  Section 2.18(d) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for  this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and  address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in  the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no  Lender shall have any obligation to disclose all or any portion of the Participant Register (including the  identity of any Participant or any information relating to a Participant’s interest in any Commitments,  Loans or its other obligations under any Loan Document) to any Person except to the extent that such  disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form  under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant  Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is  recorded in the Participant Register as the owner of such participation for all purposes of this Agreement  notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its  capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.  (d)  Any Lender may at any time pledge or assign a security interest in all or any portion  of its rights under this Agreement to secure obligations of such Lender, including without limitation any  pledge or assignment to secure obligations to a Federal Reserve Bank, 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 a Lender from any of its obligations hereunder or substitute any such  pledgee or assignee for such Lender as a party hereto. Notwithstanding any assignment, transfer and/or  novation permitted under, and made in accordance with the provisions of this Agreement, any Lien and/or  guarantees given under or in connection with the Loan Documents shall be preserved.  SECTION 8.05.  Survival.  All covenants, agreements, representations and warranties  made by the Borrower 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, regardless of any investigation made by any such other party or  on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or  knowledge of any 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 or any other Loan Document is  outstanding and unpaid and so long as the Commitments have not expired or terminated.  The provisions  of Sections 2.15, 2.16, 2.17 and 8.03 and Article VII 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 Commitments or the termination of this Agreement or any other Loan  Document or any provision hereof or thereof.  SECTION 8.06.  Counterparts; Integration; Effectiveness.    

 

67  (a) 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 Administrative Agent constitute the entire contract among  the parties relating to the subject matter hereof and supersede any and all previous agreements and  understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01,  this Agreement shall become effective when it shall have been executed by the Administrative Agent and  when the Administrative Agent shall have received counterparts hereof 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.    (b) Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice  (including, for the avoidance of doubt, any notice delivered pursuant to Section 8.01), certificate, request,  statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the  transactions contemplated hereby and/or thereby (each an “Ancillary Document”) by telecopy, e-mailed  .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be  effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,”  “signed,” “signature,” “delivery,” and words of like import in or relating to any  document to be signed in  connection with this Agreement and the transactions contemplated hereby shall be deemed to include  Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of  the same legal effect, validity or enforceability as a manually executed signature, physical delivery  thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as  provided for in any applicable law, the Federal Electronic Signatures in Global and National Commerce  Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on  the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative  Agent to accept Electronic Signatures in any form or format without its prior written consent; provided,  further that without limiting the foregoing, (i)  to the extent the Administrative Agent has agreed to accept  any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on  such Electronic Signature purportedly given by or on behalf of the Borrower without further verification  thereof and without any obligation to review the appearance or form of any such Electronic signature and  (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature  shall be promptly followed by a manually executed counterpart.  Without limiting the generality of the foregoing, the Borrower hereby  agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the Borrower, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement,  any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original,  the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record),  waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and  waives any claim against any Lender-Related Person for any losses, claims (including intraparty claims), demands, damages or liabilities of any kind arising solely from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means 

 

68  that reproduces an image of an actual executed signature page, including any losses, claims (including  intraparty claims), demands, damages or liabilities of any kind arising as a result of the failure of the  Borrower to use any available security measures in connection with the execution, delivery or  transmission of any Electronic Signature.  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 (i) a payment Event of Default under Section 6.01(a)  shall have occurred and be continuing, or (ii) any other Event of Default shall have occurred and be  continuing and the Required Lenders have consented to the following, each 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 and in  whatever currency denominated) 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 against any of and all of the 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)   This  Agreement shall be construed in accordance with and governed by the law of the State of New York.  (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New  York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme  Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any  thereof, in any action or proceeding arising out of or relating to any Loan Document or the transactions  relating hereto or thereto, 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 (and any such claims, cross claims or third party claims brought against the  Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to  the extent permitted by law) or New York State court.  Each of the parties hereto agrees, to the fullest  extent permitted by law, 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 Administrative  Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or  any other Loan Document against the Borrower or its properties in the courts of any jurisdiction.  (c) The Borrower 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.  

 

    69  (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 HEREBY OR THEREBY (WHETHER BASED ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT  NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER 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.  Each of the Administrative Agent and the Lenders  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 (including any self-regulatory  authority, such as the National Association of Insurance Commissioners), (c) to the extent required by  applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this  Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other Loan  Document 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 Borrower  and its obligations, (g) with the consent of the Company 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  Administrative Agent or any Lender on a nonconfidential basis from a source other than the Company  (other than a Person if and to the extent that the Administrative Agent or such Lender has actual  knowledge that such Person is acting in violation of an obligation to maintain such information as  confidential).  For the purposes of this Section, “Information” means all information received from the  Company relating to the Company or its business, other than any such information that is available to the  Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company and  other than information pertaining to this Agreement routinely provided by arrangers to data service  providers, including league table providers, that serve the lending industry; provided that, in the case of  information received from the Company after the date hereof, such information is clearly identified at the  time of delivery as confidential.  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.  

 

70  SECTION 8.13.  USA PATRIOT Act.  Each Lender that is subject to the requirements of  the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot  Act”) hereby notifies the Borrower that pursuant to the requirements of the Patriot 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 Patriot Act. The Borrower shall, promptly following a request by the Administrative  Agent or any Lender, provide all documentation and other information that the Administrative Agent or  such Lender requests in order to comply with its ongoing obligations under applicable “know your  customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial  Ownership Regulation.  SECTION 8.14.  Interest Rate Limitation.  Notwithstanding anything herein to the  contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other  amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”),  shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged,  taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate  of interest payable in respect of such Loan hereunder, together with all Charges payable in respect  thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that  would have been payable in respect of such Loan but were not payable as a result of the operation of this  Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans  or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount,  together with interest thereon to the date of repayment at the NYFRB Rate.  SECTION 8.15.  No Fiduciary Duty, etc.  (a)   The Borrower acknowledges and agrees,  and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except  those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is  acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to  the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor  or a fiduciary to, or an agent of, the Borrower or any other person.  The Borrower agrees that it will not  assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit  Party in connection with this Agreement and the transactions contemplated hereby.  Additionally, the  Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax,  investment, accounting, regulatory or any other matters in any jurisdiction.  The Borrower shall consult  with its own advisors concerning such matters and shall be responsible for making its own independent  investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and  the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.  (b) The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking  firm engaged in securities trading and brokerage activities as well as providing investment banking and  other financial services.  In the ordinary course of business, any Credit Party may provide investment  banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts  of customers, equity, debt and other securities and financial instruments (including bank loans and other  obligations) of, the Borrower and other companies with which it may have commercial or other  relationships.  With respect to any securities and/or financial instruments so held by any Credit Party or  any of its customers, all rights in respect of such securities and financial instruments, including any voting  rights, will be exercised by the holder of the rights, in its sole discretion.  (c) In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt financing,  equity capital or other services (including financial advisory services) to other companies in respect of  

 

    71  which the Borrower or its Subsidiaries may have conflicting interests regarding the transactions described  herein and otherwise.  No Credit Party will use confidential information obtained from the Borrower by  virtue of the transactions contemplated by the Loan Documents or its other relationships with the  Borrower in connection with the performance by such Credit Party of services for other companies, and  no Credit Party will furnish any such information to other companies.  The Borrower also acknowledges  that no Credit Party has any obligation to use in connection with the transactions contemplated by the  Loan Documents, or to furnish to the Borrower, confidential information obtained from other companies.  SECTION 8.16.  Material Non-Public Information.  (a)   EACH LENDER  ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 8.12 FURNISHED TO  IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC  INFORMATION CONCERNING THE COMPANY AND  ITS RELATED PARTIES OR THEIR  RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE  PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND  THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN  ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING  FEDERAL AND STATE SECURITIES LAWS.  (b)  ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND  AMENDMENTS, FURNISHED BY THE COMPANY OR THE ADMINISTRATIVE AGENT  PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE  SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC  INFORMATION ABOUT THE COMPANY, THE OTHER BORROWER AND THEIR RELATED  PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER  REPRESENTS TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT HAS  IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY  RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN  ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.  SECTION 8.17.  Acknowledgment and Consent to Bail-In of Affected Financial  Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement,  arrangement or understanding among any such parties, each party hereto acknowledges that any liability  of any Affected Financial Institution arising under any Loan Document may be subject to the Write- Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and  acknowledges and agrees to be bound by:  (a)  the application of any Write-Down and Conversion Powers by an applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party  hereto that is an Affected Financial Institution; and  (b)  the effects of any Bail-In Action on any such liability, including, if applicable:  (i)  a reduction in full or in part or cancellation of any such liability;  (ii)  a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent entity, or a  bridge institution that may be issued to it or otherwise conferred on it, and that such  shares or other instruments of ownership will be accepted by it in lieu of any rights with  respect to any such liability under this Agreement or any other Loan Document; or  

 

72  (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.  [Rest of Page Left Intentionally Blank] 

 

Signature Page to Term Loan Credit Agreement  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed by their respective authorized signatories as of the day and year first above written.  MASCO CORPORATION, as the Company  By _________/s/David Chaika_______  Name: David A. Chaika  Title: Vice President, Treasurer and Investor  Relations  

 

Signature Page to Term Loan Credit Agreement  PNC BANK, NATIONAL ASSOCIATION,   individually as a Lender and as Administrative Agent  By ______/s/ Scott Neiderheide______  Name: Scott Neiderheide  Title:   Senior Vice President  

 

Signature Page to Term Loan Credit Agreement  BANK OF AMERICA, N.A.,   as a Lender  By ______/s/ Marc Maslanka______  Name: Marc Maslanka  Title:   Director  

 

Signature Page to Term Loan Credit Agreement  WELLS FARGO BANK, NATIONAL ASSOCIATION,   as a Lender  By ______/s/ Kay Reedy______  Name: Kay Reedy  Title:   Managing Director  

 

Signature Page to Term Loan Credit Agreement  U.S. BANK NATIONAL ASSOCIATION,  as a Lender  By ______/s/ James N. DeVries______  Name: James N. DeVries  Title:   Senior Vice President 

 

SCHEDULE 2.01  COMMITMENTS  Name of Lender Commitment  PNC Bank, National Association $200,000,000  Bank of America, N.A. $100,000,000  U.S. Bank National Association $100,000,000  Wells Fargo Bank, National Association $100,000,000  Total Commitments: $500,000,000  

 

EXHIBIT A  [FORM OF]  ASSIGNMENT AND ASSUMPTION  This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the  Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the  “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined  herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the  “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard  Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein  by reference and made a part of this Assignment and Assumption as if set forth herein in full.  For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the  Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and  in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date  inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and  obligations in its capacity as a Lender under the Credit Agreement and any other documents or  instruments delivered pursuant thereto to the extent related to the amount and percentage interest  identified below of all of such outstanding rights and obligations of the Assignor under the respective  facilities identified below (including any letters of credit, guarantees, and swingline loans included in  such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits,  causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person,  whether known or unknown, arising under or in connection with the Credit Agreement, any other  documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any  way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims,  statutory claims and all other claims at law or in equity related to the rights and obligations sold and  assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i)  and (ii) above being referred to herein collectively as the “Assigned Interest”).  Such sale and assignment  is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,  without representation or warranty by the Assignor.  Notwithstanding any assignment, transfer and/or novation permitted under, and made in  accordance with the provisions of this Agreement, any Lien and/or guarantees given under or in  connection with the Loan Documents shall be preserved.  1. Assignor: 2. Assignee: [and is an Affiliate/Approved Fund of [identify Lender]1]  3. Borrower: Masco Corporation  4. Administrative Agent: PNC Bank, National Association, as the administrative agent under the  Credit Agreement  1 Select as applicable.  

 

5. Credit Agreement: The Term Loan Credit Agreement dated as of April [__], 2022 among  Masco Corporation, the Lenders party thereto, PNC Bank, National  Association, as Administrative Agent, and the other agents party thereto  6. Assigned Interest: Aggregate Amount of  Commitment/Loans for all  Lenders  Amount of  Commitment/  Loans Assigned  Percentage Assigned  of  Commitment/Loans2  $ $ % $ $ % $ $ % Effective Date:  _____________ ___, 20___ [TO BE INSERTED BY THE ADMINISTRATIVE  AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN  THE REGISTER THEREFOR.]  The terms set forth in this Assignment and Assumption are hereby agreed to:  ASSIGNOR [NAME OF ASSIGNOR]  By: Title: ASSIGNEE [NAME OF ASSIGNEE]  By: Title: Consented to and Accepted:  PNC BANK, NATIONAL ASSOCIATION., as  Administrative Agent  By:   Title: [Consented to:]3 MASCO CORPORATION  By:   Title: 2 Set forth, so at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.  3 To be added only if the consent of the Company is required by the terms of the Credit Agreement.  

 

ANNEX I  STANDARD TERMS AND CONDITIONS FOR  ASSIGNMENT AND ASSUMPTION  1. Representations and Warranties. 1.1  Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and  beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,  encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action  necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions  contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or  representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the  execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or  any collateral thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates  or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by  the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective  obligations under any Loan Document.  1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it has full power and  authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and  to consummate the transactions contemplated hereby and to become a Lender under the Credit  Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to  be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the  Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to  the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a  copy of the Credit Agreement, together with copies of the most recent financial statements delivered  pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has  deemed appropriate to make its own credit analysis and decision to enter into this Assignment and  Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and  decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it  is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be  delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the  Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,  the Assignor or any other Lender, and based on such documents and information as it shall deem  appropriate at the time, continue to make its own credit decisions in taking or not taking action under the  Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by  the terms of the Loan Documents are required to be performed by it as a Lender.  2. Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other  amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the  Assignee for amounts which have accrued from and after the Effective Date.  3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment  and Assumption may be executed in any number of counterparts, which together shall constitute one  instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption  by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and  Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with,  the law of the State of New York.  

 

Notwithstanding any assignment, transfer and/or novation permitted under, and made in  accordance with the provisions of this Agreement, any Lien and/or guarantees given under or in  connection with the Loan Documents shall be preserved.  

 

EXHIBIT B  [RESERVED]  

 

EXHIBIT C  [RESERVED]  

 

EXHIBIT D  [RESERVED]  

 

EXHIBIT E  LIST OF CLOSING DOCUMENTS  MASCO CORPORATION  TERM LOAN FACILITY  April [__], 2022  LIST OF CLOSING DOCUMENTS1  A. LOAN DOCUMENTS 1. Term Loan Credit Agreement (the “Credit Agreement”) by and among Masco Corporation, a Delaware corporation (the “Company”), the institutions from time to time parties thereto as Lenders (the “Lenders”), PNC Bank, National Association, in its capacity as Administrative Agent for itself and the other Lenders (the “Administrative Agent”) and the other agents parties thereto, evidencing a term loan credit facility to the Company from the Lenders in an initial aggregate principal amount of $500,000,000. SCHEDULES  Schedule 2.01 -- Commitments  EXHIBITS  Exhibit A --  Form of Assignment and Assumption  Exhibit B --  Reserved  Exhibit C --  Reserved  Exhibit D --  Reserved  Exhibit E --  List of Closing Documents  Exhibit F-1 -- Form of U.S. Tax Certificate (Foreign Lenders That Are Not  Partnerships)  Exhibit F-2 -- Form of U.S. Tax Certificate (Foreign Participants That Are Not  Partnerships)  Exhibit F-3 -- Form of U.S. Tax Certificate (Foreign Participants That Are  Partnerships)  Exhibit F-4 --  Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)  2. Notes executed by the Company in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.10(e) of the Credit Agreement. B. CORPORATE DOCUMENTS 1 Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the  above-defined Credit Agreement.    

 

3. Certificate of the Secretary of the Company certifying (i) resolutions of the Board of Directors of the Company approving and authorizing the execution, delivery and performance of the Credit Agreement, (ii) that there have been no changes in the Certificate of Incorporation (attached thereto) of the Company since the date of the most recent certification thereof by the Secretary of State of Delaware delivered to the Administrative Agent, (iii) the names and true signatures of the incumbent officers of the Company authorized to sign the Credit Agreement, and (iv) the By-laws (attached thereto) of the Company as in effect on the date of such certification. 4. Good Standing Certificates for the Company from the offices of the Secretaries of State of Delaware and Michigan. C. OPINION LETTERS 5. Opinions of counsel to the Company: (a) Davis Polk & Wardwell LLP. (b) Kenneth G. Cole, Vice President, General Counsel and Secretary of the Company. D. CLOSING CERTIFICATES AND MISCELLANEOUS 6. A Certificate, dated as of the Effective Date and signed by the President, a Vice President or a Financial Officer of the Company, certifying the following: (i) all of the representations and warranties of the Company set forth in the Credit Agreement are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by “Material Adverse Effect” or materiality, in all respects) and (ii) no Default has occurred and is then continuing. 

 

EXHIBIT F-1  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Term Loan Credit Agreement dated as of April [_], 2022  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among  Masco Corporation (the “Borrower”), the Lenders from time to time party thereto, PNC Bank, National  Association, as administrative agent (in such capacity, the “Administrative Agent”) and the other agents  party thereto.   Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s)  evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the  meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower  within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation  related to any Borrower as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrower with a  certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing  this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the  undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned  shall have at all times furnished the Borrower and the Administrative Agent with a properly completed  and currently effective certificate in either the calendar year in which each payment is to be made to the  undersigned, or in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF LENDER]  By:______________________________________  Name:  Title:  Date:  __________, 20[__] 

 

EXHIBIT F-2  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Term Loan Credit Agreement dated as of April [_], 2022  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among  Masco Corporation (the “Borrower”), the Lenders from time to time party thereto, PNC Bank, National  Association, as administrative agent (in such capacity, the “Administrative Agent”) and the other agents  party thereto.  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it  is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,  (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with a certificate of its non-U.S.  Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the  undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall  promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such  Lender with a properly completed and currently effective certificate in either the calendar year in which  each payment is to be made to the undersigned, or in either of the two calendar years preceding such  payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF PARTICIPANT]  By:______________________________________  Name:  Title:  Date:  __________, 20[__]  

 

EXHIBIT F-3  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Term Loan Credit Agreement dated as of April [_], 2022  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among  Masco Corporation (the “Borrower”), the Lenders from time to time party thereto, PNC Bank, National  Association, as administrative agent (in such capacity, the “Administrative Agent”) and the other agents  party thereto.  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing  this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such  participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect  partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary  course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its  direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of  Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled  foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished its participating Lender with IRS Form W-8IMY  accompanied by one of the following forms from each of its partners/members that is claiming the  portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W- 8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such  partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this  certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the  undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times  furnished such Lender with a properly completed and currently effective certificate in either the calendar  year in which each payment is to be made to the undersigned, or in either of the two calendar years  preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF PARTICIPANT]  By:______________________________________  Name:  Title:  Date:  __________, 20[__]  

 

EXHIBIT F-4  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Term Loan Credit Agreement dated as of April [_], 2022  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among  Masco Corporation (the “Borrower”), the Lenders from time to time party thereto, PNC Bank, National  Association, as administrative agent (in such capacity, the “Administrative Agent”) and the other agents  party thereto.  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such  Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are  the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with  respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither  the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a  loan agreement entered into in the ordinary course of its trade or business within the meaning of Section  881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder  of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or  indirect partners/members is a controlled foreign corporation related to any Borrower as described in  Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrower with IRS  Form W-8IMY accompanied by one of the following forms from each of its partners/members that is  claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an  IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such  partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this  certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the  undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the  undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly  completed and currently effective certificate in either the calendar year in which each payment is to be  made to the undersigned, or in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF LENDER]  By:______________________________________  Name:  Title:  Date:  __________, 20[__]EX-10.1

 Exhibit 10.1 

Execution Version 
 SEVENTH
AMENDMENT AND EXTENSION AGREEMENT 
 SEVENTH AMENDMENT AND EXTENSION AGREEMENT, dated as of April 26, 2022 (this
“Agreement”), to the Second Amended and Restated Credit Agreement, dated as of May 5, 2014 as amended by the First Amendment dated as of June 1, 2015, the Second Amendment dated as of May 27, 2016, the Third Amendment
and Extension Agreement dated as of May 2, 2017, the Fourth Amendment and Extension Agreement dated as of May 2, 2018, the Fifth Amendment and Extension Agreement dated as of May 3, 2019 and the Sixth Amendment and Extension
Agreement, dated as of April 29, 2021 (the “Existing Credit Agreement” and as further amended, supplemented or modified from time to time, the “Credit Agreement”), among AIR LEASE CORPORATION, a Delaware
corporation (the “Borrower”), the several lenders from time to time parties thereto (the “Lenders”), JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”) and the other parties thereto. 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Existing Credit Agreement, the Lenders agreed to make, and have made, certain loans and other extensions of credit to
the Borrower; 
 WHEREAS, the Borrower has delivered an extension request notice dated as of April 18, 2022 to the Administrative Agent
requesting an extension of the Termination Date under the Credit Agreement and the Lenders party to this Agreement are willing to extend the Termination Date applicable to each such Lender on the terms set forth herein; 

WHEREAS, the Administrative Agent has delivered a notice of Early Opt-In Election to the Borrower and
the Lenders at least six (6) Business Days prior to the date hereof and Lenders comprising Required Lenders have not given written notice of objection to such Early Opt-In Election; 

WHEREAS, the Borrower has requested that certain provisions of the Existing Credit Agreement be amended as set forth herein and the Required
Lenders are willing to agree to such amendments on the terms set forth herein; 
 WHEREAS, the Administrative Agent, in consultation with
the Borrower, desires to make certain Benchmark Conforming Changes to the Existing Credit Agreement; 
 WHEREAS, each of the Lenders listed
in Exhibit B (the “Increasing Commitment Lenders”) now desires to increase its Commitment under the Credit Agreement pursuant to Section 2.1(d) thereof that provides that any Lender may increase its Commitment under the
Credit Agreement with the consent of the Borrower and the Administrative Agent; and 
 WHEREAS, each of the financial institutions listed in
Exhibit C (the “New Lenders”) now desires to become a party to the Credit Agreement pursuant to Section 2.1(c) thereof, that provide that any bank, financial institution or other entity may become a party to the Credit
Agreement with the consent of the Borrower and the Administrative Agent (which consent of the Administrative Agent shall not be unreasonably withheld); 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

SECTION 1. Defined Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Existing Credit Agreement. 

 SECTION 2. Extension. Each of the Lenders party to this Agreement hereby agrees to
extend, effective as of the Effective Date (as defined below), its Termination Date under the Credit Agreement to May 5, 2026 pursuant to Section 2.1(g) of the Credit Agreement. 

SECTION 3. Amendments to Existing Credit Agreement. The Existing Credit Agreement is hereby amended with the stricken text deleted
(indicated textually in the same manner as the following example: stricken text) and with the
double-underlined text added (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto. 

SECTION 4. Commitment Increases. Each of the Increasing Commitment Lenders agrees that, as of the Effective Date, its Commitment shall
be increased as specified on Exhibit B hereto. 
 SECTION 5. New Lenders. 

(a) Each of the New Lenders agrees to be bound by the provisions of the Credit Agreement (including, as amended pursuant to this Agreement),
and agrees that it shall, on the Effective Date, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a Commitment as specified on Exhibit
C-1 hereto. 
 (b) Each of the New Lenders (a) represents and warrants that it is legally
authorized to enter into this Agreement; (b) confirms that it has received a copy of the Existing Credit Agreement, together with copies of the financial statements most recently delivered pursuant to Section 6.1(a) and (b) thereof
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) agrees that it has made and will, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any instrument or document
furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any instrument or document furnished
pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform
in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender including, without limitation, if it is organized under the laws of a jurisdiction outside the United States,
its obligation pursuant to Section 2.15(e) of the Credit Agreement. 
 (c) The address for notices for each of the New Lenders for the
purposes of the Credit Agreement is as specified on Exhibit C-2 hereto. 
 SECTION
6. Effective Date. This Agreement shall become effective on the date (the “Effective Date”) on which the following conditions have been satisfied or waived by the Administrative Agent: 

(a) the Administrative Agent shall have received a counterpart of this Agreement, executed and delivered by a duly authorized officer of each
of the Borrower, each Increasing Commitment Lender, each New Lender and the Required Lenders; 
 (b) the Administrative Agent shall have
received each of the documents required to be delivered pursuant to Section 2.1(b) of the Credit Agreement in connection with any Increasing Commitment Lender and any New Lender; and 

  
 2 

 (c) the Administrative Agent shall have received reimbursement or payment of all of its
reasonable and documented out-of-pocket expenses incurred in connection with this Agreement, any other documents prepared in connection herewith and the transaction
contemplated hereby, including, without limitation, fees, disbursements and reasonable charges of counsel to the Administrative Agent. 

