Document:

Exhibit 10.1 A&R CMI SPA

EXHIBIT 10.1

AMENDED AND RESTATED LNG SALE AND PURCHASE AGREEMENT
(FOB)

Dated August 5, 2014

BETWEEN
SABINE PASS LIQUEFACTION, LLC
(Seller)
AND
CHENIERE MARKETING, LLC
(Buyer)

Table of Contents
	
				
	 
	 
	 
	Page No.

	1.
	Definitions and Interpretation
	 1

	 
	1.1
	Definitions
	 1

	 
	1.2
	Interpretation
	 15

	 
	1.3
	Replacement of Rates and Indices No Longer Available
	 16

	2.
	Approvals
	 17

	 
	2.1
	Approvals
	 17

	3.
	Subject Matter
	 19

	 
	3.1
	Sale and Purchase
	 19

	 
	3.2
	Facilities
	 20

	 
	3.3
	Destination
	 20

	 
	3.4
	Restrictions on Buyer’s Downstream Agreements
	 20

	4.
	Term
	 21

	 
	4.1
	Term
	 21

	 
	4.2
	Date of First Commercial Delivery
	 22

	 
	4.3
	Early or Delayed Date of First Commercial Delivery
	 24

	 
	4.4
	Anticipated Subsequent Train DFCD for Subsequent Trains
	 24

	 
	4.5
	Contract Year
	 25

	5.
	Quantities
	 25

	 
	5.1
	ACQ
	 25

	 
	5.2
	Buyer’s Purchase Obligation
	 27

	 
	5.3
	Seller’s Delivery Obligation
	 29

	 
	5.4
	Buyer’s Right to Cancel Deliveries
	 30

	6.
	Delivery Point, Title and Risk
	 30

	 
	6.1
	Delivery Point
	 30

	 
	6.2
	Title and Risk
	 31

	7.
	Transportation and Loading
	 31

	 
	7.1
	Transportation by Buyer
	 31

	 
	7.2
	Sabine Pass Facility
	 31

	 
	7.3
	Compatibility of the Sabine Pass Facility with LNG Tankers
	 33

	 
	7.4
	Buyer Inspection Rights in Respect of the Sabine Pass Facility
	 33

	 
	7.5
	LNG Tankers
	 34

	 
	7.6
	LNG Tanker Inspections; LNG Tanker Vetting Procedures; Right to Reject LNG Tanker
	 37

	 
	7.7
	Port Liability Agreement
	 38

	 
	7.8
	Sabine Pass Marine Operations Manual
	 39

	 
	7.9
	Loading of LNG Tankers
	 40

	 
	7.10
	Notice of Readiness
	 41

	 
	7.11
	Berthing Assignment
	 42

	 
	7.12
	Berth Laytime
	 43

	 
	7.13
	LNG Transfers at the Sabine Pass Facility
	 44

	 
	7.14
	LNG Tanker Not Ready for LNG Transfer; Excess Laytime
	 45

	 
	7.15
	Cooperation
	 46

	 
	7.16
	Cool-Down and Gas-Up of LNG Tankers
	 47

	 
	 
	 
	 

	 
	 
	 
	 

 i

	
				
	8.
	Annual Delivery Program
	 48

	 
	8.1
	Programming Information
	 48

	 
	8.2
	Determination of Annual Delivery Program
	 50

	 
	8.3
	Changes to Annual Delivery Program
	 51

	 
	8.4
	Ninety Day Schedule
	 52

	 
	8.5
	Force Majeure Affecting LNG Tanker
	 52

	 
	8.6
	Amended ADP to Schedule Cargoes Due to Increase in ACQ
	 52

	9.
	Contract Sales Price
	 53

	 
	9.1
	Contract Sales Price
	 53

	 
	9.2
	Fixed Price Component
	 53

	 
	9.3
	Price of LNG Delivered
	 53

	10.
	Invoicing and Payment
	 54

	 
	10.1
	Invoices
	 54

	 
	10.2
	Payment
	 55

	 
	10.3
	Disputed Invoice
	 56

	 
	10.4
	Delay in Payment
	 56

	 
	10.5
	Audit Rights
	 57

	 
	10.6
	Seller’s Rights Upon Buyer’s Failure to Make Payment
	 57

	 
	10.7
	Final Settlement
	 58

	11.
	Taxes
	 58

	 
	11.1
	Responsibility
	 58

	 
	11.2
	Seller Taxes
	 58

	 
	11.3
	Buyer Taxes
	 59

	 
	11.4
	Withholding Taxes
	 59

	 
	11.5
	Sales Tax
	 60

	 
	11.6
	Mitigation
	 60

	 
	11.7
	Refunds
	 60

	12.
	Quality
	 60

	 
	12.1
	Specification
	 60

	 
	12.2
	Determining LNG Specifications
	 61

	 
	12.3
	Off-Specification LNG
	 61

	13.
	Measurements and Tests
	 63

	 
	13.1
	LNG Measurement and Tests
	 63

	 
	13.2
	Parties to Supply Devices
	 63

	 
	13.3
	Selection of Devices
	 64

	 
	13.4
	Tank Gauge Tables of LNG Tanker
	 64

	 
	13.5
	Gauging and Measuring LNG Volumes Loaded
	 64

	 
	13.6
	Samples for Quality Analysis
	 64

	 
	13.7
	Quality Analysis
	 64

	 
	13.8
	Operating Procedures
	 64

	 
	13.9
	MMBtu Quantity Delivered
	 65

	 
	13.10
	Verification of Accuracy and Correction for Error
	 65

	 
	13.11
	Costs and Expenses
	 65

	14.
	Force Majeure
	 66

	 
	14.1
	Force Majeure
	 66

	 
	14.2
	Limitations on Force Majeure
	 67

	 
	 
	 
	 

	 
	 
	 
	 

 ii

	
				
	 
	14.3
	Notification
	 68

	 
	14.4
	Measures
	 69

	 
	14.5
	No Extension of Term
	 69

	 
	14.6
	Settlement of Industrial Disturbances
	 69

	 
	14.7
	Foundation Customer Priority
	 69

	15.
	Liabilities and Indemnification
	 70

	 
	15.1
	General
	 70

	 
	15.2
	Limitations on Liability
	 70

	 
	15.3
	Third Party Liability
	 72

	 
	15.4
	Seller’s Insurance
	 73

	 
	15.5
	Buyer’s Insurance
	 74

	16.
	Safety
	 74

	 
	16.1
	General
	 74

	 
	16.2
	Third Parties
	 74

	17.
	Representations, Warranties and Undertakings
	 75

	 
	17.1
	Representations and Warranties of Buyer
	 75

	 
	17.2
	Representations and Warranties of Seller
	 75

	 
	17.3
	Business Practices
	 76

	 
	17.4
	Buyer’s Credit Support
	 76

	18.
	Exchange of Information
	 77

	19.
	Confidentiality
	 77

	 
	19.1
	Duty of Confidentiality
	 77

	 
	19.2
	Permitted Disclosures
	 77

	 
	19.3
	Duration of Confidentiality
	 79

	20.
	Default and Termination
	 79

	 
	20.1
	Termination Events
	 79

	 
	20.2
	Termination
	 80

	 
	20.3
	Survival
	 81

	21.
	Dispute Resolution and Governing Law
	 81

	 
	21.1
	Dispute Resolution
	 81

	 
	21.2
	Expert Determination
	 84

	 
	21.3
	Governing Law
	 85

	 
	21.4
	Immunity
	 85

	22.
	Assignments
	 86

	 
	22.1
	Merger, Consolidation, Acquisition
	 86

	 
	22.2
	Assignment by Buyer
	 86

	 
	22.3
	Assignments by Seller
	 86

	 
	22.4
	Seller Financing
	 87

	23.
	Contract Language
	 88

	24.
	Miscellaneous
	 88

	 
	24.1
	Disclaimer of Agency
	 88

	 
	24.2
	Entire Agreement
	 88

	 
	24.3
	Third Party Beneficiaries
	 88

	 
	24.4
	Amendments and Waiver
	 88

	 
	24.5
	Exclusion
	 89

	 
	24.6
	Severability
	 89

	 
	 
	 
	 

	 
	 
	 
	 

 iii

	
				
	25.
	Notices
	 89

	 
	25.1
	Form of Notice
	 89

	 
	25.2
	Effective Time of Notice
	 90

	26.
	Business Practices
	 91

	 
	26.1
	Trade Law Compliance
	 91

	 
	26.2
	Use of LNG
	 93

	 
	26.3
	Prohibited Practices
	 93

	 
	26.4
	Records; Audit
	 93

	 
	26.5
	Indemnity
	 94

	
		
	 
	 

	Exhibit A
	Measurements

	Exhibit B
	Form of Port Liability Agreement

	Exhibit C
	Form of Tug Services Agreement

	Exhibit D
	Tug Characteristics

 iv

AMENDED AND RESTATED LNG SALE AND PURCHASE AGREEMENT
THIS AMENDED AND RESTATED LNG SALE AND PURCHASE AGREEMENT (“Agreement”), which amends and restates the Original SPA in its entirety, is made and entered into as of August 5, 2014 (“Amendment Date”) by and between Sabine Pass Liquefaction, LLC, a Delaware limited liability company whose principal place of business is located at 700 Milam St., Suite 800, Houston, TX 77002 (“Seller”), and Cheniere Marketing, LLC, a Delaware limited liability company whose principal place of business is located at 700 Milam St., Suite 800, Houston, TX 77002 (“Buyer”).  Buyer and Seller are each referred to herein as a “Party” and collectively as the “Parties”.
Recitals
		
	(1)
	Seller’s Affiliate, Sabine Pass LNG, L.P. (“SPLNG”), owns and operates a liquefied natural gas (“LNG”) receiving and regasification terminal situated on the Pass Channel of the Sabine Neches Waterway in southwest Cameron Parish, Louisiana;

		
	(2)
	Seller is developing and intends to construct, own and operate liquefaction facilities of multiple LNG production trains which will be operated simultaneously with a portion of the currently existing LNG import capacity at the Sabine Pass Facility, making the Sabine Pass Facility a bi-directional LNG import and export terminal;

		
	(3)
	SPLNG provides berthing, storage, regasification, and other services at the Sabine Pass Facility to Seller;

		
	(4)
	Seller has entered into long-term agreements for the sale to Third Party buyers of a portion of the annual production from the Sabine Pass Facility;

		
	(5)
	Buyer desires to purchase LNG at the Sabine Pass Facility and transport such LNG to one or more Discharge Terminals; 

		
	(6)
	Seller and Buyer entered into the Original SPA setting out the Parties’ respective rights and obligations in relation to the sale and purchase of LNG; and

		
	(7)
	Seller and Buyer desire to amend and restate the Original SPA in its entirety as set forth herein.

It is agreed:
		
	1.
	Definitions and Interpretation

		
	1.1
	Definitions

The words and expressions below shall, unless the context otherwise requires, have the meanings respectively assigned to them:

 1

		
	AAA:
	as defined in Section 21.1.2;

		
	Acceptable Credit Rating:
	a credit rating that is at least Baa3 by Moody’s Investors Service, Inc., or BBB- by Standard & Poor’s Rating Services, a division of McGraw-Hill Companies, or Fitch Ratings, Inc.;

		
	Acceptable Letter of Credit:
	an irrevocable standby letter of credit, in a form that is usual and customary, issued by a financial institution with an Acceptable Credit Rating in favor of Seller;

		
	ACQ:
	as defined in Section 5.1.1;

		
	Actual Laytime:
	as defined in Section 7.12.2;

		
	Adverse Weather Conditions:
	weather or sea conditions actually experienced at or near the Sabine Pass Facility that are sufficiently severe: (i) to prevent an LNG Tanker from proceeding to berth, or loading or departing from berth, in accordance with one or more of the following: (a) regulations published by a Governmental Authority; (b) an Approval; or (c) an order of a Pilot; (ii) to cause an actual determination by the master of an LNG Tanker that it is unsafe for such LNG Tanker to berth, load, or depart from berth; or (iii) to prevent or severely limit the production capability of the Sabine Pass Facility;

		
	Affiliate:
	(a) with respect to Seller, Cheniere Energy Partners, L.P., or any other Person that directly or indirectly through one or more intermediaries is controlled by Seller or Cheniere Energy Partners, L.P., and (b) with respect to Buyer, any Person (other than Seller, Seller’s Affiliates, or except as noted below, CEGP) that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with Buyer; for purposes of this definition and Section 17.4, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) means the direct or indirect ownership of fifty percent (50%) or more of the voting rights in a Person or the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or 

 2

otherwise; provided, however, that for purposes of this Agreement, CEGP shall only be deemed to be an Affiliate of Buyer to the extent that CEGP directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with Buyer and acts (i) outside the scope of its agreement with Seller governing operations of the Sabine Liquefaction Facility; or (ii) contrary to instructions from Seller;
		
	Agreement:
	this agreement, including the Schedules and Exhibits hereto, as the same may be amended, modified or replaced from time to time;

		
	Allotted Laytime:
	as defined in Section 7.12.1;

		
	Amendment Date:
	as defined in the preamble to this Agreement;

		
	Annual Delivery Program or ADP:
	as defined in Section 8.2.3;

		
	Anticipated ACQ Increase Day:
	as defined in Section 8.6.1;

		
	Applicable Laws: 
	in relation to matters covered by this Agreement, all applicable laws, statutes, rules, regulations, ordinances, codes, standards and rules of common law, and judgments, decisions, interpretations, orders, directives, injunctions, writs, decrees, stipulations, or awards of any applicable Governmental Authority or duly authorized official, court or arbitrator thereof, in each case, now existing or which may be enacted or issued after the Effective Date;

		
	Approvals:
	any and all permits (including work permits), franchises, authorizations, approvals, grants, licenses, visas, waivers, exemptions, consents, permissions, registrations, decrees, privileges, variances, validations, confirmations or orders granted by or filed with any Governmental Authority, including the Export Authorizations;

		
	Bankruptcy Event:
	with respect to any Person: (a) such Person’s suspension of payment of, or request to any court for a moratorium on payment of, all or a substantial part of such Person’s debts; (b) such Person’s making of a general assignment or any composition with or for the benefit of its creditors except to the extent otherwise 

 3

permitted by Section 22; (c) any filing, or consent by answer by such Person to the filing against it, of a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction; or (d) any order under the bankruptcy or insolvency laws of any jurisdiction: (i) entered for the winding up, bankruptcy, liquidation, dissolution, custodianship or administration with respect to such Person or any substantial part of such Person’s property; (ii) constituting an order for relief with respect to such Person; (iii) approving a petition for relief or reorganization or any other petition in bankruptcy or insolvency law with respect to such Person; or (iv) approving any petition filed in bankruptcy or insolvency law against such Person;
		
	Bcf:
	one billion SCF;

		
	BG SPA:
	the Amended and Restated LNG Sale and Purchase Agreement, dated January 25th, 2012, between BG Gulf Coast LNG, LLC and Seller;

		
	Btu:
	the amount of heat equal to one thousand fifty-five decimal zero five six (1,055.056) Joules;

		
	Business Day:
	any Day (other than Saturdays, Sundays and national holidays in the United States of America) on which commercial banks are normally open to conduct business in the United States of America;

		
	Buyer:
	as defined in the preamble to this Agreement;

		
	Buyer Taxes:
	as defined in Section 11.3;

		
	Cargo DoP Credit:
	as defined in Section 5.3.2;

		
	Cargo DoP Quantity:
	as defined in Section 5.3.2;

		
	Cargo Shortfall Quantity:
	as defined in Section 5.2.2;

		
	CEGP:
	Cheniere Energy Partners GP, LLC;

		
	Claim: 
	all claims, demands, legal proceedings, or actions that may exist, arise, or be threatened currently or in the future at any time following the Effective Date, 

 4

whether or not of a type contemplated by any Party, and whether based on federal, state, local, statutory or common law or any other Applicable Law;
		
	Composite ADP: 
	as defined in Section 8.2.4;

		
	Confidential Information:
	as defined in Section 19.1;

		
	Connecting Pipeline:
	each of the Creole Trail Pipeline, the Kinder Morgan Louisiana Pipeline, or such other pipeline as may be interconnected to the Sabine Pass Facility, as applicable;

		
	Contract Year:
	as defined in Section 4.5;

		
	Cover Damages:
	as defined in Section 5.2.3(a);

		
	Creole Trail Pipeline:
	that certain Gas pipeline, owned and operated by Cheniere Creole Trail Pipeline, L.P., which interconnects with the Sabine Pass Facility in Cameron Parish, Louisiana, and extends for approximately ninety-two (92) miles to a point of interconnection with major interstate Gas pipelines near De Quincy, Louisiana; and which may in the future be extended by approximately fifty (50) miles (upon such election by Cheniere Creole Trail Pipeline, L.P.) to a point of interconnection with a major interstate Gas pipeline near Rayne, Louisiana;

		
	CSP:
	as defined in Section 9.1;

		
	Cubic Meter:
	in relation to Gas, the quantity of dry ideal Gas, at a temperature of fifteen (15) degrees Celsius and a pressure of one hundred one decimal three two five (101.325) kilopascals absolute contained in a volume of one (1) cubic meter;

		
	Date of First Commercial Delivery:
	as defined in Section 4.2;

		
	Day:
	a period of twenty-four (24) consecutive hours starting at 00:00 hours local time in Cameron Parish, Louisiana;

		
	Delivery Point:
	as defined in Section 6.1;

		
	Delivery Window:
	a twenty-four (24) hour period starting at 6:00 a.m. Central Time on a specified Day and ending twenty-

 5

four (24) consecutive hours thereafter that is allocated to Buyer under the ADP or Ninety Day Schedule, as applicable;
		
	Demurrage Event:
	as defined in Section 7.12.3;

		
	Designated Train:
	the first Train that is commercially operable, as determined in accordance with Section 4.3.1; 

		
	Direct Agreement:
	as defined in Section 22.4.2;

		
	Discharge Terminal:
	with respect to each cargo of LNG taken or scheduled to be taken by Buyer pursuant to this Agreement, the facilities intended by Buyer to be utilized for the unloading, reception, discharge, storage, treatment (if necessary), and regasification of LNG and the processing and send-out of Gas or regasified LNG, and other relevant infrastructure, including marine facilities (such as breakwaters and tugs) for the safe passage to berth of LNG Tankers, terminal facilities for the berthing and discharging of LNG Tankers, LNG storage tanks and the regasification plant as specified in the ADP or Ninety Day Schedule, as applicable;

		
	Dispute:
	any dispute or difference of whatsoever nature arising under, out of, in connection with or in relation (in any manner whatsoever) to this Agreement or the subject matter of this Agreement, including (a) any dispute or difference concerning the initial or continuing existence of this Agreement or any provision of it, or as to whether this Agreement or any provision of it is invalid, illegal or unenforceable (whether initially or otherwise); or (b) any dispute or claim which is ancillary or connected, in each case in any manner whatsoever, to the foregoing;

		
	Effective Date:
	May 14th, 2012;

		
	ETA:
	with respect to an LNG Tanker, the estimated time of arrival of such LNG Tanker at the PBS;

		
	Expert:
	a Person agreed upon or appointed in accordance with Section 21.2.1;

 6

		
	Export Authorizations:
	the FTA Export Authorization and the Non-FTA Export Authorization, either individually or together (as the context requires);

		
	FID Date:
	in respect of a Train, the earlier of (a) the date on which Seller makes a positive final investment decision in respect of such Train, and (b) the date on which Seller issues to the Person primarily responsible for construction of such Train notice to proceed with the construction of such Train;

		
	Final Window Period:
	as defined in Section 4.2.4;

		
	First Contract Year:
	as defined in Section 4.5(a);

		
	First Window Period:
	as defined in Section 4.2.1;

		
	Force Majeure:
	as defined in Section 14.1;

		
	Foundation Customer:
	BG Gulf Coast LNG, LLC, Gas Natural Aprovisionamientos SDG S.A., Korea Gas Corporation, GAIL (India) Limited, Total Gas & Power North America, Inc., Centrica plc and any other customer of Seller, other than any Affiliate of Seller, that enters into a New Foundation Customer SPA; provided, however, that with respect to any customer of Seller that is a Foundation Customer as of the Amendment Date, such customer shall only be a Foundation Customer in respect of the sum of the following: (i) the annual contract quantity of such customer that is in effect as of the Amendment Date, and (ii) the annual contract quantity of such customer pursuant to any New Foundation Customer SPA;

		
	Foundation Customer Priority:
	as defined in Section 14.7;

		
	FPC:
	as defined in Section 9.2; 

		
	FTA Export Authorization:
	that certain order number 2833 of the Office of Fossil Energy of the U.S. Department of Energy, dated September 7th, 2010, granting to Seller the long-term, multi-contract authorization to export up to the equivalent of sixteen million (16,000,000) tons per annum of LNG (approximately 803 Bcf per year of natural gas) by vessel from the Sabine Pass Facility for a thirty (30) year term, as the same may be 

 7

supplemented, amended, modified, changed, superseded or replaced from time to time;
		
	GAIL SPA:
	the LNG sale and purchase agreement between Seller and GAIL (India) Limited, dated December 11, 2011;

		
	Gas:
	any hydrocarbon or mixture of hydrocarbons consisting predominantly of methane that is in a gaseous state;

		
	Governmental Authority:
	any national, regional, state, or local government, or any subdivision, agency, commission or authority thereof (including any maritime authorities, port authority or any quasi-governmental agency), having jurisdiction over a Party (or any Affiliate thereof), a Connecting Pipeline, Gas in a Connecting Pipeline or the Sabine Pass Facility, the Sabine Pass Facility, LNG in the Sabine Pass Facility, an LNG Tanker, a Transporter, the last disembarkation port of an LNG Tanker, a Discharge Terminal, or any Gas pipeline which interconnects with a Connecting Pipeline and which transports Gas to or from a Connecting Pipeline, as the case may be, and acting within its legal authority;

		
	Gross Heating Value:
	the quantity of heat expressed in Btu produced by the complete combustion in air of one (1) cubic foot of anhydrous gas, at a temperature of sixty (60) degrees Fahrenheit and at an absolute pressure of fourteen decimal six nine six (14.696) pounds per square inch, with the air at the same temperature and pressure as the gas, after cooling the products of the combustion to the initial temperature of the gas and air, and after condensation of the water formed by combustion;

		
	HH:
	the final settlement price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the Month in which the relevant cargo’s Delivery Window is scheduled to begin;

		
	ICC:
	as defined in Section 21.2.1;

		
	Indemnified Party:
	as defined in Section 15.3(a);

		
	Indemnifying Party:
	as defined in Section 15.3(a);

 8

		
	International LNG Terminal Standards:
	to the extent not inconsistent with the express requirements of this Agreement, the international standards and practices applicable to the design, construction, equipment, operation or maintenance of LNG receiving and regasification terminals or LNG liquefaction terminals, as the case may be, established by the following (such standards to apply in the following order of priority): (i) a Governmental Authority having jurisdiction over the Sabine Pass Facility, Seller, or Seller’s operator; (ii) the Society of International Gas Tanker and Terminal Operators (to the extent applicable); and (iii) any other internationally recognized non-governmental agency or organization with whose standards and practices it is customary for Reasonable and Prudent Operators of LNG receiving and regasification terminals or LNG liquefaction terminals, as the case may be, to comply; provided, however, that in the event of a conflict between any of the priorities noted above, the priority with the lowest roman numeral noted above shall prevail;

		
	International LNG Vessel Standards:
	the standards and practices from time to time in force applicable to the ownership, design, equipment, operation or maintenance of LNG vessels established by: (i) the International Maritime Organization; (ii) the Oil Companies International Marine Forum (OCIMF); (iii) the Society of International Gas Tanker and Terminal Operators (SIGTTO) (or any successor body of the same); (iv) the International Navigation Association (PIANC); (v) the International Association of Classification Societies; and (vi) any other internationally recognized agency or non-governmental organization with whose standards and practices it is customary for Reasonable and Prudent Operators of LNG vessels similar to those applicable to this Agreement, to comply, provided, however, that in the event of a conflict between any of the priorities noted above, the priority with the lowest roman numeral noted above shall prevail;