(d) at least five days prior to the Effective Date, the Borrower, to the extent it qualifies as a “legal entity customer” under 31
C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”), shall have delivered to each Lender that so requests a certification regarding beneficial ownership required by the Beneficial Ownership Regulation in relation to the
Borrower (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (d) shall be deemed to be satisfied). 

SECTION 7. Commitments as of the Effective Date. As of the Effective Date, after taking into account any increased commitments of
existing Lenders and any commitments of new Lenders pursuant to Section 4 and Section 5 of this Agreement, the Commitment of each Lender is set forth in Schedule 1 to this Agreement. 

SECTION 8. Representations and Warranties. The Borrower hereby represents and warrants that (a) each of the representations
and warranties made by the Borrower in the Loan Documents or any notice or certificate delivered in connection therewith (other than the representation and warranty contained in Section 4.2 of the Existing Credit Agreement) shall be,
immediately before and immediately after giving effect to this Agreement, true and correct in all material respects (provided that any representation or warranty that is qualified by materiality shall be true and correct in all respects) on and as
of the Effective Date as if made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material
respects (provided that any representation or warranty that is qualified by materiality shall be true and correct in all respects) as of such earlier date, (b) immediately before and immediately after giving effect to this Agreement, no Default
or Event of Default shall have occurred and be continuing and (c) as of the Effective Date, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this
Agreement, if applicable, is true and correct in all respects. 
 SECTION 9. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS
AGREEMENT, THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER AND ANY CLAIM OR CONTROVERSY RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY
AGREES AS SET FORTH IN SECTION 10.12 AND 10.16 OF THE CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN. 
 SECTION
10. Amendments; Execution in Counterparts. (a) This Agreement shall not constitute an amendment of any other provision of the Existing Credit Agreement not referred to herein and, except as expressly provided for herein, shall not
be construed as a waiver or consent to any further or future action on the part of the Borrower that would require a waiver or consent of the Lenders or the Administrative Agent. Nothing contained herein shall be construed as a substitution or
novation of the Existing Credit Agreement or of the obligations outstanding thereunder. Except as expressly amended hereby, the provisions of the Existing Credit Agreement are and shall remain in full force and effect. 

  
 3 

 (b) The Borrower and the other parties hereto hereby acknowledge and agree that this
Agreement shall constitute a “Loan Document” as such term is used in the Existing Credit Agreement, and each reference in the Existing Credit Agreement as amended hereby to the “Loan Documents” shall be deemed to include this
Agreement. 
 (c) This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by each of
the parties hereto. 
 (d) This Agreement may be executed by one or more of the parties to this Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. The words “executed”, “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to this Agreement, shall be deemed to include electronic signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the
use of a paper-based recordkeeping system, as the case may be. 
 SECTION 11. Severability; Integration. (a) Any provision of
this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

(b) This Agreement and the other Loan Documents represent the agreement of the Borrower, the Administrative Agent and the Lenders with respect
to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan
Documents. 
 (c) On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby. 

  
 4 

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

			
	AIR LEASE CORPORATION
		
	By:	 	 /s/ Gregory B. Willis

	Name: Gregory B. Willis
	Title: Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A., as Administrative

Agent and as a Lender

		
	By:	 	/s/ Cristina Caviness
	Name: Cristina Caviness
	Title: Executive Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., as Lender
		
	By:	 	/s/ Chris Choi
	Name: Chris Choi
	Title: Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Bank of China, Los Angeles Branch, as Lender
		
	By:	 	/s/ Yong Ou
	Name: Yong Ou
	Title: SVP & Branch Manager

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	MUFG Bank, Ltd., as Lender
		
	By:	 	/s/ Gordon R. Cook
	Name: Gordon R. Cook
	Title: Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	BMO Harris Bank, N.A., as Lender
		
	By:	 	/s/ Andrew Berryman
	Name: Andrew Berryman
	Title: Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Citibank, N.A., as Lender
		
	By:	 	/s/ Maureen Maroney
	Name: Maureen Maroney
	Title: Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
		
	By:	 	/s/ Ming K. Chu
	Name:	 	Ming K. Chu
	Title:	 	Director
		
	By:	 	/s/ Douglas Darman
	Name:	 	Douglas Darman
	Title:	 	Director
		 	

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Fifth Third Bank, National Association, as Lender
		
	By:	 	/s/ Sam Schuessler
	Name:	 	Sam Schuessler
	Title:	 	Associate

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	MIZUHO BANK, LTD., as Lender
		
	By:	 	/s/ Raymond Ventura
	Name:	 	Raymond Ventura
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Société Générale, as Lender
		
	By:	 	/s/ Richard Bernal
	Name:	 	Richard Bernal
	Title :	 	Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	 The Toronto-Dominion Bank, New York Branch.

as Lender

		
	By:	 	/s/ Brian MacFarlane
	Name:	 	Brian MacFarlane
	Title:	 	Authorized Signatory

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	TRUIST BANK, as a Lender
		
	By:	 	/s/ Hays Wood
	Name:	 	Hays Wood
	Title:	 	Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	WELLS FARGO BANK, N.A., as Lender
		
	By:	 	/s/ William R. Eustis
	Name:	 	William R. Eustis
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	ROYAL BANK OF CANADA, as Lender
		
	By:	 	/s/ Scott Umbs
	Name:	 	Scott Umbs
	Title:	 	Authorized Signatory

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	 BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
NEW YORK BRANCH,

as Lender

		
	By:	 	/s/ Stephen Johnson
	Name:	 	Stephen Johnson
	Title:	 	Managing Director
		
	By:	 	 /s/ Miriam Trautmann

	Name:	 	Miriam Trautmann
	Title:	 	Senior Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	CITIZENS BANK, N.A. as Lender
		
	By:	 	/s/ Darran Wee
	Name:	 	Darran Wee
	Title:	 	Senior Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	GOLDMAN SACHS BANK USA, as Lender
		
	By:	 	/s/ Jonathan Dworkin
	Name:	 	Jonathan Dworkin
	Title:	 	Authorized Signatory

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, as Lender
		
	By:	 	/s/ Xiaoxing Huang
	Name:	 	Xiaoxing Huang
	Title:	 	VP
		
	By:	 	 /s/ Jeffrey Roth

	Name:	 	Jeffrey Roth
	Title:	 	Executive Director
		 	

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	NatWest Markets Plc, as Lender
		
	By:	 	/s/ Michael Hardie
	Name:	 	Michael Hardie
	Title:	 	Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	REGIONS BANK, as Lender
		
	By:	 	/s/ William Soo
	Name:	 	William Soo
	Title:	 	Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	SANTANDER BANK, N.A., as Lender
		
	By:	 	/s/ Xavier Ruiz Sena
	Name:	 	Xavier Ruiz Sena
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Scotiabank (Ireland) DAC, as Lender
		
	By:	 	/s/ Maxime Comeau
	Name:	 	Maxime Comeau
	Title:	 	Managing Director, Head of Corporate banking
		
	By:	 	 /s/ Max Cathala

	Name:	 	Max Cathala
	Title:	 	Director Corporate banking

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	BNP Paribas, as Lender
		
	By:	 	/s/ Robert Papas
	Name:	 	Robert Papas
	Title:	 	Managing Director
		
	By:	 	 /s/ Ahsan Avais

	Name:	 	Ahsan Avais
	Title:	 	Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	KEYBANK NATIONAL ASSOCIATION, as Lender
		
	By:	 	/s/ Tad L. Stainbrook
	Name:	 	Tad L. Stainbrook
	Title:	 	Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	CIBC Bank USA, as Lender
		
	By:	 	/s/ Samir D. Desai
	Name:	 	Samir D. Desai
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	China Construction Bank Corporation, New York Branch,
as Lender
		
	By:	 	/s/ Suosheng Li
	Name:	 	Suosheng Li
	Title:	 	General Manager

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Lender
		
	By:	 	/s/ Steven L. Sawyer
	Name:	 	Steven L. Sawyer
	Title:	 	Senior Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	DBS BANK LTD., as Lender
		
	By:	 	/s/ Kate Khoo
	Name:	 	Kate Khoo
	Title:	 	Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	First-Citizens Bank & Trust Company (successor by merger to CIT Bank, N.A.), as Lender
		
	By:	 	/s/ Jean-Pierre Knight
	Name:	 	Jean-Pierre Knight
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Bank of the West, as Lender
		
	By:	 	/s/ Carl B. Coleman
	Name:	 	Carl B. Coleman
	Title:	 	Director, Team Leader

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Apple Bank for Savings, as Lender
		
	By:	 	/s/ Dana R. MacKinnon
	Name:	 	Dana R. MacKinnon
	Title:	 	Senior Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	 BANCO SANTANDER, S.A., NEW YORK BRANCH,

as Lender

		
	By:	 	/s/ Andres Barbosa
	Name:	 	Andres Barbosa
	Title:	 	Managing Director
		
	By:	 	/s/ Rita Walz-Cuccioli
	Name:	 	Rita Walz-Cuccioli
	Title:	 	Executive Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Morgan Stanley Bank, N.A., as Lender
		
	By:	 	/s/ Michael King
	Name:	 	Michael King
	Title:	 	Authorized Signatory

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Oversea-Chinese Banking Corporation Limited, Los Angeles Agency, as Lender
		
	By:	 	/s/ Charles Ong
	Name:	 	Charles Ong
	Title:	 	General Manager

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	STIFEL BANK & TRUST, as a Lender
		
	By:	 	/s/ Matthew L. Diehl
		 	Name: Matthew L. Diehl
		 	Title: Senior Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	UMB Bank n.a., as Lender
		
	By:	 	/s/ Cory Miller
	Cory Miller
	Senior Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	 Bank of Communications Co., Ltd., New York Branch,

as Lender

		
	By:	 	/s/ Shaohui Yang
	Name:	 	Shaohui Yang
	Title:	 	General Manager

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	City National Bank, as Lender
		
	By:	 	/s/ Marguerite Sutton
	Name:	 	Marguerite Sutton
	Title:	 	Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Taiwan Business Bank, Los Angeles Branch, as Lender
		
	By:	 	/s/ Sophie A.Y. Lin
		 	Sophie A.Y. Lin
		 	General Manager

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	 Crédit Industriel et Commercial, New York Branch,

as Lender

		
	By:	 	/s/ Andrew McKuin
	Name:	 	Andrew McKuin
	Title:	 	Managing Director

  

			
		
	By:	 	/s/ Garry Weiss
	Name:	 	Garry Weiss
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	PACIFIC PREMIER BANK, as Lender
		
	By:	 	/s/ Stuart Adair
	Name:	 	Stuart Adair
	Title:	 	Regional Portfolio Director

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Land Bank of Taiwan, NY Branch, as Lender
		
	By:	 	/s/ Kuang Wei Chang
	Name:	 	Kuang Wei Chang
	Title:	 	General Manager

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	 Mega International Commercial Bank Co., Ltd. New York Branch, as Lender

		
	By:	 	/s/ Tung Wei Wu
	Name:	 	Tung Wei Wu
	Title:	 	Assistant Vice President

  
 [Signature Page to
Seventh Amendment and Extension to the Credit Agreement] 

 
			
	Taiwan Cooperative Bank Seattle Branch, as a Lender
		
	By:	 	/s/ Yueh-Ching Lin
		 	Name: Yueh-Ching Lin
		 	Title: VP & General Manager

 [Signature Page to Seventh Amendment and Extension to the Credit Agreement] 

 Exhibit A 

Amendments to Existing Credit Agreement. 

[Attached] 

 Exhibit A 

Execution Version 
  
  

 
 $6,405,797,413.747,065,000,000
 
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

among 
 AIR LEASE CORPORATION, 

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

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent 
 Dated as of May 5, 2014 
  

 
  

J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., RBC CAPITAL MARKETS1, BMO
CAPITAL MARKETS, RBS SECURITIES INC., CREDIT SUISSE SECURITIES (USA) LLC, BOFA SECURITIES, INC., WELLS FARGO SECURITIES, LLC, FIFTH THIRD SECURITIES, INC. and MIZUHO SECURITIES USA INC. 

as Joint Lead Arrangers and Joint Bookrunners 

JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC., CITIGROUP GLOBAL MARKETS INC., MIZUHO BANK, LTD., BMO CAPITAL MARKETS CORP., BNP PARIBAS,
TRUIST SECURITIES, INC., FIFTH THIRD BANK, NATIONAL ASSOCIATION, GOLDMAN SACHS BANK USA, INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, MUFG BANK, LTD., RBC CAPITAL MARKETS, SANTANDER BANK, N.A., WELLS FARGO BANK, N.A. and BANK OF
CHINA, LOS ANGELES BRANCH 
 as Second Amendment Joint Lead Arrangers and Joint Bookrunners and as Third Amendment Joint Lead Arrangers and
Joint Bookrunners 
 JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC., BANK OF CHINA, LOS ANGELES BRANCH, CITIBANK, N.A. GOLDMAN SACHS BANK
USA, MIZUHO BANK, LTD., MUFG BANK, LTD., RBC CAPITAL MARKETS, TORONTO-DOMINION BANK, NEW YORK BRANCH, WELLS FARGO BANK, N.A., ABN AMRO CAPITAL USA LLC, BMO HARRIS BANK, N.A., BNP PARIBAS, INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK
BRANCH, SOCIETE GENERALE, TRUIST SECURITIES, INC., FIFTH THIRD BANK, NATIONAL ASSOCIATION, KEYBANK NATIONAL ASSOCIATION, LLOYDS BANK and REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS BANK 

as Fourth Amendment Joint Lead Arrangers and Joint Bookrunners 

BOFA SECURITIES, INC, BANK OF CHINA, LOS ANGELES BRANCH, BMO HARRIS BANK N.A., JPMORGAN CHASE BANK, N.A., MIZUHO BANK, LTD., MUFG BANK, LTD.,
SOCIETE GENERALE, TRUIST SECURITIES, INC., WELLS FARGO BANK, N.A., RBC CAPITAL MARKETS, BNP PARIBAS, FIFTH THIRD BANK, NATIONAL ASSOCIATION, ABN AMRO CAPITAL USA LLC, CITIBANK, N.A., GOLDMAN SACHS BANK USA, NATWEST MARKETS PLC, REGIONS CAPITAL
MARKETS, A DIVISION OF REGIONS BANK, SANTANDER BANK, N.A., TORONTO-DOMINION BANK, NEW YORK BRANCH, CITIZENS BANK, N.A., INDUSTRIAL COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH AND KEYBANK NATIONAL ASSOCIATION 

as Fifth Amendment Joint Lead Arrangers and Joint Bookrunners 

 

	1 	 RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its
affiliates. 

  
 i 

 JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC., BANK OF CHINA, LOS ANGELES BRANCH, MUFG
BANK, LTD., BMO HARRIS BANK N.A., CITIBANK, N.A., FIFTH THIRD BANK, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., SOCIETE GENERALE, TRUIST BANK, WELLS FARGO BANK, N.A., TORONTO-DOMINION BANK, NEW YORK BRANCH, RBC CAPITAL MARKETS, DEUTSCHE BANK AG NEW
YORK, GOLDMAN SACHS BANK USA, NATWEST MARKETS PLC, REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS BANK, SANTANDER BANK, N.A., CITIZENS BANK, N.A., KEYBANK NATIONAL ASSOCIATION AND BNP PARIBAS 

as Sixth Amendment Joint Lead Arrangers and Joint Bookrunners 

JPMORGAN
CHASE BANK, N.A, BOFA
SECURITIES,
INC.,
 BANK OF CHINA, LOS ANGELES BRANCH, MUFG BANK, LTD., BMO HARRIS BANK N.A., CITIBANK, N.A., DEUTSCHE BANK
SECURITIES INC.,
FIFTH THIRD BANK, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., SOCIETE GENERALE, TORONTO-DOMINION BANK, NEW YORK BRANCH, TRUIST BANK, WELLS FARGO BANK, N.A.,
RBC CAPITAL
MARKETS, BANCO
 BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, CITIZENS BANK, N.A.,
GOLDMAN SACHS BANK USA, INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, NATWEST MARKETS
PLC, REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS BANK, SANTANDER BANK, N.A., SCOTIABANK (IRELAND) DESIGNATED ACTIVITY COMPANY,
BNP PARIBAS
AND KEYBANK NATIONAL ASSOCIATION 

as Seventh
Amendment Joint Lead Arrangers and Joint Bookrunners 
 CITIBANK, N.A. and ROYAL
BANK OF CANADA 
 as Syndication Agents 

BANK OF AMERICA, N.A., CITIBANK, N.A., MIZUHO BANK, LTD., BMO HARRIS BANK N.A., BNP PARIBAS and TRUIST BANK 

as Second Amendment Co-Syndication Agents 

BANK OF AMERICA, N.A., BANK OF CHINA, LOS ANGELES BRANCH, CITIBANK, N.A. GOLDMAN SACHS BANK USA, MIZUHO BANK, LTD., MUFG BANK, LTD., ROYAL BANK
OF CANADA, TORONTO-DOMINION BANK, NEW YORK BRANCH, WELLS FARGO BANK, N.A., ABN AMRO CAPITAL USA LLC, BMO HARRIS BANK, N.A., BNP PARIBAS, INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, SOCIETE GENERALE and TRUIST BANK 

as Fourth Amendment Co-Syndication Agents 

BANK OF AMERICA, N.A., BANK OF CHINA, LOS ANGELES BRANCH, BMO HARRIS BANK N.A., MIZUHO BANK, LTD., MUFG BANK, LTD., SOCIETE GENERALE, TRUIST
BANK, WELLS FARGO BANK, N.A. AND ROYAL BANK OF CANADA 
 as Fifth Amendment Co-Syndication Agents 

BANK OF AMERICA, N.A., BANK OF CHINA, LOS ANGELES BRANCH, MUFG BANK, LTD., BMO HARRIS BANK N.A., CITIBANK, N.A., FIFTH THIRD BANK, NATIONAL
ASSOCIATION, MIZUHO BANK, LTD., SOCIETE GENERALE, TRUIST BANK, WELLS FARGO BANK, N.A., TORONTO-DOMINION BANK, NEW YORK BRANCH, SANTANDER BANK, N.A., AND ROYAL BANK OF CANADA 

as Sixth Amendment Co-Syndication Agents 

BOFA
SECURITIES,
INC.,
 BANK OF CHINA, LOS ANGELES BRANCH, MUFG BANK, LTD., BMO HARRIS BANK N.A., CITIBANK, N.A., DEUTSCHE BANK
SECURITIES INC.,
FIFTH THIRD BANK, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., SOCIETE GENERALE, TORONTO-DOMINION BANK, NEW YORK BRANCH, TRUIST BANK, WELLS FARGO BANK, N.A.,
RBC CAPITAL
MARKETS, SANTANDER BANK, N.A. AND BNP PARIBAS  

as Seventh
Amendment Co-Syndication Agents 
 BMO
HARRIS BANK N.A. and THE ROYAL BANK OF SCOTLAND PLC 
 as Documentation Agents 

  
 ii 

 FIFTH THIRD BANK, NATIONAL ASSOCIATION, GOLDMAN SACHS BANK USA, INDUSTRIAL AND COMMERCIAL
BANK OF CHINA LIMITED, NEW YORK BRANCH, MUFG BANK, LTD., ROYAL BANK OF CANADA, SANTANDER BANK, N.A., WELLS FARGO BANK, N.A. and BANK OF CHINA, LOS ANGELES BRANCH 

as Second Amendment Co-Documentation Agents 

FIFTH THIRD BANK, NATIONAL ASSOCIATION, KEYBANK NATIONAL ASSOCIATION, LLOYDS BANK and REGIONS BANK 

as Fourth Amendment Co-Documentation Agents 

BNP PARIBAS, FIFTH THIRD BANK, NATIONAL ASSOCIATION, ABN AMRO CAPITAL USA LLC, CITIBANK, N.A., GOLDMAN SACHS BANK USA, NATWEST MARKETS PLC,
REGIONS BANK, SANTANDER BANK, N.A., TORONTO-DOMINION BANK, NEW YORK BRANCH, CITIZENS BANK, N.A., INDUSTRIAL COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH AND KEYBANK NATIONAL ASSOCIATION 

as Fifth Amendment Co-Documentation Agents 

DEUTSCHE BANK AG NEW YORK BRANCH, GOLDMAN SACHS BANK USA, NATWEST MARKETS PLC, REGIONS BANK, CITIZENS BANK, N.A., KEYBANK NATIONAL ASSOCIATION
AND BNP PARIBAS 
 as Sixth Amendment Co-Documentation Agents 

BANCO BILBAO
VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, CITIZENS BANK, N.A.,
GOLDMAN SACHS BANK USA, INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, NATWEST MARKETS
PLC, REGIONS CAPITAL MARKETS, A DIVISION OF REGIONS BANK, SCOTIABANK (IRELAND) DESIGNATED ACTIVITY COMPANY
AND KEYBANK
 NATIONAL ASSOCIATION 
 as Seventh Amendment Co-Documentation Agents 

  
 iii 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 Section 1.
	  	 DEFINITIONS
	  	 	1	 
			
	 1.1
	  	Defined Terms	  	 	1	 
	 1.2
	  	Other Definitional Provisions.	  	 	2128	 
	 1.3
	  	Interest Rates; LIBOR Notification	  	 	2129	 
	 1.4
	  	Divisions	  	 	2230	 
			
	 Section 2.
	  	 AMOUNT AND TERMS OF COMMITMENTS
	  	 	2230	 
			
	 2.1
	  	Commitments	  	 	2230	 
	 2.2
	  	Procedure for Borrowing	  	 	2432	 
	 2.3
	  	[Reserved]	  	 	2533	 
	 2.4
	  	[Reserved]	  	 	2533	 
	 2.5
	  	Facility Fees, etc.	  	 	2533	 
	 2.6
	  	Termination or Reduction of Commitments	  	 	2533	 
	 2.7
	  	Optional Prepayments	  	 	2533	 
	 2.8
	  	Conversion and Continuation Options	  	 	2534	 
	 2.9
	  	Limitations on EurodollarTerm Benchmark Tranches	  	 	2634	 
	 2.10
	  	Interest Rates and Payment Dates	  	 	2634	 
	 2.11
	  	Computation of Interest and Fees	  	 	2735	 
	 2.12
	  	Inability to Determine Interest Rate	  	 	2735	 
	 2.13
	  	Pro Rata Treatment and Payments	  	 	2838	 
	 2.14
	  	Requirements of Law	  	 	2939	 
	 2.15
	  	Taxes	  	 	3141	 
	 2.16
	  	Indemnity	  	 	3443	 
	 2.17
	  	Change of Lending Office	  	 	3444	 
	 2.18
	  	Replacement of Lenders	  	 	3444	 
	 2.19
	  	Defaulting Lenders	  	 	3545	 
	 2.20
	  	Competitive Bid Procedure	  	 	3646	 
			
	 Section 3.
	  	 LETTERS OF CREDIT
	  	 	3848	 
			
	 3.1
	  	L/C Commitment	  	 	3848	 
	 3.2
	  	Procedure for Issuance of Letter of Credit	  	 	3948	 
	 3.3
	  	Fees and Other Charges	  	 	3949	 
	 3.4
	  	L/C Participations	  	 	3949	 
	 3.5
	  	Reimbursement Obligation of the Borrower	  	 	4050	 
	 3.6
	  	Obligations Absolute	  	 	4050	 
	 3.7
	  	Letter of Credit Payments	  	 	4150	 
	 3.8
	  	Applications	  	 	4151	 

  
 i 

							
			
	 Section 4.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	4151	 
			
	 4.1
	  	Financial Condition	  	 	4151	 
	 4.2
	  	No Change	  	 	4151	 
	 4.3
	  	Existence; Compliance with Law	  	 	4151	 
	 4.4
	  	Power; Authorization; Enforceable Obligations	  	 	4151	 
	 4.5
	  	No Legal Bar	  	 	4252	 
	 4.6
	  	Litigation	  	 	4252	 
	 4.7
	  	No Default	  	 	4252	 
	 4.8
	  	Ownership of Property	  	 	4252	 
	 4.9
	  	Intellectual Property	  	 	4252	 
	 4.10
	  	Taxes	  	 	4252	 
	 4.11
	  	Federal Regulations	  	 	4353	 
	 4.12
	  	Labor Matters	  	 	4353	 
	 4.13
	  	ERISA	  	 	4353	 
	 4.14
	  	Investment Company Act; Other Regulations	  	 	4353	 
	 4.15
	  	Subsidiaries	  	 	4353	 
	 4.16
	  	Use of Proceeds	  	 	4453	 
	 4.17
	  	Environmental Matters	  	 	4454	 
	 4.18
	  	Accuracy of Information, etc.	  	 	4454	 
	 4.19
	  	Anti-Corruption Laws and Sanctions	  	 	4454	 
			
	 Section 5.
	  	 CONDITIONS PRECEDENT
	  	 	4555	 
			
	 5.1
	  	Conditions to Initial Extension of Credit	  	 	4555	 
	 5.2
	  	Conditions to Each Extension of Credit After the Closing Date	  	 	4656	 
			
	 Section 6.
	  	 AFFIRMATIVE COVENANTS
	  	 	4656	 
			
	 6.1
	  	Financial Statements	  	 	4656	 
	 6.2
	  	Certificates; Other Information	  	 	4757	 
	 6.3
	  	Payment of Obligations	  	 	4858	 
	 6.4
	  	Maintenance of Existence; Compliance	  	 	4858	 
	 6.5
	  	Maintenance of Property; Insurance	  	 	4858	 
	 6.6
	  	Inspection of Property; Books and Records; Discussions	  	 	4858	 
	 6.7
	  	Notices	  	 	4858	 
	 6.8
	  	Use of Proceeds	  	 	4959	 
	 6.9
	  	Accuracy of Information	  	 	4959	 
	 6.10
	  	Future Guarantors	  	 	4959	 
			
	 Section 7.
	  	 NEGATIVE COVENANTS
	  	 	4959	 
			
	 7.1
	  	Financial Condition Covenants	  	 	4959	 
	 7.2
	  	Indebtedness	  	 	5060	 
	 7.3
	  	Fundamental Changes	  	 	5060	 
	 7.4
	  	[Reserved]	  	 	5060	 
	 7.5
	  	Transactions with Affiliates	  	 	5060	 
	 7.6
	  	Changes in Fiscal Periods	  	 	5161	 
	 7.7
	  	Lines of Business	  	 	5161	 
			
	 Section 8.
	  	 EVENTS OF DEFAULT
	  	 	5161	 

  
 ii 

							
			
	 Section 9.
	  	 THE AGENTS
	  	 	5464	 
			
	 9.1
	  	Appointment	  	 	5464	 
	 9.2
	  	Delegation of Duties	  	 	5464	 
	 9.3
	  	Exculpatory Provisions	  	 	5464	 
	 9.4
	  	Reliance by Administrative Agent	  	 	5565	 
	 9.5
	  	Notice of Default	  	 	5565	 
	 9.6
	  	Non-Reliance on Agents and Other Lenders	  	 	5565	 
	 9.7
	  	Indemnification	  	 	5666	 
	 9.8
	  	Agent in Its Individual Capacity	  	 	5666	 
	 9.9
	  	Successor Administrative Agent	  	 	5666	 
	 9.10
	  	Arrangers, Documentation Agents and Syndication Agents	  	 	5767	 
	 9.11
	  	Certain ERISA Matters	  	 	5767	 
	
9.119.12

	  	Acknowledgments with Respectrespect to Payments	  	 	5768	 
			
	 Section 10.
	  	 MISCELLANEOUS
	  	 	5869	 
			
	 10.1
	  	Amendments and Waivers	  	 	5869	 
	 10.2
	  	Notices	  	 	5971	 
	 10.3
	  	No Waiver; Cumulative Remedies	  	 	6071	 
	 10.4
	  	Survival of Representations and Warranties	  	 	6171	 
	 10.5
	  	Payment of Expenses and Taxes	  	 	6172	 
	 10.6
	  	Successors and Assigns; Participations and Assignments	  	 	6273	 
	 10.7
	  	Adjustments; Set-off	  	 	6576	 
	 10.8
	  	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	6677	 
	 10.9
	  	Severability	  	 	6678	 
	 10.10
	  	Integration	  	 	6678	 
	 10.11
	  	GOVERNING LAW	  	 	6678	 
	 10.12
	  	Submission To Jurisdiction; Waivers	  	 	6678	 
	 10.13
	  	Acknowledgements	  	 	6779	 
	 10.14
	  	Releases	  	 	6879	 
	 10.15
	  	Confidentiality	  	 	6880	 
	 10.16
	  	WAIVERS OF JURY TRIAL	  	 	6981	 
	 10.17
	  	USA Patriot Act	  	 	6981	 
	 10.18
	  	Prior Credit Agreement	  	 	6981	 
	 10.19
	  	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	7082	 

  
 iii 

  

			
	SCHEDULES:	  	
		
	1.1A	  	Commitments
	1.1B	  	Departing Lenders
	3.1	  	Letters of Credit Issued Under Prior Credit Agreement
	4.15	  	Subsidiaries
		
	EXHIBITS:	  	
		
	A	  	Form of Assignment and Assumption
	B-1	  	Form of Closing Certificate
	B-2	  	Form of Solvency Certificate
	C	  	Form of Legal Opinion of O’Melveny & Myers, LLP
	D	  	Form of Compliance Certificate
	E-1 - E-4	  	Form of U.S. Tax Compliance Certificate
	F-1	  	Form of New Lender Supplement
	F-2	  	Form of Commitment Increase Supplement
	G	  	Form of Guaranty
	H	  	Form of Extension Agreement

  

  
 iv 

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as
of May 5, 2014, among AIR LEASE CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”),
JPMORGAN CHASE BANK, N.A., as administrative agent. 
 The parties hereto hereby agree as follows: 

SECTION 1. DEFINITIONS 
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 

“ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurodollar Rate that would be calculated as
ofAdjusted Term SOFR Rate for a one month
Interest Period as published two U.S. Government Securities Business Days prior to such day (or, if such day is not a Business Day,
as of the nextimmediately
 preceding Business Day) in respect of a proposed Eurodollar Loan with a one-month Interest Period plus 1.0%; provided that for the purpose of this definition, the
EurodollarAdjusted
 Term SOFR Rate for any day shall be based on the Screen Rate (or if the Screen Rate is not available for such one month
Interest Period, the Interpolated Rate)Term
SOFR Reference Rate at approximately 11:00 a.m.
London5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR
Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or such
Eurodollarthe Adjusted Term SOFR Rate shall be effective as of the opening of business on the dayfrom and including the effective date of such change in the Prime Rate,
the NYFRB Rate or such
Eurodollarthe Adjusted Term SOFR Rate, respectively. If the ABR is being used as an alternate rate of interest pursuant to Section 2.12 hereof (for the avoidance of doubt, only until any
amendment has become effectivethe Benchmark
Replacement has been determined pursuant to Section 2.12(b)), then
the ABR shall be the greater of clauseclauses
 (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the ABR as determined pursuant to the foregoing would be less than 1.00%,
such rate shall be deemed to be 1.00% for purposes of this Agreement. 

“ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR. 

“
Adjusted Daily Simple
SOFR”:
 for any day, a rate equal to the Daily Simple SOFR, plus 0.11448%; provided that if Adjusted Daily Simple SOFR as so determined would be less than the Floor, such rate shall be deemed to be
equal to the Floor for the purposes of this Agreement.

“
Adjusted Term SOFR
Rate”:
 for (a) an Interest Period of one month, an interest rate per annum equal to (i) the Term SOFR Rate for such Interest Period, plus (ii)
 0.11448%, (b) an Interest Period of three months, an interest rate per annum equal to (i) the Term
SOFR Rate for such Interest Period, plus (ii) 0.26161% and
(c) an Interest Period of six months, an interest rate per annum equal to (i) the Term SOFR Rate for such Interest Period, plus (ii)
 0.42826% provided
that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed
to be equal to the Floor for the purposes of this Agreement. 

“Administrative Agent”: JPMorgan Chase Bank, N.A., together with its Affiliates, as the arranger of the Commitments and as
the administrative agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors. 

  
 1 

 “Affected Financial Institution”: (a) any EEA Financial Institution or
(b) any UK Financial Institution. 
 “Affiliate”: as to any Person, any other Person that, directly or indirectly,
controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agent
Indemnitee”: as defined in Section 9.7. 
 “Agents”: the collective reference to the Administrative Agent and
any other agent identified on the cover page of this Agreement. 
 “Aggregate Exposure Percentages”: with respect to any
Lender at any time, the ratio (expressed as a percentage) of such Lender’s Extensions of Credit at such time to the Total Extensions of Credit at such time. 

“Agreement”: as defined in the preamble hereto. 

“Aircraft Assets”: aircraft, airframes, engines (including spare engines), parts and
pre-delivery payments relating to the foregoing. 
 “ALC Warehouse”: ALC Warehouse
Borrower, LLC, a Delaware limited liability company. 

“
Ancillary
Document”:
 has the meaning assigned to it in
Section 10.8(b). 

“Anti-Corruption Laws”: (a) the United States Foreign Corrupt Practices Act of 1977 and all other United States laws, rules
and regulations applicable to the Borrower and its Subsidiaries concerning or relating to bribery or corruption and (b) the UK Bribery Act of 2010. 

“Applicable Margin”: with respect to Loans of any Type (other than Competitive Loans) at any time, the applicable rate per
annum which is applicable at such time with respect to such Loans of such Type as set forth in the Pricing Grid. 

“Application”: an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing
Lender to open a Letter of Credit. 
 “Arrangers”: the Lead Arrangers and Joint Bookrunners identified on the cover page of
this Agreement. 
 “Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit A. 

“Available Commitment”: as to any Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s
Commitment then in effect over (b) such Lender’s Extensions of Credit then outstanding. 

  
 2 

 “Available Tenor”: as of any date of determination and with respect to the
then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this
Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (fe
) of Section 2.12. 

“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any
liability of an
EEAAffected
 Financial Institution. 
 “Bail-In Legislation”: (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other
law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
proceedings). 
 “Bankruptcy Event”: with respect to any Person, such Person becomes the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good
faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result
solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or
provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject,
repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Benchmark”: initially, Eurodollarwith
 respect to any (i) Daily Simple SOFR Loan, the Daily Simple SOFR or (ii) Term Benchmark Loan, the Term SOFR Rate; provided that if a
Benchmark Transition Event, and the
Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to
Eurodollarthe
 Daily Simple SOFR or Term SOFR Rate, as
applicable, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark
rate pursuant to clause (b) or clause (c) of
Section 2.12. 
 “Benchmark Replacement”:
for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent, in consultation with the Borrower, for the applicable Benchmark Replacement Date: 

(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

(2
1) the sum of:
(a)Adjusted Daily Simple SOFR and (b) the related Benchmark Replacement
Adjustment; 

  
 3 

(3
2) the sum of: (a) the alternate benchmark rate that has been
selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or
the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated
syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment; 
 provided that, in the case
of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as
selected by the Administrative Agent in its reasonable discretion;
provided further that,
notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence
of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall
 revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment,
as set forth in clause (1) of this definition (subject to the first proviso above).

 If
the Benchmark Replacement as determined pursuant to clause (1), or
(2) or (3) above would
be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment”: with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

,
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) that has been selected by (1) for
 purposes of clauses (1) and (2) of the definition of
“Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent: 
 (a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such
Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor; 
 (b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that
would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with
respect to such Benchmark for the applicable Corresponding Tenor; and 

(2) for purposes of clause (3) of
 the definition of “Benchmark Replacement,” the spread adjustment, or method
for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by thethe
 Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for
determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities; at such times.

  
 4 

provided that, in the case of clause (1) above, such adjustment is displayed on a
screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 “Benchmark Replacement Conforming Changes”: with respect to any Benchmark Replacement and/or any Term Benchmark Loan, any technical, administrative or
operational changes (including changes to the definition of “ABR,” the definition of “Business
Day,” the
 definition of
“U.S.
 Government Securities Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or
prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides in its reasonable discretion, in
consultation with Borrower, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark Replacement Date”:
with respect to any Benchmark, the earliest to occur of the
following events with respect to thesuch then-current Benchmark: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof); or

 (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date of the
publicon which such Benchmark (or the published
component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication
of information referenced therein;
in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such
date. 
 (3) in the case of a Term SOFR Transition Event, the date that is thirty
(30) days after the date a Term SOFR Notice is
provided to the Lenders and the Borrower pursuant to
Section 2.12(c); or 
 (4) in the
case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice
of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders. 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have
occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used
in the calculation thereof). 

  
 5 

 “Benchmark Transition Event”: with respect to any Benchmark, the occurrence of one or more of the
following events with respect to the such then-current Benchmark: 

(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in
the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator,
an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such
component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
in each case which states that the administrator of such
Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or
indefinitely,;
 provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof); or 
 (3) a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer, or as of a specified future date will no longer be,
representative. 
 For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect
to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period”:
with respect to any Benchmark, the period (if any) (x)
beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced
thesuch
 then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.12 and (y) ending at the time that a Benchmark Replacement has replaced
thesuch
 then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.12. 

“Benefit Plan”: any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is
subject to Part 4, Subpart B of Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, or (c) any Person whose assets include (for purposes of the Plan Asset
Regulations) the assets of any such “employee benefit plan” or “plan”. 
 “Benefitted Lender”: as
defined in Section 10.7(a). 
 “Board”: the Board of Governors of the Federal Reserve System of the United States (or
any successor). 

  
 6 

 “Board of Directors”: (a) with respect to a corporation, the Board of
Directors of the corporation or (other than for purposes of determining Change of Control) the executive committee of the Board of Directors; and (b) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Borrower”: as defined in the preamble hereto. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to
make Loans hereunder. 
 “Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New
York City, Chicago or Los Angeles are authorized or required by
law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, EurodollarDaily Simple SOFR
Loans, any such day is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar marketthat is only an U.S. Government Securities Business Day.

 “Capital Lease”: at any time, a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Capital
Stock”: with respect to any Person, all equity interests in such Person, including any Common Stock, Preferred Stock, limited liability or partnership interests (whether general or limited), and all warrants or options with respect to, or
other rights to purchase, the foregoing, but excluding Convertible Notes and Indebtedness (other than Preferred Stock) convertible into equity. 

“Cash and Cash Equivalents”: (a) cash and cash equivalents, as defined in accordance with GAAP, and (b) commercial
paper, certificates of deposit, guaranteed investment contracts, repurchase agreements and similar securities where the obligor to the Borrower is rated A (or equivalent rating) or above by any Rating Agency (or in the case of commercial paper,
rated P-1 or higher by Moody’s or A-1 or higher by S&P). 

“Change of Control”: an event or series of events by which: 

(a) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act other than the
Borrower, a direct or indirect Subsidiary of the Borrower, or any employee or executive benefit plan of the Borrower and/or its Subsidiaries, has become the “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of the Borrower’s Common Stock representing more than 50% of the total voting power of all Common Stock of the Borrower then outstanding and constituting Voting Stock; or

 (b) the consummation of (i) any consolidation or merger of the Borrower pursuant to which the Borrower’s Common
Stock will be converted into the right to obtain cash, securities of a Person other than the Borrower, or other property or (ii) any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially
all of the consolidated assets of the Borrower and its Subsidiaries, taken as a whole, to any other Person other than a direct or indirect Subsidiary of the Borrower; provided, however, that a transaction described in clause
(i) or (ii) in which the holders of the Borrower’s Common Stock immediately prior to such transaction own or hold, directly or indirectly, more than 50% of the voting power of all Common Stock of the continuing or surviving corporation or
the transferee, or the parent thereof, outstanding immediately after such transaction and constituting Voting Stock shall not constitute a Change of Control. 

  
 7 

 “Closing Date”: the date on which the conditions precedent set forth in
Section 5.1 shall have been satisfied, which date is May 5, 2014. 
 “CME
 Term SOFR Administrator”: CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate
(SOFR) (or a successor administrator selected by the Administrative Agent in its reasonable
discretion). 

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

“Commitment”: as to any Lender, the obligation of such Lender, if any, to make Loans (other than Competitive Loans) and
participate in Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant
to which such Lender became a party hereto or the applicable New Lender Supplement, Commitment Increase Supplement or Extension Agreement, as the same may be increased from time to time pursuant to Section 2.1(b) or otherwise changed from time
to time pursuant to the terms hereof. The amount of the Total Commitments as of the SixthSeventh Amendment Effective Date is $6,405,797,413.747,065,000,000
. 
 “Commitment Increase Supplement”: a
supplement to this Agreement substantially in the form of Exhibit F-2. 
 “Commitment
Period”: the period from and including the Closing Date to the earlier of the Termination Date and the date of termination of the Commitments. 

“Common Stock”: any class of capital stock of any corporation now or hereafter authorized, the right of which to share in
distributions of either earnings or assets of such corporation is without limit as to any amount or percentage. 
 “Competitive
Bid”: an offer by a Lender to make a Competitive Loan in accordance with Section 2.20. 
 “Competitive Bid
Rate”: with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid. 

“Competitive Bid Request”: a request by the Borrower for Competitive Bids in accordance with Section 2.20. 

“Competitive Borrowing”: a Competitive Loan or group of Competitive Loans of the same Type made, converted or continued on
the same date and as to which a single Interest Period is in effect. 
 “Competitive Loan”: a Loan made pursuant to
Section 2.20. 
 “Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the
form of Exhibit D. 
 “Consolidated Adjusted EBITDA”: with reference to any period, Consolidated Net Income for such period
plus, to the extent deducted in determining Consolidated Net Income, depreciation, amortization, interest expense, income taxes, stock based compensation expense and any other non-cash, non-recurring losses or charges of the Borrower and its consolidated Subsidiaries. 

  
 8 

 “Consolidated Interest Expense”: for any period, all interest expense in
respect of Indebtedness of the Borrower and its consolidated Subsidiaries deducted in determining Consolidated Net Income together with all interest capitalized or deferred during such period and not deducted in determining Consolidated Net Income
for such period, excluding all debt discount and expense amortized or required to be amortized in the determination of Consolidated Net Income for such period. 

“Consolidated Net Income”: with reference to any period, the net income (or loss) of the Borrower and its consolidated
Subsidiaries for such period, on a consolidated basis, provided that there shall be excluded any net income, gain or losses during such period from (a) any change in accounting principles in accordance with GAAP, (b) any prior
period adjustment resulting from any change in accounting principles in accordance with GAAP, (c) any discontinued operations and (d) any extraordinary items. 

“Consolidated Shareholders’ Equity”: as of any date of determination, shareholders’ equity as reflected in the
Borrower’s consolidated financial statements at such date. 
 “Consolidated Unencumbered Assets”: the assets of the
Borrower and its Subsidiaries on a consolidated basis, consisting of (a) Cash and Cash Equivalents and Marketable Securities, in each case to the extent not subject to a Lien (other than customary bankers’ liens and rights of setoff and
offset) and (b) non-pledged Aircraft Assets, valued at the net book value thereof. 

“Consolidated Unsecured Indebtedness”: Unsecured Indebtedness of the Borrower and its Subsidiaries, on a consolidated basis
after eliminating intercompany items. 
 “Contractual Obligation”: as to any Person, any material agreement, instrument or
other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Convertible Notes”:
Indebtedness of the Borrower that is optionally convertible into Common Stock of the Borrower (and/or cash based on the value of such Common Stock) and/or Indebtedness of a Subsidiary of the Borrower that is optionally exchangeable for Common Stock
of the Borrower (and/or cash based on the value of such Common Stock). 
 “Corresponding Tenor”: with respect to any
Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Credit Party”: the Administrative Agent, the Issuing Lender or any other Lender. 

“Daily Simple SOFR”: for any day,
(a “SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by
the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another
convention in its reasonable discretion. Rate
Day”),
 a rate per annum equal to SOFR for the day (such day “SOFR
 Determination
Date”)
 that is five
(5) U.S. Government Securities Business Day prior to
(i) if such SOFR Rate Day is a U.S. Government Securities Business
Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a
U.S. Government Securities Business Day, the
U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as 

  
 9 

 
such SOFR is published by the SOFR Administrator on the SOFR
Administrator’s
 Website.
Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective
date of such change in SOFR without notice to the Borrower. 

“
Daily Simple SOFR
Loan”:
 a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR. 

“Default”: any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse
of time, or both, has been satisfied. 
 “Defaulting Lender”: any Lender (a) that has failed, within two Business
Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it
hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically
identified and including the particular default, if any) has not been satisfied, (b) that has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with
any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the
particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) that has failed, within three Business Days after request by a Credit Party,
acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then
outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance
satisfactory to it and the Administrative Agent, (d) that has, or whose Lender Parent has, become the subject of a (i) Bankruptcy Event or (ii) a Bail-In Action or (e) with respect to which
the Issuing Lender has a good faith belief that such Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit. 

“Departing Lender”: each lender under the Prior Credit Agreement that does not have a Commitment hereunder and is identified
on Schedule 1.1B. 
 “Disposition”: with respect to any property, any sale, lease (other than in the ordinary course of
business), sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Capital Stock”: with respect to any Person, any Capital Stock of such Person that by its terms is
(1) required to be redeemed or redeemable at the option of the holder prior to the Termination Date in effect at the time of issuance for consideration other than Qualified Capital Stock; or (2) convertible at the option of the holder into
Disqualified Capital Stock or exchangeable for Indebtedness. 
 “Disqualified Lender”: each Person who is a competitor of
the Borrower or an Affiliate thereof or who is an air carrier and, in each case, is expressly identified in a written list that the Borrower provides to the Administrative Agent and requests the Administrative Agent to post to Intralinks or other
electronic system. The Administrative Agent shall have no responsibility or liability to monitor or enforce such list of Disqualified Lenders. 

  
 10 

 “Documentation Agents”: the Documentation Agents identified on the cover
page of this Agreement. 
 “Dollars” and “$”: dollars in lawful currency of the United States. 

“Early Commitment Termination Date”: as defined in Section 2.19(e). 

“Early Opt-in
Election”: if the then-current Benchmark is Eurodollar Rate, the occurrence of:

  

	 	(1)	 a notification by the
Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five
currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other
rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

	 	(2)	 the joint election by the
Administrative Agent and the Borrower to trigger a fallback from Eurodollar Rate and the provision by the Administrative Agent of written notice of such election to the Lenders. 

“ECA Indebtedness”: any Indebtedness incurred in order to fund the deliveries of new Aircraft Assets, which Indebtedness is
guaranteed by one or more Export Credit Agencies. 
 “EEA Financial Institution”: (a) any credit institution or investment
firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

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

“EEA Resolution Authority”: any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
 “Electronic
 Signature”:
 an electronic sound, symbol, or process attached to, or associated with, a contract or other record and
adopted by a Person with the intent to sign, authenticate or accept such contract or record. 
 “Eligible Assignee”: (a) any Lender and any Affiliate of any Lender, and
(b) (i) a commercial bank organized under the laws of the United States or any state thereof, (ii) a savings and loan association or savings bank organized under the laws of the United States or any state thereof, (iii) a commercial
bank organized under the laws of any other country or a political subdivision thereof, provided that, with respect to this clause (iii), (A) such bank is acting through a branch or agency located in the United States or (B) such bank is
organized under the laws of a country that is a member of the Organization for Economic Cooperation and Development or a political subdivision of such country and (iv) a finance company, insurance company, mutual fund, leasing company or other
financial institution or fund (whether a corporation, partnership or other entity) that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business, and having total assets in excess of
$250,000,000; provided that, in each case, except with the consent of the Borrower, no Disqualified Lender shall be an Eligible Assignee. 

  
 11 

 “Environmental Laws”: any Requirements of Law concerning protection of the
environment or exposure to toxic or deleterious materials. 
 “ERISA”: the Employee Retirement Income Security Act of 1974,
as amended from time to time. 
 “ERISA Affiliate”: any trade or business (whether or not incorporated) that, together with
any Group Member, is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. 
 “ERISA
Event”: (a) any Reportable Event; (b) the existence with respect to any Plan of a Prohibited Transaction; (c) any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430
of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Pension Plan, the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or the failure by any Group Member or any ERISA Affiliate to make any
required contribution to a Multiemployer Plan; (e) the incurrence by any Group Member or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Pension Plan, including but not limited to the
imposition of any Lien in favor of the PBGC or any Pension Plan; (f) a determination that any Pension Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of
ERISA); (g) the receipt by any Group Member or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under
Section 4042 of ERISA; (h) the incurrence by any Group Member or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; or (i) the receipt by any Group
Member or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Group Member 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 “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA. 

“EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurodollar Loans”:
 Loans, the rate of interest applicable to which is based upon the Eurodollar Rate (or, with respect to Competitive Loans, the rate of interest applicable to which is based upon the Margin plus the applicable Eurodollar Rate). 