		
	International Standards: 
	(i) with respect to Buyer, the International LNG Vessel Standards; (ii) with respect to Seller, the International LNG Terminal Standards;

 9

		
	In-Transit First Notice:
	as defined in Section 7.9.2;

		
	In-Transit Second Notice:
	as defined in Section 7.9.3(a);

		
	In-Transit Third Notice:
	as defined in Section 7.9.3(c);

		
	Kinder Morgan Louisiana Pipeline:
	a high pressure gas pipeline owned and operated by Kinder Morgan Louisiana Pipeline LLC, a Delaware limited liability company, which extends approximately one hundred and thirty-seven (137) miles east and north  from, and interconnects with, the Sabine Pass Facility;

		
	Lender:
	any Person, other than an Affiliate of either Party, duly authorized in its principal place of business to lend monies, to finance or to provide financial support in any form in respect of the Sabine Pass Facility, including any export credit agency, funding agency, bondholder, insurance agency or similar institution in relation to the provision of finance or financial support;

		
	Lenders’ Agent:
	as defined in Section 22.4.1;

		
	LIBOR:
	on or from any Day, the percentage rate per annum published two (2) London Banking Days before that Day (or, if that Day is not a London Banking Day, published two (2) London Banking Days before the nearest preceding London Banking Day) at 11:00 a.m. London time, by the British Bankers Association that appears on the Reuters Screen LIBOR01 page as three (3) Month USD LIBOR or, if no such rate is published, such other rate representing the cost of three (3) Month USD funds in the London interbank lending market on that Day as reasonably agreed by the Parties;

		
	LNG:
	Gas in a liquid state at or below its point of boiling and at or near atmospheric pressure;

		
	LNG Tanker(s):
	an ocean-going vessel suitable for transporting LNG which complies with the requirements of this Agreement and which Buyer uses, or intends to use, in connection with this Agreement;

		
	Loading Port:
	the port where the Sabine Pass Facility is located, in the vicinity of Cameron Parish, Louisiana, or the port at an alternate supply source pursuant to Section 3.1.2;

 10

		
	London Banking Day:
	any Day (other than Saturdays, Sundays and national holidays in London, England) on which banks are normally open to conduct business in London, England;

		
	Loss:
	any and all losses, liabilities, damages, costs, judgments, settlements and expenses (whether or not resulting from Claims by Third Parties), including interest and penalties with respect thereto and reasonable attorneys’ and accountants’ fees and expenses;

		
	Measurement Dispute:
	as defined in Section 21.2.1;

		
	Mitigation Sale:
	as defined in Section 5.2.3(b);

		
	MMBtu:
	one million (1,000,000) Btus;

		
	Month:
	each period of time that starts at 00:00 local time in Cameron Parish, Louisiana on the first Day of each calendar month and ends at 24:00 local time in Cameron Parish, Louisiana on the last Day of the same calendar month;

		
	New Foundation Customer SPA:
	an LNG purchase agreement with a designated LNG production train identified as the fifth LNG production train or any subsequent LNG production train in each case located at the Sabine Pass Facility, a minimum term of twenty (20) years, and an effective date after the Amendment Date but prior to the FID Date for such designated train, for the purchase and export of (i) no less than zero decimal seven (0.7) million metric tonnes per annum of LNG from the Sabine Pass Facility and (ii) no more than an annual quantity of LNG which, when combined with the cumulative annual quantities of LNG to be sold pursuant to all other LNG purchase agreements with the same designated train, does not exceed the annual production capacity of such designated train;

		
	Ninety Day Schedule:
	as defined in Section 8.4;

		
	Non-FTA Export Authorization:
	that certain order number 2961-A of the Office of Fossil Energy of the U.S. Department of Energy, dated August 7th, 2012, granting to Seller the long-term, multi-contract authorization to export LNG up to the equivalent of 803 Bcf per year of natural gas, by vessel 

 11

from the Sabine Pass Facility for a twenty (20) year term, as the same may be supplemented, amended, modified, changed, superseded or replaced from time to time;
		
	Notice of Readiness or NOR:
	the notice of readiness issued by an LNG Tanker in accordance with Section 7.10.1;

		
	Off-Spec LNG:
	as defined in Section 12.3.1;

		
	Operational Tolerance:
	as defined in Section 5.2.3(c);

		
	Original SPA:
	that certain LNG Sale and Purchase Agreement dated May 14th, 2012 by and between Sabine Pass Liquefaction, LLC (as seller) and Cheniere Marketing, LLC (as buyer);

		
	P&I Club:
	a Protection and Indemnity Club that is a member of the International Group of P&I Clubs;

		
	P&I Insurance:
	as defined in Section 15.5(b);

		
	Party:
	Buyer or Seller, and Parties means both Buyer and Seller;

		
	Payor:
	as defined in Section 11.4;

		
	PBS:
	the customary Pilot boarding station at the Loading Port where the Pilot boards the LNG Tanker, as determined by the applicable Governmental Authority or other entity with authority to regulate transit and berthing of vessels at the Loading Port;

		
	Person:
	any individual, corporation, partnership, trust, unincorporated organization or other legal entity, including any Governmental Authority;

		
	Pilot:
	any Person engaged by Transporter to come on board the LNG Tanker to assist the master in pilotage, mooring and unmooring of such LNG Tanker;

		
	Port Charges:
	all charges of whatsoever nature (including rates, tolls, dues, fees, and imposts of every description) in respect of an LNG Tanker entering or leaving a port or loading or unloading LNG, including wharfage fees, in-and-out fees, line handling charges, and charges imposed by fire boats, tugs and escort vessels, the U.S. Coast Guard, a Pilot, and any other authorized 

 12

Person assisting an LNG Tanker to enter or leave a port, and further including port use fees, throughput fees and similar fees payable by users of the port (or by Seller or its operator on behalf of such users) to the West Cameron, Louisiana Port Commission and Jefferson County, Texas Waterway and Navigation District or to any authority with respect to any unloading port;
		
	Port Liability Agreement:
	an agreement for use of the port and marine facilities located at the Loading Port, to be entered into as described in Section 7.7.1, in the form attached in Exhibit B hereto as may be amended pursuant to Section 7.7.4;

		
	Provisional Invoice:
	as defined in Section 10.1.4(a);

		
	Reasonable and Prudent Operator:
	a Person seeking in good faith to perform its contractual obligations, and in so doing, and in the general conduct of its undertaking, exercising that degree of skill, diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled and experienced operator, complying with all applicable International Standards and practices and regulations and approvals of Governmental Authorities, engaged in the same type of undertaking under the same or similar circumstances and conditions;

		
	Regasification Capacity Users:
	from time to time, Persons purchasing LNG terminalling services from SPLNG, regardless of the short-term or long-term duration of the underlying terminal use agreement;

		
	Rules:
	as defined in Section 21.1.2;

		
	Sabine Liquefaction Facility:
	the facilities that Seller is developing and intends to construct, own and operate adjacent to, or at the same location as the existing LNG receiving and regasification terminal in Cameron Parish, Louisiana owned by SPLNG, including the liquefaction trains and associated facilities, both inside and outside the LNG plant, the Gas pretreatment and processing facilities, and all other related facilities inclusive of the Designated Train and all other trains;

 13

		
	Sabine Pass Facility:
	(a) the existing LNG receiving and regasification terminal owned by SPLNG, including storage tanks, utilities, jetties, berthing and marine facilities, and all other related facilities; and (b) the Sabine Liquefaction Facility;

		
	Sabine Pass Marine Operations Manual:
	as defined in Section 7.8;

		
	SCF:
	for Gas, the quantity of anhydrous Gas that occupies one (1) cubic foot of space at a temperature of sixty (60) degrees Fahrenheit and a pressure of fourteen decimal six nine six (14.696) pounds per square inch absolute;

		
	Scheduled Cargo Quantity:
	the quantity of LNG (in MMBtu) identified in the ADP or Ninety Day Schedule to be loaded onto an LNG Tanker in a Delivery Window in accordance with Section 8;

		
	Second Window Period:
	as defined in Section 4.2.2;

		
	Seller:
	as defined in the preamble to this Agreement;

		
	Seller Aggregate Liability:
	as defined in Section 15.2.6(b);

		
	Seller Liability Cap:
	as defined in Section 15.2.6(c);

		
	Seller Taxes:
	as defined in Section 11.2;

		
	SI:
	the International System of Units;

		
	Specifications:
	as defined in Section 12.1.1;

		
	SPLNG:
	as defined in the Recitals;

		
	Subsequent Train DFCD:
	as defined in Section 4.4;

		
	Subsequent Train Final Window Period:
	as defined in Section 4.4.4;

		
	Subsequent Train First Window Period:
	as defined in Section 4.4.1;

		
	Subsequent Train Second Window Period:
	as defined in Section 4.4.2;

Subsequent Train Third Window Period:    as defined in Section 4.4.3;

		
	Term:
	as defined in Section 4.1.1;

 14

		
	Terminating Party:
	as defined in Section 20.2.1;

		
	Termination Events:
	as defined in Section 20.1;

		
	Third Party:
	a Person other than a Party;

		
	Third Party Claim:
	as defined in Section 15.3(a);

		
	Third Party LNG SPA:
	(a) any agreement for the sale and purchase of LNG that Seller enters into with a Foundation Customer with respect to any LNG that Seller intends to produce from the Sabine Pass Facility, and (b) any agreement for the sale and purchase of a quantity of LNG that directly or indirectly replaces in whole or in part the annual contract quantity of any sale and purchase agreement referred to in part (a) of this definition (which replacement agreement may be on any terms and conditions accepted by Seller in its sole discretion, subject to Section 5.1.4 and provided the requirements of part (b) of this definition are satisfied);

		
	Third Window Period:
	as defined in Section 4.2.3;

		
	Train:
	an LNG production train located at the Sabine Liquefaction Facility, including those facilities included in the Sabine Pass Facility that are necessary to enable Seller to fulfill its obligations to Buyer from such LNG production train;

		
	Transporter:
	any Person who is a registered or disponent owner of, or any Person who contracts with the same or with Buyer, or with any Person who is scheduled to take delivery at the Sabine Pass Facility of a cargo made available by Buyer for the purposes of providing, operating, or chartering any of the LNG Tankers; and

		
	USD or US$:
	the lawful currency from time to time of the United States of America. 

		
	1.2
	Interpretation

For purposes of this Agreement:
		
	1.2.1
	The titles, headings, and numbering in this Agreement are included for convenience only and will have no effect on the construction or interpretation of this Agreement.

 15

		
	1.2.2
	References in this Agreement to Sections and Exhibits are to those of this Agreement unless otherwise indicated.  References to this Agreement and to agreements and contractual instruments will be deemed to include all exhibits, schedules, appendices, annexes, and other attachments thereto and all subsequent amendments and other modifications to such instruments, to the extent that such amendments and other modifications are not prohibited by the terms of this Agreement.

		
	1.2.3
	The word “include” or “including” will be deemed to be followed by “without limitation.”  The term “will” has the same meaning as “shall,” and thus imposes an obligation.

		
	1.2.4
	Whenever the context so requires, the singular includes the plural and the plural includes the singular, and the gender of any pronoun includes the other gender.

		
	1.2.5
	Unless otherwise indicated, references to any statute, regulation or other law will be deemed to refer to such statute, regulation or other law as amended or any successor law.

		
	1.2.6
	All references to a Person shall include such Person’s successors and permitted assigns.

		
	1.2.7
	Unless otherwise indicated, any reference to a time of Day shall be to Central Time in the United States of America.

		
	1.2.8
	Approximate conversions of any unit of measurement contained in parenthesis following the primary unit of measurement included in Sections 1 through 26 are inserted as a matter of operational convenience only to show the approximate equivalent in such different measurement.  The obligations of the Parties under Sections 1 through 26 will be undertaken in respect of the primary unit of measurement and not in respect of any such approximate conversion.

		
	1.3
	Replacement of Rates and Indices No Longer Available

		
	1.3.1
	If (a) a publication that contains a rate or index used in this Agreement ceases to be published for any reason or (b) such a rate or index ceases to exist, is materially modified, or no longer is used as a liquid trading point for Gas (as applicable), so as systematically to change its economic result, or is disaggregated, displaced or abandoned, for any reason, the Parties shall promptly discuss, with the aim of jointly selecting a rate or index or rates or indices to be used in place of such rates and indices that maintains the intent and economic effect of those original rates or indices.

		
	1.3.2
	If the Parties fail to agree on a replacement rate or index, the Parties may submit such issue to an Expert pursuant to Section 21.2, as amended by the 

 16

provisions of this Section 1.3.2. Any Expert selected shall be instructed to select the published rate or index, or a combination of published rates or indices, with adjustments as necessary or appropriate, that most nearly preserves the intent and economic result of the original rates or indices. If the Parties are not able to agree upon an Expert within ten (10) Days after the receipt of the notice of request for expert determination, either Party may elect to refer the determination of the replacement rate or index for arbitration in accordance with Section 21.1.
		
	1.3.3
	If any rate used in this Agreement is not published for a particular date, but the publication containing such rate continues to be published and the rate itself continues to exist, the Parties shall use the published rate in effect for the date such rate was most recently published prior to the particular date, unless otherwise provided in this Agreement.

		
	1.3.4
	If any index used in this Agreement is not published for a particular date, but the publication containing such index continues to be published and the index itself continues to exist, the Parties shall use the index from the geographic location closest in proximity to the unpublished index from the same publication in effect for the particular date adjusted by the difference between the same indices from the most recent publication published prior to the particular date, unless otherwise provided in this Agreement.

		
	1.3.5
	If an incorrect value is published for any rate or index used in this Agreement and such error is corrected and published within ninety (90) Days of the date of the publication of such incorrect rate or index, such corrected rate or index will be substituted for the incorrect rate or index and any calculations involving such rate or index will be recalculated and the Parties will take any necessary actions based upon these revised calculations, including adjustments of amounts previously invoiced and/or paid.

		
	2.
	Approvals

		
	2.1
	Approvals

		
	2.1.1
	Seller shall use reasonable efforts to obtain and maintain in force both Export Authorizations (as in effect on the Effective Date or as may be modified thereafter in a manner that does not adversely affect Buyer) at all times, except as may be excused by Force Majeure; provided, however, the Parties acknowledge that the Non-FTA Export Authorization, unless extended, will expire in accordance with its terms prior to the end of the Term, and the Parties agree that such expiration of the Non-FTA Export Authorization shall not be a violation by Seller of this Section 2.1.1.

		
	2.1.2
	Seller shall use reasonable efforts to obtain and, thereafter, to maintain in full force and effect, in order to fulfill Seller’s obligations under this 

 17

Agreement, either (a) amendments to the FTA Export Authorization and Non-FTA Export Authorization, in each case to increase the quantity of LNG that may be exported pursuant to such Export Authorization in a given Contract Year to a quantity of LNG that is sufficient for Seller to meet its obligations for such Contract Year under the Third Party LNG SPAs and this Agreement; or (b) new export authorizations to permit the export of a quantity of LNG in a given Contract Year that is not less than the ACQ for such Contract Year to all countries with which trade is permitted under the laws of the United States of America.  If the Parties mutually agree (each in its sole discretion) that Buyer is more likely than Seller to succeed in an application for any new export authorization substantially equivalent to the Non-FTA Export Authorization as may be required in connection with this Agreement, Seller may request that Buyer make such an application to the relevant authorities, in which case Buyer shall make such application and shall use reasonable efforts to obtain and, thereafter, maintain such new export authorization in full force and effect; provided, however, that nothing in this Agreement other than Section 2.1.5 shall in any way restrict any Party’s right or ability to seek, apply for, obtain or maintain one or more export authorizations from any relevant authority and nothing in this Agreement, except as provided in Section 26.1, shall in any way restrict Buyer’s right to export LNG sold hereunder pursuant to any such export authorization obtained by either Party; provided further that Buyer shall not apply for any amendments to the Export Authorizations.
		
	2.1.3
	Buyer and Seller shall use reasonable efforts to obtain and maintain in force, and shall use reasonable efforts to cause its Affiliates to obtain and maintain in force the Approvals (other than the Export Authorizations and similar export authorizations described in Section 2.1.2, which shall be governed by Section 2.1.1 above) which are required for the performance of this Agreement, and shall cooperate fully with each other whenever necessary for this purpose.

		
	2.1.4
	If the laws of the United States of America do not require maintenance of or compliance with one or both Export Authorization(s) or similar export authorizations described in Section 2.1.2 to export LNG from the United States of America, then for so long as the laws of the United States of America do not require such maintenance or compliance, the Parties agree that this Agreement shall be read and construed to omit those provisions of this Agreement relating to such affected export authorization(s) and neither Party shall have any rights or obligations (including obligations to maintain such affected export authorization(s), rights to terminate this Agreement and claims of Force Majeure) in respect of any such export authorization(s).

 18

		
	2.1.5
	Buyer shall notify Seller, at least thirty (30) Days prior to Buyer filing with the relevant Governmental Authority (i) any application for an amendment to an existing export authorization for the export of LNG from the Sabine Pass Facility (but excluding export authorizations for the re-export of LNG), which amendment would increase quantities that may be exported therefrom, or (ii) any application (or an amendment to an application) for a new export authorization for the export of LNG from the Sabine Pass Facility (but excluding export authorizations for the re-export of LNG), including any amendment to an application for export authorization or existing export authorization of Buyer in respect of a liquefaction facility other than the Sabine Pass Facility, which amendment, if approved by the U.S. Department of Energy, would result in Buyer having the authorization to export LNG from the Sabine Pass Facility pursuant to the underlying export authorization that is the subject of such amendment, of Buyer’s intent to make such filing.  Seller shall notify Buyer, within five (5) Days after filing with the relevant Governmental Authority any such application described in the foregoing subclause (i) or subclause (ii), of such filing.

		
	3.
	Subject Matter

		
	3.1
	Sale and Purchase

		
	3.1.1
	Seller shall sell and make available for delivery, or compensate Buyer if not made available for delivery, LNG in cargoes at the Delivery Point, and Buyer shall take and pay for, or compensate Seller if not taken, such LNG, in the quantities and at the prices set forth in and otherwise in accordance with and subject to the provisions of this Agreement.

		
	3.1.2
	Seller intends to load cargoes from the Sabine Pass Facility, but, subject to the prior written consent of Buyer (such consent not to be unreasonably withheld), Seller may deliver cargoes to Buyer from any alternate source; provided, that:

		
	(a)
	LNG from such alternate source shall, when made available by Seller to Buyer, comply with the Specifications;

		
	(b)
	Seller has agreed to reimburse Buyer an amount equal to Buyer’s reasonable estimate of the increased costs that would be incurred as a result of the delivery of LNG at such alternate source;

		
	(c)
	the delivery of LNG at an alternate source is necessitated by operational conditions affecting the Sabine Pass Facility that have reduced the capability of the Sabine Pass Facility to produce or load LNG, despite Seller having acted as a Reasonable and Prudent Operator;

 19

		
	(d)
	the receipt of LNG at an alternate source will not affect the ability of LNG Tankers to perform other cargo receipts and deliveries in a timely fashion;

		
	(e)
	the facilities at the alternate source are compatible with LNG Tankers;

		
	(f)
	the alternate source and the voyage thereto do not present added risks or dangers to any LNG Tanker or personnel of Buyer or any Affiliate of Buyer; and

		
	(g)
	any other condition reasonably imposed by Buyer has been satisfied by Seller to Buyer’s reasonable satisfaction.

If the alternate Gas liquefaction facility proposed by Seller is located in the  United States of America Gulf Coast and is owned and operated by Seller or an Affiliate of Seller, then the condition set forth in Section 3.1.2(c) above shall not apply.
		
	3.2
	Facilities

		
	3.2.1
	During the period from the Effective Date and continuing through the Date of First Commercial Delivery, Seller shall use reasonable efforts to construct, test, commission, maintain and operate the Sabine Pass Facility in accordance with the standards and specifications set forth in Section 7.2.2, or cause same to occur.

		
	3.2.2
	Seller covenants that, acting as a Reasonable and Prudent Operator, it shall at all relevant times from the Date of First Commercial Delivery and continuing throughout the Term use reasonable efforts to own, or have access to and use of, and maintain and operate or cause to be maintained and operated, consistent with International Standards and subject to all Applicable Laws, the Sabine Pass Facility.

		
	3.3
	Destination

Subject to Section 26.1, and notwithstanding the Discharge Terminal corresponding to any cargo in the ADP or Ninety Day Schedule, Buyer shall be free to (i) sell such LNG free on board at the Sabine Pass Facility or at any other point during a voyage, or at or after the unloading of any LNG purchased hereunder and (ii) transport the LNG to, and market the LNG at, any destination of its choosing, in accordance with the provisions of this Agreement.
		
	3.4
	Restrictions on Buyer’s Downstream Agreements

The following terms of this Section 3.4 shall apply only to the extent Buyer is an Affiliate of Seller and only if Section 5.1.5(a) of the BG SPA, as such provision exists on the Effective Date, remains in force and effect:

 20

		
	3.4.1
	Buyer shall not enter into any “Qualifying Agreement”, as defined in the BG SPA, unless and until Sections 5.1.5(a)(i) and 5.1.5(a)(ii) of the BG SPA have been satisfied in respect of such Qualifying Agreement.  Upon Buyer notifying Seller of (a) a proposed Qualifying Agreement between Buyer and a downstream LNG buyer and (b) the quantities and delivery profile of the LNG to be delivered thereunder, Seller shall promptly make a firm offer to BG Gulf Coast LNG, LLC as required by Section 5.1.5(a)(i) of the BG SPA in respect of Buyer’s proposed Qualifying Agreement.  Seller shall promptly forward to Buyer any notices Seller receives from BG Gulf Coast LNG, LLC in respect of Buyer’s proposed Qualifying Agreement. 

		
	3.4.2
	Without Buyer’s prior written consent, not to be unreasonably withheld or delayed, Seller shall not amend (i) Section 5.1.5(a) of the BG SPA or (ii) any other provision of the BG SPA which, if amended, would change the meaning of all or any portion of Section 5.1.5(a) of the BG SPA.

		
	4.
	Term

		
	4.1
	Term

		
	4.1.1
	Term.  This Agreement shall enter into force and effect as of the Effective Date and, subject to Section 20, shall continue in force and effect until the earlier of (a) the twentieth (20th) anniversary of the later of August 1, 2018, and the Date of First Commercial Delivery, and (b) such earlier date as is required for exports of LNG pursuant to this Agreement to be authorized under, and to enable the applicable Party to maintain compliance with all of, the terms of the Export Authorizations and similar export authorizations entered into by such Party as described in Section 2.1.1, as applicable, unless extended pursuant to Section 4.1.2 (the “Term”).

		
	4.1.2
	Extension of Term.

		
	(a)
	On or before the seventeenth (17th) anniversary of the later of August 1, 2018, and the Date of First Commercial Delivery, Buyer may, by notice to Seller, extend the Term of this Agreement as to any portion of the ACQ by a period of up to ten (10) years beyond the initial twenty (20) years as set forth in Section 4.1.1, provided that:

		
	(i)
	(x) the sum of the portion of the ACQ that Buyer has elected to extend, and the ACQs of all other customers purchasing LNG or liquefaction services from the Sabine Liquefaction Facility at all times during the extension period elected by Buyer is equal to or greater than one hundred eighty-two million five hundred thousand (182,500,000) MMBtu, or (y) Buyer and Seller agree to increase Buyer’s ACQ during the extension period elected by Buyer such that the sum of 

 21

Buyer’s ACQ and the annual contract quantities of all other customers purchasing LNG or liquefaction services from the Sabine Liquefaction Facility during the extension period elected by Buyer is equal to or greater than one hundred eighty-two million five hundred thousand (182,500,000) MMBtu; and
		
	(ii)
	Seller or Buyer, as applicable, is able, by the exercise of reasonable efforts, to maintain in effect all Approvals, including LNG export licenses, necessary for (A) the continued operation of the Sabine Liquefaction Facility during the extension period elected by Buyer and (B) the performance by Seller of its obligations under this Agreement and the Third Party LNG SPAs.

		
	(b)
	If Seller is unable to maintain in effect all such Approvals maintained by Seller during the entire extension period elected by Buyer, Seller shall inform Buyer of the period during which it can maintain such Approvals, and Buyer may, by giving Seller notice no later than thirty (30) Days following receipt of Seller’s notice pursuant to this Section 4.1.2(b): (i) modify its election made pursuant to Section 4.1.2(a) such that the extension period is coincident with or less than the period during which Seller can maintain such Approvals or (ii) withdraw its election made pursuant to Section 4.1.2(a).

		
	(c)
	If the Term is extended pursuant to this Section 4.1.2, the Parties shall make such revisions to this Agreement as are necessary to give effect to such extension, including Sections 5.1.1 and 7.16.1(a).

		
	4.2
	Date of First Commercial Delivery

Subject to Section 4.3, the Day notified by Seller to Buyer on which Seller anticipates that the Designated Train will become commercially operable shall be the “Date of First Commercial Delivery”, which Day shall be determined by taking into account development and construction schedules, as set forth below.
		
	4.2.1
	Seller shall notify Buyer of a period of one hundred eighty (180) Days that begins not later than August 1, 2018 (“First Window Period”) during which the Date of First Commercial Delivery shall occur, or, in the absence of notification by Seller in accordance with this Section 4.2.1, the First Window Period shall be deemed to be the one hundred eighty (180) Day period that begins on August 1, 2018.  Such notice shall be provided not later than twelve (12) Months prior to the commencement of the First Window Period.

		
	4.2.2
	Seller shall notify Buyer, at least one hundred twenty (120) Days prior to the commencement of the First Window Period of a ninety (90) Day period falling within the First Window Period (“Second Window Period”) during which 

 22

the Date of First Commercial Delivery shall occur, or, in the absence of notification by Seller in accordance with this Section 4.2.2, the Second Window Period shall be deemed to be the last ninety (90) Days of the First Window Period.
		
	4.2.3
	Seller shall notify Buyer at least ninety (90) Days prior to the commencement of the Second Window Period of a sixty (60) Day period falling within the Second Window Period (“Third Window Period”) during which the Date of First Commercial Delivery shall occur, or, in the absence of notification by Seller in accordance with this Section 4.2.3, the Third Window Period shall be deemed to be the last sixty (60) Days of the Second Window Period.

		
	4.2.4
	Seller shall notify Buyer at least sixty (60) Days prior to the commencement of the Third Window Period of a thirty (30) Day period falling within the Third Window Period (“Final Window Period”) during which the Date of First Commercial Delivery shall occur, or, in the absence of notification by Seller in accordance with this Section 4.2.4, the Final Window Period shall be deemed to be the last thirty (30) Days of the Third Window Period.

		
	4.2.5
	Seller shall notify Buyer at least forty-five (45) Days prior to the commencement of the Final Window Period of the Day within the Final Window Period which shall be the Date of First Commercial Delivery, or, in the absence of notification by Seller in accordance with this Section 4.2.5, the Date of First Commercial Delivery shall be deemed to be the last Day of the Final Window Period.

		
	4.2.6
	Subject to Section 4.3, the Date of First Commercial Delivery shall be the date so notified pursuant to this Section 4.2, regardless of whether any LNG is scheduled for delivery to Buyer or whether any LNG is in fact so delivered.  Seller will provide non-binding good faith estimates of the Date of First Commercial Delivery from time to time, as credible and relevant information is available (but not less frequently than one (1) update every six (6) Months).  Each window period identified in this Section 4.2 may be extended, and the Date of First Commercial Delivery may be deferred on a Day-for-Day basis, in the event of Force Majeure affecting Seller that delays the Designated Train becoming commercially operable; provided that such extension or deferral shall not exceed four hundred fifty-five (455) Days.

 23

		
	4.3
	Early or Delayed Date of First Commercial Delivery

		
	4.3.1
	Notwithstanding Section 4.2 to the contrary, if the Designated Train becomes commercially operable prior to or after the Date of First Commercial Delivery as notified pursuant to Section 4.2, then the Date of First Commercial Delivery shall be the Day on which the Designated Train becomes commercially operable, as notified by Seller.  For all purposes of this Agreement, a Train shall not be considered “commercially operable” unless it is capable of producing LNG complying with the Specifications.

		
	4.3.2
	If the Date of First Commercial Delivery does not occur within one hundred eighty (180) Days after the last Day of the Final Window Period (as such window period may have been extended pursuant to Section 4.2.6 due to Force Majeure), Buyer may elect to terminate this Agreement pursuant to Section 20.1.6 by delivering notice of such election to Seller no later than two hundred ten (210) Days after the last Day of the Final Window Period (as such window period may have been extended pursuant to Section 4.2.6 due to Force Majeure).

		
	4.4
	Anticipated Subsequent Train DFCD for Subsequent Trains

The Day notified by Seller to Buyer on which Seller anticipates that a Train, other than the Designated Train, will become commercially operable shall be the “Subsequent Train DFCD” for such Train, which Day shall be determined by taking into account development and construction schedules, as set forth below.
		
	4.4.1
	Seller shall notify Buyer of a period of one hundred eighty (180) Days (“Subsequent Train First Window Period”) during which the Subsequent Train DFCD is anticipated to occur.  Such notice shall be provided not later than twelve (12) Months prior to the anticipated commencement of the Subsequent Train First Window Period.

		
	4.4.2
	Seller shall notify Buyer, at least one hundred twenty (120) Days prior to the commencement of the Subsequent Train First Window Period of a ninety (90) Day period (“Subsequent Train Second Window Period”) during which the Subsequent Train DFCD is anticipated to occur, or, in the absence of notification by Seller in accordance with this Section 4.4.2, the Subsequent Train Second Window Period shall be deemed to be the last ninety (90) Days of the Subsequent Train First Window Period.

		
	4.4.3
	Seller shall notify Buyer at least ninety (90) Days prior to the commencement of the Subsequent Train Second Window Period of a sixty (60) Day period (“Subsequent Train Third Window Period”) during which the Subsequent Train DFCD is anticipated to occur, or, in the absence of notification by Seller in accordance with this Section 4.4.3, the Subsequent Train Third Window 

 24

Period shall be deemed to be the last sixty (60) Days of the Subsequent Train Second Window Period.
		
	4.4.4
	Seller shall notify Buyer at least sixty (60) Days prior to the commencement of the Subsequent Train Third Window Period of a thirty (30) Day period (“Subsequent Train Final Window Period”) during which the Subsequent Train DFCD is anticipated to occur, or, in the absence of notification by Seller in accordance with this Section 4.4.4, the Subsequent Train Final Window Period shall be deemed to be the last thirty (30) Days of the Subsequent Train Third Window Period.

		
	4.4.5
	Seller shall notify Buyer at least forty-five (45) Days prior to the commencement of the Subsequent Train Final Window Period of the anticipated Subsequent Train DFCD, or, in the absence of notification by Seller in accordance with this Section 4.4.5, the Subsequent Train DFCD shall be deemed to be the last Day of the Subsequent Train Final Window Period.

		
	4.4.6
	Notwithstanding the foregoing provisions of this Section 4.4, the Subsequent Train DFCD shall be the date on which the applicable Train becomes commercially operable.

		
	4.5
	Contract Year

References to a “Contract Year” mean a period of time from and including January 1st through and including December 31st of the same calendar year, provided that:
		
	(a)
	the first Contract Year is the period of time beginning on the Date of First Commercial Delivery and ending on December 31st of the same calendar year (the “First Contract Year”); and

		
	(b)
	the final Contract Year is the period of time beginning on the January 1st immediately preceding the final Day of the Term and ending on the final Day of the Term.

		
	5.
	Quantities

		
	5.1
	ACQ

		
	5.1.1
	Subject to Section 5.1.5, the annual contract quantity (as adjusted from time to time in accordance with this Agreement, the “ACQ”) for any Contract Year (expressed in MMBtu) shall be established by Seller in accordance with this Section 5.1.1.

		
	(a)
	Not later than one hundred eighty (180) Days before the start of such Contract Year, Seller shall notify Buyer of the proposed ACQ for such Contract Year; provided, however, that for the First Contract Year, 

 25

Seller shall provide such notice to Buyer as soon as reasonably practicable prior to the Date of First Commercial Delivery.  Buyer shall notify Seller if Buyer desires to consult with Seller regarding Seller’s proposed ACQ, and Seller shall, no later than ten (10) Days after receipt of Buyer’s notice, meet and consult with Buyer.
		
	(b)
	The ACQ for a Contract Year shall be the quantity of LNG that Seller in good faith determines that Seller, acting as a Reasonable and Prudent Operator and subject to Section 5.1.1(c), would be prudent to commit to produce from the Sabine Pass Facility in excess of the sum of the quantities that Seller is required to make available under the Third Party LNG SPAs, subject in all cases to Section 5.1.7.

		
	(c)
	Seller, in establishing the ACQ pursuant this Section 5.1.1, may consider any necessary limitations or restrictions applicable to Seller (including (i) any applicable limit on either the quantity of LNG that Seller or Buyer, as applicable, is authorized to export or the aggregate number of LNG tankers that may use the Sabine Pass Facility, (ii) the quantity of LNG that it is committed to deliver to buyers under Third Party LNG SPAs, and (iii) the potential effect of Cargo DoP Quantities that might result from any quantities that Seller includes in the ACQ but later is not able to make available as required hereunder, in relation to Seller’s potential revenue pursuant to LNG sales by Seller to Buyer hereunder).

		
	(d)
	If an ACQ established by Seller pursuant to this Section 5.1.1 includes a partial cargo lot, such ACQ shall be rounded down to the nearest full cargo lot.

		
	5.1.2
	If the Sabine Pass Facility is expanded prior to the end of a Contract Year to include additional capacity (whether by completion of a Train or otherwise), then the ACQ for such Contract Year shall be revised taking into account the principles set forth in Section 5.1.1 and such additional capacity, but in all cases subject to Section 5.1.7.

		
	5.1.3
	Subject to Section 5.1.7, Seller shall not offer to sell or to make available during any Contract Year any uncommitted quantities of LNG or regasified LNG (including quantities that become available because another buyer of Seller fails to take LNG or cancels or suspends the delivery of LNG) produced by the Sabine Pass Facility in excess of the sum of the quantities that Seller is required to make available under the Third Party LNG SPAs less quantities cancelled or not taken under the Third Party LNG SPAs, to any Person prior to offering such quantities to Buyer for purchase and delivery hereunder, to be scheduled in full cargo lots.  If Buyer does not accept such offer by delivering written notice of such acceptance to Seller within (a) two (2) Days after receipt of Seller’s offer, if such offer is required by Section 8.6.5 in 

 26

respect of quantities of LNG that become available because another buyer of Seller fails to take LNG, (b) fifteen (15) Days after receipt of Seller’s offer, if such offer is required by Section 8.6.5 in respect of quantities of LNG that become available because another buyer of Seller cancels or suspends the delivery of LNG, or (c) thirty (30) Days after receipt of Seller’s offer, in all other cases, then Buyer shall be deemed to have rejected such offer.  If any quantity of LNG is offered to, and accepted by, Buyer pursuant to this Section 5.1.3, the ACQ for such Contract Year shall be increased by the volume of such offered and accepted quantity of LNG. 
		
	5.1.4
	Seller may not amend or enter into a new Third Party LNG SPA if as a result of Seller doing so the sum of the annual contract quantities for all LNG to be sold from the first four Trains pursuant to the Third Party LNG SPAs would exceed eight hundred thirty-four million (834,000,000) MMBtus.

		
	5.1.5
	The ACQ for any Contract Year shall be adjusted by Seller from time to time as required pursuant to Sections 5.1.2 and 5.1.3.  Any quantities of LNG to be delivered following any such adjustment to the ACQ shall be scheduled pursuant to Sections 8.3.1 and 8.6.

		
	5.1.6
	The ACQ for purposes of determining all obligations under this Agreement shall be the amount expressed in MMBtu.  Except as otherwise expressly provided herein, all references in this Agreement to cargoes or other quantities are solely for operational convenience.

		
	5.1.7
	Unless otherwise agreed in writing by Buyer and Seller, Seller shall not offer to sell or to make available LNG from the fifth or sixth Trains to Buyer hereunder or to any other Person (other than pursuant to Third Party LNG SPAs), prior to Seller having entered into Third Party LNG SPAs for the aggregate sale of three hundred sixty five million (365,000,000) MMBtu per annum of LNG from the fifth and sixth Trains combined.

		
	5.2
	Buyer’s Purchase Obligation

		
	5.2.1
	During any Contract Year, Buyer shall take and pay for the Scheduled Cargo Quantity with respect to each cargo included in the ACQ and scheduled in the ADP for such Contract Year, less:

		
	(a)
	any quantities of LNG not made available by Seller for any reasons attributable to Seller (other than quantities for which Seller is excused pursuant to this Agreement from making available due to Buyer’s breach of this Agreement) including quantities not made available by Seller due to Force Majeure affecting Seller or the Sabine Pass Facility;

 27

		
	(b)
	any quantities of LNG not taken by Buyer for reasons of Force Majeure;

		
	(c)
	quantities of LNG for which Buyer has provided a notice of cancellation pursuant to Section 5.4; and

		
	(d)
	any quantity that the relevant LNG Tanker is not capable of loading due to Seller’s delivery of LNG that has a Gross Heating Value that is less than the value identified by Seller pursuant to Section 8.1.1.

		
	5.2.2
	If, with respect to any cargo identified in Section 5.2.1, Buyer does not take all or part of the Scheduled Cargo Quantity of such cargo, and such failure to take is not otherwise excused pursuant to Section 5.2.1, then the amount by which the Scheduled Cargo Quantity for such cargo exceeds the quantity of LNG taken by Buyer in relation to such cargo shall be the “Cargo Shortfall Quantity”.

		
	5.2.3
	With respect to any Cargo Shortfall Quantity, Buyer shall pay to Seller Cover Damages, if Cover Damages are a positive amount.

		
	(a)
	“Cover Damages” shall be equal to: (i) the sum of the CSP and FPC, multiplied by the Cargo Shortfall Quantity; minus (ii) the proceeds of any Mitigation Sale, if any; minus (iii) reasonable and verifiable savings obtained by Seller (including savings related to avoided fuel Gas for LNG production, transportation and Third Party costs avoided) as a result of the Mitigation Sale as opposed to the sale to Buyer; plus (iv) reasonable, verifiable, incremental costs incurred by Seller as a result of such Mitigation Sale (including costs related to transporting, marketing, selling, and delivery of the Cargo Shortfall Quantity).  For purposes of calculating Cover Damages, the CSP shall be determined as of the Month in which the applicable Delivery Window begins.

		
	(b)
	Seller shall use reasonable efforts to mitigate its Losses resulting from Buyer’s failure to take such Cargo Shortfall Quantity by reselling such Cargo Shortfall Quantity (whether as LNG, Gas, or regasified LNG) to Third Parties (each such sale a “Mitigation Sale”); except that any sale of a quantity of LNG (or Gas or regasified LNG) by Seller to any Third Party that Seller was already obligated to make at the earlier to occur of (i) Buyer’s failure to take such LNG; or (ii) Buyer’s notice to Seller that it will not take such LNG, is not a Mitigation Sale.

		
	(c)
	Notwithstanding the foregoing, if the Cargo Shortfall Quantity is within the operational tolerance of two percent (2%) of the Scheduled Cargo Quantity (“Operational Tolerance”) (such Operational Tolerance to be exercised by Buyer only with respect to operational 

 28

matters regarding the LNG Tanker, and without regard to Gas markets or other commercial considerations), the Cover Damages shall be zero USD (US$0.00).
		
	5.2.4
	Any payment that Buyer makes under this Section 5.2 shall not be treated as an indirect, incidental, consequential or exemplary loss or a loss of income or profits for purposes of Section 15.2.1.

		
	5.3
	Seller’s Delivery Obligation

		
	5.3.1
	During any Contract Year, Seller shall make available to Buyer the Scheduled Cargo Quantity with respect to each cargo in the ACQ and scheduled in the ADP for such Contract Year, less:

		
	(a)
	quantities of LNG not taken by Buyer for any reason attributable to Buyer or any Affiliate of Buyer (other than quantities for which Buyer is excused pursuant to this Agreement from taking due to Seller’s breach of this Agreement), including  Force Majeure;

		
	(b)
	quantities of LNG for which Buyer has provided a notice of cancellation pursuant to Section 5.4;

		
	(c)
	quantities of LNG for which Buyer has not provided an Acceptable Letter of Credit as required pursuant to Section 17.4; and

		
	(d)
	quantities of LNG not made available by Seller due to Force Majeure, or for any reason attributable to Buyer, or any Affiliate of Buyer.

		
	5.3.2
	Except as otherwise excused in accordance with the provisions of this Agreement, if, during any Contract Year, for any reason other than those specified in Section 5.3.1, Seller does not make available the Scheduled Cargo Quantity with respect to any cargo identified in Section 5.3.1 then the amount by which the Scheduled Cargo Quantity exceeds the quantity of LNG made available by Seller shall be the “Cargo DoP Quantity”.  In accordance with and subject to Section 15.2.8, Seller shall credit Buyer for each MMBtu of the Cargo DoP Quantity by an amount equal to: (a) the actual, documented price incurred by Buyer for the purchase of a replacement quantity of LNG or Gas (not to exceed the MMBtu equivalent of the Cargo DoP Quantity), or, in respect of any Cargo DoP Quantity for which a replacement quantity is not purchased, the actual documented price that Buyer would have received for such Cargo DoP Quantity, or if no such actual documented price exists, the most applicable published market price of LNG at such time at the cargo’s originally scheduled destination; less (b) the sum of the CSP and FPC; plus (c) any actual, reasonable, and verifiable costs (if any), incurred by Buyer due to such failure, including, if a replacement quantity of LNG or Gas has been purchased, costs associated with transportation; less (d) actual, reasonable, and verifiable cost savings realized by Buyer due to Seller’s 

 29

failure to make the Scheduled Cargo Quantity available, including, in respect of any Cargo DoP Quantity for which a replacement quantity has not been purchased, the costs that were not, but would have been, incurred to transport and deliver such Cargo DoP Quantity (the “Cargo DoP Credit”).  For purposes of calculating the Cargo DoP Credit, CSP shall be determined as of the Month in which the applicable Delivery Window begins.  
		
	5.3.3
	Notwithstanding the foregoing, if the Cargo DoP Quantity is within the Operational Tolerance (such Operational Tolerance to be exercised by Seller only with respect to operational matters regarding the Sabine Pass Facility, and without regard to Gas markets or other commercial considerations), the Cargo DoP Credit shall be zero USD (US$0.00).

		
	5.3.4
	Buyer shall use reasonable efforts to mitigate Seller’s liability pursuant to this Section 5.3.

		
	5.3.5
	In the event the ability of the Sabine Pass Facility to produce and deliver LNG is impaired due to an unscheduled services interruption that does not constitute Force Majeure, Seller shall comply with the Foundation Customer Priority in allocating the LNG that is available from the Sabine Pass Facility.

5.4Buyer’s Right to Cancel Deliveries
Buyer may without charge elect to cancel deliveries of one or more cargoes scheduled in the ADP for the relevant Month by providing notice of such election to Seller on or prior to the twentieth (20th) Day of the Month that is two (2) Months prior to the Month for which Buyer is cancelling deliveries.  Once a cargo has been cancelled pursuant to this Section 5.4, Seller shall be relieved of its obligation to make available such cargo pursuant to Sections 5.3 and 8.6.5, and the ACQ for the Contract Year to which such cancellation applied shall be deemed to be reduced by any such cancelled amount.
		
	6.
	Delivery Point, Title and Risk

		
	6.1
	Delivery Point

Seller shall deliver LNG to Buyer, subject to the terms and conditions of this Agreement, at the point at which the flange coupling of the LNG loading line at the Sabine Pass Facility (or such other loading facility nominated by Seller pursuant to Section 3.1.2) joins the flange coupling of the LNG intake manifold of the relevant LNG Tanker (“Delivery Point”).

 30

		
	6.2
	Title and Risk

Title to, and all risks in respect of, the LNG sold by Seller pursuant to this Agreement shall pass from Seller to Buyer as the LNG passes the Delivery Point.
		
	7.
	Transportation and Loading

		
	7.1
	Transportation by Buyer

Buyer shall, in accordance with this Agreement, Applicable Laws, Approvals and International Standards, provide, or cause to be provided, transportation from the Delivery Point of all quantities of LNG delivered hereunder to Buyer.

		
	7.2
	Sabine Pass Facility

		
	7.2.1
	Prior to the Date of First Commercial Delivery, Seller shall use reasonable efforts to cause the Sabine Liquefaction Facility to be constructed and commissioned so as to be able to provide liquefaction services and otherwise to achieve commercial operations completion for making available LNG.  During the Term, Seller shall use reasonable efforts to cause to be provided, maintained and operated the Sabine Pass Facility in accordance with the following:  (a) International Standards; (b) all terms and conditions set forth in this Agreement; (c) Applicable Laws; and (d) to the extent not inconsistent with International Standards, such good and prudent practices as are generally followed in the LNG industry by Reasonable and Prudent Operators of similar LNG liquefaction terminals and similar receiving and regasification terminals.

		
	7.2.2
	The Sabine Pass Facility shall include the following:

		
	(a)
	appropriate systems for communications with LNG Tankers;

		
	(b)
	two berths, each capable of berthing an LNG Tanker having a displacement of no more than one hundred sixty-six thousand (166,000) tons, an overall length of no more than one thousand one hundred forty (1,140) feet (approximately 347 meters), a beam of no more than one hundred seventy-five (175) feet (approximately 53 meters), and a draft of no more than forty (40) feet (approximately 12 meters), which LNG Tankers can safely reach, fully laden, and safely depart, fully laden, and at which LNG Tankers can lie safely berthed and load and unload safely afloat;

		
	(c)
	lighting sufficient to permit loading operations by day or by night, to the extent permitted by Governmental Authorities and Pilots (it being acknowledged, however, that Seller shall in no event be obligated to allow nighttime berthing operations at the Sabine Pass Facility if Seller determines that such operations during nighttime hours could 

 31

pose safety or operational risks to the Sabine Pass Facility, an LNG Tanker, or a Third Party);
		
	(d)
	facilities capable of transferring LNG at a rate of up to an average of twelve thousand (12,000) Cubic Meters per hour at the Delivery Point, with three (3) LNG transfer arms each having a reasonable operating envelope to allow for ship movement and manifold strainers of sixty (60) mesh;

		
	(e)
	a vapor return line system of sufficient capacity to allow for transfer of Gas necessary for safe cargo operations of an LNG Tanker at the required rates, pressures and temperatures;

		
	(f)
	facilities allowing ingress and egress between the Sabine Pass Facility and the LNG Tanker by (i) representatives of Governmental Authorities for purposes of LNG transfer operations; and (ii) an independent surveyor for purposes of conducting tests and measurements of LNG on board the LNG Tanker;

		
	(g)
	emergency shut-down systems;

		
	(h)
	LNG storage facilities, with a total gross capacity of approximately three hundred twenty thousand (320,000) Cubic Meters of LNG (expandable at Seller’s option by an additional amount up to one hundred sixty thousand  (160,000) Cubic Meters of LNG); and

		
	(i)
	LNG liquefaction facilities with each train having the capacity to liquefy Gas and produce not less than two hundred ninety-one thousand seven hundred (291,700) tonnes per Month of LNG, using the ConocoPhillips Optimized Cascade process under license from ConocoPhillips, six (6) General Electric LM2500+ G4 gas turbine driven compressor sets with inlet air humidification, air cooled heat exchanger systems, and a heavies removal system; a BASF-licensed aMDEA acid gas removal unit and a mercury removal system for the pretreatment of feed Gas received at the inlet of the Sabine Pass Facility; propane, ethylene, and amine storage tanks and control and measurement systems, flares, ancillary systems and tie ins between the facilities owned by Seller and those owned by SPLNG.