“Eurodollar Rate”: with respect to any Eurodollar
Loan for any Interest Period, the London interbank offered rate as administered by the IBA for Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters Screen that displays such rate (or,
in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time
as selected by the Administrative Agent in its reasonable discretion; in each case, the
“Screen Rate”) at approximately 11:00 A.M., London time, two Business Days prior to the commencement of such
Interest Period; provided, that, if the Screen Rate shall not be available at such time for such Interest Period (an
“Impacted
 Interest Period”) with respect to Dollars, then the Eurodollar Rate shall be the Interpolated Rate at such time; provided further, that if the Eurodollar Rate shall be less than zero, such rate shall be
deemed zero for purposes of this Agreement.  

  
 12 

“Eurodollar Tranche”: the collective reference to
Eurodollar
Loans the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such
Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8, provided that any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Exchange Act”: the Securities Exchange Act of 1934, as amended.

 “Export Credit Agencies”: collectively, the export credit agencies or other Governmental Authorities that provide export
financing of new Aircraft Assets (including, but not limited to, the Brazilian Development Bank, Compagnie Francaise d’Assurance pour le Commerce Exterieur, Her Britannic Majesty’s Secretary of State acting by the Export Credits Guarantee
Department, Euler-Hermes Kreditversicherungs AG, the Export-Import Bank of the United States, the Export Development Canada or any successor thereto). 

“Extension Agreement”: an Extension Agreement, substantially in the form of Exhibit H. 

“Extensions of Credit”: as to any Lender at any time, an amount equal to the sum of (a) the aggregate principal amount
of all Loans (other than Competitive Loans) held by such Lender then outstanding and (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding. 

“Facility”: the Commitments and the extensions of credit thereunder. 

“Facility Fee Rate”: the percentage rate per annum which is applicable at such time as set forth in the Pricing Grid. 

“FATCA”: Sections 1471 through 1474 of the Code, as in effect on the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), and any regulations or official interpretations thereof. 

“FCA”: as defined in Section 1.3. 

“Federal Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions, as determined in such manner as shall be set forth on the Federal Reserve Bank of New York’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective
federal funds rate. 
 “Federal Reserve Bank of New York’s Website”: the website of the NYFRB at
http://www.newyorkfed.org, or any successor source. 
 “Federal Reserve Board”: means the Board of Governors of the Federal
Reserve System of the United States of America. 
 “Fee Payment Date”: (a) the third Business
Dayfifteenth day following the last day of each March, June, September and December and (b) the last day of the Commitment Period. 

“Fifth Amendment and Extension Agreement”: the Fifth Amendment and Extension Agreement to the Second Amended and Restated
Credit Agreement dated as of May 3, 2019 among Air Lease Corporation as Borrower, the several lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent for the Lenders. 

  
 13 

 “Fifth Amendment Effective Date”: the date on which the conditions
precedent set forth in Section 6 of the Fifth Amendment and Extension Agreement shall have been satisfied or waived, which date is May 3, 2019. 

“First Amendment”: the First Amendment to the Second Amended and Restated Credit Agreement dated June 1, 2015 among Air
Lease Corporation as Borrower, the several lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent for the Lenders. 

“First Amendment Effective Date”: the date on which the conditions precedent set forth in Section 3 of the First
Amendment shall have been satisfied or waived, which date is June 1, 2015. 
 “Fitch”: Fitch Rating Service, Inc. 

“Fixed Rate”: with respect to any Competitive Loan (other than a Competitive Loan that is a Eurodollar Term Benchmark Loan), the fixed rate of interest per annum specified by
the Lender making such Competitive Loan in its related Competitive Bid. 
 “Fixed Rate Loan”: a Competitive
Loan bearing interest at a Fixed Rate. 
 “Floor”: the benchmark rate floor, if any, provided in this Agreement initially
(as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Eurodollar Rate. Adjusted
Term SOFR Rate or the Adjusted Daily Simple SOFR, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR shall be 0%. 
 “Fourth Amendment and Extension Agreement”: the Fourth Amendment and
Extension Agreement to the Second Amended and Restated Credit Agreement dated as of May 2, 2018 among Air Lease Corporation as Borrower, the several lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent for the Lenders.

 “Fourth Amendment Effective Date”: the date on which the conditions precedent set forth in Section 6 of the Fourth
Amendment and Extension Agreement shall have been satisfied or waived, which date is May 2, 2018. 
 “Fourth Amendment Non-Extended Lender”: each Lender on the Fourth Amendment Effective Date that did not consent to the amendments to this Agreement and the extension of its Termination Date pursuant to the Fourth Amendment
and Extension Agreement. 
 “Funding Office”: the office of the Administrative Agent specified in Section 10.2 or such
other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States as in effect on the date hereof and consistent with
those used in the preparation of the most recent audited financial statements referred to in Section 4.1. 
 “Governmental
Authority”: any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners). 

  
 14 

 “Group Members”: the collective reference to the Borrower and its
Subsidiaries. 
 “Guarantee Obligations”: with respect to any Person, any obligation (except the endorsement in the
ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly,
including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such Indebtedness or obligation or any property constituting security therefor; (b) to advance or supply
funds (i) for the purchase or payment of such Indebtedness or obligation, or (ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make
available funds for the purchase or payment of such Indebtedness or obligation; (c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Indebtedness or obligation of the ability of
any other Person to make payment of the Indebtedness or obligation; or (d) otherwise to assure the owner of such Indebtedness or obligation against loss in respect thereof. In any computation of the Indebtedness or other liabilities of the
obligor under any Guarantee Obligation, the Indebtedness or other obligations that are the subject of such Guarantee Obligation shall be assumed to be direct obligations of such obligor to the extent of such obligor’s liability with respect
thereto. 
 “Guarantor”: each Subsidiary that now or hereafter executes and delivers a Guaranty; provided that upon
release or discharge of such Subsidiary from the Guaranty in accordance with this Agreement, such Subsidiary ceases to be a Guarantor. 

“Guaranty”: collectively, one or more guaranties of the Obligations made by the Guarantors in favor of the Administrative
Agent and the Lenders, substantially in the form of Exhibit G, including any supplements to an existing Guaranty in substantially the form that is a part of Exhibit G. 

“
Impacted Interest
Period”: as defined in the definition of
“Eurodollar Rate.” 
 “Indebtedness”: of any Person at
any date, without duplication, (a) its liabilities for borrowed money and its redemption obligations in respect of Preferred Stock that is mandatorily redeemable at the option of the holder thereof prior to the Termination Date in effect at the
time of the issuance of such Preferred Stock; (b) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable and accrued expenses arising in the ordinary course of business but including all
liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); (c) (i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and
(ii) all liabilities which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; (d) all liabilities for borrowed money secured by any
Lien with respect to any property owned by such Person (whether or not it has assumed or otherwise become liable for such liabilities); (e) all its reimbursement obligations in respect of drawn letters of credit or instruments serving a similar
function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); (f) the net aggregate Swap Termination Value of all Swap Agreements of such Person; and (g) any
Guarantee Obligation of such Person with respect to liabilities of a type described in any of clauses (a) through (f) hereof. 

“Indemnified Liabilities”: as defined in Section 10.5. 

“Indemnitee”: as defined in Section 10.5. 

“Index Debt”: senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any
other Person or subject to any other credit enhancement. 

  
 15 

 “Insolvent”: with respect to any Multiemployer Plan, the condition that
such plan is insolvent within the meaning of Section 4245 of ERISA. 
 “Intellectual Property”: the collective
reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks,
trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages
therefrom. 
 “Interest Payment Date”: (a) as to any ABR Loan, the last day of each March, June, September and December to
occur while such Loan is outstanding and the Termination Date, (b) as to any Eurodollar Term Benchmark Loan having an Interest Period of three months or less, the last day of such Interest
Period and the Termination Date, (c) as to any Eurodollar Term Benchmark Loan having an Interest Period longer than three months,
each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (dthe Termination Date, (d) with respect to any Daily Simple SOFR Loan, (1) each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of
such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and
(2) the Termination Date, and (e) as to any
Fixed Rate Loan, the last day of the Interest Period applicable to the Competitive Borrowing of which such Fixed Rate Loan is a part
and the Termination Date, and, in the case of a Fixed Rate
Loan with an Interest Period of more than 90 days’ duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals of 90 days’ duration after
the first day of such Interest Period, and any other dates that are specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Borrowing. 

“Interest Period”: (a) as to any
EurodollarTerm
 Benchmark Loan, (i) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such EurodollarTerm
 Benchmark Loan, and ending one, three or six months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (ii) thereafter, each
period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Term Benchmark Loan and ending one, three or six months thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not later than 4:00 P.M., New York City time, on the date that is three Business
Days prior to the last day of the then current Interest Period with respect thereto, and (b) as to any Competitive Borrowing of Fixed Rate Loans, the period (which shall not be less than seven days or more than 360 days) commencing on the date
of such Competitive Borrowing and ending on the date specified in the applicable Competitive Bid Request; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following:

 (i) if any Interest Period would otherwise end on a day that is not a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately
preceding Business Day; 
 (ii) the Borrower may not select an Interest Period that would extend beyond the Termination Date;
and 
 (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. 

  
 16 

“Interpolated
Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that
results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available in Dollars) that is shorter than the Impacted Interest
Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available for Dollars) that exceeds the Impacted Interest Period, in each case, at such
time. 

“Investment Grade Rating”: a rating equal to or higher than BBB- (or the equivalent)
by S&P or Fitch, as applicable. 
 “IRS”: as defined in Section 2.15(e). 

“ISDA Definitions”: the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 “Issuing Lender”: each of JPMorgan Chase Bank, N.A. and any other Lender approved by the Administrative Agent and the
Borrower that has agreed in its sole discretion to act as an “Issuing Lender” hereunder, or any of their respective Affiliates, in each case in its capacity as issuer of any Letter of Credit. Each reference herein to “the Issuing
Lender” shall be deemed to be a reference to the relevant Issuing Lender. 
 “Issuing Lender L/C Commitment Sublimit”:
for JPMorgan Chase Bank, N.A., $55,000,000 and for any other Issuing Lender, the amount agreed in writing between the Issuing Lender and the Borrower. 

“Joint Venture”: as to any Person, any other Person designated as a “joint venture” (1) that is not a
Subsidiary of such Person and (2) in which such Person owns less than 100% of the equity or voting interests. 
 “L/C
Commitment”: $150,000,000. 
 “L/C Exposure”: at any time, the total L/C Obligations. The L/C Exposure of any
Lender at any time shall be its Revolving Percentage of the total L/C Exposure at such time. 
 “L/C Obligations”: at any
time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant
to Section 3.5. 
 “L/C Participants”: the collective reference to all the Lenders other than the Issuing Lender. 

“Lender Parent”: with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary.

 “Lenders”: as defined in the preamble hereto. For the avoidance of doubt, the term “Lenders” excludes all
Departing Lenders. 
 “Letters of Credit”: as defined in Section 3.1(a). 

  
 17 

“LIBOR”: as defined in Section 1.3.  
 “Lien”: with respect to any Person, any
mortgage, lien, pledge, charge, security interest or other encumbrance or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement and any Capital
Lease, upon or with respect to any property or asset of such Person. 
 “Loans”: the loans made by the Lenders to the
Borrower pursuant to this Agreement. 
 “Loan Documents”: this Agreement, the Notes, the Guaranty, any Extension Agreement
and any amendment, waiver, supplement or other modification to any of the foregoing. 
 “Loan Parties”: each Group Member
that is a party to a Loan Document. 
 “Margin”: with respect to any Competitive Loan that is a EurodollarTerm
 Benchmark Loan, the marginal rate of interest, if any, to be added to or subtracted from the
EurodollarAdjusted
 Term SOFR Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid. 

“Marketable Securities”: either (a) debt securities that are rated BBB- or above
by Fitch, BBB- or above by S&P, or Baa3 or above by Moody’s or (b) senior debt securities of issuers that are rated BBB- or above by Fitch, BBB- or above by S&P, or Baa3 or above by Moody’s. 
 “Material Adverse Effect”:
(a) a material adverse effect on the business, assets, property or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole or (b) a material impairment on the validity or enforceability of this Agreement or any
of the other Loan Documents or the totality of the rights or remedies of the Lenders hereunder or thereunder. 
 “Materials of
Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law,
including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 
 “Moody’s”: Moody’s Investors
Service, Inc. 
 “Multiemployer Plan”: a plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA
that is contributed to or required to be contributed to by any Group Company or any ERISA Affiliate. 
 “New Lender”: as
defined in Section 2.1(c). 
 “New Lender Supplement”: as defined in Section 2.1(c). 

“Non-Excluded Taxes”: as defined in Section 2.15(a). 

“Non-Recourse Indebtedness”: with respect to any Person, any Indebtedness of such
Person or its Subsidiaries that is, by its terms, recourse only to specific assets and non-recourse to the assets of such Person generally and that is neither guaranteed by any Affiliate (other than a
Subsidiary) of such Person or would become the obligation of any Affiliate (other than a Subsidiary) of such Person upon a default thereunder; provided, however, that the existence of a guarantee that is not a guarantee of payment of Indebtedness
shall not cause the related Indebtedness to fail to be Non-Recourse Indebtedness. 

  
 18 

 “Non-U.S. Lender”: as defined in
Section 2.15(e). 
 “Notes”: the collective reference to any promissory note evidencing Loans. 

“NYFRB”: the Federal Reserve Bank of New York. 

“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the
Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB
Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it. 

“Obligations”: the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and
Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred or suffered to exist, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, or any other document made, delivered or given in connection herewith or
therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid
by the Borrower pursuant hereto) or otherwise. 
 “Organizational Document”: as to any Person, the certificate of
incorporation and by-laws or other organizational or governing documents of such Person. 

“Other Connection Taxes”: with respect to any Credit Party, Taxes imposed as a result of a present or former connection
between such Credit Party and the jurisdiction imposing such Tax (other than connections arising solely from such Credit Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes”: any and all present or future stamp, court, documentary, intangible, recording, filing or similar taxes or any
excise or property taxes arising from any payment made hereunder or from the execution, delivery, performance, registration or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, including any interest, additions
to tax or penalties applicable thereto, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment or sale of a participation (other than an assignment made pursuant to Section 2.18). 

“Overnight Bank Funding Rate”: for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowingseurodollar transactions denominated
in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the Federal Reserve Bank of New York’s Website
from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate. 

  
 19 

 “Participant”: as defined in Section 10.6(c). 

“Participant Register”: as defined in Section 10.6(c). 

“Patriot Act”: as defined in Section 10.17. 

“Payment”: as defined in Section 9.12. 

“Payment Notice”: as defined in Section 9.12. 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

 “Pension Plan”: any 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. 
 “Plan Asset Regulations”: of 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. 

“Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 “Plan”: any
employee benefit plan as defined in Section 3(3) of ERISA, including any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA), and any plan which
is both an employee welfare benefit plan and an employee pension benefit plan, and in respect of which any Group Member 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. 
 “Preferred Stock”: any class of capital stock of a Person
that is preferred over any other class of capital stock (or similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. 

  
 20 

 “Pricing Grid”: with respect to any EurodollarTerm
 Benchmark Loan, Daily Simple SOFR Loan, or ABR Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Applicable Margin for EurodollarTerm
 Benchmark Loans and Daily Simple SOFR Loans”, “Applicable Margin for ABR Loans” or “Facility Fee Rate”, as the case may be, based upon the ratings by Moody’s,
S&P and Fitch, respectively, applicable on such date to the Index Debt: 
  

													
	 Rating for the Index
Debt
	  	Applicable
Margin
for
EurodollarTerm
Benchmark
Loans
 and
Daily Simple
SOFR Loans	 	 	Applicable Margin
for ABR Loans	 	 	Facility
Fee Rate	 
	 Level I

Rating for the Index Debt of at least BBB+ by S&P/BBB+ by Fitch/Baa1 by Moody’s
	  	 	0.975	% 	 	 	0.00	% 	 	 	0.15	% 
	 Level II

Rating for the Index Debt of at least BBB by S&P/BBB by Fitch/Baa2 by Moody’s and not Level I
	  	 	1.05	% 	 	 	0.05	% 	 	 	0.20	% 
	 Level III

Rating for the Index Debt of at least BBB- by
S&P/BBB- by Fitch/Baa3 by Moody’s and not Level I or II
	  	 	1.25	% 	 	 	0.25	% 	 	 	0.25	% 
	 Level IV

Rating for the Index Debt below Level III
	  	 	1.45	% 	 	 	0.45	% 	 	 	0.30	% 

 For purposes of the foregoing, (i) if at any time the Borrower has ratings for the Index Debt from at least two Rating
Agencies that fall within the same Level, the Applicable Margin and the Facility Fee Rate (the “Applicable Rate”) shall be based on such Level; provided that (x) if at any time the Borrower has ratings for the Index Debt
from two or three of the Rating Agencies that fall within two different Levels that are one Level apart, the relevant Level for purposes of determining the Applicable Rate shall be the Level for the higher of the Moody’s rating (if any) or the
S&P rating (if any) and (y) if at any time the Borrower has ratings for the Index Debt from two or three of the Rating Agencies that fall within different Levels that are two or more Levels apart, the relevant Level for purposes of
determining the Applicable Rate shall be the Level that is one level below the Level for the highest of such ratings; (ii) if at any time a rating for the Index Debt is provided only by one of Moody’s and S&P, the Applicable Rate shall
be based on the Level of such rating for the Index Debt; (iii) if at any time neither Moody’s nor S&P shall have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this
definition), the relevant Level for purposes of determining the Applicable Rate shall be Level IV; and (iv) if the ratings established or deemed to have been established by any Rating Agency for the Index Debt

  
 21 

 
shall be changed (other than as a result of a change in the rating system of such Rating Agency), or at a time when there is an absence of a rating by any Rating Agency for the Index Debt and
such Rating Agency establishes a rating for the Index Debt, such change shall be effective as of the date on which it is first announced by such Rating Agency, irrespective of when notice of such change shall have been furnished by the Borrower to
the Administrative Agent and the Lenders pursuant to Section 6.7 or otherwise. Each establishment of or change in the Applicable Rate shall apply during the period commencing on the effective date of such establishment or change and ending on
the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if Moody’s or S&P shall cease to be in the business of rating corporate debt obligations, the
Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such Rating Agency and, pending the effectiveness of any such amendment, the Applicable Rate
shall be determined by reference to the rating of such Rating Agency most recently in effect prior to such change or cessation. 

“Prime Rate”: the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if
The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve
Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted
therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Prior Credit Agreement”: the Amended and Restated Credit Agreement, dated as of May 7, 2013, by and among the Borrower,
certain financial institutions, and JPMorgan Chase Bank, N.A., as administrative agent. 
 “Prohibited Transaction”: as
defined in Section 406 of ERISA and Section 4975(c) of the Code. 
 “PTE”: a prohibited transaction class
exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “Qualified Capital
Stock”: all Capital Stock of a Person other than Disqualified Capital Stock. 
 “Rating Agencies”: collectively,
S&P, Fitch and Moody’s. 
 “Reference Time” with respect to any setting of the then-current Benchmark means
(1) if such Benchmark is Eurodollar Rate, 11:00 a.m. (Londonthe Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two
London banking
daysBusiness Days preceding the date of such setting, and (2) if such Benchmark is not Eurodollar RateDaily Simple SOFR, then four Business Days prior to such setting or
(3) if such Benchmark is none of the Term SOFR Rate or Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion. 

“Register”: as defined in Section 10.6(b)(iv). 

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

“Reimbursement Obligation”: the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for
amounts drawn under Letters of Credit. 

  
 22 

 “Relevant Governmental Body” means : the Federal Reserve Board and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the NYFRB, or, in each case, any successor thereto. 
 “Relevant
 Rate”:
 (i) with
 respect to any Term Benchmark Loan, the Adjusted Term SOFR Rate or (ii) with respect to any Daily
Simple SOFR Loan, the Adjusted Daily Simple SOFR, as applicable. 

“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the
thirty day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043, with respect to a Pension Plan. 

“Required Lenders”: at any time, the holders of more than 50% of (a) the Total Commitments then in effect or,
(b) if the Commitments have expired or been terminated, for purposes of declaring the Loans to be due and payable pursuant to Section 8, and for all purposes after the Loans become due and payable pursuant to Section 8, the Total
Extensions of Credit and the total Competitive Loans then outstanding. 
 “Requirement of Law”: as to any Person, 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. 

“Resolution Authority”: an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Responsible Officer”: the chief executive officer, president, chief financial officer or treasurer of the
Borrower, but in any event, with respect to financial matters, the chief financial officer of the Borrower. 
 “Revolving
Percentage”: as to any Lender at any time, the percentage which such Lender’s Commitment then constitutes of the Total Commitments or, at any time after the Commitments shall have expired or terminated, the percentage which the
aggregate principal amount of such Lender’s Loans (other than Competitive Loans) then outstanding constitutes of the aggregate principal amount of the Loans (other than Competitive Loans) then outstanding, provided, that, in the event
that the Loans (other than Competitive Loans) are paid in full prior to the reduction to zero of the Total Extensions of Credit, the Revolving Percentages shall be determined in a manner designed to ensure that the other outstanding Extensions of
Credit shall be held by the Lenders on a comparable basis. Notwithstanding the foregoing, Revolving Percentages shall be determined without regard to any Defaulting Lender’s Commitment. 

“S&P”: Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc. 

“Sanctions”: economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the
U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. 

“Sanctioned Country”: at any time, a country or territory which is the subject or target of any country-wide Sanctions. 

  
 23 

 “Sanctioned Person”: at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or
(c) any Person controlled by any such Person. 

“
Screen
Rate”: as defined in the definition of
“Eurodollar Rate.” 
 “SEC”: the Securities and Exchange
Commission or any successor thereto. 
 “Second Amendment”: the Second Amendment to the Second Amended and Restated Credit
Agreement dated May 27, 2016 among Air Lease Corporation as Borrower, the several lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent for the Lenders. 

“Secured Indebtedness”: any Indebtedness secured by a Lien. 

“
Seventh Amendment and Extension Agreement”:
 the Seventh Amendment and Extension Agreement to the Second Amended and Restated Credit Agreement dated as of
April 26, 2022 among Air Lease Corporation as Borrower, the several lenders party thereto and JPMorgan
Chase Bank, N.A. as Administrative Agent for the Lenders.  
 “Seventh
 Amendment Effective Date”: the date on which the conditions precedent set forth in Section 6 of the Seventh Amendment and Extension Agreement shall have been satisfied or waived, which date is April 26, 2022. 

“Significant Subsidiary”: any Subsidiary that would be a “Significant Subsidiary” of the Borrower within the
meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 

“Sixth Amendment and Extension Agreement”: the Sixth Amendment and Extension Agreement to the Second Amended and Restated
Credit Agreement dated as of April 29, 2021 among Air Lease Corporation as Borrower, the several lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent for the Lenders. 

“Sixth Amendment Effective Date”: the date on which the conditions precedent set forth in Section 6 of the Sixth
Amendment and Extension Agreement shall have been satisfied or waived, which date is April 29, 2021. 
 “SOFR”:
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day
publishedas administered by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 
 “SOFR Administrator”: the NYFRB
(or a successor administrator of the secured overnight financing rate). 
 “SOFR Administrator’s
Website”: the
NYFRB’sFederal Reserve Bank of New
York’s
 Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

“
SOFR Determination
Date”:
 has the meaning specified in the definition of “Daily Simple
SOFR”.
 

“
SOFR Rate
Day”:
 has the meaning specified in the definition of “Daily Simple
SOFR”.
 

  
 24 

 “SPC Subsidiary”: a Special Aircraft Financing Entity that has acquired
from a Person other than the Borrower or a Subsidiary a single Aircraft Asset and is prohibited by its organizational documents or loan documents or other related financing documents, without extension, replacement, modification or renewal thereof,
from incurring Indebtedness, other than the Indebtedness incurred to finance such acquisition. 
 “Special Aircraft Financing
Entity”: (a) any Subsidiary of the Borrower (i) that is a borrower under a lending facility for the purpose of purchasing or financing Aircraft Assets, (ii) that has no Indebtedness other than Indebtedness that is non-recourse to the Borrower and its Subsidiaries (other than (A) such Subsidiary and its Subsidiaries and (B) a limited recourse pledge of the equity of any such Subsidiary) and the payment of such
Indebtedness is not guaranteed by or would become the obligation of the Borrower and its Subsidiaries (other than such Subsidiary and its Subsidiaries), and (iii) that engages in no business other than the purchase, finance, lease, sale and
management of Aircraft Assets and the ownership of special purpose entities engaged in such purchase, finance, lease, sale and management, and business incidental thereto and (b) any such special purpose entity described in the foregoing clause
(a)(iii) that is a Subsidiary of a Special Aircraft Financing Entity; provided that “Special Aircraft Financing Entity” shall include, without limitation, ALC Warehouse. 