		
	7.2.3
	Services and facilities not provided by Seller include the following:  (a) facilities and loading lines for liquid or gaseous nitrogen to service an LNG Tanker; (b) facilities for providing bunkers; (c) facilities for the handling and delivery to the LNG Tanker of ship’s stores, provisions and spare parts; and (d) nitrogen rejection or natural gas liquids (NGL) removal.  Towing, escort, line handling, and pilot services will not be provided or made 

 32

available by Seller; Buyer shall be required to obtain such services as described in Section 7.5.3.
		
	7.3
	Compatibility of the Sabine Pass Facility with LNG Tankers

		
	7.3.1
	Buyer shall ensure, at no cost to Seller, that each of the LNG Tankers is fully compatible with the general specifications set forth in Section 7.2.2 and any modifications made to the Sabine Pass Facility in accordance with Section 7.3.2.  Should an LNG Tanker fail materially either to be compatible with the Sabine Pass Facility, or to be in compliance with the provisions of Sections 7.5 and 7.6, Buyer shall not employ such LNG Tanker until it has been modified to be so compatible or to so comply.

		
	7.3.2
	The Parties agree that, after the Effective Date, Seller shall be entitled to modify the Sabine Pass Facility in any manner whatsoever, provided that: (a) such modifications do not render the Sabine Pass Facility incompatible with an LNG Tanker that is compatible with the general specifications set forth in Section 7.2.2; (b) such modifications, once finalized, do not reduce the ability of Seller to make available LNG in accordance with the terms of this Agreement; and (c) such modifications do not otherwise conflict with Seller’s obligations hereunder.  Notwithstanding the foregoing, Seller may modify the Sabine Pass Facility in a manner that would render it incompatible with an LNG Tanker provided that such modification is required by and is made pursuant to a change in Applicable Laws, Approvals, or International Standards, or is required for safety or environmental reasons.

		
	7.4
	Buyer Inspection Rights in Respect of the Sabine Pass Facility

		
	7.4.1
	Upon obtaining Seller’s prior written consent, which consent shall not be unreasonably withheld or delayed, a reasonable number of Buyer’s designated representatives may from time to time (including during the period of construction of the liquefaction facilities) inspect the operation of the Sabine Pass Facility so long as such inspection occurs from 8:00 a.m. Central Time to 5:00 p.m. Central Time on a Business Day.  Any such inspection shall be at Buyer’s sole risk and expense.  In conjunction with any such inspection, Seller shall provide Buyer access at reasonable times and places (taking into consideration cost and schedule impacts) to (a) relevant qualified employees and contractors of Seller in order to discuss the progress of the construction of the Sabine Liquefaction Facility and the operation and maintenance of the Sabine Pass Facility (as applicable) and (b) relevant documentation, if any, available to Seller in support of such discussions. Buyer (and its designees) shall carry out any such inspection without any interference with or hindrance to the safe and efficient operation of the Sabine Pass Facility.  Buyer’s right to inspect and examine the Sabine Pass Facility shall be limited to verifying Seller’s compliance with Seller’s obligations under this Agreement.  No inspection (or lack thereof) of the Sabine Pass 

 33

Facility by Buyer hereunder, or any requests or observations made to Seller or its representatives by or on behalf of Buyer in connection with any such inspection, shall (i) modify or amend Seller’s obligations, representations, warranties and covenants hereunder; or (ii) constitute an acceptance or waiver by Buyer of Seller’s obligations hereunder.
		
	7.4.2
	Buyer shall indemnify and hold Seller and its Affiliates harmless from any Claims and Losses resulting from Buyer’s inspection of the Sabine Pass Facility pursuant to Section 7.4.1.

		
	7.5
	LNG Tankers

		
	7.5.1
	Buyer shall cause each LNG Tanker to comply with the requirements of this Section 7.5 and the requirements of Section 7.6 in all respects.

		
	7.5.2
	Each LNG Tanker shall comply with the regulations of, and obtain all Approvals required by, Governmental Authorities to enable such LNG Tanker to enter, leave and carry out all required operations at the Sabine Pass Facility.  Each LNG Tanker shall at all times have on board valid documentation evidencing all such Approvals.  Each LNG Tanker shall comply fully with the International Safety Management Code for the Safe Operation of Ships and Pollution Prevention effective July 1st, 1998, as amended from time to time, and at all times be in possession of valid documents of compliance and safety management certificates, and can demonstrate that the LNG Tanker has an effective management system in operation that addresses all identified risks, and provides proper controls for dealing with these risks.

		
	7.5.3
	Buyer shall cause Transporter to enter into a tug services agreement (in the form attached hereto as Exhibit C) with Sabine Pass Tug Services, LLC to provide such number and types of tugs, fireboats and escort vessels as are required by Governmental Authorities to attend the LNG Tanker so as to permit safe and efficient movement of the LNG Tanker within the maritime safety areas located in the approaches to and from the Sabine Pass Facility. The fee for tug services pursuant to such tug services agreement shall be as set from time-to-time by Sabine Pass Tug Services, LLC, but shall always be applied on a non-discriminatory basis among all long-term customers (both regasification and liquefaction) of the Sabine Pass Facility.  Buyer and Transporter shall be permitted to use other tugs, fireboats and escort vessels that are materially consistent with (or are equivalent in all material respects with) the specifications set forth in Exhibit D if Sabine Pass Tug Services, LLC is in breach or default under the tug services agreement with Buyer’s Transporter or the charterparty with the tug owner.  Seller shall not be required to provide tugs, fireboats and escort vessels to attend any LNG Tanker and shall not be liable to Buyer in connection with Transporter’s failure to enter into such arrangements.

 34

		
	7.5.4
	Buyer shall pay or cause to be paid: (a) all Port Charges directly to the appropriate Person; and (b) all charges payable by reason of any LNG Tanker having to shift from berth at the Sabine Pass Facility as a result of the action or inaction of Buyer.

		
	7.5.5
	Each LNG Tanker must satisfy the following requirements:

		
	(a)
	Except as otherwise mutually agreed in writing by the Parties, each LNG Tanker shall be compatible with the specifications of the Sabine Pass Facility identified in Section 7.2.2 and any modifications to the Sabine Pass Facility pursuant to Section 7.3.2, and shall be of a sufficient size to load the applicable Scheduled Cargo Quantity (subject to the Operational Tolerance).  If Buyer’s LNG Tanker is not capable of loading the applicable Scheduled Cargo Quantity (subject to the Operational Tolerance), Buyer shall be deemed to have failed to take the shortfall quantity and Section 5.2 shall apply, except to the extent that such failure is attributable to Seller’s delivery of LNG that has a Gross Heating Value that is less than the value identified by Seller pursuant to Section 8.1.1.

		
	(b)
	Except as otherwise agreed in writing by Seller, which agreement shall not be unreasonably withheld, each LNG Tanker shall have a gross volumetric capacity between one hundred twenty-five thousand (125,000) Cubic Meters and one hundred eighty thousand (180,000) Cubic Meters.

		
	(c)
	Each LNG Tanker shall be, in accordance with International Standards, (i) fit in every way for the safe loading, unloading, handling and carrying of LNG in bulk at atmospheric pressure; and (ii) tight, staunch, strong and otherwise seaworthy with cargo handling and storage systems (including instrumentation) necessary for the safe loading, unloading, handling, carrying and measuring of LNG in good order and condition.

		
	(d)
	Each LNG Tanker shall at all times be maintained in class with any of the following: American Bureau of Shipping, Lloyd’s Register, Bureau Veritas, Det Norske Veritas or any other classification society that is (i) a member of International Association of Classification Societies Ltd. (IACS) and (ii) mutually agreeable to the Parties.

 35

		
	(e)
	Each LNG Tanker shall have been constructed to all applicable International Standards (including the International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk).

		
	(f)
	Each LNG Tanker shall comply with, and shall be fully equipped, supplied, operated, and maintained to comply with, all applicable International Standards and Applicable Laws, including those that relate to seaworthiness, design, safety, environmental protection, navigation, and other operational matters, and all procedures, permits, and approvals of Governmental Authorities for LNG vessels that are required for the transportation and loading of LNG at the Loading Port.  Unless approved by Seller in writing, which approval shall not be unreasonably withheld or delayed, an LNG Tanker shall be prohibited from engaging in any maintenance, repair or in-water surveys while berthed at the Sabine Pass Facility.  Each LNG Tanker shall comply fully with the guidelines of any Governmental Authority of the United States of America, including the National Oceanographic and Atmospheric Administration (NOAA), in relation to actions to avoid strikes in the waters of the United States of America with protected sea turtles and cetaceans (e.g., whales and other marine mammals) and with regard to the reporting of any strike by the LNG Tanker which causes injury to such protected species.

		
	(g)
	The officers and crew of each LNG Tanker shall have the ability, experience, licenses and training commensurate with the performance of their duties in accordance with internationally accepted standards with which it is customary for Reasonable and Prudent Operators of LNG vessels to comply and as required by Governmental Authorities and any labor organization having jurisdiction over the LNG Tanker or her crew.  Without in any way limiting the foregoing, the master, chief engineer, all cargo engineers and all deck officers shall be fluent in written and oral English and shall maintain all records and provide all reports with respect to the LNG Tanker in English.

		
	(h)
	Each LNG Tanker shall have communication equipment complying with applicable regulations of Governmental Authorities and permitting such LNG Tanker to be in constant communication with the Sabine Pass Facility and with other vessels in the area (including fireboats, escort vessels and other vessels employed in port operations).

		
	(i)
	Provided that the Sabine Pass Facility supplies a suitable vapor return line meeting the requirements of Section 7.2.2, then:

 36

		
	(i)
	an LNG Tanker with an LNG cargo containment capacity less than or equal to one hundred forty thousand (140,000) Cubic Meters shall be capable of loading a full cargo of LNG in a maximum of fifteen (15) hours; and

		
	(ii)
	an LNG Tanker with an LNG cargo containment capacity greater than one hundred forty thousand (140,000) Cubic Meters shall be capable of loading a full cargo of LNG in the number of hours derived after applying the following formula:

15 + x  =  maximum LNG transferring time (in hours)
where:
x   =   y/12,000 Cubic Meters; and
y   =  the LNG cargo containment capacity of the LNG Tanker in excess of one hundred forty thousand (140,000) Cubic Meters.
Time for connecting, cooling, draining, purging and disconnecting of liquid arms shall not be included in the computation of pumping time.
		
	(j)
	Each LNG Tanker shall procure and maintain Hull and Machinery Insurance and P&I Insurance in accordance with Section 15.5.

		
	7.6
	LNG Tanker Inspections; LNG Tanker Vetting Procedures; Right to Reject LNG Tanker

		
	7.6.1
	During the Term, on prior reasonable notice to Buyer, Seller may, at its sole risk, send its representatives (including an independent internationally recognized maritime consultant) to inspect during normal working hours any LNG Tanker as Seller may consider necessary to ascertain whether the LNG Tanker complies with this Agreement.  Seller shall bear the costs and expenses in connection with any inspection conducted hereunder.  Any such inspection may include, as far as is practicable having regard to the LNG Tanker’s operational schedule, examination of the records related to the LNG Tanker’s hull, cargo and ballast tanks, machinery, boilers, auxiliaries and equipment; examination of the LNG Tanker’s deck, engine and official log books; review of records of surveys by the LNG Tanker’s classification society and relevant Governmental Authorities; and review of the LNG Tanker’s operating procedures and performance of surveys, both in port and at sea.  Any inspection carried out pursuant to this Section 7.6.1: (a) shall not interfere with, or hinder, any LNG Tanker’s safe and efficient construction or operation; and (b) shall not entitle Seller or any of its representatives to make 

 37

any request or recommendation directly to Transporter except through Buyer.  No inspection (or lack thereof) of an LNG Tanker hereunder shall:  (i) modify or amend Buyer’s obligations, representations, warranties, and covenants hereunder; or (ii) constitute an acceptance or waiver by Seller of Buyer’s obligations hereunder.
		
	7.6.2
	Seller shall indemnify and hold Buyer and its Affiliates harmless from any Claims and Losses resulting from Seller’s inspection of any LNG Tanker pursuant to Section 7.6.1.

		
	7.6.3
	Buyer shall comply with all LNG Tanker vetting procedures, as set forth in the Sabine Pass Marine Operations Manual.

		
	7.6.4
	Seller shall have the right to reject any LNG vessel that Buyer intends to use to take delivery of LNG hereunder at the Sabine Pass Facility if such LNG vessel does not comply materially with the provisions of this Agreement, provided that:

		
	(a)
	neither the exercise nor the non-exercise of such right shall reduce the responsibility of Buyer to Seller in respect of such LNG vessel and her operation, nor increase Seller’s responsibilities to Buyer or Third Parties for the same; and

		
	(b)
	Buyer’s obligations under this Agreement shall not be excused or suspended by reason of Buyer’s inability (pursuant to the foregoing) to use a vessel as an LNG Tanker.

		
	7.7
	Port Liability Agreement

		
	7.7.1
	Buyer shall cause Transporter or the master of each LNG Tanker (acting on behalf of the ship-owner and charterer) making use of the port or marine facilities at the Sabine Pass Facility or the Loading Port thereof on behalf of Buyer, to execute the Port Liability Agreement prior to such LNG Tanker’s arrival at the Sabine Pass Facility or the Loading Port thereof.  In the event the master of an LNG Tanker fails to execute such Port Liability Agreement, Buyer shall indemnify and hold Seller and its Affiliates harmless from any Claims brought against, or Losses incurred by Seller or any of its Affiliates arising from such failure.

		
	7.7.2
	Subject to Section 7.7.1 and without prejudice to the terms of the Port Liability Agreement, Seller releases Buyer, its Affiliates, and their respective shareholders, officers, members, directors, employees, designees, representatives, and agents from liability to Seller incident to all Claims and Losses that may exist, arise or be threatened currently or in the future at any time following the Effective Date and whether or not of a type contemplated by either Party at any time, brought by any Person for injury to, illness or death of any employee of Seller, or for damage to or loss of the Sabine Pass 

 38

Facility, which injury, illness, death, damage or loss arises out of, is incident to, or results from the performance or failure to perform this Agreement by Buyer, or any of its Affiliates, shareholders, officers, members, directors, employees, designees, representatives and agents.
		
	7.7.3
	Subject to Section 7.7.1 and without prejudice to the terms of Section 12 or the Port Liability Agreement, Buyer releases Seller, its Affiliates, and their respective shareholders, officers, members, directors, employees, designees, representatives, and agents from liability to Buyer incident to all Claims and Losses that may exist, arise or be threatened currently or in the future at any time following the Effective Date and whether or not of a type contemplated by either Party at any time, brought by any Person for injury to, illness or death of any employee of Buyer, or for damage to or loss of any LNG Tanker, which injury, illness, death, damage or loss arises out of, is incident to, or results from the performance or failure to perform this Agreement by Seller or its Affiliates, shareholders, officers, members, directors, employees, designees, representatives and agents.

		
	7.7.4
	The form of Port Liability Agreement may be amended from time to time without consent of Buyer only if after any such amendment the revised terms of such Port Liability Agreement: (a) do not negatively impact Buyer’s ability to perform its obligations or exercise its rights under this Agreement, (b) treat Transporter in a non-discriminatory manner in comparison to all other owners and charterers of LNG vessels that use or transit the Loading Port, and (c) do not prevent any Transporter from obtaining, on commercially reasonable terms, full P&I indemnity coverage from a P&I Club, and such P&I indemnity will cover all Claims and Losses pursuant to such Port Liability Agreement in relation to use of the Loading Port by an LNG Tanker.  Seller shall promptly notify Buyer upon any amendment to the Port Liability Agreement and shall provide a copy of the amended Port Liability Agreement to Buyer.

		
	7.8
	Sabine Pass Marine Operations Manual

The Parties acknowledge that Seller has delivered to Buyer a copy of the current marine operations manual developed for the Sabine Pass Facility and any amendments thereto as of the Effective Date (as amended, the “Sabine Pass Marine Operations Manual”) which governs activities at the Sabine Pass Facility, consistent with International Standards, and which applies to each LNG Tanker and each other LNG vessel berthing at the Sabine Pass Facility.  In the event of a conflict between this Agreement and the Sabine Pass Marine Operations Manual, the provisions of this Agreement shall control.  Seller shall promptly notify Buyer upon any amendment to the Sabine Pass Marine Operations Manual and shall provide a copy of the amended Sabine Pass Marine Operations Manual to Buyer.  If Buyer notifies Seller of any error or discrepancy in the Sabine Pass Marine Operations Manual or amendment thereto, Seller shall use reasonable efforts to remedy such error or discrepancy promptly.

 39

		
	7.9
	Loading of LNG Tankers

		
	7.9.1
	Except as otherwise specifically provided, the terms of this Section 7.9 shall apply to all LNG Tankers calling at the Sabine Pass Facility.

		
	7.9.2
	As soon as practicable after the LNG Tanker’s departure from the point of departure en route to the Sabine Pass Facility, Buyer shall notify, or cause the master of the LNG Tanker to notify, Seller of the information specified below  (“In-Transit First Notice”):

		
	(a)
	name of the LNG Tanker and, in reasonable detail, the dimensions, specifications, tank temperatures, volume of LNG onboard, operator, and owner of such LNG Tanker;

		
	(b)
	any operational deficiencies in the LNG Tanker that may affect its performance at the Sabine Pass Facility or berth; and

		
	(c)
	the ETA.

		
	7.9.3
	With respect to each LNG Tanker scheduled to call at the Sabine Pass Facility, Buyer shall give, or cause the master of the LNG Tanker to give, to Seller the following notices:

		
	(a)
	A second notice (“In-Transit Second Notice”), which shall be sent ninety-six (96) hours prior to the ETA set forth in the In-Transit First Notice or as soon as practicable prior to such ETA if the sea time between the point of departure of the LNG Tanker and the Loading Port is less than ninety six (96) hours, stating the LNG Tanker’s then ETA.  If, thereafter, such ETA changes by more than six (6) hours, Buyer shall give promptly, or cause the master of the LNG Tanker to give promptly, to Seller notice of the corrected ETA;

		
	(b)
	The forty-eight (48) hour informational notice as required by the Sabine Pass Marine Operations Manual;

		
	(c)
	A third notice (“In-Transit Third Notice”), which shall be sent twenty-four (24) hours prior to the ETA set forth in the In-Transit Second Notice (as corrected), confirming or amending such ETA.  If, thereafter, such ETA changes by more than three (3) hours, Buyer shall give promptly, or cause the master of the LNG Tanker to give promptly, to Seller notice of the corrected ETA;

		
	(d)
	A fourth notice, which shall be sent twelve (12) hours prior to the ETA set forth in the In-Transit Third Notice (as corrected), confirming or amending such ETA.  If, thereafter, such ETA changes by more than one (1) hour, Buyer shall give promptly, or cause the master of 

 40

the LNG Tanker to give promptly, to Seller notice of the corrected ETA; and
		
	(e)
	An NOR, which shall be given at the time prescribed in Section 7.10.

		
	7.9.4
	Buyer shall have the right to cause a LNG Tanker to burn Gas as fuel during operations at the Sabine Pass Facility (including while conducting cargo transfer operations).  The quantity of Gas burned as fuel pursuant to this Section 7.9.4 shall be determined in accordance with Exhibit A.  If Buyer exercises its right pursuant to this Section 7.9.4, all amounts of Gas burned as fuel shall be added to the quantity loaded included in Seller’s invoice pursuant to Section 10.1.1, but shall have no impact in respect of Buyer’s obligations under Section 5.

		
	7.9.5
	All vapor returned to Seller during cool-down or loading operations may be used or disposed of by Seller without compensation to Buyer.

		
	7.10
	Notice of Readiness

		
	7.10.1
	The master of an LNG Tanker arriving at the Sabine Pass Facility, or such master’s agent, shall give to Seller its NOR for loading upon arrival of such LNG Tanker at the PBS, provided that such LNG Tanker has all required Approvals from the relevant Governmental Authorities, and is ready, willing, and able, to proceed to berth and load LNG or to commence cool-down operations (as applicable).

		
	7.10.2
	A valid NOR given under Section 7.10.1 shall become effective as follows:

		
	(a)
	For an LNG Tanker arriving at the PBS at any time prior to the Delivery Window allocated to such LNG Tanker, an NOR shall be deemed effective at the earlier of 6:00 a.m. Central Time on such Delivery Window or the time at which the LNG Tanker is all fast at the berth;

		
	(b)
	For an LNG Tanker arriving at the PBS at any time during the Delivery Window allocated to such LNG Tanker, an NOR shall become effective at the time of its issuance; or

		
	(c)
	For an LNG Tanker arriving at the PBS at any time after the expiration of the Delivery Window, an NOR shall become effective upon Seller’s notice to the LNG Tanker that it is ready to receive the LNG Tanker at berth.

 41

		
	7.11
	Berthing Assignment

		
	7.11.1
	Seller shall berth an LNG Tanker which has tendered NOR before or during its Delivery Window promptly after Seller determines such LNG Tanker will not interfere with berthing and loading or unloading of any other scheduled LNG vessel with a higher berthing priority but in no event later than the end of the Delivery Window allocated to such LNG Tanker; provided, however, that if Seller does not berth such LNG Tanker by the end of the Delivery Window, but berths such LNG Tanker within seventy-two (72) hours after the end of its Delivery Window, Buyer’s sole recourse and remedy for Seller’s failure to berth the LNG Tanker by the end of the Delivery Window is demurrage pursuant to Section 7.12.3, payment for excess boil-off pursuant to Section 7.12.4 and provision by Seller of a cool-down pursuant to Section 7.16.1(b).  If, as of the seventy-second (72nd) hour after the end of the Delivery Window, Seller has not berthed the LNG Tanker, and such delay is not attributable to a reason that would result in an extension of Allotted Laytime under Section 7.12.1, Seller shall be deemed to have failed to make the Scheduled Cargo Quantity of the relevant cargo available for delivery and the provisions of Section 5.3.2 shall apply. 

		
	7.11.2
	For each delivery window period, Seller shall determine the berthing priority among LNG vessels which have tendered NOR before or during their scheduled delivery window as follows:

		
	(a)
	The first berthing priority for a delivery window period shall be for an LNG vessel scheduled for such delivery window period.  Priority within this group shall be given to the LNG vessel which has first tendered Seller its NOR.  Once an LNG vessel achieves a first berthing priority pursuant to this Section 7.11.2(a) or 7.11.2(b), such LNG vessel shall maintain such priority until such LNG vessel is berthed, so long as its tendered NOR remains valid; and

		
	(b)
	The second berthing priority for a delivery window period shall be for an LNG vessel scheduled for arrival after such delivery window period.  Priority within this group shall be given to the LNG vessel which has first tendered Seller its NOR.  An LNG vessel with second berthing priority pursuant to this Section 7.11.2(b) will achieve a first berthing priority on its scheduled delivery window pursuant to Section 7.11.2(a) if such LNG vessel has not been berthed prior to such date, so long as its tendered NOR remains valid.

		
	7.11.3
	If an LNG Tanker tenders NOR after the end of its Delivery Window, Seller shall use reasonable efforts to berth such LNG Tanker as soon as reasonably practical; provided, however, that, unless otherwise agreed with Buyer, Seller shall have no obligation to use such efforts to berth an LNG Tanker that tenders NOR more than seventy-two (72) hours after the end of its Delivery 

 42

Window.  If, as of the seventy-second (72nd) hour after the end of the Delivery Window, the LNG Tanker has not tendered NOR, and such delay is not attributable to a reason that would result in an extension of allowed berth time under Section 7.14.2(b), Buyer shall be deemed to have failed to take delivery of the Scheduled Cargo Quantity of the relevant cargo and the provisions of Sections 5.2.2 and 5.2.3 shall apply.
		
	7.11.4
	Seller shall use reasonable efforts (including coordinating with the operator of the Sabine Pass Facility and any Sabine Pass Facility Regasification Capacity Users) to cause the LNG regasification and loading schedules to be established in a manner that will avoid berthing conflicts between LNG Tankers and other LNG vessels.

		
	7.12
	Berth Laytime

		
	7.12.1
	The allotted laytime for each LNG Tanker (“Allotted Laytime”) shall be (i) for an LNG Tanker with an LNG cargo containment capacity of one hundred forty thousand (140,000) Cubic Meters or less, thirty-six (36) hours and (ii) for an LNG Tanker with an LNG cargo containment capacity of greater than one hundred forty thousand (140,000) Cubic Meters, according to the following formula:

36 + x  =  Allotted Laytime (in hours)
where:
x  =  y/12,000 Cubic Meters; and
y  =  the LNG cargo containment capacity of the LNG Tanker in excess of one hundred forty thousand (140,000) Cubic Meters)
Allotted Laytime shall be extended by any period of delay that is caused by:
		
	(a)
	reasons attributable to Buyer, any Affiliate of Buyer, a Governmental Authority, Transporter, the LNG Tanker or its master, crew, owner or operator or any Third Party outside of the reasonable control of Seller;

		
	(b)
	Force Majeure or Adverse Weather Conditions;

		
	(c)
	unscheduled curtailment or temporary discontinuation of operations at the Sabine Pass Facility necessary for reasons of safety, except to the extent such unscheduled curtailment or temporary discontinuation of operations is due to Seller’s failure to operate and maintain its facilities as a Reasonable and Prudent Operator; 

 43

		
	(d)
	time at berth during cool-down pursuant to Sections 7.16.1(a) and (c); and  

		
	(e)
	nighttime transit restrictions.

		
	7.12.2
	The actual laytime for each LNG Tanker (“Actual Laytime”) shall commence when the NOR is effective and shall end when (i) the LNG transfer and return lines of the LNG Tanker are disconnected from the Sabine Pass Facility’s LNG transfer and return lines, (ii) the cargo documents are on board of the LNG Tanker and (iii) the LNG Tanker is cleared for departure and able to depart.

		
	7.12.3
	In the event Actual Laytime exceeds Allotted Laytime (including any extension in accordance with Section 7.12.1) (“Demurrage Event”), Seller shall pay to Buyer as liquidated damages demurrage in USD (which shall be prorated for a portion of a Day) at a rate of USD eighty thousand (US$80,000) per Day.  If a Demurrage Event occurs, Buyer shall invoice Seller for such demurrage within one hundred eighty (180) Days pursuant to Section 10.1.3.

		
	7.12.4
	If an LNG Tanker is delayed in berthing at the Sabine Pass Facility and/or commencement of LNG transfer due to an event occurring at the Sabine Pass Facility and for a reason that would not result in an extension of Allotted Laytime under Section 7.12.1, and if, as a result thereof, the commencement of LNG transfer is delayed beyond twenty-four (24) hours after NOR is effective, then, for each full hour by which commencement of LNG transfer is delayed beyond such twenty-four (24) hour period, Seller shall pay Buyer as liquidated damages an amount, on account of excess boil-off, equal to the sum of the CSP for such Month and the FPC, multiplied by a quantity (in MMBtu) equal to zero decimal zero zero five seven three percent (0.00573%) of the cargo containment capacity of such LNG Tanker; provided that in no event shall the quantity of MMBtu used in the calculation of this Section 7.12.4 exceed the quantity of LNG on board the LNG Tanker at the time it issued its valid NOR.  Buyer shall invoice Seller for such excess boil-off within one hundred eighty (180) Days after the applicable event pursuant to Section 10.1.3.

		
	7.13
	LNG Transfers at the Sabine Pass Facility

		
	7.13.1
	Seller shall cooperate with Transporters (or their agents) and with the master of each LNG Tanker to facilitate the continuous and efficient transfer of LNG hereunder.

 44

		
	7.13.2
	During LNG transfer, Seller shall provide or take receipt of (as applicable), through the Sabine Pass Facility vapor return line, Gas in such quantities as are necessary for the safe transfer of LNG at such rates, pressures and temperatures as may be required by the design of the LNG Tanker.

		
	7.13.3
	Promptly after completion of loading of each cargo, Seller shall send to Buyer a certificate of origin, together with such other documents concerning the cargo as may reasonably be requested by Buyer.

		
	7.13.4
	Buyer, in cooperation with Seller, shall cause the LNG Tanker to depart safely and expeditiously from the berth upon completion of LNG transfer.

		
	7.14
	LNG Tanker Not Ready for LNG Transfer; Excess Laytime

		
	7.14.1
	If any LNG Tanker previously believed to be ready for LNG transfer is determined to be not ready after being berthed, the NOR shall be invalid, and Seller may direct the LNG Tanker’s master to vacate the berth and proceed to anchorage, whether or not other LNG vessels are awaiting the berth, unless it appears reasonably certain to Seller that such LNG Tanker can be made ready without disrupting the overall berthing schedule of the Sabine Pass Facility or operations of the Sabine Pass Facility.  When an unready LNG Tanker at anchorage becomes ready for LNG transfer, its master shall notify Seller.  If, as a result of such LNG Tanker’s not being ready to load, Buyer fails to take a cargo, the provisions of Sections 5.2.2 and 5.2.3 shall apply.

		
	7.14.2
	The following shall apply with respect to berthing:

		
	(a)
	An LNG Tanker shall complete LNG transfer and vacate the berth as soon as possible but not later than the following allowed laytime:

		
	(i)
	twenty-four (24) hours from the time the LNG Tanker is all fast at the berth, in the case of an LNG Tanker with an LNG cargo containment capacity less than or equal to one hundred forty thousand (140,000) Cubic Meters; or

		
	(ii)
	in accordance with the following formula, in the case of an LNG Tanker with an LNG cargo containment capacity greater than one hundred forty thousand (140,000) Cubic Meters:

24 + x   =   allowed laytime (in hours)
where:
x   =   y/12,000 Cubic Meters; and

 45

y   =  the LNG cargo containment capacity of the LNG Tanker in excess of one hundred forty thousand (140,000) Cubic Meters.
		
	(b)
	Notwithstanding the foregoing, the allowed laytime shall be extended for: (i) reasons attributable to Seller or any Affiliate of Seller, including SPLNG and Sabine Pass Tug Services, LLC; (ii) reasons attributable to a Governmental Authority; (iii) reasons attributable to any Third Party outside of the reasonable control of Buyer and any Affiliate of Buyer; (iv) time at berth during any cool-down pursuant to Sections 7.16.1(a)-(c); (v) Force Majeure; and (vi) nighttime transit restrictions.

		
	(c)
	If an LNG Tanker fails to depart at the end of its allowed laytime (as extended pursuant to Section 7.14.2(b)), another LNG vessel is awaiting the berth and the LNG Tanker’s continued occupancy of the berth will disrupt the overall berthing schedule of the Sabine Pass Facility or operations of the Sabine Pass Facility, Seller may direct the LNG Tanker to vacate the berth and proceed to sea at utmost dispatch.

		
	(d)
	If an LNG Tanker fails to depart the berth at the end of its allowed laytime (as extended pursuant to Section 7.14.2(b)) and as a result the subsequent LNG vessel is prevented from or delayed in loading or unloading (as the case may be), Buyer shall reimburse Seller for any and all actual documented demurrage or excess boil-off that Seller becomes contractually obligated to pay to any Third Party with respect to such subsequent LNG vessel, as a result of the LNG Tanker not completing LNG transfer and vacating the berth as required by this Section 7.14.2; provided that Buyer shall not be required to reimburse Seller for any amounts based on a demurrage rate or excess boil-off rate or price in excess of the amounts specified in Section 7.12.3 and Section 7.12.4, as applicable.  Seller shall invoice Buyer for any amounts due under this Section 7.14.2(d) pursuant to Section 10.1.3 within one hundred eighty (180) Days after the relevant Delivery Window.

		
	(e)
	In the event an LNG Tanker fails to vacate the berth pursuant to this Section 7.14 and Buyer is not taking actions to cause it to vacate the berth, Seller may effect such removal at the expense of Buyer.  

		
	7.15
	Cooperation

		
	7.15.1
	If any circumstance occurs or is foreseen to occur so as to cause delay to an LNG Tanker or any other LNG vessel in berthing, loading, unloading or departing, Buyer and Seller shall, without prejudice to any other provision 

 46

of this Agreement, discuss the problem in good faith with each other and, if appropriate, with other users of the Loading Port, and the Parties shall use reasonable efforts to minimize or to avoid the delay, and at the same time shall cooperate with each other and with such other users of the Loading Port, as appropriate, to find countermeasures to minimize or to avoid the occurrence of any similar delay in the future.
		
	7.15.2
	With respect to an LNG Tanker scheduled to load a cargo at the Sabine Pass Facility, if such LNG Tanker is unable to berth at the Sabine Pass Facility by the end of its Delivery Window solely due to a Force Majeure event, then the relevant cargo shall be cancelled, to the extent affected; provided, however, that if requested by Buyer, Seller shall use reasonable efforts to change the ADP or Ninety Day Schedule in order to maximize the safe, reliable and efficient usage of the Sabine Pass Facility and to assist Buyer, Regasification Capacity Users, Foundation Customers, or other buyers having a firm contract to purchase LNG from the Sabine Pass Facility to load or unload quantities of LNG which would otherwise have been loaded or unloaded at the Sabine Pass Facility during such cancelled Delivery Windows or other affected delivery windows allocated to such Regasification Capacity Users, Foundation Customers, or other buyers having a firm contract to purchase LNG from the Sabine Pass Facility.

		
	7.16
	Cool-Down and Gas-Up of LNG Tankers

		
	7.16.1
	Buyer shall be solely responsible for ensuring that each LNG Tanker elected by Buyer for taking a cargo arrives at the Sabine Pass Facility cold and in a state of readiness.  Notwithstanding the foregoing and subject to Section 7.16.2, Seller shall provide cool-down service to LNG Tankers at Buyer’s request as follows:

		
	(a)
	Seller shall use reasonable efforts (taking into account availability of sufficient berth time) to accept Buyer’s request to provide cool-down service for any LNG Tanker, subject to Buyer requesting such cool-down service by notice to Seller as far in advance of the relevant cargo’s Delivery Window as is reasonably practicable but in no case less than thirty (30) Days before the relevant cargo’s Delivery Window, provided that Seller shall accept Buyer’s request to provide a cool-down service if (i) Buyer makes such request by notice at the time Buyer proposes its schedule of receipt of cargoes pursuant to Section 8.1.2 for the relevant Contract Year or (ii) at the time of the request, the Composite ADP for the relevant Contract Year indicates sufficient available berth time to accommodate such cool-down service.  Seller shall have no obligation to provide a cool-down service pursuant to this Section 7.16.1(a) in excess of six (6) total cool-downs during any Contract Year.  All LNG provided by Seller 

 47

for cooling such LNG Tankers shall be sold, delivered and invoiced by Seller, and paid for by Buyer, at a price equal to the sum of the CSP for such month and the FPC;
		
	(b)
	Seller shall provide cool-down service without charge to any LNG Tankers requiring cool-down solely as a result of a delay caused by Seller or Seller’s Affiliate, but only if such LNG Tanker made no other call between the original Delivery Window and the requested cool-down time; and

		
	(c)
	Seller shall use reasonable efforts, contingent on the availability of sufficient berth time and facilities status to provide cool-down service at any time other than as described in Sections 7.16.1(a)-(b) upon request by Buyer, provided that all LNG provided by Seller for cooling such LNG Tankers shall be sold, delivered and invoiced by Seller, and paid for by Buyer, at a price equal to the sum of the CSP for such month and the FPC.

		
	7.16.2
	The following shall apply to any cool-down service provided by Seller pursuant to Section 7.16.1:

		
	(a)
	the MMBtu content of the total liquid quantities delivered for cooling, measured before evaporation (without deduction of the quantity of vapor returned from the LNG Tanker), shall be determined by reference to the relevant LNG Tanker’s cool-down tables;  

		
	(b)
	the Parties will determine by mutual agreement the rates and pressures for delivery of LNG for cool-down, but always in full accordance with safe operating parameters and procedures mutually established and agreed by both the LNG Tanker and the Sabine Pass Facility; and

		
	(c)
	LNG provided during cool down by Seller pursuant to Section 7.16.1 shall not be applied against the Scheduled Cargo Quantity for the relevant cargo. 

		
	7.16.3
	Seller shall use reasonable efforts to obtain all relevant Approvals needed to allow Seller to offer gas-up service to LNG Tankers at the Sabine Pass Facility.

		
	8.
	Annual Delivery Program

		
	8.1
	Programming Information

		
	8.1.1
	Concurrently with delivery of notice of the ACQ for such Contract Year in accordance with Section 5.1.1, Seller shall provide Buyer with Seller’s good 

 48

faith estimate of the Gross Heating Value of LNG to be delivered during the coming Contract Year.
		
	8.1.2
	No less than one hundred ten (110) Days before the start of each Contract Year (or in the case of the First Contract Year, as soon as reasonably practicable prior to the Date of First Commercial Delivery), Buyer shall notify Seller of Buyer’s proposed schedule of receipt of cargoes for each Month of such Contract Year, consistent with the ACQ notified by Seller to Buyer pursuant to Section 5.1.1.  Such schedule shall be on a reasonably even and ratable basis throughout the year, and Buyer’s notice shall include the following information:

		
	(a)
	the LNG Tanker (if known) for each proposed cargo;

		
	(b)
	the Scheduled Cargo Quantity for each proposed cargo;

		
	(c)
	the proposed Delivery Window for each cargo;

		
	(d)
	the anticipated Discharge Terminal for each proposed cargo, subject to Section 26.1; and

		
	(e)
	any other information that may affect annual scheduling.

Buyer shall also inform Seller of any anticipated periods for maintenance to be conducted with respect to the LNG Tankers identified in (a) above.
		
	8.1.3
	Seller will then notify Buyer no less than eighty-five (85) Days before the start of such Contract Year (or in the case of the First Contract Year, as soon as reasonably practicable prior to the Date of First Commercial Delivery) of Seller’s proposed schedule of cargoes to be made available in each Month of such Contract Year, exercising reasonable efforts to adopt Buyer’s proposed schedule of receipts requested in accordance with Section 8.1.2; provided, however, that if Buyer fails to deliver the notice according to Section 8.1.2, Seller may nevertheless propose a schedule according to the terms of this Section 8.1.3.  Seller’s notice to Buyer pursuant to this Section 8.1.3 shall include the following information:

		
	(a)
	the ACQ for the Contract Year;

		
	(b)
	for each cargo:

		
	(i)
	the LNG Tanker (if specified by Buyer);

		
	(ii)
	the Scheduled Cargo Quantity specified in the notice sent by Buyer pursuant to Section 8.1.2;

		
	(iii)
	the proposed Delivery Window; and

 49

		
	(iv)
	the Discharge Terminal specified in the notice sent by Buyer pursuant to Section 8.1.2, subject to such Discharge Terminal complying with Section 26.1; and

		
	(c)
	any other information that may affect annual scheduling.

		
	8.2
	Determination of Annual Delivery Program

		
	8.2.1
	Not later than ten (10) Days after receipt of Seller’s proposed schedule provided under Section 8.1.3, Buyer shall notify Seller if Buyer desires to consult with Seller regarding the proposed schedule, and Seller shall, no later than fifteen (15) Days after receipt of Buyer’s notice, meet and consult with Buyer.

		
	8.2.2
	If, prior to the date that is sixty (60) Days before the start of the coming Contract Year, the Parties have agreed on a schedule of deliveries for such coming Contract Year, then Seller shall issue the delivery schedule agreed by the Parties.  If the Parties are unable to agree on a schedule of deliveries for the coming Contract Year, then not later than sixty (60) Days before the start of such Contract Year, Seller shall issue the delivery schedule for such Contract Year containing the information set forth in Section 8.1.3, modified to reflect any changes agreed by the Parties pursuant to Section 8.2.1.  The schedule promulgated by Seller shall reflect the exercise of reasonable efforts by Seller to (a) assign to Buyer Delivery Windows that are as close as reasonably practicable to the Delivery Windows proposed by Buyer, and (b) specify the Scheduled Cargo Quantity with respect to each LNG Tanker as notified by Buyer pursuant to Section 8.1.2.  In assigning Delivery Windows Seller shall act in a non-discriminatory manner among Foundation Customers (including Buyer, if Buyer satisfies the definition of “Foundation Customer”) and shall give priority to the requests of Foundation Customers (including Buyer, if Buyer satisfies the definition of “Foundation Customer”) over the requests of other customers (including Buyer, if Buyer does not satisfy the definition of “Foundation Customer”).  Subject to the preceding sentence, Seller shall use reasonable efforts to schedule the ACQ on a reasonably even and ratable basis throughout each Contract Year in full cargo lots, to the extent practicable, and taking into consideration planned maintenance periods at the Sabine Pass Facility.

		
	8.2.3
	The schedule for deliveries of LNG during the Contract Year established pursuant to this Section 8.2, as amended from time to time in accordance with Section 8.3, is the “Annual Delivery Program” or “ADP”.  If Seller fails to issue the schedule provided for in Sections 8.1.3 or 8.2.2, if applicable, then the schedule proposed by Buyer under Section 8.1.2 shall be the ADP for the relevant Contract Year.

 50

		
	8.2.4
	Seller shall combine the ADP with the similar schedules for the loading of cargoes for the account of other Persons having contractual rights to receive cargoes from Seller at the Sabine Pass Facility, and shall provide to Buyer a combined schedule (the “Composite ADP”) showing all delivery windows and scheduled cargo quantities that have been committed by Seller, along with available, uncommitted loading windows at the Sabine Pass Facility.  Seller shall promptly update the Composite ADP as the ADP is changed pursuant to Section 8.3 or other Persons’ delivery windows are changed pursuant to their respective agreements.

		
	8.3
	Changes to Annual Delivery Program

		
	8.3.1
	Subject to the remainder of this Section 8.3, Buyer may request by notice a change in the ADP or Ninety Day Schedule for a Contract Year for any reason.  Seller may request by notice a change in the Scheduled Cargo Quantity or the Delivery Window for any cargo in the ADP (including any Ninety Day Schedule) for such Contract Year for operational causes affecting Seller, including Force Majeure.

		
	8.3.2
	As soon as possible after notice has been received pursuant to this Section 8.3, the Parties shall consult with one another in order to examine whether such ADP or Ninety Day Schedule can be revised to accommodate such proposed change(s).  Neither Party shall unreasonably withhold its consent to revise the ADP or Ninety Day Schedule in accordance with changes proposed by the other Party; provided that neither Party shall be under any obligation to consent thereto if, in the case of Seller, it is unable to agree after the exercise of reasonable efforts to any necessary changes in its arrangements with Regasification Capacity Users, Foundation Customers or other buyers of LNG from the Sabine Pass Facility or if, in the case of Buyer, it is unable to agree after the exercise of reasonable efforts to any necessary changes in its arrangements with the LNG Tankers or Buyer’s customers or the requested change would impose additional costs or risks upon Buyer.  Seller may not withhold its consent to revise the ADP or Ninety Day Schedule if Buyer’s proposed change: (a) consists of the movement of a Delivery Window to dates not  committed under the Composite ADP at the time of Buyer’s request and does not result in a change to the Scheduled Cargo Quantity; (b) the proposed change is, by the exercise of reasonable efforts on the part of Seller, operationally feasible; and (c) the proposed change does not result in increased costs to Seller.  Seller may not withhold its approval to a requested change on the grounds of Section 8.3.2(c) if Buyer agrees to reimburse Seller for such increased costs.

		
	8.3.3
	Any change to the ADP or Ninety Day Schedule shall not, unless expressly agreed otherwise by both Parties in such amended ADP or Ninety Day 

 51

Schedule, affect the obligations pursuant to Section 5 of the Party requesting such change.
		
	8.3.4
	Upon a change to the Delivery Window for a cargo, the ADP and/or Ninety Day Schedule shall be amended accordingly and an updated ADP and/or Ninety Day Schedule shall promptly be provided in writing by Seller to Buyer.

		
	8.4
	Ninety Day Schedule

No later than the twenty-fifth (25th) Day of each Month, Seller shall issue a forward plan of deliveries for the three (3)-Month period commencing on the first Day of the following Month thereafter (e.g., the Ninety Day Schedule for the three (3)-Month period commencing on May 1st shall be issued no later than the twenty-fifth (25th) Day of April) (such plan, as amended from time to time in accordance with procedures set forth in this Agreement, the “Ninety Day Schedule”).  The Ninety Day Schedule shall set forth by cargo the forecast pattern of deliveries, including the Delivery Window, LNG Tanker and Scheduled Cargo Quantity for each cargo.  In the absence of agreement between the Parties otherwise, the Ninety Day Schedule will maintain the Scheduled Cargo Quantities and Delivery Windows as identified in the Annual Delivery Program.
		
	8.5
	Force Majeure Affecting LNG Tanker

With respect to any particular cargo, Buyer shall not be entitled to claim Force Majeure relief for an event affecting the LNG Tanker nominated for such cargo if such LNG Tanker was affected by, or could reasonably have been expected to be affected by, such Force Majeure event at the time it was nominated by Buyer pursuant to Section 8.1.2 or Section 8.3, as applicable, for the relevant cargo.
		
	8.6
	Amended ADP to Schedule Cargoes Due to Increase in ACQ

		
	8.6.1
	Not less than seventy-five (75) Days in advance of any Day on which Seller anticipates in good faith that the ACQ will increase pursuant to Section 5.1.5 (“Anticipated ACQ Increase Day”), Seller shall notify Buyer of the Anticipated ACQ Increase Day and resulting increase in the ACQ.

		
	8.6.2
	Not less than sixty (60) Days before the Anticipated ACQ Increase Day, Buyer shall notify Seller of Buyer’s proposed amendment to the ADP for the applicable Contract Year, such amendment to account for the increase in the ACQ related to occurrence of the Anticipated ACQ Increase Day.

		
	8.6.3
	Not later than five (5) Days after receipt of Buyer’s proposed amendment provided under Section 8.6.2, the Parties shall meet and consult regarding, and work together in an attempt to agree to, an amendment to the relevant ADP to account for the applicable increase in the ACQ.

 52

		
	8.6.4
	Not less than forty-four (44) Days before the Anticipated ACQ Increase Day, Seller shall issue an amended ADP for the relevant Contract Year as has been agreed by the Parties.  If the Parties are unable to agree on the amended ADP for the relevant Contract Year, then not later than forty-four (44) Days before the Anticipated ACQ Increase Day, Seller shall issue the amended ADP, which in respect of each cargo that has been added to such ADP shall include the information set forth in Sections 8.1.2(a), 8.1.2(b) and 8.1.2(e) (as was notified by Buyer pursuant to Section 8.6.2).  The amended ADP issued by Seller shall reflect the exercise of reasonable efforts by Seller to assign to Buyer Delivery Windows that are as close as reasonably practicable to the Delivery Windows proposed by Buyer pursuant to Section 8.6.2.  The provisions of Section 8.3 shall not apply with respect to the process of amending the relevant ADP pursuant to this Section 8.6, but shall apply with respect to any further amendment thereto after the date of issuance of the amended ADP (other than a further amendment pursuant to this Section 8.6).

		
	8.6.5
	Notwithstanding the foregoing, if quantities of LNG become available because (i) another buyer of Seller fails to take LNG or cancels or suspends the delivery of LNG or (ii) otherwise, then Seller shall provide prompt notice of such event or occurrence to Buyer and shall offer such quantities to Buyer for purchase and delivery hereunder pursuant to Section 5.1.3.  If Buyer accepts such offer in accordance with Section 5.1.3, then Seller shall amend the ADP and, if applicable, Ninety Day Schedule, as soon as reasonably practicable to reflect such additional cargo(es) for sale and delivery hereunder.

		
	9.
	Price 

		
	9.1
	Contract Sales Price

The contract sales price (“CSP”) (expressed in USD per MMBtu) shall be as follows:
CSP = 1.15 x HH
		
	9.2
	Fixed Price Component

The fixed price component (“FPC”) (expressed in USD per MMBtu) shall be as follows:
FPC = USD three decimal zero zero per MMBtu (US$3.00/MMBtu).
		