“Specified Indebtedness”: with respect to any Person, any Indebtedness of such Person the outstanding principal amount of
which equals at least $100,000,000. 
 “Subordinated Obligation”: any Indebtedness of the Borrower (whether outstanding on
the Closing Date or thereafter incurred) that is expressly subordinated or junior in right of payment to the Loans pursuant to a written agreement. 

“Subsidiary”: as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first
Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of
such second Person, and any partnership if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership
can ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall
refer to a Subsidiary or Subsidiaries of the Borrower. 
 “Swap Agreement”: (a) any and all interest rate swap
transactions, basis swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward foreign exchange transactions, cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including, but without limitation, any options to enter into
any of the foregoing), and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement. 
 “Swap Termination Value”: in respect
of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date of determination prior to the date referenced in clause (a), the amounts(s) determined as the mark to market values(s) for such Swap
Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements. 

  
 25 

 “Syndication Agents”: the Syndication Agents identified on the cover page
of this Agreement. 
 “Synthetic Lease”: at any time, any lease (including leases that may be terminated by the lessee at
any time) of any property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such
lease under which such Person is the lessor. 
 “Taxes”: all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date”: May 5, 2018, as such date may be extended from time to time with respect to some or all of the
Lenders pursuant to Section 2.1(g). 

“
Term
Benchmark”:
 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 Term SOFR Rate, other than pursuant to clause (c) of the definition of ABR. 

“
Term SOFR”:
for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR
that has been selected or recommended by the Relevant Governmental Body.  

“Term SOFR Notice”:
 a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR
Transition EventDetermination Day”: has
the meaning assigned to it under the definition of Term SOFR Reference Rate. 

“Term SOFR Transition
Event”: the determination by the Administrative Agent
that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is
administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an
Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.12 that is not Term
SOFR.
Rate”: with respect to any Term
Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the rate per annum equal
to the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities
Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator. 
 “Term
 SOFR Reference
Rate”:
 for any day and time (such day, the “Term SOFR Determination
Day”),
 with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest
Period, the forward-looking term rate based on SOFR. If by 5:00 pm
(New York City time) on
such Term SOFR Determination Day, the “Term
 SOFR Reference
Rate” for
 the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the
Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is
not more than five (5) Business Days prior to such Term SOFR Determination Day.  

  
 26 

“
Term Benchmark
Tranche”: the collective reference to Term Benchmark
Loans the then current Interest Periods with respect to all of which begin on the same date and end on the
same later date (whether or not such Loans shall originally have been made on the same day). 

“Third Amendment and Extension Agreement”: the Third Amendment and Extension Agreement to the Second Amended and Restated
Credit Agreement dated May 2, 2017 among Air Lease Corporation as Borrower, the several lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent for the Lenders. 

“Third Amendment Effective Date”: the date on which the conditions precedent set forth in Section 5 of the Third
Amendment and Extension Agreement shall have been satisfied or waived, which date is May 2, 2017. 
 “Total
Commitments”: at any time, the aggregate amount of the Commitments then in effect. 
 “Total Extensions of
Credit”: at any time, the aggregate amount of the Extensions of Credit of the Lenders outstanding at such time. 

“Transferee”: any Assignee or Participant. 

“Type”: as to any Loan, its nature as an ABR Loan or
a Eurodollar
, Term Benchmark Loan or Daily Simple SOFR Loan, or, as to any Competitive Loan, its nature as a
EurodollarTerm
 Benchmark Loan or a Fixed Rate Loan. 
 “UK
Financial Institutions”: any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended formfrom time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority”: the Bank of England or any other public administrative authority having responsibility for the
resolution of any UK Financial Institution. 
 “Unadjusted Benchmark Replacement”: the applicable Benchmark Replacement
excluding the related Benchmark Replacement Adjustment. 

“
U.S. Government Securities Business Day”:
 any day except for (i) a Saturday, (ii) a Sunday or
(iii) a day on which the Securities Industry and Financial Markets Association recommends that the
fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. 

“United States”: the United States of America. 

“Unsecured Aircraft Financing Debt”: as defined in Section 7.2(c). 

“Unsecured Indebtedness”: Indebtedness as to which the obligor thereunder has not granted a Lien in favor of the holder(s)
thereof as collateral security for the repayment of such Indebtedness; provided that for the avoidance of doubt obligations with respect to Capital Leases and obligations with respect to Swap Agreements shall not constitute Unsecured
Indebtedness. 

  
 27 

 “Voting Stock”: Capital Stock of any class or classes, the holders of which
are ordinarily, in the absence of contingencies, entitled to elect the corporate directors (or Persons performing similar functions). 

“Wholly-Owned Subsidiary”: at any time, any Subsidiary one hundred percent of all of the equity interests (except
directors’ qualifying shares) and voting interests of which are owned by any one or more of the Borrower and the Borrower’s other Wholly-Owned Subsidiaries at such time. 

“Withdrawal Liability”: any liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Title IV of ERISA. 
 “Write-Down and Conversion Powers”: (a) with respect
to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

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

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
(i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP (provided
that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a
similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein), (ii) the words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall, with respect to Indebtedness, be construed to mean incur, create, issue, assume or become liable in respect of (and the words
“incurred” and “incurrence” shall have correlative meanings), (iv) 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, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to
refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time. 
 (c) The
words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule
and Exhibit references are to this Agreement unless otherwise specified. 

  
 28 

 (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 1.3 Interest
Rates; LIBOR Notification. The interest rate on Eurodollar Loans is
determined by reference to the Eurodollar Rate, which is
derived from the London interbank offered rate (“LIBOR”). LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5,
2021, the U.K. Financial Conduct Authority
(“FCA”) publicly announced that:
(a) immediately after December 31, 2021, publication of all seven euro LIBOR settings, all seven Swiss Franc LIBOR settings, the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings, the overnight, 1-week, 2-month and 12-month
British Pound Sterling LIBOR settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will
permanently cease; immediately after December 31, 2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British Pound Sterling LIBOR settings will cease to be provided or, subject to
consultation by the FCA, be provided on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be
restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be
representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR
and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each party to this agreement should consult its own advisors to
stay informed of any such developments. Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBORa Loan denominated in Dollars may be derived from an interest rate benchmark that may be discontinued or is, or may in the
future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, a
Term SOFR Transition Event or an Early Opt-in Election, Section 2.12(b) and
(c) provide theprovides a mechanism for
determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to Section 2.12(e), of any change to the
reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any
liability with respect to, the administration, submission, performance or any other matter related to LIBOR or other rates in the definition of “Eurodollar Rate” any interest rate used in this Agreement, or with respect to any
alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate
implemented pursuant to Section 2.12(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to
Section 2.12(d)),, including without
limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the Eurodollar
Rateexisting interest rate being replaced or have the same volume or liquidity as did the London interbank offeredany existing interest rate prior to its discontinuance or
unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in
transactions that affect the calculation of any interest rate used in this Agreement or any successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the
Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case
pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs,
losses or expenses (whether in tort, contract or otherwise
and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 

  
 29 

 1.4 Divisions. For all purposes under the Loan Documents, in connection with any
division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its
existence by the holders of its Capital Stock at such time. 
 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 

2.1 Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make Loans (which, for the
avoidance of doubt, shall be denominated in Dollars) to the Borrower from time to time during the Commitment Period in an aggregate principal amount (i) at any one time outstanding which, when added to such Lender’s Revolving Percentage of
the L/C Obligations then outstanding, does not exceed the amount of such Lender’s Commitment and (ii) that will not result in the Total Extensions of Credit plus the aggregate principal amount of outstanding Competitive Loans exceeding the
Total Commitments. During the Commitment Period the Borrower may use the Commitments by borrowing, prepaying the Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Loans may from time to time be Eurodollar
Loans Term Benchmark Loans, (or, in accordance
with Section 2.12, Daily Simple SOFR Loans) or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.8. Each Competitive Loan
shall be made in accordance with the procedures set forth in Section 2.20. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments and
Competitive Bids of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) The Borrower and any one or more Lenders and/or New Lenders may from time to time after the Closing Date agree that such Lender or New
Lender or Lenders or New Lenders shall establish a new Commitment or Commitments or increase the amount of its or their Commitment or Commitments by executing and delivering to the Administrative Agent, in the case of each New Lender, a New Lender
Supplement meeting the requirements of Section 2.1(c) or, in the case of each Lender, a Commitment Increase Supplement meeting the requirements of Section 2.1(d); provided that, (x) without the consent of the Required Lenders, the
aggregate amount of incremental Commitments established or increased after the SixthSeventh Amendment Effective Date pursuant to this paragraph shall not
exceed $1,000,000,000, and (y) unless otherwise agreed to by the Administrative Agent, each increase in the aggregate Commitments effected pursuant to this paragraph shall be in a minimum aggregate amount of at least $25,000,000.
Notwithstanding the foregoing, no increase in the Total Commitments (or in the Commitment of any Lender) shall become effective under this paragraph (b) unless, (i) on the proposed date of the effectiveness of such increase, the conditions set
forth in Section 5.2 shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by an authorized officer of the Borrower and (ii) the Administrative Agent shall have
received documents consistent with those delivered on the Closing Date under Section 5.1(c) as to the corporate power and authority of the Borrower to borrow hereunder after giving effect to such increase and under Section 5.1(d). No
Lender shall have any obligation to participate in any increase described in this paragraph unless it agrees to do so in its sole discretion. 

  
 30 

 (c) Any additional bank, financial institution or other entity that is not a Lender which,
with the consent of the Borrower and the Administrative Agent unless such New Lender is an Affiliate of a Lender (which consent of the Administrative Agent shall not be unreasonably withheld, delayed or conditioned), elects to become a
“Lender” under this Agreement in connection with any transaction described in Section 2.1(b) shall execute a New Lender Supplement (each, a “New Lender Supplement”), substantially in the form of Exhibit F-1, whereupon such bank, financial institution or other entity (a “New Lender”) shall become a Lender, with a Commitment in the amount set forth therein that is effective on the date specified
therein, for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement. 

(d) Any Lender, which, with the consent of the Borrower and the Administrative Agent, elects to increase its Commitment under this Agreement
shall execute and deliver to the Borrower and the Administrative Agent a Commitment Increase Supplement specifying (i) the amount of such Commitment increase, (ii) the aggregate amount of such Lender’s Commitment after giving effect
to such Commitment increase, and (iii) the date upon which such Commitment increase shall become effective. 
 (e) Unless otherwise
agreed by the Administrative Agent, on each date upon which the Commitments shall be increased pursuant to this Section, the Borrower shall prepay all then outstanding Loans made to it, which prepayment shall be accompanied by payment of all accrued
interest on the amount prepaid and any amounts payable pursuant to Section 2.16 in connection therewith, and, to the extent it determines to do so, reborrow Loans from all the Lenders (after giving effect to the new and/or increased Commitments
becoming effective on such date). Any prepayment and reborrowing pursuant to the preceding sentence shall be effected, to the maximum extent practicable, through the netting of amounts payable between the Borrower and the respective Lenders. 

(f) The Borrower shall repay all outstanding Loans on the Termination Date, it being understood and agreed that in the event that the
Termination Date is extended pursuant to Section 2.1(g), the Borrower shall only be required to repay the outstanding Loans of each non-extending Lender on the then-scheduled Termination Date (determined
without giving effect to such requested extension) (unless the Loans and Commitments of such non-extending Lender are purchased by a replacement financial institution pursuant to Section 2.18 or otherwise
assigned hereunder to a Lender which agrees to so extend the Termination Date). 
 (g) The Termination Date with respect to the Commitments
and the Loans may be extended annually, up to two times after the Seventh Amendment Effective Date, in the manner set forth in this Section 2.1(g), in each case for a period of one year measured from the latest Termination Date then in
effect; provided that, solely with respect to the initial extension of the Termination Date as in effect on the Sixth Amendment Effective Date of this
Agreement immediately prior to giving effect to the Sixth Amendment, the Termination Date may be extended for a period of two years measured from the latest Termination Date then in effect and the Borrower may only request a subsequent one year
extension during the second year of such two year extension. If the Borrower wishes to request an extension of the Termination Date, it shall give notice to that effect to the
Administrative Agent at any time and from time to time after the first anniversary of the Closing Date and not less than 30 days prior to the latest Termination Date then in effect (provided that the Borrower may not make more than one such request
in any one year and subject to the proviso in the foregoing
sentence). The Administrative Agent shall
promptly notify each Lender of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender), by notice to the Borrower and the
Administrative Agent within 10 days of receipt of such request. Subject to the execution by the Borrower, the Administrative Agent and such Lender of a duly completed Extension Agreement, the Termination Date applicable to the Commitment and the
Loans of each Lender so affirmatively notifying the Borrower and the Administrative Agent shall be extended for a period of one year, or solely with respect to the extension
described in the proviso in the first sentence of this clause (g), two years, from the latest Termination Date then in effect;
provided that (x) no 

  
 31 

 
Termination Date of any Lender shall be extended unless Lenders having at least 50% in aggregate amount of the Commitments in effect at the time any such extension is requested shall have elected
so to extend their Commitments, (y) on the date of any such extension of the Termination Date, each of the representations and warranties made by any Loan Party in the Loan Documents or any notice or certificate delivered in connection
therewith shall be true and correct in all material respects (provided that any representation or warranty that is qualified by materiality shall be true and correct in all respects) on and as of such date as if made on and as of such date, except
to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any representation or warranty that is
qualified by materiality shall be true and correct in all respects) as of such earlier date and (z) no Termination Date of any Lender shall be extended if a Default or Event of Default shall have occurred and be continuing. Any Lender which
does not give such notice to the Borrower and the Administrative Agent shall be deemed to have elected not to extend as requested, and the Commitment of each non-extending Lender shall terminate on the
then-scheduled Termination Date (determined without giving effect to such requested extension). The Borrower, at its discretion, will have the right at any time pursuant to Section 2.18 to seek a substitute Eligible Assignee for any Lender
which does not elect to extend its Commitment. Following any such extension, the L/C Obligations shall continue to be held ratably among the Lenders, but on the Termination Date as applicable to any
non-extending Lender, the L/C Obligations of such non-extending Lender shall be ratably reallocated, to the extent of the Available Commitments of the extending Lenders,
to the extending Lenders (without regard to whether the conditions set forth in Section 5.2 can then be satisfied) and the Borrower shall cash collateralize the balance of such L/C Obligations in a manner reasonably satisfactory to the
Administrative Agent and the Issuing Lender (but in no event in an amount greater than the difference, if positive, of outstanding L/C Obligations of non-extending Lenders less the amount of L/C Obligations of
non-extending Lenders reallocated to extending Lenders as provided in this section). Notwithstanding anything to the contrary
contained in this section, the Borrower may not effectuate an extension of the Termination Date more than ten times during the term of this Agreement (it being understood that the Termination Date has been extended six times as of the Sixth
Amendment Effective Date (after giving effect to the extension on the Sixth Amendment Effective Date)). 

(h) The provisions of Section 2.1(f) and Section 2.1(g) shall supersede any contrary provisions in Section 2.13,
Section 10.1 and Section 10.7 of this Agreement. 
 2.2 Procedure for Borrowing. The Borrower may borrow under the
Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent (a) prior to 4:00 P.M1:00 P.M., New York City time, three Business Days prior to the requested Borrowing Date, in the case of EurodollarTerm Benchmark Loans, or (b) prior to 1:00 P.M., New York City time
on the requested Borrowing Date, in the case of ABR Loans) (provided that any such notice of a borrowing of ABR Loans to finance payments required by Section 3.5 may be given not later than 11:00 A.M., New York City time, on the date of
the proposed borrowing), specifying (i) the amount and Type of Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of
EurodollarTerm
Benchmark Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing under the Commitments shall be in an amount
equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Commitments are less than $1,000,000, such lesser amount), (y) in the case of EurodollarTerm
Benchmark Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (z) in the case of Competitive Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Upon
receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the
Borrower at the Funding Office prior to 3:00 P.M. (or, in the case of same-day borrowings of ABR Loans to finance 

  
 32 

 
payments required by Section 3.5, 1:00 P.M.), New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing
will then be made available to the Borrower by the Administrative Agent not later than 3:30 P.M. (or in the case of same-day borrowings of ABR Loans to finance payments required by Section 3.5, 1:00
P.M.), New York City time on such Borrowing Date crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the
Administrative Agent. 
 2.3 [Reserved]. 

2.4 [Reserved]. 
 2.5
Facility Fees, etc.. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee for the period from and including the date hereof to the last day of the Commitment Period, computed at the Facility
Fee Rate on the average daily amount of the Commitment of such Lender (whether used or unused) during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the
date hereof; provided that, if such Lender continues to have any outstanding Extensions of Credit after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Extensions of Credit
until such Extensions of Credit are paid in full. 
 (b) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and
on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein. 
 2.6
Termination or Reduction of Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Commitments or, from time to time, to reduce the amount of the
Commitments; provided that no such termination or reduction of Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Loans made on the effective date thereof, the sum of the Total Extensions of Credit
and the aggregate principal amount of outstanding Competitive Loans would exceed the Total Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Commitments then in
effect. 
 2.7 Optional Prepayments. The Borrower may at any time and from time to time prepay the Loans, in whole or in part,
without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 4:00 P.M1:00 P.M., New York City time, three Business Days prior thereto, in the
case of
EurodollarTerm
Benchmark Loans, and no later than 4:00 P.M., New York City time, one Business Day prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether
the prepayment is of
EurodollarTerm
Benchmark Loans or ABR Loans; provided, that if a EurodollarTerm Benchmark Loan is prepaid on any day other than the last day of the
Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.16. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is
given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Loans that are ABR Loans), accrued interest to such date on the amount prepaid. Partial prepayments of Loans
shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Notwithstanding anything to the contrary contained in this Section 2.7, the Borrower shall not have the right to prepay any Competitive Loan without the prior
consent of the Lender thereof. 

  
 33 

 2.8 Conversion and Continuation Options. (a) The Borrower may elect from time to
time to convert
EurodollarTerm
Benchmark Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 4:00 P.M11:00
A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of EurodollarTerm
Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to EurodollarTerm
Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than
4:00 P.M1100
A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no
ABR Loan may be converted into a
EurodollarTerm
Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders has determined in its or their sole discretion not to permit such
conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 
 (b) Any
EurodollarTerm
 Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving irrevocable notice to the Administrative Agent, in
accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no EurodollarTerm
 Benchmark Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their
sole discretion not to permit such continuations or (ii) if an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to the Borrower is in existence, and provided, further, that if the Borrower
shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring
Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

(c) This Section 2.8 shall not apply to Competitive Borrowings, which may not be converted or continued. 

2.9 Limitations on EurodollarTerm Benchmark
Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of EurodollarTerm Benchmark Loans and all selections of Interest Periods shall be in
such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the
EurodollarTerm
Benchmark Loans comprising each EurodollarTerm Benchmark Tranche shall be equal to $5,000,000 or a whole multiple
of $1,000,000 in excess thereof and (b) no more than ten
Eurodollarfifteen (15) Benchmark Tranches
(exclusive of Competitive Loans) shall be outstanding at any one time. 
 2.10 Interest Rates and Payment Dates.
(a) Each
EurodollarTerm
Benchmark Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the EurodollarAdjusted Term
SOFR Rate determined for such day plus the Applicable Margin (provided that any Competitive Loan that is a
EurodollarTerm
Benchmark Loan shall bear interest at the EurodollarAdjusted Term SOFR Rate for the Interest Period in effect for such
Competitive Borrowing plus (or minus, as applicable) the Margin applicable to such Loan). 
 (b) Each ABR Loan shall bear interest at
a rate per annum equal to the ABR plus the Applicable Margin. Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan. 

  
 34 

 (c) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation
shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto
pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans plus 2%, and (ii) if all or a portion of any interest payable on any Loan or any
facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans
plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). 

(d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph
(c) of this Section shall be payable from time to time on demand by the Administrative Agent. 
 2.11 Computation of Interest and
Fees. (a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans the rate of interest on which
is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days
elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a EurodollarTerm SOFR Rate and/or Daily Simple SOFR. Any change in the interest rate on a Loan
resulting from a change in the ABR shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the
effective date and the amount of each such change in interest rate. 
 (b) Each determination of an interest rate by the
Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the
Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.10(a). 

2.12 Inability to Determine Interest Rate. (a) Subject to clauses (b), (c), (d), (e),
and (f) and (g) of this Section 2.12, if prior to the commencement of any Interest Period for a Eurodollar
borrowing: 
 (i) the Administrative Agent determines (which
determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not
exist for ascertaining the EurodollarAdjusted Term SOFR Rate or the Term SOFR Rate, as applicable (including
because the
ScreenTerm
 SOFR Reference Rate is not available or published on a current basis), for such Interest Period; provided that no Benchmark
Transition Event shall have occurred at such time; or or
(B) at any time (to the extent then applicable), that adequate and reasonable means do not exist for
ascertaining the applicable Adjusted Daily Simple SOFR or Daily Simple SOFR; or 

(ii) the Administrative Agent is advised by the Required Lenders (or, in the case of a Competitive Loan, the Lender that is
required to make such Loan) that the Eurodollar Rate, as applicable, (A) prior to the commencement of any Interest Period for a Term Benchmark Loan, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period or
(B) at any time (to the extent then applicable), Adjusted Daily Simple SOFR will not adequately and
fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing; 

  
 35 

 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone,
telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist with respect to the relevant Benchmark and (y) the Borrower delivers a new interest election request in accordance with the terms of Section 2.8 or a new borrowing request in accordance with the terms of Section 2.2, (A1
) any interest election request that requests the conversion of any borrowing to, or continuation of any borrowing as, a
Eurodollar borrowing shall be ineffective,
(B) if any Borrowing Request requests a borrowing, such Borrowing shall be made as an ABR borrowing and (C) Term Benchmark borrowing and any borrowing request that requests a
Term Benchmark borrowing shall instead be deemed to be an interest election request or borrowing request, as applicable, for
(x) an Daily Simple SOFR Loan so long as the Adjusted Daily Simple SOFR is not also the subject of
Section 2.12(a)(i) or (ii) above or
(y) an ABR borrowing if the Adjusted Daily Simple SOFR also is the subject of Section 2.12(a)(i) or
(ii) above and
(2) if applicable, any borrowing request that requests a Daily Simple SOFR Loan shall instead be deemed
to be a borrowing request, as applicable, for an ABR borrowing, and (3) any request by the Borrower for a Competitive Borrowing shall be ineffective; provided that (x) if the
circumstances giving rise to such notice do not affect all the Lenders, then requests by the Borrower for Competitive Borrowings may be made to Lenders that are not affected thereby and (y) if the circumstances giving rise to such notice affect
only one Type of Borrowings, then theall other
TypeTypes
 of Borrowings shall be permitted. Furthermore, if any Term
Benchmark Loan or Daily Simple SOFR Loan is outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.12(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or Daily Simple SOFR Loan, then until
(x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise
to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a
new interest election request in accordance with the terms of Section 2.08 or a new borrowing request
in accordance with the terms of Section 2.02, (1) any Term Benchmark Loan shall on the last day of the
Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) a Daily Simple SOFR Loan so long as the Adjusted Daily Simple SOFR is not also the subject of Section 2.12(a)(i) or
(ii) above or
(y) an ABR Loan if the Adjusted Daily Simple SOFR also is the subject of Section 2.12(a)(i) or
(ii) above, on such day, and (2) if applicable, any Daily Simple SOFR Loan shall on and from such day be converted by the Administrative Agent to, and
shall constitute an ABR Loan. 

(b)

(b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2)
of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace
such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other
Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (32) of the definition of “Benchmark Replacement” for such
Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day
after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not
received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

  
 36 

 (c)
Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any
setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings,
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document;
provided that,
 this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the
Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion.

(c)
 (d) In connection with the implementation of a Benchmark Replacement,
Notwithstanding anything to the contrary herein
or in any other Loan Document, the Administrative
Agent, in consultation with Borrower, will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such
Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(d)
 (e) The
Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark
Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.12, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent
manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.12, including the
definitions referenced in this Section 2.12. 
 (e)
(f) Notwithstanding anything to the contrary herein or in any
other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including
the Term SOFR or Eurodollar Rate) and either (A) any tenor for such Benchmark is not
displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has
provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark
settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a
screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

  
 37 

(f)
 (g) Upon the
Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a EurodollarTerm Benchmark
borrowing or if applicable, Daily Simple SOFR Loan of,
conversion to or continuation of EurodollarTerm Benchmark Loans to be made, converted or continued during any
Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request
for a Term Benchmark borrowing into a request for a Borrowingborrowing
 of or conversion to ABR Loans(A) a
 Daily Simple SOFR Loan so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark
Transition Event or
(B) an
 ABR Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is
not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or if applicable, Daily Simple SOFR Loan is outstanding on the date of the
Borrower’s
 receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or Daily Simple SOFR Loan, then until such time as a Benchmark Replacement is implemented pursuant to
this Section 2.12, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable
to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the
Administrative Agent to, and shall constitute, (x) a Daily Simple SOFR Loan so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event
or (y) an ABR Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event,
on such day and
(2) if applicable, any Daily Simple SOFR Loan shall on and from such day be converted by the
Administrative Agent to, and shall constitute an ABR Loan. 

2.13 Pro Rata Treatment and Payments. (a) Each borrowing (other than Competitive Loans) by the Borrower from the Lenders hereunder
and, except as provided in Section 2.1(f), Section 2.1(g) or Section 2.19, each payment by the Borrower on account of any facility fee and any reduction of the Commitments of the Lenders shall be made pro rata according
to the respective Revolving Percentages of the relevant Lenders. 
 (b) Except as otherwise provided in Section 2.1(f),
Section 2.1(g) or Section 2.19, each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans (other than payments of Competitive Loans pursuant to Section 2.20(g)) shall be made
pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders. 
 (c) All payments
(including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 4:00 P.M., New York City time, on the due date
thereof to the Administrative Agent, for the account of the Lenders (or solely for the benefit of the non-extending Lenders in the case of non pro-rata payments made
pursuant to Section 2.1(f) or Section 2.1(g)), at the Funding Office, in Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to each relevant Lender promptly upon receipt in like funds as
received, net of any amounts owing by such Lender pursuant to Section 9.7. If any payment hereunder (other than payments on the EurodollarTerm Benchmark Loans)
becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a
EurodollarTerm
 Benchmark Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be
to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest
thereon shall be payable at the then applicable rate during such extension. 
 (d) Unless the Administrative
Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that
such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, 

  
 38 

 
in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing
Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect
to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such
Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans, on demand, from the Borrower. 

(e) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to 12:00 Noon, New York City time on the date of
any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall
not be required to, in reliance upon such assumption, make available to the relevant Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business
Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum
equal to the daily average Federal Funds Effective Rate. Nothing in this Section 2.13(e) shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

(f) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.13(d), 2.13(e), 2.15(e), 3.4(a) or 9.7,
then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative
Agent or the Issuing Lender to satisfy such Lender’s obligations to it under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and
application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

2.14 Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application
thereof by any Governmental Authority charged with administration thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any such Governmental Authority made subsequent to the date hereof:

 (i) shall subject any Credit Party to any tax of any kind whatsoever (other than
(A) Non-Excluded Taxes or Other Taxes covered by Section 2.15 and (B) Taxes described in the first sentence of Section 2.15(a) immediately before the proviso and clauses (w) through
(y) of Section 2.15(a)) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against
assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit (or, subject to Section 10.6(c)(ii), participations therein) by, or any other acquisition of funds by, any office of such
Lender that is not otherwise included in the determination of the EurodollarTerm SOFR Rate or Daily Simple SOFR Rate; or 

  
 39 

 (iii) shall impose on such Lender any other condition affecting its EurodollarTerm
 Benchmark Loans, Daily Simple SOFR Loans or Fixed Rate Loans or its obligation to make or maintain
EurodollarTerm
 Benchmark Loans, Daily Simple SOFR Loans or Fixed Rate Loans or issue or participate in Letters of Credit; 

and the result of any of the foregoing is to increase the cost to such Lender or such other Credit Party, by an amount that such Lender or other Credit Party
deems to be material, of making, converting into, continuing or maintaining EurodollarTerm Benchmark Loans, Daily Simple SOFR Loans or Fixed Rate Loans or
issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender or such other Credit Party, upon its demand, any additional amounts
necessary to compensate such Lender or such other Credit Party for such increased cost or reduced amount receivable. If any Lender or such other Credit Party becomes entitled to claim any additional amounts pursuant to this paragraph, it shall
promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. 

(b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital or liquidity
requirements or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital or liquidity requirements (whether or not having the force of law)
from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or in respect of
any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to
capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay
to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 
 (c)
Notwithstanding anything herein to the contrary, (i) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives
thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted, issued or implemented. 

(d) A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the
Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything to the contrary in this Section, the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more
than six months prior to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder. 
 (e) Notwithstanding the foregoing provisions of this Section, a Lender shall not be
entitled to compensation pursuant to this Section in respect of any Competitive Loan if the change in such Requirement of Law that would otherwise entitle it to such compensation shall have been publicly announced prior to submission of the
Competitive Bid pursuant to which such Loan was made. 

  
 40 

 2.15 Taxes. (a) All payments made by or on behalf of any Loan Party under this
Agreement or any other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings,
now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net income (however denominated) Taxes and franchise Taxes (imposed in lieu of net income Taxes) and branch profits Taxes imposed on the
Administrative Agent or any Lender by any Governmental Authority in a jurisdiction (or political subdivision thereof) in which the Administrative Agent or Lender is organized, in which its applicable lending office is located, or that are Other
Connection Taxes; provided that, if any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded
Taxes”) or Other Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender as determined in good faith by the applicable withholding agent, (i) such amounts shall be paid to the relevant
Government Authority in accordance with applicable law and (ii) the amounts so payable by the applicable Loan Party to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the Administrative Agent or
such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement as if such withholding or
deduction had not been made; provided further, however, that notwithstanding anything in this Agreement to the contrary, the Borrower shall not be required to increase any such amounts payable to any Lender or other recipient with respect to any Non-Excluded Taxes (w) that are attributable to such Lender’s or other recipient’s failure to comply with the requirements of paragraph (e) or (f) of this Section, (x) that are United States
withholding Taxes (including United States federal, state and local backup withholding taxes) resulting from any Requirement of Law in effect on the date such Lender becomes a party to this Agreement (or designates a new lending office), except in
each case to the extent that, pursuant to this paragraph, additional amounts with respect to such Non-Excluded Taxes were payable either to such Lender’s assignor (if any) at the time of assignment or to
such Lender at the time it designated a new lending office or (y) that are imposed by reason of FATCA. The payment of Taxes described in clauses (w) through (y) of this Section 2.15(a) shall not result in any indemnity payment under
Section 2.15(c). 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with
applicable law. 
 (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by any Loan Party,
as promptly as possible thereafter such Loan Party shall send to the Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, a certified copy of an original official receipt received by such Loan Party
showing payment thereof or other evidence of such payment reasonably satisfactory to the Administrative Agent. Subject to Section 2.15(a), if (i) any Loan Party fails to pay any Non-Excluded Taxes or
Other Taxes when due to the appropriate taxing authority or (ii) any Non-Excluded Taxes or Other Taxes are imposed directly upon the Administrative Agent or any Lender (including, in the case of a Lender
that is classified as a partnership for U.S. federal income tax purposes, a person treated as a beneficial owner thereof for U.S. federal tax purposes), such Loan Party shall indemnify the Administrative Agent and the Lenders within 10 days after
demand therefor, for the full amount of any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure (including Non-Excluded
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) in the case of (i), or any such direct imposition in the case of (ii). In the case of any Lender making a claim under this Section 2.15(c) on
behalf of any of its beneficial owners, an indemnity payment under this Section 2.15(c) shall be due only to the extent that such Lender is able to establish that such beneficial owners supplied to the applicable Persons such properly completed
and executed documentation necessary to claim any applicable exemption from, or reduction of, such Non-Excluded Taxes or Other Taxes. 

  
 41 

 (d) Each Lender shall severally indemnify the Administrative Agent, within 10 days after
demand therefor, for (i) any Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Taxes and without limiting the obligation of the Loan Parties to do so) and
(ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(c) relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such 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 any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d). 

(e) Each Lender that is a “United States Person” (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower
and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed original copies of U.S. Internal Revenue Service (“IRS”) Form
W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal withholding tax. Each Lender (or Transferee) that is not a “United States Person” as defined in
Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) and that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) (i) two copies of either IRS Form
W-8BEN or W-8BEN-E, as applicable, Form W-8IMY (together with any applicable underlying
IRS Forms) or Form W-8ECI, as applicable, (ii) in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or
881(c) of the Code with respect to payments of “portfolio interest,” a statement substantially in the form of Exhibit E and the applicable IRS Form W-8BEN or W-8BEN-E, as applicable, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete
exemption from, or a reduced rate of, U.S. federal withholding tax on all payments under this Agreement and the other Loan Documents or (iii) any other form prescribed by the applicable requirements of U.S. federal income tax law as a basis for
claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable requirements of law to permit the Borrower and the Administrative Agent to
determine the withholding or deduction required to be made. Such forms shall be delivered by each Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases
the related participation) and from time to time thereafter upon the request of the Borrower or the Administrative Agent. In addition, each Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered
by such Lender. Each Lender shall promptly notify the Borrower and the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower or the Administrative Agent (or
any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this Section, a Lender shall not be required to deliver any form pursuant to this paragraph that such Lender is not
legally able to deliver. 

  
 42 

 (f) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable
law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion,
execution or submission would not materially prejudice the legal or commercial position of such Lender. 
 (g) If a payment made to a Lender
under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes
of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (h) If the
Administrative Agent or any Lender determines, in its sole discretion, exercised in good faith, that it has received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by a
Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.15, it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such
Loan Party under this Section 2.15 with respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such Lender attributable to such refund and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided, that such Loan Party, upon the request of such Lender, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to such Lender in the event such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require any Lender to make available its tax returns (or any other information
relating to its taxes which it deems confidential) to any Loan Party or any other Person. 
 (i) For purposes of determining withholding
Taxes imposed under FATCA, from and after the First Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a
“grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

(j) The agreements in this Section 2.15 shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder. 
 (k) For purposes of this Section 2.15, the term “Lender” includes the Issuing Lender. 

2.16 Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such
Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of
EurodollarTerm
Benchmark Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or
conversion from Eurodollar LoansTerm Benchmark Loan after the Borrower has given a notice thereof in
accordance with the provisions of this Agreement, (c) the failure to borrow any Competitive Loan after accepting the 

  
 43 

 
Competitive Bid to make such Loan or (d) the making of a prepayment of EurodollarTerm Benchmark Loans or
Fixed Rate Loans on a day that is not the last day of an Interest Period with respect thereto. In the case of a EurodollarTerm Benchmark Loan,
such indemnification shall be the amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, at the EurodollarAdjusted
 Term SOFR Rate that would have been applicable for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in
the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable
Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in
the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder. 
 2.17 Change
of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.14 or 2.15 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall
policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole
judgment of such Lender, cause such Lender and its lending offices to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the
Borrower or the rights of any Lender pursuant to Section 2.14 or 2.15(a). 
 2.18 Replacement of Lenders. The Borrower shall be
permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.14 or 2.15(a), (b) becomes a Defaulting Lender, (c) does not agree to extend the Termination Date for its Commitments and Loans
under Section 2.1(g) and Lenders having at least 50% in aggregate amount of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments or (d) does not consent to any proposed
amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required
Lenders has been obtained), with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of
such replacement, (iii) if applicable, prior to any such replacement, such Lender shall have taken no action under Section 2.17 so as to eliminate the continued need for payment
of amounts owing pursuant to Section 2.14 or 2.15(a), (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement (other than any
outstanding Competitive Loans held by such replaced Lender), (v) the Borrower shall be liable to such replaced Lender under Section 2.16 if any
EurodollarTerm
Benchmark Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution, if not already
a Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower shall be
obligated to pay the registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.14 or 2.15(a), as
the case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. Each party hereto agrees that an assignment
required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.

  
 44 

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

(a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.5(a); 

(b) the Commitment and Extensions of Credit of such Defaulting Lender shall not be included in determining whether all Lenders or the Required
Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.1); provided that this clause (b) shall not apply to the vote of a Defaulting Lender in
the case of an amendment, waiver or other modification requiring the consent of such Lender; 
 (c) if any L/C Exposure exists at the time
such Lender becomes a Defaulting Lender then: 
 (i) all or any part of the L/C Exposure of such Defaulting Lender shall be
reallocated among the non-Defaulting Lenders in accordance with their respective Revolving Percentages but only to the extent the sum of all non-Defaulting Lenders’
Extensions of Credit plus such Defaulting Lender’s L/C Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall,
within two Business Days following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Lender only the Borrower’s obligations corresponding to such Defaulting Lender’s L/C Exposure (after giving effect to
any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 8 for so long as such L/C Exposure is outstanding; 

(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s L/C Exposure pursuant to clause
(ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is
cash collateralized; 
 (iv) if the L/C Exposure of the non-Defaulting Lenders is
reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.5(a) and Section 3.3(a) shall be adjusted in accordance with such non-Defaulting
Lenders’ Revolving Percentages; and 
 (v) if all or any portion of such Defaulting Lender’s L/C Exposure is
neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all fees payable under Section 3.3(a) with respect to
such Defaulting Lender’s L/C Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or cash collateralized; and 

  
 45 

 (d) so long as such Lender is a Defaulting Lender, the Issuing Lender shall not be required
to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Commitments of the
non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in the amount of such Defaulting Lender’s L/C Exposure in accordance with Section 2.19(c), and participating interests
in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.19(c)(i) (and such Defaulting Lender shall not participate therein).

 (e) Termination of Defaulting Lenders. The Borrower shall have the right, in its sole discretion, to terminate the Commitment of
any Defaulting Lender by giving the Administrative Agent and such Defaulting Lender a written notice setting forth its election and a termination date (an “Early Commitment Termination Date”), which date shall not be earlier than
three (3) Business Days after the date on which such notice has been given, except as otherwise agreed by the Administrative Agent and such Defaulting Lender. On the Early Commitment Termination Date, such Defaulting Lender’s Commitment
shall terminate and, so long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall (i) prepay all of such Defaulting Lender’s outstanding Loans together with interest thereon accrued to such Early
Commitment Termination Date, (ii) pay all facility fees accrued to such Early Commitment Termination Date, except as otherwise provided in Section 2.19(a) and (iii) pay all amounts then owing to such Defaulting Lender pursuant to
Sections 2.14, 2.15, 2.16 and 10.5 for which demand has been made to the Borrower prior to such Early Commitment Termination Date. Upon termination of such Defaulting Lender’s Commitment in accordance with this Section 2.19(e), such
Defaulting Lender shall cease to be a party hereto. 
 In the event that the Administrative Agent, the Borrower and the Issuing Lender each
agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such
date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Revolving Percentage. 

2.20 Competitive Bid Procedure. (a) Subject to the terms and conditions set forth herein, from time to time during the Commitment
Period the Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided that the sum of the Total Extensions of Credit plus the aggregate principal amount
of outstanding Competitive Loans at any time shall not exceed the Total Commitments. To request Competitive Bids, the Borrower shall notify the Administrative Agent of such request by telephone, in the case of a Competitive Borrowing of EurodollarTerm
Benchmark Loans, not later than 11:00 a.m., New York City time, four Business Days before the date of the proposed Competitive Borrowing and, in the case of a Competitive Borrowing of Fixed Rate
Loans, not later than 10:00 a.m., New York City time, one Business Day before the date of the proposed Competitive Borrowing; provided that the Borrower may submit up to (but not more than) three Competitive Bid Requests on the same day, but
a Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn or all Competitive Bids received in
response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form reasonably approved by the Administrative
Agent and signed by the Borrower. Each such telephonic and written Competitive Bid Request shall specify the following information: 

(i) the aggregate amount of the requested Competitive Borrowing; 

(ii) the date of such Competitive Borrowing, which shall be a Business Day; 

  
 46 

 (iii) whether such Competitive Borrowing is to be a Competitive Borrowing of
EurodollarTerm
 Benchmark Loans or a Competitive Borrowing of Fixed Rate Loans; 

(iv) the Interest Period to be applicable to such Competitive Borrowing, which shall be a period contemplated by the definition
of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s account to which funds are
to be disbursed; and 
 (vi) any such other term as the Borrower may specify. 

Promptly following receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the Lenders of the details
thereof, inviting the Lenders to submit Competitive Bids. 
 (b) Each Lender may (but shall not have any obligation to) make one or more
Competitive Bids to the Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and must be received by the Administrative Agent by telecopy, in the case of a
Competitive Borrowing of EurodollarTerm Benchmark Loans, not later than 9:30 a.m., New York City time,
three Business Days before the proposed date of such Competitive Borrowing, and in the case of a Competitive Borrowing of Fixed Rate Loans, not later than 9:30 a.m., New York City time, on the proposed date of such Competitive Borrowing.
Competitive Bids that do not conform substantially to the form approved by the Administrative Agent may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each
Competitive Bid shall specify (i) the principal amount (which shall be a minimum of $5,000,000 and an integral multiple of $1,000,000 and which may equal the entire principal amount of the Competitive Borrowing requested by the Borrower) of the
Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or Rates at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than
four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof. 
 (c) The
Administrative Agent shall promptly notify the Borrower by telecopy of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid. 

(d) Subject only to the provisions of this paragraph, the Borrower may accept or reject any Competitive Bid. The Borrower shall notify the
Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, in the case of a Competitive Borrowing of EurodollarTerm
 Benchmark Loans, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Competitive Borrowing, and in the case of a Competitive Borrowing of Fixed Rate
Loans, not later than 11:00 a.m., New York City time, on the proposed date of the Competitive Borrowing; provided that (i) the failure of the Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid,
(ii) the Borrower shall not accept a Competitive Bid made at a particular Competitive Bid Rate if the Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by
the Borrower shall not exceed the aggregate amount of the requested Competitive Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive
Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant
to clause (iv) above, no Competitive Bid shall be accepted for a Competitive 

  
 47 

 
Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided further that if a Competitive Loan must be in an
amount less than $5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of
multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner determined by the Borrower. A notice given by the Borrower pursuant to this
paragraph shall be irrevocable. 
 (e) The Administrative Agent shall promptly notify each bidding Lender by telecopy whether or not its
Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which its
Competitive Bid has been accepted. 
 (f) If the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a Lender,
it shall submit such Competitive Bid directly to the Borrower at least one half of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (b) of
this Section. 
 (g) Notwithstanding anything to the contrary contained in Section 2.1(f), the Borrower shall repay the unpaid
principal amount of each Competitive Loan on the last day of the Interest Period applicable to such Loan. 
 SECTION 3. LETTERS OF
CREDITLETTERS OF CREDIT 
 3.1 L/C Commitment. (a) Subject to the terms and conditions hereof, the
Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the Commitment
Period in such form as may be approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to, and shall not, issue any Letter of Credit if, after giving effect to such issuance, (i)(x) the L/C
Obligations would exceed the L/C Commitment or (y) the aggregate stated amount of Letters of Credit issued by the Issuing Lender would exceed the Issuing Lender L/C Commitment Sublimit of the Issuing Lender, (ii) the aggregate amount of
the Available Commitments would be less than zero or (iii) the sum of the Total Extensions of Credit plus the aggregate principal amount of outstanding Competitive Loans would exceed the Total Commitments. Each Letter of Credit shall
(A) be denominated in Dollars and (B) expire no later than the earlier of (x) the first anniversary of its date of issuance unless otherwise consented to by the Issuing Lender and (y) the date that is five Business Days prior to
the Termination Date, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in
no event extend beyond the date referred to in clause (y) above). Schedule 3.1 sets forth certain letters of credit issued under the Prior Credit Agreement. Subject to the satisfaction on the Closing Date of the conditions precedent set
forth in Section 5.1, such letters of credit shall constitute, on and after the Closing Date, Letters of Credit and shall be subject to and benefit from this Agreement. 

(b) The Issuing Lender shall not at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the
Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 
 3.2 Procedure for Issuance
of Letter of Credit. The Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Administrative Agent and the Issuing Lender at their respective addresses for notices specified herein an
Application completed to the reasonable satisfaction of the Issuing Lender, and such other certificates, documents and other papers and 

  
 48 

 
information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information
delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than
three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as
otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the
Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). 

3.3 Fees and Other Charges. (a) The Borrower will pay a fee on the undrawn and unexpired amount of each Letter of Credit at a per
annum rate equal to the Applicable Margin then in effect with respect to EurodollarTerm Benchmark Loans, shared ratably among the Lenders and payable
quarterly in arrears on each Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the Issuing Lender for its own account a fronting fee of the rate or rates per annum separately agreed upon between the Borrower and the
Issuing Bank on the undrawn and unexpired amount of each Letter of Credit, payable quarterly in arrears on each Fee Payment Date after the issuance date. 

(b) In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses
as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

3.4 L/C Participations. (a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to
induce the Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase, subject to Section 2.19(c)(i), and hereby accepts and purchases from the Issuing Lender, on the terms and conditions set forth
below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit and the
amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower in accordance
with the terms of this Agreement (or in the event that any reimbursement received by the Issuing Lender shall be required to be returned by it at any time), such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing
Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount that is not so reimbursed (or is so returned). Each L/C Participant’s obligation to pay such amount shall be
absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against the Issuing Lender, the Borrower or any other Person
for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or
otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not
similar to any of the foregoing. 
 (b) If any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to
Section 3.4(a) in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is paid to the Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall
pay to the Issuing Lender on demand an amount equal to 

  
 49 

 
the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which
such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any
L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C
Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this
Section shall be conclusive in the absence of manifest error. 
 (c) Whenever, at any time after the Issuing Lender has made payment under
any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or
otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided,
however, that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the
Issuing Lender to it. 
 3.5 Reimbursement Obligation of the Borrower. If any draft is paid under any Letter of Credit, the Borrower
shall reimburse the Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment, not later than 1:00 P.M., New York City
time, on the Business Day immediately following the day that the Borrower receives such notice of such draft. Each such payment shall be made to the Issuing Lender at its address for notices referred to herein in Dollars and in immediately available
funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice,
Section 2.10(b) and (y) thereafter, Section 2.10(c). 
 3.6 Obligations Absolute. The Borrower’s obligations
under this Section 3 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a
Letter of Credit or any other Person. The Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among
other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter
of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error,
omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related
drafts or documents, if done in the absence of gross negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 

3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall
promptly notify the Borrower of the date and amount thereof. 

  
 50 

 
The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly
provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit. 

3.8 Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the
provisions of this Section 3, the provisions of this Section 3 shall apply. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters
of Credit, the Borrower hereby represents and warrants to the Administrative Agent and each Lender that: 
 4.1 Financial Condition.
The audited balance sheet of the Borrower as of December 31, 2017 and the related consolidated statements of income and of cash flows for the fiscal year ended on such date, reported on by and accompanied by an unqualified report from KPMG LLP,
present fairly in all material respects the consolidated financial condition of the Borrower as of such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal year then ended. All such
financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed
therein). 
 4.2 No Change. Since December 31, 2017 (or, in the event that the representation and warranty contained in this
Section 4.2 is made pursuant to Section 2.1(g), since the date of the latest audited consolidated financial statements of the Borrower and its Subsidiaries), there has been no development or event that has had or could reasonably be
expected to have a Material Adverse Effect. 
 4.3 Existence; Compliance with Law. Each Loan Party and, to the extent any Subsidiary
directly or indirectly owns Aircraft Assets, such Subsidiary (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and authority to own and operate its
property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction
where its ownership, lease or operation of property or the conduct of its business requires such qualification and the failure to so qualify would reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all
Requirements of Law except to the extent that the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the corporate (or limited liability or other entity, as
appropriate) power and authority to execute, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational action to
authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of,
filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required by or on behalf of the Borrower or any other Loan Party in connection with the extensions of credit hereunder or with the execution,
delivery, or performance by any Loan Party or enforceability against any Loan Party of this Agreement or any of the Loan Documents. 

  
 51 

 
Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a
legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents by the Loan Parties, the
issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof (a) will not violate any material Requirement of Law applicable to any Group Member, any Organizational Document of any Group Member or, except as could
not reasonably be expected to have a Material Adverse Effect, any Contractual Obligation of any Group Member and (b) will not result in, or require, the creation or imposition of any Lien on any Group Member’s properties or revenues. No
Requirement of Law, Organizational Document or Contractual Obligation applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 

4.6 Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the
knowledge of the Borrower, threatened by or against any Group Member or against any of their respective properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or
(b) that could reasonably be expected to have a Material Adverse Effect. 
 4.7 No Default. No Group Member is in default under
or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

4.8 Ownership of Property. Except as could not reasonably be expected to have a Material Adverse Effect, each Group Member has title in
fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its Aircraft Assets and its other property. 