	9.3
	Price of LNG Delivered

The price for all LNG delivered by Seller to Buyer (expressed in USD per MMBtu) shall be equal to the sum of the CSP and FPC.

 53

		
	10.
	Invoicing and Payment

		
	10.1
	Invoices

		
	10.1.1
	Invoices for Cargoes.  Invoices for each cargo made available by Seller and taken by Buyer, together with relevant supporting documents including a certificate of quantity loaded, shall be prepared and delivered by Seller to Buyer promptly following each Delivery Window and receipt of the final inspection certificate applicable to the loading of such cargo.  The invoice amount shall be the sum of the CSP and FPC, multiplied by the quantity of LNG loaded on the LNG Tanker net of Gas returned to Seller during loading.

		
	10.1.2
	Invoices for Cover Damages.  Invoices for Cover Damages owed to Seller by Buyer shall be prepared by Seller and delivered to Buyer promptly following the Delivery Window for each affected cargo.

		
	10.1.3
	Invoices for Other Sums Due.  In the event that any sums are due from one Party to the other Party under this Agreement, other than for a reason addressed in Section 10.1.1 through 10.1.2, the Party to whom such sums are owed shall furnish an invoice therefor, describing in reasonable detail the basis for such invoice and providing relevant documents supporting the calculation thereof.

		
	10.1.4
	Provisional Invoices.

		
	(a)
	In the event (i) a rate or index used in the calculation of an amount is not available on a temporary or permanent basis; or (ii) any other relevant information necessary to compute an invoice is not available, the invoicing Party may issue a provisional invoice (“Provisional Invoice”) in an amount calculated, in the case of subsection (i) of this Section 10.1.4(a), in accordance with Section 1.3, and, in the case of subsection (ii) of this Section 10.1.4(a), based on the best estimate of the unavailable information by the Party issuing the Provisional Invoice.  A Provisional Invoice shall be deemed to be an invoice issued pursuant to Section 10.1.1 through 10.1.2, as applicable, for the purposes of the payment obligations of Seller or Buyer, as applicable, and shall be subject to subsequent adjustment in accordance with Section 10.1.4(b).

		
	(b)
	If a Provisional Invoice has been issued, the invoicing Party shall issue a final invoice reflecting any credit or debit, as applicable, to the Provisional Invoice as soon as reasonably practicable after the information necessary to compute the payment has been obtained by such Party.  Seller and Buyer shall settle such debit or credit amount, as the case may be, when payment of the next invoice is due pursuant to Section 10.2 or, if earlier, upon the termination of this Agreement.

 54

		
	10.1.5
	Notice.  Invoices shall be sent in accordance with Section 25.

		
	10.2
	Payment

All amounts invoiced under this Agreement that are due and payable shall be paid in accordance with this Section 10.2.
		
	10.2.1
	Payments for Cargoes.  Invoices issued in accordance with Section 10.1.1 for cargoes made available and taken shall become due and payable by Buyer on: (i) if Seller has an Acceptable Credit Rating when it issues such invoice, the twenty-fifth (25th) Day of the Month immediately following the Month during which the relevant cargo’s Delivery Window commences, and (ii) if Seller does not have an Acceptable Credit Rating when it issues such invoice, the tenth (10th) Day following Buyer’s receipt of the invoice.

		
	10.2.2
	Payments for Cover Damages.  Invoices issued in accordance with Section 10.1.2 shall become due and payable by Buyer on the tenth (10th) Day following receipt by Buyer.

		
	10.2.3
	Payments for Other Sums Due.  An invoice issued pursuant to Section 10.1.3 shall be paid by the paying Party thereunder not later than twenty (20) Days after receipt of such invoice.

		
	10.2.4
	Payment Method.  All invoices shall be settled by payment in USD of the sum due by wire transfer of immediately available funds to an account with the bank designated by the other Party in accordance with Section 10.2.5.

		
	10.2.5
	Designated Bank.  Each Party shall designate a bank in a location reasonably acceptable to the other Party for payments under this Agreement.  A Party shall designate its bank by notice to the other Party initially not later than the Date of First Commercial Delivery and thereafter not less than thirty (30) Days before any redesignation is to be effective.

		
	10.2.6
	Payment Date.  If any invoice issued pursuant to Section 10.1 would result in a Party being required to make a payment on a Day that is not a Business Day, then the due date for such invoice shall be the immediately succeeding Business Day; provided, however, that in no event shall any invoice be due less than five (5) Business Days after receipt by the Party being required to make a payment.

 55

		
	10.3
	Disputed Invoice

		
	10.3.1
	Payment Pending Dispute.  Absent manifest error, each Party invoiced shall pay all disputed and undisputed amounts due under such invoice without netting or offsetting any amounts owed by the Party receiving the invoice(except for Cargo DoP Credits as provided in, and subject to, Section 15.2.8), including taxes (except as provided in Section 11.4), exchange charges, or bank transfer charges.  In the case of manifest error, the correct amount shall be paid disregarding such error, and necessary correction and consequent adjustment shall be made within five (5) Business Days after agreement or determination of the correct amount.

		
	10.3.2
	Timing.  Except with respect to Sections 1.3, 10.3.4, and 14, any invoice may be contested by the receiving Party only pursuant to Section 10.5 or if, within a period of thirteen (13) Months after its receipt thereof, that Party serves notice to the other Party questioning the correctness of such invoice.  Subject to Section 10.5, if no such notice is served, the invoice shall be deemed correct and accepted by both Parties.

		
	10.3.3
	Interest.  The Party who invoiced and received payment of a sum, subsequently determined not to have been payable under this Agreement to such Party, shall pay interest to the other Party on such amount, at a rate per annum equal to two percent (2%) above LIBOR (as in effect on the Day when such sum was originally paid) on and from the Day when such sum was originally paid until the date of its repayment, provided that, without prejudice to the other terms of this Agreement, if such period lasts longer than ninety (90) Days, the applicable LIBOR rate for each successive term of ninety (90) Days during that period shall be that in effect on the first Day of that ninety (90) Day period.  Interest shall accrue from Day to Day and be calculated on the basis of a three hundred sixty (360) Day year.

		
	10.3.4
	Measurement or Analyzing Errors.  Any errors found in an invoice or credit note which are caused by the inaccuracy of any measuring or analyzing equipment or device shall be corrected in accordance with Exhibit A hereto, as applicable, and shall be settled in the same manner as is set out above in this Section 10.3.

		
	10.4
	Delay in Payment

		
	10.4.1
	Interest.  If either Seller or Buyer fails to make payment of any sum as and when due under this Agreement, it shall pay interest thereon to the other Party at a rate per annum equal to two percent (2%) above LIBOR (as in effect on the Day when such sum was originally due) on and from the Day when payment was due until the date of payment, provided that, without prejudice to the other terms of this Agreement, if such period lasts longer than ninety (90) Days, the applicable LIBOR rate for each successive term of ninety (90) 

 56

Days during that period shall be that in effect on the first Day of that ninety (90) Day period.  Interest shall accrue from Day to Day and be calculated on the basis of a three hundred sixty (360) Day year.
		
	10.4.2
	Costs and Expenses.  Subject to Section 21.1.12, each Party shall bear its own costs (including attorneys’ or Experts’ fees or costs) in respect of enforcement of such Party’s rights in any Dispute proceeding as a result of the other Party failing to perform or failing timely to perform its obligations under this Agreement including failing timely to make any payment in accordance with this Agreement.

		
	10.5
	Audit Rights

Each Party shall have the right to cause an independent auditor, appointed by such Party at such Party’s sole cost and expense, to audit the books, records and accounts of the other Party that are directly relevant to the determination of any amounts invoiced, charged, or credited by the other Party within the previous twelve (12) Months or as otherwise required by this Agreement.  Such audit shall be conducted at the office where the records are located, during the audited Party’s regular business hours and on reasonable prior notice, and shall be completed within thirty (30) Days after the audited Party’s relevant records have been made available to the auditing Party.  The independent auditor shall be a major international accountancy firm, and the Party appointing such auditor shall cause the auditor to execute a confidentiality agreement acceptable to the Party being audited. If the audit discloses an error in any invoiced amount under this Agreement, then the auditing Party shall, within thirty (30) Days following completion of the audit pertaining to the affected invoice or statement, provide  notice to the audited Party describing the error and the basis therefor.  Promptly thereafter, the Parties shall commence discussions regarding such error in order to expeditiously, and in good faith, achieve resolution thereof, provided that any adjustments arising from such audit shall be made and all credits or charges finalized within forty-five (45) Days of completion of any relevant audit.
		
	10.6
	Seller’s Rights Upon Buyer’s Failure to Make Payment

		
	10.6.1
	If:

		
	(a)
	Seller has not received payment in respect of any amounts due under any invoice(s) under this Agreement within five (5) Business Days after the due date thereof; or 

		
	(b)
	Buyer breaches any of its obligations under Section 17.4;

then without prejudice to any other rights and remedies of Seller arising under this Agreement or by Applicable Laws or otherwise, upon giving five (5) Business Days’ notice to Buyer, Seller may:

 57

		
	(i)
	make a demand under the Acceptable Letter of Credit of the amount due (if any); and 

		
	(ii)
	if Seller is unable successfully to demand the unpaid amount under the Acceptable Letter of Credit and such unpaid amounts total in excess of USD thirty million (US$30,000,000), suspend delivering any or all subsequent cargoes until Buyer has cured any such failure or breach.

		
	10.6.2
	In the event of such suspension, Buyer shall not be relieved of any of its obligations under this Agreement, including its obligation to take any LNG, and Section 5.2 will apply with respect to each cargo scheduled in the Annual Delivery Program or Ninety Day Schedule which is not delivered during the suspension.

		
	10.6.3
	During the period that such suspension is effective, Seller shall have no obligation to make available any cargoes to Buyer.

		
	10.7
	Final Settlement

Within sixty (60) Days after expiration of the Term or the earlier termination of this Agreement, Seller and Buyer shall determine the amount of any final reconciliation payment.  After the amount of the final settlement has been determined, Seller shall send a statement to Buyer, or Buyer shall send a statement to Seller, as the case may be, for amounts due under this Section 10.7, and Seller or Buyer, as the case may be, shall pay such final statement no later than twenty (20) Business Days after the date of receipt thereof.
		
	11.
	Taxes

		
	11.1
	Responsibility

Buyer shall indemnify and hold Seller and its Affiliates harmless from any and all Buyer Taxes, and Seller shall indemnify and hold Buyer and its Affiliates harmless from any and all Seller Taxes.
		
	11.2
	Seller Taxes

“Seller Taxes” means any taxes imposed from time to time:
		
	(a)
	solely on account of the corporate existence of Seller or its Affiliates;

		
	(b)
	in respect of the property, revenue, income, or profits of Seller or its Affiliates (other than taxes required to be deducted or withheld by Buyer from or in respect of any payments (whether in cash or in kind) under this Agreement);

 58

		
	(c)
	subject to Section 11.5, in the United States of America or any political subdivision thereof, that may be levied or assessed upon the sale, use or purchase of LNG, if Seller is required by the United States of America or any political subdivision thereof to collect or remit payment thereof;

		
	(d)
	in the United States of America or any political subdivision thereof, that relate to the export, loading, storage, processing, transport, ownership of title, or delivery of LNG, up to and at the Delivery Point; and

		
	(e)
	payable by Buyer by reason of a failure by Seller to properly deduct, withhold or pay any taxes described in Section 11.4.

		
	11.3
	Buyer Taxes

“Buyer Taxes” means any taxes imposed from time to time:
		
	(a)
	solely on account of the corporate existence of Buyer or its Affiliates;

		
	(b)
	in respect of the revenue, income, or profits of Buyer or its Affiliates (other than taxes required to be deducted or withheld by Seller from or in respect of payments (whether in cash or in kind) under this Agreement);

		
	(c)
	in the United States of America or any political subdivision thereof or in any jurisdiction in which any of Buyer’s Discharge Terminals are located, or any jurisdiction through which any LNG Tanker transits or on which any LNG Tanker calls, any taxes that relate to the import, unloading, export, loading, storage, processing, transfer, transport, ownership of title, receipt or delivery of LNG after the Delivery Point; and

		
	(d)
	payable by Seller by reason of a failure by Buyer to properly deduct, withhold or pay any taxes described in Section 11.4.

		
	11.4
	Withholding Taxes

If Seller or Buyer (in either case, the “Payor” for purposes of this Section 11.4), is required to deduct or withhold taxes from or in respect of any payments (whether in cash or in kind) to the other Party under this Agreement, then:  (a) the Payor shall make such deductions and withholdings; (b) the Payor shall pay the full amount deducted or withheld to the appropriate Governmental Authority in accordance with Applicable Laws; (c) the Payor shall promptly furnish to the other Party the original or a certified copy of a receipt evidencing such payment; and (d) the sum payable by the Payor to the other Party shall be increased by such additional sums as necessary 

 59

so that after making all required deductions and withholdings of taxes (including deductions and withholdings of taxes applicable to additional sums payable under this Section 11.4), the other Party receives an amount equal to the sum it would have received had no such deductions or withholdings of taxes been made.
		
	11.5
	Sales Tax

Buyer shall provide to Seller evidence of exemption, if any, from sales and use tax imposed by the State of Louisiana in respect of the purchase of LNG.  Notwithstanding the foregoing, in the event that the State of Louisiana levies or assesses sales or use tax on the sale and purchase of LNG pursuant to the Agreement, Buyer shall pay the amount of such tax to Seller for payment to the appropriate taxing authorities.
		
	11.6
	Mitigation

Each Party shall use reasonable efforts to take actions or measures requested by the other Party in order to minimize taxes for which the other Party is liable under this Section 11, including providing applicable sales and use tax resale or exemption certificates, provided that the other Party shall pay such Party’s reasonable costs and expenses in relation thereto.
		
	11.7
	Refunds

If a Party has made an indemnification payment to the other Party pursuant to this Section 11 with respect to any amount owed or paid by the indemnified Party and the indemnified Party thereafter receives a refund or credit of any such amount, such indemnified Party shall pay to the indemnifying Party the amount of such refund or credit promptly following the receipt thereof.  The indemnified Party shall provide such assistance as the indemnifying Party may reasonably request to obtain such a refund or credit.
		
	12.
	Quality

		
	12.1
	Specification

		
	12.1.1
	LNG delivered under this Agreement shall, when converted into a gaseous state, comply with the following specifications (“Specifications”):

Minimum Gross Heat Content (dry)         1000 BTU/SCF
Maximum Gross Heat Content (dry)        1150 BTU/SCF
Minimum methane (C1)        84.0 MOL%
Maximum H2S        0.25 grains per 100 SCF

 60

Maximum Sulfur        1.35 grains per 100 SCF
Maximum N2        1.5 MOL%
Maximum Ethane (C2)        11 MOL%
Maximum Propane (C3)        3.5 MOL%
Maximum Butane (C4) and heavier        2 MOL%
LNG shall contain no water, active bacteria or bacterial agents (including sulfate-reducing bacteria or acid producing bacteria) or other contaminants or extraneous material.
		
	12.1.2
	With respect to each cargo to be delivered to Buyer under this Agreement, Seller shall provide Buyer with a report indicating Seller’s best estimate of what the actual loaded quality composition of the LNG to be delivered to Buyer in such cargo is likely to be.  Seller shall use reasonable efforts to provide such report as early as possible during the thirty (30) Day period immediately preceding the relevant cargo’s Delivery Window.

		
	12.2
	Determining LNG Specifications

LNG shall be tested pursuant to Exhibit A to determine whether such LNG complies with the Specifications.
		
	12.3
	Off-Specification LNG

		
	12.3.1
	If Seller, acting as a Reasonable and Prudent Operator, determines prior to loading a cargo that the LNG is expected not to comply with the Specifications (“Off-Spec LNG”) upon loading, then:

		
	(a)
	Seller shall give notice to Buyer of the extent of the expected variance as soon as practicable (but in no case later than the commencement of loading of the cargo);

		
	(b)
	Buyer shall use reasonable efforts, including coordinating with the Transporter and the operator of the Discharge Terminal, to accept such LNG where the LNG would be acceptable to the Transporter and the operator of the Discharge Terminal, each of them acting in their sole discretion (unless Transporter or such operator is Buyer or an Affiliate of Buyer), and would not prejudice the safe and reliable operation of any LNG Tanker, the Discharge Terminal, and any downstream facilities being supplied regasified LNG;

		
	(c)
	if Buyer can accept delivery of such cargo, then Buyer shall notify Seller of Buyer’s estimate of the direct costs to be incurred by Buyer, any Affiliate of Buyer, Transporter, and the operator of the Discharge 

 61

Terminal in transporting and treating such Off-Spec LNG (or to otherwise make such LNG marketable), and, to the extent Seller agrees to such estimate, Buyer shall take delivery of such cargo, and Seller shall reimburse Buyer for all reasonable documented direct costs incurred by Buyer (including costs owed to any Affiliate of Buyer, Transporter, and the operator of the Discharge Terminal in transporting and treating such Off-Spec LNG (or to otherwise make such LNG marketable) prior to and at the Discharge Terminal), provided, however, that Seller’s liability shall not exceed one hundred and twenty percent (120%) of the estimate notified by Buyer and agreed by Seller; and
		
	(d)
	if Buyer determines in good faith that it cannot, using reasonable efforts, receive such cargo, or (1) Seller rejects the cost estimate or (2) Buyer anticipates that it might be liable for costs that would not otherwise be reimbursed pursuant to Section 12.3.1(c), then Buyer shall be entitled to reject such cargo by giving Seller notice of rejection within seventy-two (72) hours of Buyer’s receipt of Seller’s notice.

		
	12.3.2
	If Off-Spec LNG is delivered to Buyer without Buyer being made aware of the fact that such Off-Spec LNG does not comply with the Specifications, or without Buyer being made aware of the actual extent to which such Off-Spec LNG does not comply with the Specifications, then:

		
	(a)
	if Buyer is able, using reasonable efforts, to transport and treat the Off-Spec LNG to meet the Specifications (or to otherwise make such LNG marketable), then Seller shall reimburse Buyer for all reasonable documented direct costs incurred by Buyer (including direct costs owed to any Affiliate of Buyer, Transporter, and the operator of the Discharge Terminal in transporting and treating such Off-Spec LNG received at the Discharge Terminal to meet the Specifications (or to otherwise make such LNG marketable)), in an amount not exceeding one hundred percent (100%) of the product of the delivered quantity of such Off-Spec LNG and the sum of the CSP and FPC; provided, however, that Buyer, any Affiliate of Buyer, Transporter, and the operator of the Discharge Terminal shall not be required to incur costs in excess of those reimbursable by Seller; or

		
	(b)
	if Buyer determines in good faith that it cannot, using reasonable efforts, transport and treat such Off-Spec LNG to meet the Specifications (or to make such LNG marketable), then: (i) Buyer shall be entitled to reject such Off-Spec LNG by giving Seller notice of such rejection as soon as practicable, and in any case within ninety-six (96) hours after (A) Seller notifies Buyer in writing that such LNG is Off-Spec LNG and the actual extent to which such Off-Spec LNG 

 62

does not comply with the Specifications or (B) Buyer becomes aware that such LNG is Off-Spec LNG, whichever occurs first; (ii) Buyer shall be entitled to dispose of the loaded portion of such Off-Spec LNG (or regasified LNG produced therefrom) in any manner that Buyer, acting in accordance with the standards of a Reasonable and Prudent Operator, deems appropriate including by directing Seller to offload such Off-Spec LNG at the Loading Port; and (iii) Seller shall reimburse Buyer in respect of and indemnify and hold Buyer harmless from all direct loss, damage, costs and expenses incurred by Buyer, any Affiliate of Buyer, or Transporter as a result of the delivery of such Off-Spec LNG, including in connection with the handling, treatment or safe disposal of such Off-Spec LNG or other LNG being held at the Discharge Terminal or being carried onboard the LNG Tanker which was contaminated by it, cleaning or clearing the LNG Tanker and Discharge Terminal, and damage caused to the LNG Tanker and Discharge Terminal.
		
	12.3.3
	If Buyer rejects a cargo in accordance with Section 12.3.1(d) or 12.3.2(b), Seller shall be deemed to have failed to make available such cargo and Section 5.3.2 shall apply.

		
	13.
	Measurements and Tests

		
	13.1
	LNG Measurement and Tests

LNG delivered to Buyer, and Gas used as fuel by Buyer, pursuant to this Agreement shall be measured and tested in accordance with Exhibit A.
		
	13.2
	Parties to Supply Devices

		
	13.2.1
	Buyer shall supply, operate and maintain, or cause to be supplied, operated and maintained, suitable gauging devices for the LNG tanks of the LNG Tanker, as well as pressure and temperature measuring devices, in accordance with Section 13.3 and Exhibit A, and any other measurement, gauging or testing devices which are incorporated in the structure of such LNG Tanker or customarily maintained on shipboard.

		
	13.2.2
	Seller shall supply, operate and maintain, or cause to be supplied, operated and maintained, devices required for collecting samples and for determining quality and composition of the delivered LNG, in accordance with Section 13.3 and Exhibit A, and any other measurement, gauging or testing devices which are necessary to perform the measurement and testing required hereunder at the Loading Port.

 63

		
	13.3
	Selection of Devices

Each device provided for in this Section 13 shall be selected and verified in accordance with Exhibit A.  Any devices that are provided for in this Section 13 not previously used in an existing LNG trade shall be chosen by written agreement of the Parties and shall be such as are, at the time of selection, accurate and reliable in their practical application. The required degree of accuracy of such devices shall be agreed in writing by Buyer and Seller in advance of their use, and such degree of accuracy shall be verified by an independent surveyor who is agreed by Buyer and Seller.

		
	13.4
	Tank Gauge Tables of LNG Tanker

Buyer shall furnish to Seller, or cause Seller to be furnished, a certified copy of tank gauge tables as described in Exhibit A for each LNG tank of the LNG Tanker and of tank gauge tables revised as a result of any recalibration of an LNG tank of an LNG Tanker.
		
	13.5
	Gauging and Measuring LNG Volumes Loaded

Volumes of LNG delivered under this Agreement will be determined by gauging the LNG in the LNG tanks of the LNG Tanker immediately before and after loading in accordance with the terms of Exhibit A.
		
	13.6
	Samples for Quality Analysis

Representative samples of the delivered LNG shall be obtained by Seller as provided in Exhibit A.
		
	13.7
	Quality Analysis

The samples referred to in Section 13.6 shall be analyzed, or caused to be analyzed, by Seller in accordance with the terms of Exhibit A, in order to determine the molar fractions of the hydrocarbons and components in the sample.
		
	13.8
	Operating Procedures

		
	13.8.1
	Prior to carrying out measurements, gauging and analyses hereunder, the Party responsible for such operations shall notify the designated representative(s) of the other Party, allowing such representative(s) a reasonable opportunity to be present for all operations and computations; provided, however, that the absence of such representative(s) after notification and reasonable opportunity to attend shall not affect the validity of any operation or computation thereupon performed.

		
	13.8.2
	At the request of either Party, any measurements, gauging and/or analyses provided for in Sections 13.5, 13.6, 13.7 and 13.10.1 shall be witnessed and verified by an independent surveyor agreed upon in writing by Buyer and 

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Seller. The results of verifications and records of measurement shall be maintained in accordance with the terms of Exhibit A.
		
	13.9
	MMBtu Quantity Delivered

The number of MMBtu sold and delivered shall be calculated at the Delivery Point by Seller and witnessed and verified by a mutually appointed independent surveyor agreed upon in writing by the Parties following the procedures set forth in Exhibit A.
		
	13.10
	Verification of Accuracy and Correction for Error

		
	13.10.1
	Each Party shall test and verify the accuracy of its devices at intervals to be agreed between the Parties. In the case of gauging devices of the LNG Tanker, such tests and verifications shall take place during each scheduled dry-docking, provided that the interval between such dry dockings shall not exceed five (5) years.  Indications from any redundant determining devices should be reported to the Parties for verification purposes.  Each Party shall have the right to inspect and if a Party reasonably questions the accuracy of any device, to require the testing or verification of the accuracy of such device in accordance with the terms of Exhibit A.