4.9 Intellectual Property. Except as could not reasonably be expected to have a Material Adverse Effect, (i) each Group Member
owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted., (ii) no material claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual
Property or the validity or effectiveness of any Intellectual Property, nor does the Borrower know of any valid basis for any such claim and (iii) the use of Intellectual Property by each Group Member does not infringe on the rights of any
Person in any material respect. 
 4.10 Taxes. Each Group Member has filed or caused to be filed all federal, state and other
material tax returns that, to the knowledge of the Borrower, are required to be filed and has paid or made provision for the payment of all taxes shown to be due and payable on said returns or on any material assessments made against it or any of
its property and all other material taxes, fees or other charges imposed on it or any of its property by any Governmental Authority other than (a) any tax the amount or validity of which is currently being contested in good faith by appropriate
actions and with respect to which reserves in conformity with generally accepted accounting principles in the United States have been provided on the books of the relevant Group Member, and (b) any tax returns or taxes to the extent that the
failure to file such tax returns or pay such taxes could not reasonably be expected to result in a Material Adverse Effect; no material tax Lien has been filed, and, to the knowledge of the Borrower, no material claim is being asserted, with respect
to any such material tax, fee or other charge. 

  
 52 

 4.11 Federal Regulations. No part of the proceeds of any Loans, and no other
extensions of credit hereunder, will be used (a) for “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in
effect for any purpose that violates the provisions of the Regulations of the Board or (b) for any purpose that violates the provisions of the Regulations of the Board. No more than 25% of the assets of the Group Members consist of “margin
stock” as so defined. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 

4.12 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are
no strikes or other labor disputes against any Group Member pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment made to employees of each Group Member have not been in violation of the Fair Labor Standards
Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant
Group Member. 
 4.13 ERISA. Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect: (i) each Group Member and each of their respective ERISA Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Plans and the regulations and published interpretations thereunder;
(ii) no ERISA Event has occurred or is reasonably expected to occur; and (iii) all amounts required by applicable law with respect to, or by the terms of, any retiree welfare benefit arrangement maintained by any Group Member or any ERISA
Affiliate or to which any Group Member or any ERISA Affiliate has an obligation to contribute have been accrued in accordance with Statement of Financial Accounting Standards No. 106. The present value of all accumulated benefit obligations
under each Pension Plan (based on the assumptions used for purposes of Accounting Standards Codification Topic No. 715: Compensation Retirement Benefits) did not, as of the date of the most recent financial statements reflecting such amounts,
exceed by more than a material amount the fair market value of the assets of such Pension Plan allocable to such accrued benefits, and the present value of all accumulated benefit obligations under each underfunded Pension Plan (based on the
assumptions used for purposes of Accounting Standards Codification Topic No. 715: Compensation Retirement Benefits) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than a material amount
the fair market value of the assets of all such underfunded Pension Plans. 
 4.14 Investment Company Act; Other Regulations. No Loan
Party is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement
of Law (other than Regulation X of the Board) that limits its ability to incur or suffer to exist Indebtedness. 
 4.15 Subsidiaries.
As of the Closing Date, Schedule 4.15 sets forth the name and jurisdiction of incorporation or formation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party. 

4.16 Use of Proceeds. The proceeds of the Loans shall be used (a) to repay amounts outstanding under the Prior Credit Agreement on
the Closing Date, including any fees or expenses incurred in connection therewith, and (b) to finance the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business and for general corporate purposes. 

  
 53 

 4.17 Environmental Matters. Except as, in the aggregate, could not reasonably be
expected to have a Material Adverse Effect: no Group Member has released or disposed of Materials of Environmental Concern at any property or facility owned or operated by any Group Member in a manner that would reasonably be expected to give rise
to liability under any applicable Environmental Law, nor to the knowledge of the Borrower are Materials of Environmental Concern present at any property or facility owned or operated by any Group Member or at any other location in conditions that
would reasonably be expected to give rise to liability under any applicable Environmental Law. 
 4.18 Accuracy of Information, etc..
No statement or information contained in this Agreement, any other Loan Document, the Confidential Information Memorandum or any other document, certificate or written or formally presented information (other than the financial projections and
forward-looking information referred to in the immediately succeeding sentence below and information of a general economic or industry specific nature) furnished by any Loan Party or any of its agents to the Administrative Agent, the Lenders or any
of their respective Affiliates, or any of them, for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, when taken as a whole, as of the date such statement or information was so furnished, contained
any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not materially misleading in light of the circumstances under which such statements were made (giving effect to
all supplements thereto). The financial projections and other forward-looking information contained in the materials referenced above have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time
furnished by or on behalf of the Borrower, any Loan Party or any of their respective agents, as the case may be, to the Administrative Agent, the Lenders or any of their respective Affiliates, it being recognized by the Administrative Agent, the
Lenders and their respective Affiliates that such projections and forward-looking information are not to be viewed as facts and that actual results during the period or periods covered by any such projections or forward-looking information may
differ from the projected results set forth therein, and such differences may be material. As of the Closing Date, there is no fact known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has not been
disclosed herein, in the other Loan Documents, in the Confidential Information Memorandum or in any other documents, certificates and statements furnished to the Administrative Agent and the Lenders for use in connection with the transactions
contemplated hereby and by the other Loan Documents. 
 4.19 Anti-Corruption Laws and Sanctions. The Borrower has implemented
and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its
Subsidiaries and their respective officers and employees, and to the knowledge of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. Except as would be allowed by
applicable laws, including Sanctions, none of (a) the Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act
in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Loan or Letter of Credit or use of proceeds will violate Anti-Corruption Laws or applicable Sanctions. 

  
 54 

 SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit to the Borrower
requested to be made by it is subject to the satisfaction or waiver, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 

(a) Credit Agreement. The Administrative Agent shall have received this Agreement executed and delivered by the
Administrative Agent, the Borrower and each Person listed on Schedule 1.1A and Schedule 1.1B. 
 (b) Fees. The Lenders and
the Administrative Agent shall have received all fees required to be paid, and all reasonable expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Closing Date and
(ii) each Departing Lender shall have received payment in full of all of the “Obligations” under the Prior Credit Agreement that are owing to it (other than obligations to pay fees and expenses with respect to which the Borrower has
not received an invoice, contingent indemnity obligations and other contingent obligations owing to it under the “Loan Documents” as defined in the Prior Credit Agreement). 

(c) Closing Certificate; Solvency Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The
Administrative Agent shall have received (i) certificates of each Loan Party, dated the Closing Date, substantially in the form of Exhibit B-1, with appropriate insertions and attachments, including the
certificate of incorporation or formation of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party, (ii) a solvency certificate of the Borrower dated the Closing Date, substantially in the
form of Exhibit B-2, and (iii) a long form good standing certificate for each Loan Party from its jurisdiction of organization. 

(d) Legal Opinions. The Administrative Agent shall have received the executed legal opinion of O’Melveny &
Myers, LLP, counsel to the Borrower, addressed to the Administrative Agent and the Lenders, substantially in the form of Exhibit C. 

(e) Financial Statements. The Lenders shall have received the audited consolidated financial statements of the Borrower
referred to in Section 4.1; provided that the filing by the Borrower of such financial statements on Form 10-K or Form 10-Q, as applicable, with the SEC
shall satisfy the requirements of this Section 5.1(e). 
 (f) Patriot Act Information. The Administrative Agent
and the Lenders shall have received all documentation and other information about the Loan Parties as is reasonably requested in writing at least five days prior to the Closing Date by the Administrative Agent or the Lenders that they reasonably
determine is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act. 

(g) Representations and Warranties. Each of the representations and warranties made by any Loan Party in the Loan
Documents or any notice or certificate delivered in connection therewith shall be true and correct in all material respects (provided that any representation or warranty that is qualified by materiality shall be true and correct in all respects) on
and as of the Closing Date. 
 (h) No Default. No Default or Event of Default shall have occurred and be continuing on
the Closing Date or after giving effect to the extensions of credit to the Borrower hereunder on the Closing Date. 
 For the purpose of determining
compliance with the conditions specified in this Section 5.1, each Lender that has signed this Agreement shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 5.1 unless the
Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

  
 55 

 5.2 Conditions to Each Extension of Credit After the Closing Date. The agreement of
each Lender to make any extension of credit to the Borrower requested to be made by it on any date after the Closing Date is subject to the satisfaction of the following conditions precedent: 

(a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in the Loan
Documents or any notice or certificate delivered in connection therewith (other than the representation and warranty contained in Section 4.2) shall be true and correct in all material respects (provided that any representation or warranty that
is qualified by materiality shall be true and correct in all respects) on and as of such date as if made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material respects (provided that any representation or warranty that is qualified by materiality shall be true and correct in all respects) as of such earlier date. 

(b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect
to the extensions of credit to the Borrower requested to be made on such date. 
 Each borrowing by and issuance of a Letter of Credit on behalf of the
Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 

SECTION 6. AFFIRMATIVE COVENANTS 

The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other
amount is owing to any Lender or the Administrative Agent hereunder, subject to Section 10.14(b), the Borrower shall and shall cause each of its Subsidiaries to: 

6.1 Financial Statements. Furnish to the Administrative Agent and each Lender: 

(a) as soon as publicly available, but in any event within 90 days after the end of each fiscal year of the Borrower, a
copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case
in comparative form, the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit by KPMG LLP or other independent certified public
accountants of nationally recognized standing; 
 (b) as soon as publicly available, but in any event not later than 45 days
after the end of each of the first three quarterly periods of each fiscal year of the Borrower, a copy of the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related
unaudited consolidated statements of (x) income for such quarter and for the period from the beginning of such fiscal year to the close of such quarter, and (y) cash flows for the period from the beginning of such fiscal year to the close
of such quarter setting forth in each case in comparative form, the figures for the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end
audit adjustments and the absence of footnotes). 

  
 56 

 All such financial statements shall be prepared in reasonable detail and in accordance with generally
accepted accounting principles in the United States applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior
periods. 
 In lieu of furnishing the Administrative Agent and each Lender with the items referred to in Sections 6.1(a) and 6.1(b), the Borrower may make
available such items on the Borrower’s website www.airleasecorp.com, at www.sec.gov or at such other website as notified to the Administrative Agent and the Lenders, which shall be deemed to have satisfied the requirements of delivery of such
items in accordance with this Section 6.1. 
 6.2 Certificates; Other Information. Furnish to the Administrative Agent and each
Lender (or, in the case of clause (e), to the relevant Lender): 
 (a) concurrently with the delivery of the annual and
quarterly financial statements pursuant to Section 6.1, (i) a certificate of a Responsible Officer stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and
(ii) a Compliance Certificate containing all information and calculations necessary for determining compliance by the Borrower with Sections 7.1(a), (b),
and (c) and (d) as of the last day of the fiscal quarter or fiscal year of
the Borrower, as the case may be; 
 (b) concurrently with the delivery of the annual and quarterly
financial statements pursuant to Section 6.1, a narrative discussion and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for such fiscal quarter and for the period from the beginning of the
then current fiscal year to the end of such fiscal quarter, as compared to the comparable periods of the previous year; 

(c) promptly following receipt thereof, copies of (i) any documents described in Section 101(k) of ERISA that any
Group Member or any ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l) of ERISA that any Group Member or any ERISA Affiliate may request with respect to any Multiemployer
Plan; provided, that if the relevant Group Member or ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative
Agent, such Group Member or the ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices promptly after receipt thereof; and

 (d) within a reasonable period of time, such additional financial and other information (not including reports and other
materials to the extent filed with the SEC) as any Lender may from time to time reasonably request. 
 In lieu of furnishing the Administrative Agent and
each Lender with discussion and analysis referred to in Section 6.2(b) above, the Borrower may make available its annual report on Form 10-K or its quarterly report on Form
10-Q, as applicable, in each case containing a Management’s Discussion and Analysis of Financial Condition and Results of Operations as required by such form, on the Borrower’s website at
www.airleasecorp.com, at www.sec.gov or at such other website as notified to the Administrative Agent and the Lenders, which shall be deemed to have satisfied the requirements of furnishing such discussion and analysis required by
Section 6.2(b). 

  
 57 

 6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity
or before they become delinquent, as the case may be, all its obligations (including Taxes) of whatever nature, except (a) where the amount or validity thereof is currently being contested in good faith by appropriate actions and reserves in
conformity with generally accepted accounting principles in the United States with respect thereto have been provided on the books of the relevant Group Member, or (b) where the failure to do so could not reasonably be expected to have a
Material Adverse Effect. 
 6.4 Maintenance of Existence; Compliance. (a) Preserve, renew and keep in full force and effect its
organizational existence, except as otherwise permitted by Section 7.3; (b) comply with all Requirements of Law except to the extent that failure to comply therewith could not reasonably be expected to have a Material Adverse Effect; and
(c) maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

6.5 Maintenance of Property; Insurance. (a) Keep all property useful and necessary in its business in good working order and
condition, ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance to the extent and against such risks as is commonly maintained by companies engaged in the same or similar business.

 6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true
and correct entries in conformity with generally accepted accounting principles in the United States and all material Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit,
upon five Business Days’ notice, representatives of the Administrative Agent or any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time but not more than two
times per fiscal year. 
 6.7 Notices. Promptly give notice to the Administrative Agent and each Lender as soon as practicable, but
in no event later than five Business Days’ after the Borrower obtains knowledge of the occurrence of: 
 (a) any Default
or Event of Default; 
 (b) any (i) default or event of default under any Contractual Obligation of any Group Member or
(ii) litigation, investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to
have a Material Adverse Effect; 
 (c) any litigation or proceeding affecting any Group Member (i) which could
reasonably be expected to have a Material Adverse Effect or (ii) which relates to any Loan Document; 
 (d) an ERISA
Event that could reasonably be expected to have a Material Adverse Effect, as soon as possible and in any event within 30 days after the Borrower knows or has reason to know thereof; 

  
 58 

 (e) promptly after any Rating Agency shall have announced a change in the
rating established or deemed to have been established for the Index Debt, written notice of such rating change; and 
 (f)
any development or event that has had or could reasonably be expected to have a Material Adverse Effect. 
 Each notice pursuant to this Section 6.7
shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto. 

6.8 Use of Proceeds. The proceeds of the Loans will be used only for the purposes set forth in Section 4.16. No part of the
proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. The Borrower and its Subsidiaries shall not use, and the respective
directors, officers, employees and agents of the Borrower and its Subsidiaries shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of
money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (B) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

6.9 Accuracy of Information. The Borrower will ensure that all written or formally presented information furnished to the
Administrative Agent or the Lenders in connection with this Agreement or any amendment or modification hereof or waiver hereunder, taken as a whole, when furnished, does not contain any untrue statement of material fact or omits to state any
material fact necessary to make the statements contained therein, in the light of the circumstances under which they are made, not materially misleading (giving effect to all supplements thereto), and the furnishing of such information shall be
deemed to be representation and warranty by the Borrower on the date thereof as to the matters specified in this Section 6.9. 
 6.10
Future Guarantors. The Borrower shall cause each Subsidiary that, on the Closing Date or any time thereafter, guarantees any Specified Indebtedness of the Borrower, to execute and deliver to the Administrative Agent a Guaranty;
provided that such Subsidiary may be released from its Guaranty at such time as it no longer guarantees any Specified Indebtedness of the Borrower. 

SECTION 7. NEGATIVE COVENANTS 

The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other
amount is owing to any Lender or the Administrative Agent hereunder, subject to Section 10.14(b), the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly: 

7.1 Financial Condition Covenants. 

(a) Consolidated Shareholders’ Equity. Permit the Consolidated Shareholders’ Equity as at the last day of any fiscal quarter
of the Borrower to be less than $2,500,000,000. 
 (b) Consolidated Unencumbered Assets. Permit the Consolidated Unencumbered Assets
as at the last day of any fiscal quarter of the Borrower to be less than 125% of the Consolidated Unsecured Indebtedness as at the last day of such fiscal quarter. 

  
 59 

 (c) Consolidated Interest Coverage Ratio. As of the end of any fiscal quarter, permit
the ratio of (i) Consolidated Adjusted EBITDA for such fiscal quarter together with the three fiscal quarters which immediately precede such fiscal quarter to (ii) Consolidated Interest Expense during such period to be less than 1.50 to
1.00. 
 7.2 Indebtedness. Permit any Subsidiary to create, issue, incur, assume or become liable in respect of any Unsecured
Indebtedness, except: 
 (a) Indebtedness of any Guarantor; 

(b) Indebtedness of a Subsidiary owed to the Borrower or to a Wholly-Owned Subsidiary; and  
 (c) Indebtedness of an SPC Subsidiary incurred to finance the acquisition of a
single Aircraft Asset on an unsecured basis (“Unsecured Aircraft Financing Debt”); provided that such Unsecured Aircraft Financing Debt becomes Secured Indebtedness within 90 days of incurrence; provided,
further, that, at any one time, no more than three (3) SPC Subsidiaries may have Unsecured Aircraft Financing Debt outstanding.; and

 (d) other Indebtedness in the aggregate for all Subsidiaries of the Borrower not exceeding $100,000,000 at any time
outstanding. 

7.3 Fundamental Changes. (a) Enter into any merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution), or, in a single transaction or in a related series of transactions Dispose of all or substantially all of the property or business of the Borrower and its Subsidiaries, taken as a whole. 

(b) Notwithstanding Section 7.3(a), any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower (provided that
the Borrower shall be the continuing or surviving corporation) or with or into any Guarantor; (ii) any Guarantor may be merged or consolidated with or into any Subsidiary if after giving effect to such merger or consolidation, the surviving
Person is a Guarantor; (iii) any Subsidiary that is not a Guarantor may be merged or consolidated with or into any other Subsidiary; and (iv) any Subsidiary may be merged or consolidated with or into any Person so long as any such
transaction referred to in this clause (iv) would not result in the Disposition of all or substantially all of the property or business of the Borrower and its Subsidiaries, taken as a whole; (v) any Subsidiary may Dispose of any or all of
its assets to the Borrower or any other Subsidiary (upon voluntary dissolution, winding up or liquidation or otherwise); provided that, if the Subsidiary making such Disposition is a Guarantor, the recipient shall be the Borrower or a Guarantor; and
(vi) any Subsidiary that is not a Guarantor may liquidate, wind up or dissolve itself if it has no assets. 
 7.4 [Reserved].

 7.5 Transactions with Affiliates. Enter into any transaction or group of related transactions that are material in relation to the
business, operations, financial condition or properties of the Borrower and its Subsidiaries taken as a whole (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any
Affiliate (other than the Borrower or another Subsidiary or a Joint Venture), except upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than could reasonably be obtainable in a comparable arm’s length
transaction with a Person who is not an Affiliate. The restrictions in this Section shall not apply to (1) any leasing transaction, including, without limitation, a transaction in which an Aircraft Asset is subleased to a customer of the
Borrower or any Subsidiary, involving one or more Subsidiaries for the 

  
 60 

 
purposes of effecting aircraft registration or tax planning; (2) any amendment to, or replacement of, any agreement with an Affiliate that is in effect on the Closing Date so long as any
such amendment or replacement agreement is not more disadvantageous to Lenders, as determined in good faith by the Board of Directors of the Borrower, in any material respect than the original agreement as in effect on the Closing Date;
(3) dividends, stock repurchases and investments, so long as no Event of Default would result as a consequence thereof; (4) the issuance of Common Stock or Preferred Stock by the Borrower including in connection with the exercise or
conversion of options, warrants, convertible securities or similar rights to acquire or purchase Common Stock or Preferred Stock; (5) transactions permitted by, and complying with, the provisions of Section 7.4 and (6) any
directors’ fees, indemnification and similar arrangements, consulting fees, employee salaries, bonuses or employment agreements, compensation or employee benefit arrangements and incentive arrangements with any officer, director or employee of
the Borrower or a Subsidiary thereof that are (x) approved in good faith by the Borrower’s Board of Directors, the independent members of the Borrower’s Board of Directors, or the Compensation Committee of the Borrower’s Board of
Directors, as applicable, or (y) otherwise customary and reasonable. 
 7.6 Changes in Fiscal Periods. Permit the fiscal year of
the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters. 
 7.7
Lines of Business. Engage in any business if, as a result, the general nature of the business in which the Borrower and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the
business in which the Borrower and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement. 
 SECTION 8. EVENTS
OF DEFAULT 
 If any of the following events shall occur and be continuing: 

(a) the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms
hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five Business Days after any such interest becomes due in accordance with
the terms hereof or within five Business Days after demand for any other amount in accordance with the terms hereof; or 

(b) any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is
contained in any certificate, document or financial or other written statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or
as of the date made or deemed made and, if capable of remedy, such default shall continue unremedied for a period of 30 days after notice to the Borrower from the Administrative Agent or the Required Lenders; or 

(c) any Loan Party shall default in the observance or performance of any agreement contained in Section 6.4(a) (with
respect to the Borrower only), Section 6.7(a) or Section 7 of this Agreement; or 
 (d) any Loan Party shall
default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a
period of 30 days after notice to the Borrower from the Administrative Agent or the Required Lenders; or 

  
 61 

 (e) any Group Member shall default under any mortgage, indenture or
instrument under which there is issued or by which there is secured or evidenced any Indebtedness by such Person (or the payment of which is a Guarantee Obligation of such Person), other than Indebtedness owed to any Group Member, Non-Recourse Indebtedness of any Group Member, whether such Indebtedness or Guarantee Obligation now exists, or is created after the Closing Date, which default (i) is caused by a failure to pay principal of,
interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such mortgage, indenture or instrument (a “payment default”) or (ii) results in the acceleration of such Indebtedness
prior to its stated maturity; and, in each case the outstanding principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has
been so accelerated, aggregates $100,000,000 or more; provided further that in connection with any series of Convertible Notes, (x) any conversion of such Indebtedness by a holder thereof into shares of Common Stock, cash or a
combination of cash and shares of Common Stock, (y) the rights of holders of such Convertible Notes to convert into shares of Common Stock, cash or a combination of cash and shares of Common Stock and (z) the rights of holders of such
Convertible Notes to require any repurchase by the Borrower of such Convertible Notes in cash upon a fundamental change shall not, in itself, constitute an Event of Default under this paragraph (e); or 

(f) (i) the Borrower or any Significant Subsidiary or any group of Subsidiaries that, taken together (as of the date of the
latest audited consolidated financial statements of the Borrower and its Subsidiaries), would constitute a Significant Subsidiary shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or
any substantial part of its assets; or (ii) there shall be commenced against the Borrower or any Significant Subsidiary or any group of Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of
the Borrower and its Subsidiaries), would constitute a Significant Subsidiary any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or
appointment (that, in the case of such appointments, is not discharged within 60 days) or (B) remains undismissed or undischarged for a period of 60 days; or (iii) there shall be commenced against the Borrower or any Significant Subsidiary
or any group of Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Borrower and its Subsidiaries), would constitute a Significant Subsidiary any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or
bonded pending appeal within 60 days from the entry thereof; or (iv) the Borrower or any Significant Subsidiary or any group of Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the
Borrower and its Subsidiaries), would constitute a Significant Subsidiary shall consent to, approve of, or acquiesce in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Borrower or any Significant Subsidiary or
any group of Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Borrower 

  
 62 

 
and its Subsidiaries), would constitute a Significant Subsidiary shall generally not, or shall admit in writing its inability to, pay its debts as they become due; or (vi) or the Borrower or
any Significant Subsidiary or any group of Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Borrower and its Subsidiaries), would constitute a Significant Subsidiary shall make a
general assignment for the benefit of its creditors; or 
 (g) (i) an ERISA Event shall have occurred, (ii) a trustee
shall be appointed by a United States district court to administer any Pension Plan, (iii) the PBGC shall institute proceedings to terminate any Pension Plan(s), or (iv) any Loan Party or any of their respective ERISA Affiliates shall have
been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such Withdrawal Liability or is not
contesting such Withdrawal Liability in a timely and appropriate manner; and in each case in clauses (i) through (iv) above, such event or condition, together with all other such events or conditions, if any, could, in the judgment of the
Required Lenders, reasonably be expected to result in a Material Adverse Effect; or 
 (h) one or more final judgments or
decrees shall be entered against the Borrower or any Significant Subsidiary or any group of Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Borrower and its Subsidiaries), would
constitute a Significant Subsidiary involving in the aggregate a liability (excluding amounts covered by indemnities, the terms of which are reasonably satisfactory to the Required Lenders, or fully covered by insurance as to which the relevant
insurance company has not denied coverage) of $100,000,000 or more, which judgments or decrees shall not have been vacated, discharged, stayed or bonded within 60 days after such judgment becomes final; or 

(i) any subordination agreement with respect to a Subordinated Obligation shall cease, for any reason, to be in full force and
effect, or any Loan Party or any Affiliate of any Loan Party shall so assert in writing; or 
 (j) except as permitted
hereunder or thereunder, the guarantee contained in the Guaranty shall cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert in writing; or 

(k) a Change of Control shall occur; 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to
the Borrower, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or
not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the
following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Commitments to be
terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice
to the Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding
Letters of Credit shall have presented the documents 

  
 63 

 
required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of Credit with respect to which presentment for
honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and
unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters
of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon,
all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to
the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 

SECTION 9. THE AGENTS 
 9.1
Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent,
in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this
Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Administrative Agent. 
 9.2 Delegation of Duties. The Administrative Agent may execute any
of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all
matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it
with reasonable care. 
 9.3 Exculpatory Provisions. Neither any Agent nor any of their respective officers, directors, employees,
agents, advisors, attorneys-in-fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in
connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross
negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan
Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any
Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

  
 64 

 9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to
rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy or email message, statement, order or other document or conversation believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. The
Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent
shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders)
as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such
request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

9.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event
that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

9.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither
the Agents nor any of their respective officers, directors, employees, agents, advisors, attorneys-in-fact or Affiliates have made any representations or warranties to
it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any Affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to
the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations,
property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and
without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates.
Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any Affiliate of a Loan Party that may come into the possession of the Administrative Agent or
any of its officers, directors, employees, agents, advisors, attorneys-in-fact or Affiliates. 