		
	13.10.2
	Permissible tolerances of the measurement, gauging and testing devices shall be as described in Exhibit A.

		
	13.11
	Costs and Expenses

		
	13.11.1
	Except as provided in this Section 13.11, all costs and expenses for testing and verifying measurement, gauging or testing devices shall be borne by the Party whose devices are being tested and verified; provided, however, that representatives of the Parties attending such tests and verifications shall do so at the cost and risk of the Party they represent.

		
	13.11.2
	In the event that a Party inspects or requests the testing/verification of any of the other Party’s devices on an exceptional basis in each case as provided in Section 13.10.1, the Party requesting the testing/verification shall bear all costs thereof.

		
	13.11.3
	The costs of the independent surveyor:

		
	(a)
	requested by a Party in accordance with Section 13.8.2 shall be borne by the requesting Party; and

		
	(b)
	referred to in Section 13.9 shall be borne equally by Buyer and Seller.

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	14.
	Force Majeure

		
	14.1
	Force Majeure

Neither Party shall be liable to the other Party for any delay or failure in performance under this Agreement if and to the extent such delay or failure is a result of Force Majeure.  To the extent that the Party so affected fails to use commercially reasonable efforts to overcome or mitigate the effects of such events of Force Majeure, it shall not be excused for any delay or failure in performance that would have been avoided by using such commercially reasonable efforts. Subject to the provisions of this Section 14, the term “Force Majeure” shall mean any act, event or circumstance, whether of the kind described herein or otherwise, that is not reasonably within the control of, does not result from the fault or negligence of, and would not have been avoided or overcome by the exercise of reasonable diligence by, the Party claiming Force Majeure or an Affiliate of the Party claiming Force Majeure, such Party and, as applicable, its Affiliate having observed a standard of conduct that is consistent with a Reasonable and Prudent Operator, and that prevents or delays in whole or in part such Party’s performance of one or more of its obligations under this Agreement.
		
	14.1.1
	Force Majeure may include circumstances of the following kind, provided that such circumstances satisfy the definition of Force Majeure set forth above:

		
	(a)
	acts of God, the government, or a public enemy; strikes, lockout, or other industrial disturbances;

		
	(b)
	wars, blockades or civil disturbances of any kind; epidemics, Adverse Weather Conditions, fires, explosions, arrests and restraints of governments or people;

		
	(c)
	the breakdown or failure of, freezing of, breakage or accident to, or the necessity for making repairs or alterations to any facilities or equipment;

		
	(d)
	in respect of Seller: (i) loss of, accidental damage to, or inaccessibility to or inoperability of (x) the Sabine Pass Facility or any Connecting Pipeline or (y) the liquefaction and loading  facilities at the alternate source agreed by the Parties pursuant to Section 3.1.2 but only with respect to those cargoes which Buyer has agreed may be supplied from such alternate source; and (ii) any event that would constitute an event of force majeure under (A) any agreement that is between Seller and SPLNG and is necessary for Seller to carry out certain obligations hereunder or (B) an agreement between Seller and Cheniere Creole Trail Pipeline, L.P., for Gas transportation services, provided however, that an event of force majeure affecting a party to any such agreement shall constitute Force Majeure under this 

 66

Agreement only to the extent such event meets the definition of Force Majeure in this Section 14.1;
		
	(e)
	in respect of Buyer, events affecting the ability of any LNG Tanker to receive and transport LNG, subject to Section 14.2.3; and

		
	(f)
	the withdrawal, denial, or expiration of, or failure to obtain, any Approval.

		
	14.1.2
	Nothing in this Section 14.1 shall be construed to require a Party to observe a higher standard of conduct than that required of a Reasonable and Prudent Operator as a condition to claiming the existence of Force Majeure.

		
	14.2
	Limitations on Force Majeure

		
	14.2.1
	Indemnity and Payment Obligations.  Notwithstanding Section 14.1, no Force Majeure shall relieve, suspend, or otherwise excuse either Party from performing any obligation to indemnify, reimburse, hold harmless or otherwise pay the other Party under this Agreement.

		
	14.2.2
	Events Not Force Majeure.  The following events shall not constitute Force Majeure:

		
	(a)
	a Party’s inability to finance its obligations under this Agreement or the unavailability of funds to pay amounts when due in the currency of payment;

		
	(b)
	the unavailability of, or any event affecting, any facilities at or associated with any loading port or unloading port other than the Sabine Pass Facility or any alternate source agreed by the Parties pursuant to Section 3.1.2;

		
	(c)
	the ability of Seller or Buyer to obtain better economic terms for LNG or Gas from an alternative supplier or buyer, as applicable;

		
	(d)
	changes in either Party’s market factors, default of payment obligations unless caused by Buyer or any Affiliate of Buyer or other commercial, financial or economic conditions, including failure or loss of any of Buyer’s or Seller’s Gas or LNG markets;

		
	(e)
	breakdown or failure of plant or equipment caused by normal wear and tear or by a failure to properly maintain such plant or equipment unless caused by Buyer or any Affiliate of Buyer; 

 67

		
	(f)
	in the case of either Party, any event arising from an action or omission of (i) any Affiliate of such Party, or (ii) the contractor or sub-contractor or agent of such Party or any Affiliate of such Party, in each case to the extent that, had such Party taken such action or experienced such event, such event would not constitute Force Majeure pursuant to the provisions of this Section 14;

		
	(g)
	in the case of Seller, any event arising from an action or omission of the operator of any part of the Sabine Pass Facility to the extent that, had Seller taken such action or experienced such event, such event would not constitute Force Majeure pursuant to the provisions of this Section 14; and

		
	(h)
	the loss of interruptible or secondary firm transportation service on a Connecting Pipeline or any pipeline upstream of a Connecting Pipeline unless (i) the cause of such loss was an event that would satisfy the definition of Force Majeure hereunder and primary in-the-path transportation service on such pipeline was also interrupted as a result of such event, or (ii) caused by Buyer or any Affiliate of Buyer.

		
	14.2.3
	Force Majeure relief in respect of Buyer for an event described in Section 14.1.1(e) affecting a specific LNG Tanker shall only be available with respect to cargoes that are scheduled to be transported on such LNG Tanker in the applicable Ninety Day Schedule or ADP for such Contract Year, or (to the extent that the ADP for the following Contract Year has been issued by Seller) in the ADP for the following Contract Year.

		
	14.3
	Notification

A Force Majeure event shall take effect at the moment such an event or circumstance occurs.  Upon the occurrence of a Force Majeure event that prevents, interferes with or delays the performance by Seller or Buyer, in whole or in part, of any of its obligations under this Agreement, the Party affected shall give notice thereof to the other Party describing such event and stating the obligations the performance of which are affected (either in the original or in supplemental notices) and stating, as applicable:
		
	14.3.1
	the estimated period during which performance may be prevented, interfered with or delayed, including, to the extent known or ascertainable, the estimated extent of such reduction in performance;

		
	14.3.2
	the particulars of the program to be implemented to resume normal performance under this Agreement; and

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	14.3.3
	the anticipated portion of Buyer’s ACQ for a Contract Year that will not be made available or taken, as the case may be, by reason of Force Majeure.

Such notices shall thereafter be updated at least monthly during the period of such claimed Force Majeure specifying the actions being taken to remedy the circumstances causing such Force Majeure.
		
	14.4
	Measures

Prior to resumption of normal performance, the Parties shall continue to perform their obligations under this Agreement to the extent not excused by such event of Force Majeure.
		
	14.5
	No Extension of Term

The Term shall not be extended as a result of or by the duration of an event of Force Majeure.
		
	14.6
	Settlement of Industrial Disturbances

Settlement of strikes, lockouts, or other industrial disturbances shall be entirely within the discretion of the Party experiencing such situations, and nothing in this Agreement shall require such Party to settle industrial disputes by yielding to demands made on it when it considers such action inadvisable.
		
	14.7
	Foundation Customer Priority

Notwithstanding any other provision in this Section 14, during any event of Force Majeure affecting Seller, Seller shall apportion the remaining capacity at the Sabine Pass Facility according to the Foundation Customer Priority.  
“Foundation Customer Priority” means that Foundation Customers will receive priority for receiving LNG from the remaining available LNG production capacity, if any, at the Sabine Pass Facility in the following manner: all such remaining available LNG production capacity at the Sabine Pass Facility (and the LNG produced therefrom) will be allocated, to the extent practicable, to each Foundation Customer based upon the proportionate share of such Foundation Customer’s adjusted annual contract quantity to the adjusted annual contract quantities of all Foundation Customers, without regard to whether the underlying event affects the Designated Train or another liquefaction train, and without regard to whether the remaining available LNG production capacity includes the Designated Train.

 69

		
	15.
	Liabilities and Indemnification

		
	15.1
	General

Subject to Section 15.2, and without prejudice to any indemnity provided under this Agreement, Seller shall be liable to Buyer, and Buyer shall be liable to Seller, for any loss which has been suffered as a result of the breach by the Party liable of any one or more of its obligations under this Agreement, to the extent that the Party liable should reasonably have foreseen the loss.
		
	15.2
	Limitations on Liability

		
	15.2.1
	Incidental and Consequential Losses.  Neither Party shall be liable to the other Party hereunder as a result of any act or omission in the course of or in connection with the performance of this Agreement, for or in respect of:

		
	(a)
	any indirect, incidental, consequential or exemplary losses;

		
	(b)
	any loss of income or profits;

		
	(c)
	except as expressly provided in this Agreement, any failure of performance or delay in performance to the extent relieved by the application of Force Majeure in accordance with Section 14; or

		
	(d)
	except as expressly provided in this Agreement, any losses arising from any claim, demand or action made or brought against the other Party by a Third Party.

		
	15.2.2
	Exclusive Remedies.  A Party’s sole liability, and the other Party’s exclusive remedy, arising under or in connection with Sections 5.2, 5.3, 5.4, 7.12.3, 7.12.4, 7.14.2(d), and 12.3 and this Section 15 shall be as set forth in each such provision, respectively.

		
	15.2.3
	Liquidated Damages.  The Parties agree that it would be impracticable to determine accurately the extent of the loss, damage and expenditure that either Party would have in the circumstances described in Sections 5.2, 5.3, 5.4, 7.12.3 and 7.12.4.  Accordingly, the Parties have estimated and agreed in advance that the sole liability, and exclusive remedy for such circumstances shall be as provided in those Sections, and neither Party shall have additional liability as a result of any such circumstances.  Each amount described in or determined by the provisions of Sections 5.2, 5.3, 5.4, 7.12.3 and 7.12.4 is intended to represent a genuine pre-estimate by the Parties as to the loss or damage likely to be suffered by the Party receiving the payment or benefit in each such circumstance.  Each Party waives any right to claim or assert, in any arbitration or expert determination pursuant to Section 21 in any action with respect to this Agreement, that any of the exclusive remedies set forth in Sections 5.2, 5.3, 5.4, 7.12.3 and 7.12.4 do not represent a genuine pre-

 70

estimate by the Parties as to the loss or damage likely to be suffered by the Party receiving the payment or benefit in each such circumstance or otherwise are not valid and enforceable damages.
		
	15.2.4
	Express Remedies.  The Parties agree that Section 15.2.1 shall not impair a Party’s obligation to pay the amounts specified in, or the validity of or limitations imposed by, Sections 5.2, 5.3, 5.4, 7.12.3, 7.12.4, 7.14.2(d), and 12.3.  Neither Party shall have a right to make a claim for actual damages (whether direct or indirect) or other non-specified damages under any circumstances for which an express remedy or measure of damages is provided in this Agreement.

		
	15.2.5
	Remedies in Contract.  Except with respect to claims for injunctive relief under Sections 19 and 21.1.11, a Party’s sole remedy against the other Party for nonperformance or breach of this Agreement or for any other claim of whatsoever nature arising out of or in relation to this Agreement shall be in contract and no Party shall be liable to another Party (or its Affiliates and contractors and their respective members, directors, officers, employees and agents) in respect of any damages or losses suffered or claims which arise out of, under or in any alleged breach of statutory duty or tortious act or omission or otherwise.

		
	15.2.6
	Seller Aggregate Liability for Certain Events.

		
	(a)
	Notwithstanding any provision herein to the contrary, the maximum Seller Aggregate Liability as of any given date in respect of any occurrence or series of occurrences shall not exceed the Seller Liability Cap.

		
	(b)
	“Seller Aggregate Liability” shall mean, as of any date of determination, any and all liability of Seller to Buyer under this Agreement, excluding (i) any Seller liabilities under this Agreement for which Seller has already made payment to Buyer as of such date, (ii) any liability caused by the gross negligence or willful misconduct of Seller or an Affiliate of Seller, (iii) any amounts related to an indemnity obligation of Seller, and (iv) any Cargo DoP Credit.

		
	(c)
	The “Seller Liability Cap” shall be USD twenty-five million (USD 25,000,000).

		
	15.2.7
	EXCEPT FOR WARRANTIES OF TITLE AND NO LIENS OR ENCUMBRANCES, AND SUBJECT TO THE PROVISIONS OF THIS AGREEMENT CONCERNING THE QUALITY OF LNG TO BE DELIVERED UNDER THIS AGREEMENT, SELLER EXPRESSLY NEGATES ANY WARRANTY WITH RESPECT TO LNG DELIVERED UNDER THIS AGREEMENT, WRITTEN OR ORAL, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY WITH 

 71

RESPECT TO CONFORMITY TO SAMPLES, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
		
	15.2.8
	Cargo DoP Credits.  Notwithstanding any other provision herein to the contrary, each Cargo DoP Credit shall be applied as a credit against Buyer’s payment and other obligations and liabilities under this Agreement, and without limiting the foregoing, any amount due by Buyer hereunder shall be reduced by any Cargo DoP Credits (or portion thereof) then outstanding; provided, however, that such Cargo DoP Credits (or portion thereof) shall not be applied as credits to the extent doing so would result in Seller receiving aggregate payments in a given Contract Year that are less than the aggregate CSP amounts in respect of all LNG sold and delivered to Buyer in such Contract Year.  To the extent any Cargo DoP Credits (or portion thereof) are not credited in a given Contract Year due to the proviso of the foregoing sentence, such unapplied Cargo DoP Credits (or portion thereof) shall be carried forward to and applied during the subsequent Contract Years until the balance of Cargo DoP Credits is equal to zero.

		
	15.3
	Third Party Liability

With respect to Third Party liabilities:
		
	(a)
	If any Third Party shall notify either Party (the “Indemnified Party”) with respect to any matter (a “Third Party Claim”) that may give rise to a claim for indemnification against the other Party (the “Indemnifying Party”) under this Section 15 or elsewhere in this Agreement, then the Indemnified Party shall promptly notify the Indemnifying Party thereof in writing; provided, however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party shall relieve the Indemnifying Party from any obligation hereunder unless (and then solely to the extent) the Indemnifying Party thereby is materially prejudiced.

		
	(b)
	The Indemnifying Party will have the right to defend against the Third Party Claim with counsel of its choice reasonably satisfactory to the Indemnified Party so long as (i) the Indemnifying Party notifies the Indemnified Party in writing within fifteen (15) Days after the Indemnified Party has given notice of the Third Party Claim that the Indemnifying Party will indemnify the Indemnified Party from and against any damages the Indemnified Party may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim; (ii) the Indemnifying Party provides the Indemnified Party with evidence reasonably acceptable to the Indemnified Party that the Indemnifying Party will have the financial resources to defend against the Third Party Claim and fulfill its indemnification 

 72

obligations hereunder; (iii) the Third Party Claim involves only money damages and does not seek an injunction or other equitable relief; (iv) settlement of, or an adverse judgment with respect to, the Third Party Claim is not in the good faith judgment of the Indemnified Party, likely to establish a precedential custom or practice materially adverse to the continuing business interests of the Indemnified Party; and (v) the Indemnifying Party conducts the defense of the Third Party Claim actively and diligently.
		
	(c)
	So long as the Indemnifying Party is conducting the defense of the Third Party Claim in accordance with Section 15.3(b):  (i) the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim; (ii) the Indemnified Party will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld); and (iii) the Indemnifying Party will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld).

		
	(d)
	In the event any of the conditions in Section 15.3(b) is or becomes unsatisfied, or a conflict arises, with regard to the Third Party Claim, between the Indemnified Party and the Indemnifying Party in respect of such Third Party Claim the Indemnified Party may defend against the Third Party Claim in any manner it reasonably may deem appropriate.

		
	(e)
	If either Party gives notice to the other Party of a Third Party Claim pursuant to the provisions of Section 15.3(a) and the notified Party does not give notice that it will indemnify the notifying Party in the manner set out in Section 15.3(b), the notifying Party shall nevertheless send copies of all pleadings and other documents filed in any such Third Party lawsuit to the notified Party and such notified Party may have the right to participate in the defense of the Third Party Claim in any manner permitted by Applicable Law.

		
	15.4
	Seller’s Insurance

		
	15.4.1
	Seller shall obtain and maintain or cause to be obtained and maintained:

 73

		
	(a)
	insurance for the Sabine Pass Facility to the extent required by Applicable Law, and

		
	(b)
	additional insurance, as is reasonably necessary and available on reasonable commercial terms, against such other risks and at such levels as a Reasonable and Prudent Operator of a shared use LNG receiving, regasification and liquefaction terminal would obtain.

		
	15.4.2
	Seller shall obtain or cause to be obtained the insurance required by Section 15.4.1 from a reputable insurer (or insurers) reasonably believed to have adequate financial reserves.  Seller shall exercise its best efforts, or shall cause the applicable insured Person to use its best efforts, to collect any amount due under such insurance policies.

		
	15.5
	Buyer’s Insurance

Buyer shall ensure that insurances are procured and maintained for each LNG Tanker in accordance with the following provisions.  In all cases, such insurance shall establish insurance coverages consistent with insurances to the standards which a ship owner operating reputable LNG vessels, as a Reasonable and Prudent Operator, should observe in insuring LNG vessels of similar type, size, age and trade as such LNG Tanker.  In this regard:
		
	(a)
	Hull and Machinery Insurance shall be placed and maintained with reputable marine underwriters; and

		
	(b)
	Protection & Indemnity Insurance (“P&I Insurance”) shall be placed and maintained with full P&I indemnity cover in the ordinary course from a P&I Club, and such LNG Tanker shall be entered for insurance with a P&I Club, including pollution liability standard for LNG vessel and Certificate of Financial Responsibility.

		
	16.
	Safety

		
	16.1
	General

The Parties recognize the importance of securing and maintaining safety in all matters contemplated in this Agreement, including the construction and operation of their respective facilities and the LNG Tankers and transportation of LNG. It is their respective intentions to secure and maintain high standards of safety in accordance with the generally accepted standards prevailing in the LNG and LNG transportation industries from time to time.
		
	16.2
	Third Parties

Both Parties shall use reasonable efforts to ensure that their respective employees, agents, operators, Transporter, contractors and suppliers shall have due regard to 

 74

safety and abide by the relevant regulations while they are performing work and services in connection with the performance of this Agreement, including such work and services performed within and around the area of the Sabine Pass Facility and on board the LNG Tankers.
		
	17.
	Representations, Warranties and Undertakings

		
	17.1
	Representations and Warranties of Buyer

As of the Effective Date and until the expiration or termination of this Agreement, Buyer represents, undertakes and warrants that:
		
	17.1.1
	Buyer is and shall remain duly formed and in good standing under the laws of the State of Delaware;

		
	17.1.2
	Buyer has the requisite power, authority and legal right to execute and deliver, and to perform its obligations under, this Agreement;

		
	17.1.3
	Buyer has not incurred any liability to any financial advisor, broker or finder for any financial advisory, brokerage, finder’s or similar fee or commission in connection with the transactions contemplated by this Agreement for which Seller or any of its Affiliates could be liable; and

		
	17.1.4
	neither the execution, delivery, nor performance of this Agreement violates or will violate, results or will result in a breach of or constitutes or will constitute a default under any provision of Buyer’s organizational documents, any law, judgment, order, decree, rule, or regulation of any court, administrative agency, or other instrumentality of any Governmental Authority or of any other material agreement or instrument to which Buyer is a party.

		
	17.2
	Representations and Warranties of Seller

As of the Effective Date and until the expiration or termination of this Agreement, Seller represents, undertakes and warrants that:
		
	17.2.1
	Seller is and shall remain duly formed and in good standing under the laws of the State of Delaware and duly qualified to do business in the State of Louisiana;

		
	17.2.2
	Seller has the requisite power, authority and legal right to execute and deliver, and to perform its obligations under this Agreement;

		
	17.2.3
	Seller has not incurred any liability to any financial advisor, broker or finder for any financial advisory, brokerage, finder’s or similar fee or commission in connection with the transactions contemplated by this Agreement for which Buyer or any of its Affiliates could be liable; and

 75

		
	17.2.4
	neither the execution, delivery, nor performance of this Agreement, violates or will violate, results or will result in a breach of, or constitutes or will constitute a default under, any provision of Seller’s organizational documents, any law, judgment, order, decree, rule, or regulation of any court, administrative agency, or other instrumentality of any Governmental Authority or of any other material agreement or instrument to which Seller is a party.

		
	17.3
	Business Practices

Each Party represents and warrants to the other, as of the Effective Date, that it has not taken any actions that would, if such actions were undertaken after the Effective Date, conflict with such Party’s obligations under Section 26.3.
		
	17.4
	Buyer’s Credit Support

		
	17.4.1
	Subject to Section 7.14.2, unless (a) CEGP, directly or indirectly through one or more intermediaries, is under common control with Buyer (as “control” is defined in the definition of “Affiliate” in Section 1.1), or (b) Buyer has an Acceptable Credit Rating at such time, Buyer shall provide to Seller, not later than the twentieth (20th)  Day of the Month that is two (2) Months prior to the Month of the Delivery Window for any cargo to be sold and delivered hereunder, an Acceptable Letter of Credit for an amount that is not less than the Scheduled Cargo Quantity for such cargo, multiplied by 1.15, multiplied by the closing price (in USD per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the Month in which the relevant cargo’s Delivery Window is scheduled to begin, as determined on the most recent trading day prior to the date on which such Acceptable Letter of Credit is issued, plus the amount of any then outstanding amounts owing to Seller under this Agreement for which Buyer has received an invoice from Seller; provided, however, that Buyer shall not be required to increase the amount of any Acceptable Letter of Credit unless this Section 17.4.1 would otherwise require increasing such amount by more than USD one million (USD 1,000,000).  Buyer shall procure that such Acceptable Letter of Credit remains in place for the full face amount, until Buyer has fully paid for such cargo in accordance with Section 10.2.1.

		
	17.4.2
	At Buyer’s option, Buyer shall have the right to satisfy its obligations pursuant to Section 17.4.1 for multiple cargoes by providing Seller with one or more Acceptable Letters of Credit for any amounts, the sum of which is not less than the sum of the required amounts specified in Section 17.4.1 for each such cargo.

 76

		
	18.
	Exchange of Information

The Parties shall maintain close communication and mutually provide and shall use reasonable efforts to exchange available information directly relevant to the fulfillment of the terms and conditions of this Agreement.
		
	19.
	Confidentiality

		
	19.1
	Duty of Confidentiality

The (i) terms of this Agreement and (ii) any information disclosed by either Party to the other Party in connection with this Agreement which is not:
		
	(a)
	already known to the recipient from sources other than the other Party;

		
	(b)
	already in the public domain (other than as a result of a breach of the terms of this Section 19.1); or

		
	(c)
	independently developed by the recipient;

shall be “Confidential Information” and shall, unless otherwise agreed in writing by the disclosing Party, be kept confidential and shall not be used by the receiving Party other than for a purpose connected with this Agreement or, except as provided below, disclosed to Third Parties by the receiving Party.
		