  
 65 

 9.7 Indemnification. The Lenders agree to indemnify each Agent and its officers,
directors, employees, Affiliates, agents, advisors and controlling persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according
to their respective Aggregate Exposure Percentages in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have
been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of, the Commitments, this
Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any
of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements as determined by a court of
competent jurisdiction in a final and non-appealable judgment to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall survive the
termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 9.8 Agent in Its Individual
Capacity. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with
respect to any Letter of Credit issued or participated in by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms
“Lender” and “Lenders” shall include each Agent in its individual capacity. 
 9.9 Successor Administrative
Agent. The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders and the Borrower. Additionally, if the Lender then acting as Administrative Agent is a Defaulting Lender by virtue of clause (d) or
(e) of the definition thereof, then Administrative Agent may be removed by the Required Lenders or the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required
Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to the Borrower shall have occurred and be continuing)
be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative
Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on
the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative
Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time,
if any, as the Required Lenders appoint a successor agent as provided for above. After any removed Administrative Agent’s removal or retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9
and of Section 10.5 shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. 

  
 66 

 9.10 Arrangers, Documentation Agents and Syndication Agents. Neither the Arrangers,
the Documentation Agents nor the Syndication Agents shall have any duties or responsibilities hereunder in their respective capacities as such. 

9.11 Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party
hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of Plan Asset Regulations) of one or more Benefit
Plans in connection with the Loans, the Letters of Credit or the Commitments; 
 (ii) the transaction exemption set forth in
one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class
exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
and the conditions for exemptive relief thereunder are and will continue to be satisfied in connection therewith; 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (a) through (g) of Part I of PTE 84-14 and (D) and the conditions for exemptive relief thereunder are and will continue to be satisfied in connection
with such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 

  
 67 

 (b) In addition, unless sub-clause (i) in the
immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger, any Co-Syndication Agent, any Co-Documentation Agent or any of their
respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that: 

(i) none of the Administrative Agent, or any Arranger or any of their respective Affiliates is a fiduciary with respect to the
assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto); 

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21, as amended from time to time) and is a
bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E); 
 (iii) the Person making the investment decision on
behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in
general and with regard to particular transactions and investment strategies (including in respect of the obligations); 

(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is
responsible for exercising independent judgment in evaluating the transactions hereunder; and 
 (v) no fee or other
compensation is being paid directly to the Administrative Agent, or any Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this
Agreement. 
 (c) The Administrative Agent hereby informs the Lenders that it is not undertaking to provide investment advice, or to give
advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that it has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other
payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an
interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees,
commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or
alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

9.12 Acknowledgments with respect to Payments. 

(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has
determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and
collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof) within 90 days of transfer, such Lender shall promptly, but
in no event 

  
 68 

 
later than two Business Days thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with
interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the
Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received,
including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 9.12 shall be conclusive, absent manifest error. 

(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that
is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not
preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion
thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than two Business Days thereafter, return to
the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof)
was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from
time to time in effect. 
 (c) The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or
portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an
erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such
erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making such erroneous
Paymenta payment on the Obligations as determined by the Borrower. 
 (d) Each party’s obligations under this
Section 9.12 shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge
of all Obligations under any Loan Document. 
 SECTION 10. MISCELLANEOUS 

10.1 Amendments and Waivers. Subject to Section 2.12(b), neither this Agreement, any other Loan Document, nor any terms hereof or
thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required
Lenders, the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding
any provisions to this Agreement or the other Loan Documents or changing in 

  
 69 

 
any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the
case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (i) reduce or forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the expiration date of any Letter of Credit beyond the date that is five Business Days prior to the
Termination Date or reduce the stated rate of any interest or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of
the Required Lenders) and (y) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the
scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each Lender directly affected thereby; provided, however, that in
the event of increases to the Total Commitments pursuant to Section 2.1(b), only the consents as set forth in Section 2.1(b) shall be required; provided further, that waivers or modifications of conditions precedent,
covenants, Defaults or Events of Default or of a mandatory reduction in the Total Commitments shall not be deemed to constitute an increase of the Commitment of any Lender, and that an increase in the available portion of any Commitment of any
Lender shall not be deemed to constitute an increase of the Commitment of such Lender; (ii) eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such Lender; (iii) reduce any
percentage specified in the definition of Required Lenders or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents or release all or substantially all of the
Guarantors from their obligations under the Guaranty, in each case without the written consent of all Lenders; (iv) amend, modify or waive any provision of Section 2.13 without the written consent of all Lenders; (v) amend, modify or
waive any provision of any Section hereof that expressly requires the consent of all the Lenders without the written consent of all Lenders; (vi) amend, modify or waive any provision of Section 9 or any other provision of any Loan Document
that affects the Administrative Agent without the written consent of the Administrative Agent; or (vii) amend, modify or waive any provision of Section 3 without the written consent of the Issuing Lender. Any such waiver and any such
amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the
Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 
 Notwithstanding the
foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit
the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Extensions of Credit and the accrued
interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

  
 70 

 10.2 Notices. All notices, requests and demands to or upon the respective parties
hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage
prepaid, or, in the case of telecopy notice, when received, addressed as follows in the case of the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the
Lenders, or to such other address as may be hereafter notified by the respective parties hereto: 
  

			
	Borrower:	  	 Air Lease Corporation
 2000 Avenue of the Stars,
Suite 1000N
 Los Angeles, California 90067
 Attention: Finance
Department
 Email: debtnotices@airleasecorp.com
 Telecopy:
(310) 553-0999
 Telephone: (310) 553-0555

		
	Administrative Agent 
(on behalf of the Lenders):	  	 JPMorgan Chase Bank, N.A.
 500 Stanton
Christiana Rd. NCC5, Floor 1
 Newark, DE 19713
 Attention:
Loan & Agency Services Group
 Telephone: (312) 954-9582

Email zohaib.nazir@chase.com

		
		  	With a copy to:
		
		  	 JPMorgan Chase Bank, N.A.
 383 Madison
Avenue
 New York, New York 10179
 Attention: Christina
Caviness
 Telecopy: (212) 270-5100

Telephone: (212) 270-7289

E-mail: christina.caviness@jpmorgan.com

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective
until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to
particular notices or communications. 
 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law. 
 10.4 Survival of Representations and Warranties. All representations and warranties made
hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of
credit hereunder. 

  
 71 

 10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse
the Administrative Agent, the Arrangers, the Syndication Agents and the Documentation Agents for all their reasonable and documented out of pocket costs and expenses incurred in connection with the development, preparation and execution of, and any
amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby,
including the reasonable and documented fees and disbursements of counsel to the Administrative Agent and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to the Borrower prior to the Closing Date
(in the case of amounts to be paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall reasonably deem appropriate, (b) to pay or reimburse each Lender, the
Issuing Lender and the Administrative Agent for all its documented out of pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any other documents
prepared in connection herewith or therewith, including the reasonable and documented fees and disbursements of one firm of counsel to all such Persons, one local counsel, as necessary, in each appropriate jurisdiction and, in the case of an actual
or perceived conflict of interest where the Person affected by such conflict informs the Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel for each such affected Person, (c) to pay, indemnify, and hold
each Lender, the Issuing Lender and the Administrative Agent harmless from, any and all recording and filing fees that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of
any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any other documents prepared in connection herewith or therewith,
and (d) to pay, indemnify, and hold each Lender, the Issuing Lender, the Administrative Agent, the Arrangers, the Syndication Agents and the Documentation Agents, their respective Affiliates, and their respective officers, directors, employees,
agents, and advisors (each, an “Indemnitee”) harmless from and against any and all other liabilities, losses, damages, penalties, claims or expenses incurred with respect to the execution, delivery, enforcement, performance and
administration of this Agreement, the other Loan Documents and any other documents prepared in connection herewith or therewith, including any claim, litigation, investigation or proceeding regardless of whether any Indemnitee is a party thereto and
whether or not the same are brought by the Borrower, its equity holders, Affiliates or creditors or any other Person, including any of the foregoing relating to the use of proceeds of the Loans and the reasonable and documented fees and
disbursements of one firm of counsel to all Indemnities, one local counsel, as necessary, in each appropriate jurisdiction and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict informs the
Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel for each such affected Indemnitee (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided,
that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities have resulted from (x) the gross negligence or willful misconduct of such Indemnitee as
determined by a court of competent jurisdiction in a final and non-appealable judgment or (y) the material breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document.
as determined by a court of competent jurisdiction in a final and
non-appealable judgment. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its
Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all liabilities, losses, damages, claims or expenses incurred under or related
to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee, except to the extent resulting from the conduct referred to in clauses (x) or (y) of the preceding sentence. No Indemnitee shall be liable for
any damages 

  
 72 

 
arising from the unauthorized use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent any
such damages arise from the gross negligence or willful misconduct or material breach in bad faith of such Indemnitee as determined by a court of competent jurisdiction in a final and non-appealable judgment.
No Indemnitee and none of the Borrower or any of the Borrower’s Affiliates or directors, officers, employees, advisors or agents shall be liable for any indirect, special, exemplary, punitive or consequential damages in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby or thereby; provided, this shall in no way relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or
punitive damages asserted against such Indemnitee by a third party. All amounts due under this Section 10.5 shall be payable not later than 20 Business Days after written demand therefor. The Borrower shall not be liable for the settlement of
any action or proceeding effected without its written consent (which consent shall not be unreasonably withheld or delayed). If any settlement of any action is consummated with the written consent of the Borrower, the Borrower agrees to indemnify
and hold harmless each Indemnitee from and against any and all liabilities, losses, damages, claims or expenses by reason of such settlement in accordance with the provisions of this Section 10.5. The Borrower shall not, without the prior
written consent of an Indemnitee (which consent shall not be unreasonably withheld), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnitee unless such
settlement (a) includes an unconditional release of such Indemnitee in form and substance reasonably satisfactory to such Indemnitee from all liability on claims that are the subject matter of such proceedings and (b) does not include any
statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnitee. Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to the chief financial officer (Telephone
No. (310) 553-0555) (Telecopy No. (310) 553-0999), at the address of the Borrower set forth in Section 10.2, or to such other Person or address as may be
hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in this Section 10.5 shall survive the termination of this Agreement and the repayment of the Loans and all other amounts payable hereunder.
Notwithstanding the foregoing, indemnification for Non-Excluded Taxes and Other Taxes shall be governed by, and be subject to the qualifications and requirements set forth in, Section 2.15. 

10.6 Successors and Assigns; Participations and Assignments. 

(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 (including any Affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section (and any other attempted assignment or transfer by any party hereto shall be null and void). 
 (b) (a) Subject to the conditions set forth in paragraph (b)(ii) below, any
Lender may assign to one or more Persons that are Eligible Assignees (each, an “Assignee”), other than a natural person, the Borrower or any Affiliate of the Borrower, all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent of: 

(A) the Borrower (such consent not to be unreasonably withheld or delayed), provided that no consent of the Borrower shall be
required for an assignment to a Lender, an Affiliate of a Lender or, if an Event of Default has occurred and is continuing, any other Person; and provided, further, that the Borrower shall be deemed to have consented to any such
assignment unless the Borrower shall object thereto by written notice to the Administrative Agent within twenty Business Days after having received notice thereof; 

  
 73 

 (B) the Administrative Agent (such consent not to be unreasonably withheld or delayed), provided that no consent of the Administrative Agent
shall be required for an assignment to a Lender or an Affiliate of a Lender; 
 (C) any Issuing Lender, as applicable
(such consent not to be unreasonably withheld or delayed),
provided that no consent of any Issuing Lender shall be required for an assignment to a Lender or an Affiliate of a Lender. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender’s Commitments or Loans, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered
to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that (1) no such consent of the Borrower shall be required if an Event of Default has
occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates, if any; 

(B) (1) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 (payable by the assigning Lender) and (2) the assigning Lender shall have paid in full any amounts owing by it to the Administrative Agent; and 

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in
which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their related
parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date specified in
each Assignment and Assumption, the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 10.5). Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section;
provided, that if such assignment or transfer by a Lender is treated as a sale of a participation, such Lender shall be subject to the requirements of paragraph (c) relating to the Participant Register. 

  
 74 

 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of the Loans and
L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall, absent manifest error, be conclusive and the Borrower, the Administrative Agent, the Issuing
Lender and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt
of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee
referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained
therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(c) (b) Any Lender may, without the consent of the Borrower or the Administrative
Agent or Issuing Bank, sell participations to one or more
banks or other entities other than to a Disqualified Lender (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing
to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(C) the Borrower, the Administrative Agent, the Issuing Lender and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the
second sentence of Section 10.1 and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of, and subject to the limitations of,
Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 10.7(b) as though it were a Lender, provided such Participant shall be subject to Section 10.7(a) as though it were a Lender. Each Lender that sells a participation, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender and, to the extent disclosed to them, each Loan Party,
shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement notwithstanding notice to the contrary; provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit
or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register. 

  
 75 

 (i) A Participant shall not be entitled to receive any greater payment under
Section 2.14 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior
written consent. A Participant shall not be entitled to the benefits of Sections 2.14 or 2.15 unless such Participant agrees, for the benefit of Borrower, to be subject to the provisions of Sections 2.14 and 2.15 as if it were a Lender (it being
understood that the documentation required under Sections 2.15(e), (f) and (g) shall, subject to applicable law, be delivered to the participating Lender). 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank, 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 a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

(e) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described in paragraph (d) above. 
 (f) The parties agree that Bank of America Securities may, without notice
to the Loan Parties, assign its rights and obligations under this Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its
subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement. 

10.7 Adjustments; Set-off. (a) Except to the extent that this Agreement or a court
order expressly provides for payments to be allocated to a particular Lender or to the Lenders, if any Lender (a “Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it (other than in connection
with an assignment made pursuant to Section 10.6), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred
to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash
from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender
to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such
purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
 (b) In
addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without notice to the Borrower, any such notice being expressly waived by the Borrower, to the extent permitted by applicable law, upon any
Obligations becoming due and payable by the Borrower (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any Affiliate
thereof or any of their respective branches or agencies to or for the 

  
 76 

 
credit or the account of the Borrower; provided that if any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of this Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
Administrative Agent, the Issuing Lender and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which
it exercised such right of set-off. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such application made by such Lender, provided that the failure to give such
notice shall not affect the validity of such application. 
 10.8 Counterparts; Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

(b)
 Delivery of an executed counterpart of a signature page of
(x) this Agreement by email or facsimile transmission ,
(y) any
 other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice
delivered pursuant to Section 10.2), certificate, request, statement, disclosure or authorization
related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an
“Ancillary
 Document”)
 that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of
a manually executed counterpart hereof. A set of the copies of
this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent, such other Loan Document or such Ancillary Document, as applicable.
The words “executed”, “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to
include electronic
signaturesElectronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be.;
 provided that
 nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided,
 further,
 without limiting the foregoing, to the extent the Administrative Agent has agreed to accept any Electronic
Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any
obligation to review the appearance or form of any such Electronic Signature and upon the request of the
Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower and each Loan Party hereby agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of
remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the
Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that
reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original,
agrees that the Administrative Agent and each of the Lenders may, at its option, create one or more copies
of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s
 business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), waives any argument, defense or right to contest the 

  
 77 

 
legal effect, validity or enforceability of this Agreement, any
other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and
waives any claim against the Administrative Agent or any Lender for any liabilities arising solely from the
Administrative
Agent’s
 and/or any
Lender’s
 reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any liabilities arising as a result of the failure of
the Borrower and/or any Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature. 

10.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 10.10 Integration. This Agreement and the other Loan Documents represent the entire
agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to
the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 
 10.11 GOVERNING LAW. THIS
AGREEMENT, THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER AND ANY CLAIM OR CONTROVERSY RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

10.12 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York sitting in the county of New York, the courts of the United States for the
Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and appellate courts from any thereof;
provided, that nothing contained herein or in any other Loan Document will prevent any Lender or the Administrative Agent from bringing any action to enforce any award or judgment or exercise any right in any other forum in which jurisdiction
can be established; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

  
 78 

 (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law; and 
 (e) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in this Section any indirect, special, exemplary, punitive or consequential damages. 

10.13 Acknowledgements. The Borrower hereby acknowledges and agrees that: 

(a) no fiduciary, advisory or agency relationship between the Loan Parties and the Credit Parties is intended to be or has been created in
respect of any of the transactions contemplated by this Agreement or the other Loan Documents, irrespective of whether the Credit Parties have advised or are advising the Loan Parties on other matters, and the relationship between the Credit
Parties, on the one hand, and the Loan Parties, on the other hand, in connection herewith and therewith is solely that of creditor and debtor; 

(b) the Credit Parties, on the one hand, and the Loan Parties, on the other hand, have an arm’s length business relationship that does
not directly or indirectly give rise to, nor do the Loan Parties rely on, any fiduciary duty to the Loan Parties or their Affiliates on the part of the Credit Parties in respect of the transactions contemplated by this Agreement and the other Loan
Documents; 
 (c) the Loan Parties are capable of evaluating and understanding, and the Loan Parties understand and accept, the terms, risks
and conditions of the transactions contemplated by this Agreement and the other Loan Documents; 
 (d) the Loan Parties have been advised
that the Credit Parties are engaged in a broad range of transactions that may involve interests that differ from the Loan Parties’ interests and that the Credit Parties have no obligation to disclose such interests and transactions to the Loan
Parties; 
 (e) the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent the Loan Parties have
deemed appropriate in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 
 (f) each Credit Party has
been, is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by it and the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties, any of their
Affiliates or any other Person in respect of the transactions contemplated by this Agreement and the other Loan Documents; 
 (g) none of
the Credit Parties has any obligation to the Loan Parties or their Affiliates with respect to the transactions contemplated by this Agreement or the other Loan Documents except those obligations expressly set forth herein or therein or in any other
express writing executed and delivered by such Credit Party and the Loan Parties or any such Affiliate; and 
 (h) no joint venture is created hereby
or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Credit Parties or among the Loan Parties and the Credit Parties. 

10.14 Releases. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent
is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take any action requested by the Borrower having the effect of releasing any guarantee
obligations to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document, that has been consented to in accordance with Section 10.1 or permitted by Section 6.10. 

  
 79 

 (b) At such time as the Loans, the Reimbursement Obligations and the other obligations
(other than contingent indemnification obligations for which no claim has been made) under the Loan Documents shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding (except to the extent cash
collateralized in accordance with the procedures set forth in Section 8), all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party under the Loan Documents shall terminate.

 10.15 Confidentiality. Each of the Administrative Agent, each Issuing Lender and each Lender agrees to keep confidential all
Information (as defined below); provided that nothing herein shall prevent the Administrative Agent, any Issuing Lender or any Lender from disclosing any such information (a) to the Administrative Agent, any other Issuing Lender or any
other Lender or any Affiliate thereof, (b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee, (c) to its employees, directors, agents, attorneys, accountants and other
professional advisors or those of any of its Affiliates, (d) upon the request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to
any Requirement of Law, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed other than by reason of disclosure by such Administrative Agent or Lender, as
applicable, in breach of this Section 10.15, (h) to the National Association of Insurance Commissioners or any similar organization, to the extent required by such organization, or to any nationally recognized rating agency that requires access
to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i) in the case of the Administrative Agent or any Arranger hereunder, information routinely provided by arrangers to any
data service provider, including league table providers, that serve the lending industry, (j) in connection with the exercise of any remedy hereunder or under any other Loan Document, (k) any direct, indirect, actual or prospective
counterparty (and its advisor) to any Swap Agreement related to the Obligations under this Agreement or (l) if agreed by the Borrower in its sole discretion, to any other Person. “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 Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis prior to
disclosure by the Borrower; provided that in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section 10.15 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information. 
 Each Lender acknowledges that information furnished to it pursuant to this
Agreement or the other Loan Documents may include material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has
developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with
those procedures and applicable law, including Federal and state securities laws. 
 All information, including requests for waivers and
amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities. Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has
identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and applicable law,
including Federal and state securities laws. 

  
 80 

 10.16 WAIVERS OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 10.17 USA Patriot
Act. Each Lender hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the names and addresses of the Loan Parties and other information that will allow such Lender to identify the Loan
Parties in accordance with the Patriot Act. 
 10.18 Prior Credit Agreement. The Borrower, certain of the Lenders, Departing Lenders
and the Administrative Agent are parties to the Prior Credit Agreement. The Borrower, the Lenders, the Departing Lenders and the Administrative Agent agree that upon (i) the execution and delivery of this Agreement by each of the parties hereto
and (ii) satisfaction (or waiver by the aforementioned parties) of the conditions precedent set forth in Section 5.1, the terms and conditions of the Prior Credit Agreement shall be and hereby are amended, superseded, and restated in their
entirety by the terms and provisions of this Agreement. All amounts outstanding or otherwise due and payable under the Prior Credit Agreement prior to the Closing Date shall, on and after the Closing Date, be outstanding and due and payable under
this Agreement. Without limiting the foregoing, upon the effectiveness hereof, the Administrative Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the
Prior Credit Agreement as are necessary in order that each such Lender’s Extensions of Credit hereunder reflects such Lender’s Revolving Percentage of the Total Extensions of Credit on the Closing Date. Upon the effectiveness hereof, each
Departing Lender’s “Commitment” under the Prior Credit Agreement shall be terminated, each Departing Lender shall have received payment in full of all of the “Obligations” under the Prior Credit Agreement (other than
obligations to pay fees and expenses with respect to which the Borrower has not received an invoice, contingent indemnity obligations and other contingent obligations owing to it under the “Loan Documents” as defined in the Prior Credit
Agreement) and each Departing Lender shall not be a Lender hereunder. For the avoidance of doubt, upon the effectiveness of this Agreement, no Departing Lender shall have any duties, responsibilities or obligations under the Prior Credit Agreement
or hereunder. All Lenders agree and acknowledge that notwithstanding any other provision of the Prior Credit Agreement to the contrary, only Departing Lenders shall receive full repayment of their “Obligations” under the Prior Credit
Agreement on the effective Closing Date, as such Departing Lenders shall not constitute Lenders hereunder, and the Lenders consent to such full repayment as described above. 

  
 81 

 10.19 Acknowledgement and Consent to Bail-In of
Affected Financial Institutions. Solely to the extent that any Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement
or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (i) the application of any Write-Down
and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

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

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

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

  
 82 

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

			
	AIR LEASE CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature Page to ALC
Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Lender
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature Page to ALC
Credit Agreement] 

 
			
	[                                    
                                    ], as a
Lender

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature Page to ALC
Credit Agreement] 

 Exhibit B: Increasing Commitment Lenders 

Exhibit C-1: New Lenders 

Exhibit C-2: New Lender Notice Detail 

Schedule 1: Commitments

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]