	19.2
	Permitted Disclosures

		
	19.2.1
	The Confidential Information, which either Party receives from the other, may be disclosed by such Party:

		
	(a)
	to any Person who is such Party’s legal counsel, other professional consultant or adviser, Transporter, insurer, accountant or construction contractor; provided that such disclosure is solely to assist the purpose for which such Person was so engaged;

		
	(b)
	if required and to the extent required by the rules of any recognized stock exchange or agency established in connection therewith upon which the securities of such Party or a company falling within Section 19.2.1(e) are quoted;

		
	(c)
	if required and to the extent required by the U.S. Department of Energy;

		
	(d)
	without limiting Section 19.2.1(c), if required and to the extent required by any Applicable Laws, or such Party becomes legally required (by oral questions, interrogatories, request for information or documents, orders issued by any Governmental Authority or any other process) to disclose such information; provided that such Party shall, to the extent practicable, 

 77

give prior notice to the other Party of the requirement and the terms thereof and shall cooperate with the other Party to minimize the disclosure of the information, seek a protective order or other appropriate remedy, and if such protective order or other remedy is not obtained, then such Party will furnish only that portion of such information that it is legally required to furnish;
		
	(e)
	to any of its Affiliates (or any company involved in the provision of advice to any such Affiliate for the purposes of this Agreement) and any employee of that Party or of a company to which disclosure is permitted pursuant to this Section 19.2.1(e);

		
	(f)
	to any bona fide intended assignees of a Party’s interests under this Agreement;

		
	(g)
	to any Third Party as reasonably necessary for the performance of a Party’s obligations under this Agreement;

		
	(h)
	to any arbitrator appointed in accordance with Section 21.1.4, or Expert appointed pursuant to Section 21.2.1; or

		
	(i)
	to any Person reasonably required to see such Confidential Information, including the Lenders, in connection with any bona fide financing or offering or sale of securities by Seller or Buyer or any Affiliate of Seller or Buyer, to comply with the disclosure or other requirements of Applicable Law or of financial institutions or other participants (including rating agencies) in such financing, offering or sale.

		
	19.2.2
	The Party making the disclosure shall ensure that any Person listed in Section 19.2.1(a), (e), (f), (g) or (i) to which it makes the disclosure (excluding legal counsel) undertakes to hold such Confidential Information subject to confidentiality obligations equivalent to those set out in Section 19.1.  In the case of a disclosure to an employee made in accordance with Section 19.2.1(e), the undertaking shall be given by the company on its own behalf and in respect of all its employees.

		
	19.2.3
	Seller may disclose Confidential Information to its Foundation Customers, or other buyers under any Third Party LNG SPA, related to scheduling, operations and other relevant technical information to comply with Seller’s performance of Section 8, only to the extent necessary to ensure the effective implementation thereof.

		
	19.2.4
	No press release concerning the execution of this Agreement shall be issued unless agreed by the Parties.

 78

		
	19.3
	Duration of Confidentiality

The foregoing obligations with regard to the Confidential Information shall remain in effect for three (3) years after this Agreement is terminated or expires.
		
	20.
	Default and Termination 

		
	20.1
	Termination Events

The following circumstances (each, a “Termination Event”) shall give rise to the right for either or both of Seller and Buyer (as the case may be) to terminate this Agreement:
		
	20.1.1
	in respect of either Party, if a Bankruptcy Event has occurred with respect to the other Party;

		
	20.1.2
	in respect of either Party, if the other Party fails to pay or cause to be paid any amount or amounts in the aggregate due that are in excess of USD thirty million (US$30,000,000), for a period of ten (10) Days or more following the due date of the relevant invoice;

		
	20.1.3
	in respect of either Party, violation of Sections 17.3 or 26.3.1(ii) by the other Party;

		
	20.1.4
	in respect of Buyer, if (a) Seller has declared Force Majeure one or more times and the interruptions resulting from such Force Majeure total twenty-four (24) Months during any thirty-six (36) Month period, and (b) such Force Majeure has resulted in Seller being prevented from making available fifty percent (50%) or more of the annualized ACQ during such periods of Force Majeure;

		
	20.1.5
	in respect of Seller, if (a) Buyer has declared Force Majeure one or more times and the interruptions resulting from such Force Majeure total twenty-four (24) Months during any thirty-six (36) Month period, and (b) such Force Majeure has resulted in Buyer being prevented from taking fifty percent (50%) or more of the annualized ACQ during such periods of Force Majeure;

		
	20.1.6
	in respect of Buyer, pursuant to the terms of Section 4.3.2;

		
	20.1.7
	in respect of Seller, violation of Section 26.1 by Buyer;

		
	20.1.8
	in respect of Seller, violation of Section 26.2 by Buyer;

		
	20.1.9
	in respect of Buyer, if Seller fails to make available (as such obligation for any cargo is set forth in Section 5.3.1) fifty percent (50%) of the cargoes scheduled in any given twelve (12) Month period;

 79

20.1.10 in respect of Seller, if Buyer fails to take (as such obligation for any cargo is set forth in Section 5.2.1) fifty percent (50%) of the cargoes scheduled in any given twelve (12) Month period; and
20.1.11 in respect of Seller, if Buyer fails to execute any Direct Agreement with Seller’s Lenders within sixty (60) Days after Seller’s request thereof, provided that such Direct Agreement complies with the requirements of Section 22.4.2.
		
	20.2
	Termination

		
	20.2.1
	Notice of Termination.  Upon the occurrence of any Termination Event, subject to Section 20.2.5, the Party which has the right under Section 20.1 to terminate this Agreement (“Terminating Party”) may give notice thereof to the other Party, specifying in reasonable detail the nature of such Termination Event (except that any termination notice with respect to a Termination Event identified in Section 20.1.9 or 20.1.10 shall only be valid if notice thereof is provided within ninety (90) Days after such Termination Event first arose).

		
	20.2.2
	Timing.  Except with respect to the Termination Events described in Section 20.2.3, at any time after the expiry of a period of forty-five (45) Days after the Terminating Party gave notice of a Termination Event pursuant to Section 20.2.1, unless the circumstances constituting the Termination Event have been fully remedied or have ceased to apply, the Terminating Party may terminate this Agreement with immediate effect by giving notice of such termination to the other Party.

		
	20.2.3
	Certain Events.  Upon the occurrence of a Termination Event described in Sections 20.1.1, 20.1.3, 20.1.4, 20.1.5, 20.1.7, 20.1.8, 20.1.9 and 20.1.10 the Terminating Party’s notice pursuant to Section 20.2.1 shall terminate this Agreement immediately.

		
	20.2.4
	Rights Accrued Prior to Termination.  Termination of this Agreement shall be without prejudice to the rights and liabilities of the Parties accrued prior to or as a result of such termination or claims for breaches of Section 19 that occur during the three (3) year period after termination of this Agreement.

		
	20.2.5
	Limits to Termination.  Neither Seller nor Buyer, respectively, may terminate this Agreement if the Termination Event occurs solely because of a breach by the non-terminating Party arising from events for which that non-terminating Party would otherwise be entitled to terminate this Agreement.

 80

		
	20.3
	Survival

The following provisions shall survive expiration or termination of this Agreement: Sections 1, 10, 11, 13.8.2, 15, 19 (to the extent provided therein),  and 21 to 26, in addition to this Section 20.3.
		
	21.
	Dispute Resolution and Governing Law

		
	21.1
	Dispute Resolution

		
	21.1.1
	Arbitration. Any Dispute (other than a Dispute submitted to an Expert under Section 21.2.1) shall be exclusively and definitively resolved through final and binding arbitration, it being the intention of the Parties that this is a broad form arbitration agreement designed to encompass all possible claims and disputes under this Agreement.

		
	21.1.2
	Rules. The arbitration shall be conducted in accordance with the International Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) (as then in effect).

		
	21.1.3
	Number of Arbitrators.  The arbitral tribunal shall consist of three (3) arbitrators, who shall endeavor to complete the final hearing in the arbitration within six (6) Months after the appointment of the last arbitrator.

		
	21.1.4
	Method of Appointment of the Arbitrators.  If there are only two (2) parties to the Dispute, then each party to the Dispute shall appoint one (1) arbitrator within thirty (30) Days of the filing of the arbitration, and the two arbitrators so appointed shall select the presiding arbitrator within thirty (30) Days after the latter of the two arbitrators has been appointed by the parties to the Dispute.  If a party to the Dispute fails to appoint its party-appointed arbitrator or if the two party-appointed arbitrators cannot reach an agreement on the presiding arbitrator within the applicable time period, then the AAA shall serve as the appointing authority and shall appoint the remainder of the three arbitrators not yet appointed.  If the arbitration is to be conducted by three arbitrators and there are more than two parties to the Dispute, then within thirty (30) Days of the filing of the arbitration, all claimants shall jointly appoint one arbitrator and all respondents shall jointly appoint one arbitrator, and the two arbitrators so appointed shall select the presiding arbitrator within thirty (30) Days after the latter of the two arbitrators has been appointed by the parties to the Dispute.  For the purposes of appointing arbitrators under this Section 21, (a) Buyer and all persons whose interest in this Agreement derives from them shall be considered as one party; and (b) Seller and all persons whose interest in this Agreement derives from Seller shall be considered as one party.  If either all claimants or all respondents fail to make a joint appointment of an arbitrator, or if the party-appointed arbitrators cannot reach an agreement on the presiding arbitrator within the applicable 

 81

time period, then the AAA shall serve as the appointing authority and shall appoint the remainder of the three (3) arbitrators not yet appointed.
		
	21.1.5
	Consolidation.  If the Parties initiate multiple arbitration proceedings under this Agreement the subject matters of which are related by common questions of law or fact and which could result in conflicting awards or obligations, then either Party may request prior to the appointment of the arbitrators for such multiple or subsequent Disputes that all such proceedings be consolidated into a single arbitral proceeding.  Such request shall be directed to the AAA, which shall consolidate appropriate proceedings into a single proceeding unless consolidation would result in undue delay for the arbitration of the Disputes.

		
	21.1.6
	Place of Arbitration.  Unless otherwise agreed by all parties to the Dispute, the place of arbitration shall be Houston, Texas.

		
	21.1.7
	Language.  The arbitration proceedings shall be conducted in the English language, and the arbitrators shall be fluent in the English language.

		
	21.1.8
	Entry of Judgment.  The award of the arbitral tribunal shall be final and binding.  Judgment on the award of the arbitral tribunal may be entered and enforced by any court of competent jurisdiction.  The Parties agree that service of process for any action to enforce an award may be accomplished according to the procedures of Section 25, as well as any other procedure authorized by law.

		
	21.1.9
	Notice.  All notices required for any arbitration proceeding shall be deemed properly given if given in accordance with Section 25.

21.1.10 Qualifications and Conduct of the Arbitrators.  All arbitrators shall be and remain at all times wholly impartial, and, once appointed, no arbitrator shall have any ex parte communications with any of the parties to the Dispute concerning the arbitration or the underlying Dispute other than communications directly concerning the selection of the presiding arbitrator, where applicable.
21.1.11 Interim Measures.  Any party to the Dispute may apply to a court in Harris County, Texas for interim measures (a) prior to the constitution of the arbitral tribunal (and thereafter as necessary to enforce the arbitral tribunal’s rulings); or (b) in the absence of the jurisdiction of the arbitral tribunal to rule on interim measures in a given jurisdiction.  The Parties agree that seeking and obtaining such interim measures shall not waive the right to arbitration.  The arbitrators (or in an emergency the presiding arbitrator acting alone in the event one or more of the other arbitrators is unable to be involved in a timely fashion) may grant interim measures including injunctions, attachments and conservation orders in appropriate circumstances, which measures may be 

 82

immediately enforced by court order.  Hearings on requests for interim measures may be held in person, by telephone, by video conference or by other means that permit the parties to the Dispute to present evidence and arguments.
21.1.12 Costs and Attorneys’ Fees.  The arbitral tribunal is authorized to award costs of the arbitration in its award, including: (a) the fees and expenses of the arbitrators; (b) the costs of assistance required by the tribunal, including its Experts; (c) the fees and expenses of the administrator; (d) the reasonable costs for legal representation of a successful Party; and (e) any such costs incurred in connection with an application for interim or emergency relief and to allocate those costs between the parties to the Dispute.  The costs of the arbitration proceedings, including attorneys’ fees, shall be borne in the manner determined by the arbitral tribunal.
21.1.13 Interest.  The award shall include pre-award and post-award interest, as determined by the arbitral award, from the date of any default or other breach of this Agreement until the arbitral award is paid in full.  Interest shall accrue at a rate per annum equal to two percent (2%) above LIBOR (as in effect on the Day such award was issued) on and from the Day when such award was issued until the date of its repayment, provided that, without prejudice to the other terms of this Agreement, if such period lasts longer than ninety (90) Days, the applicable LIBOR rate for each successive term of ninety (90) Days during that period shall be that in effect on the first Day of that ninety (90) Day period.  Interest shall accrue from Day to Day and be calculated on the basis of a three hundred sixty (360) Day year.
21.1.14 Currency of Award.  The arbitral award shall be made and payable in USD, free of any tax or other deduction.
21.1.15 Waiver of Challenge to Decision or Award.  To the extent permitted by law, the Parties hereby waive any right to appeal from or challenge any arbitral decision or award, or to oppose enforcement of any such decision or award before a court or any governmental authority, except with respect to the limited grounds for modification or non-enforcement provided by any applicable arbitration statute or treaty.
21.1.16 Confidentiality.  Any arbitration or expert determination relating to a Dispute (including a settlement resulting from an arbitral award, documents exchanged or produced during an arbitration proceeding, and memorials, briefs or other documents prepared for the arbitration) shall be confidential and may not be disclosed by the Parties, their employees, officers, directors, counsel, consultants, and expert witnesses, except (in accordance with Section 19) to the extent necessary to enforce this Section 21.1.16 or any arbitration award, to enforce other rights of a party to the Dispute, or as 

 83

required by law; provided, however, that breach of this confidentiality provision shall not void any settlement, expert determination or award.
		
	21.2
	Expert Determination

		
	21.2.1
	General.  In the event of any disagreement between the Parties regarding a measurement under Exhibit A hereto, the applicable published market price for purposes of Section 5.3.2 or any other Dispute which the Parties agree to submit to an Expert (in either case, a “Measurement Dispute”), the Parties hereby agree that such Measurement Dispute shall be resolved by an Expert selected as provided in this Section 21.2.1.  The Expert is not an arbitrator of the Measurement Dispute and shall not be deemed to be acting in an arbitral capacity.  The Party desiring an expert determination shall give the other Party to the Measurement Dispute notice of the request for such determination.  If the Parties to the Measurement Dispute are unable to agree upon an Expert within ten (10) Days after receipt of the notice of request for an expert determination, then, upon the request of any of the Parties to the Measurement Dispute, the International Centre for Expertise of the International Chamber of Commerce (“ICC”) shall appoint such Expert and shall administer such expert determination through the ICC’s Rules for Expertise.  The Expert shall be and remain at all times wholly impartial, and, once appointed, the Expert shall have no ex parte communications with any of the Parties to the Measurement Dispute concerning the expert determination or the underlying Measurement Dispute.  The Parties to the Measurement Dispute shall cooperate fully in the expeditious conduct of such expert determination and provide the Expert with access to all facilities, books, records, documents, information and personnel necessary to make a fully informed decision in an expeditious manner.  Before issuing a final decision, the Expert shall issue a draft report and allow the Parties to the Measurement Dispute to comment on it.  The Expert shall endeavor to resolve the Measurement Dispute within thirty (30) Days (but no later than sixty (60) Days) after his appointment, taking into account the circumstances requiring an expeditious resolution of the matter in dispute.

		
	21.2.2
	Final and Binding. The Expert’s decision shall be final and binding on the Parties to the Measurement Dispute unless challenged in an arbitration pursuant to Section 21.1 within thirty (30) Days of the date the Expert’s decision.  If challenged, (a) the decision shall remain binding and be implemented unless and until finally replaced by an award of the arbitrators; (b) the decision shall be entitled to a rebuttable presumption of correctness; and (c) the Expert shall not be appointed in the arbitration as an arbitrator or as advisor to either Party without the written consent of both Parties.

		
	21.2.3
	Arbitration of Expert Determination.  In the event that a Party requests expert determination for a Measurement Dispute which raises issues that require determination of other matters in addition to correct measurement under 

 84

Exhibit A hereto, then either Party may elect to refer the entire Measurement Dispute for arbitration under Section 21.1.1.  In such case, the arbitrators shall be competent to make any measurement determination that is part of a Dispute.  An expert determination not referred to arbitration shall proceed and shall not be stayed during the pendency of an arbitration.
		
	21.3
	Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of New York (United States of America) without regard to principles of conflict of laws that would specify the use of other laws.
		
	21.4
	Immunity

		
	21.4.1
	Each Party, as to itself and its assets, hereby irrevocably, unconditionally, knowingly and intentionally waives any right of immunity (sovereign or otherwise) and agrees not to claim, or assert any immunity with respect to the matters covered by this Agreement in any arbitration, Expert proceeding, or other action with respect to this Agreement, whether arising by statute or otherwise, that it may have or may subsequently acquire, including rights under the doctrines of sovereign immunity and act of state, immunity from legal process (including service of process or notice, pre-judgment or pre-award attachment, attachment in aid of execution, or otherwise), immunity from jurisdiction or judgment of any court, arbitrator, Expert or tribunal (including any objection or claim on the basis of inconvenient forum), and immunity from enforcement or execution of any award or judgment or any other remedy.

		
	21.4.2
	Each Party irrevocably, unconditionally, knowingly and intentionally:

		
	(a)
	agrees that the execution, delivery and performance by it of this Agreement constitute private and commercial acts rather than public or governmental acts;

		
	(b)
	consents in respect of the enforcement of any judgment against it in any such proceedings in any jurisdiction and to the giving of any relief or the issue of any process in connection with such proceedings (including the making, enforcement or execution of any such judgment or any order arising out of any such judgment against or in respect of any property whatsoever irrespective of its use or intended use).

 85

		
	22.
	Assignments

		
	22.1
	Merger, Consolidation, Acquisition

This Agreement shall be binding upon and inure to the benefit of any successor to each of Seller and Buyer by merger, consolidation or acquisition.
		
	22.2
	Assignment by Buyer

		
	22.2.1
	Prior Written Consent.  Buyer may novate or assign this Agreement in its entirety, for the remainder of the Term, upon the prior written consent of Seller (which consent shall not be unreasonably withheld or delayed), provided that such assignee assumes all of the obligations of Buyer under this Agreement commencing as of the date of the assignment by execution of a copy of this Agreement in its own name (countersigned by Seller) or by execution of a binding assignment and assumption agreement which is enforceable by Seller.

		
	22.2.2
	Without Prior Consent.  Buyer may novate or assign this Agreement in its entirety, for the remainder of the Term, without Seller’s prior consent, to an Affiliate of Buyer, provided that:

		
	(a)
	such Affiliate assignee assumes all of the obligations of Buyer under this Agreement commencing as of the date of the novation or the assignment by execution of a copy of this Agreement in its own name (countersigned by Seller) or by execution of a binding assignment and assumption agreement which is enforceable by Seller; and

		
	(b)
	performance of this Agreement by Seller with such Affiliate assignee would comply with Applicable Laws and all relevant Approvals.

		
	22.2.3
	Further Obligations.  Upon a novation or assignment in whole by Buyer in accordance with this Section 22.2, the assignor shall be released from all further obligations, duties and liabilities under this Agreement, other than any obligations, duties and liabilities arising prior to the date of effectiveness of such novation or assignment and the applicable assignee shall be “Buyer” hereunder for all purposes.

		
	22.3
	Assignments by Seller

		
	22.3.1
	Prior Written Consent.  Seller may novate or assign this Agreement in its entirety, for the remainder of the Term, upon the prior written consent of Buyer (which consent shall not be unreasonably withheld or delayed), provided that the assignee assumes all of the obligations of Seller under this Agreement commencing as of the date of the assignment or novation by execution of a copy of this Agreement in its own name (countersigned by 

 86

Buyer) or by execution of a binding assignment and assumption agreement which is enforceable by Buyer; provided, however, that if the assignee is an Affiliate of Seller, will be the sole owner of the Sabine Liquefaction Facility and will have all Approvals and export authorizations equivalent to the Export Authorizations to the extent needed to perform Seller’s obligations under this Agreement, Buyer shall be deemed to consent to such assignment or novation of this Agreement.
		
	22.3.2
	Pursuant to Direct Agreement. At any time that an event of default has occurred and is continuing under any loan agreements to which Seller is a party, Seller may novate or assign this Agreement in its entirety, for the remainder of the Term, to the extent that Buyer has so consented in the Direct Agreement.

		
	22.3.3
	Further Obligations.  Upon a novation or assignment by Seller, in accordance with this Section 22.3, the assignor shall be released from all further obligations, duties and liabilities under this Agreement, other than any obligations, duties and liabilities arising prior to the date of effectiveness of such novation or assignment and the applicable assignee shall be “Seller” hereunder for all purposes.

		
	22.4
	Seller Financing

		
	22.4.1
	Lender Financing.  Seller shall have the right to obtain financing from Lenders.  In connection with any financing or refinancing of the Sabine Liquefaction Facility, Buyer, shall, if so requested by Seller, deliver to Seller’s Lenders or the agent acting on behalf of any such Lenders (“Lenders’ Agent”) certified copies of its corporate charter and by-laws, resolutions, incumbency certificates, financial statements, and such other items as available and upon reasonable request by Lenders or Lenders’ Agent. 

		
	22.4.2
	Assignment as Security.  Buyer further acknowledges and agrees that Seller may assign, transfer, or otherwise encumber, all or any of its rights, benefits and obligations under this Agreement to such Lenders or Lenders’ Agent as security for its obligations to Lenders.  Accordingly, upon Seller’s request pursuant to a notice hereunder, Buyer shall enter into a direct agreement (each, a “Direct Agreement”) that:

		
	(a)
	provides for the assignment and transfer of the assigning Person’s rights and obligations under this Agreement or the relevant other agreement to a nominee of Lender following a default by the assigning Person under its lending arrangement; and

		
	(b)
	includes such undertakings, as requested by Lenders, that are normal and customary in project financings or refinancings of this type and are consistent with those direct agreements that have been agreed on 

 87

or before the Effective Date by Seller with Foundation Customers; provided, however, that Buyer shall not be required to provide (or cause to be provided) any guaranty or similar commitment in favor of the Lenders, Seller or any other Person.
		
	23.
	Contract Language

This Agreement, together with the Schedules and the Exhibits hereto, shall be made and originals executed in the English language.  In case of any difference in meaning between the English language original version and any translation thereof, the English language original version shall be applicable.
		
	24.
	Miscellaneous

		
	24.1
	Disclaimer of Agency

This Agreement does not appoint either Party as the agent, partner or legal representative of the other for any purposes whatsoever, and neither Party shall have any express or implied right or authority to assume or to create any obligation or responsibility on behalf of or in the name of the other Party.
		
	24.2
	Entire Agreement

This Agreement, together with the Schedules and Exhibits hereto, constitutes the entire agreement between the Parties and includes all promises and representations, express or implied, and supersedes all other prior agreements and representations, written or oral, between the Parties relating to the subject matter. Anything that is not contained or expressly incorporated by reference in this instrument, is not part of this Agreement.
		
	24.3
	Third Party Beneficiaries

The Parties do not intend any term of this Agreement to be for the benefit of, or enforceable by, any Third Party except as expressly provided in Section 7.7.  The Parties may rescind or vary this Agreement, in whole or in part, without the consent of any Third Party, including those Third Parties referred to under Section 7.7, even if as a result such Third Party’s rights to enforce a term of this Agreement will be varied or extinguished.
		
	24.4
	Amendments and Waiver

This Agreement may not be supplemented, amended, modified or changed except by an instrument in writing signed by Seller and Buyer and expressed to be a supplement, amendment, modification or change to this Agreement. A Party shall not be deemed to have waived any right or remedy under this Agreement by reason of such Party’s failure to enforce such right or remedy.

 88

		
	24.5
	Exclusion

The United Nations Convention on Contracts for the International Sale of Goods (and the Convention on the Limitation Period in the International Sale of Goods) shall not apply to this Agreement and the respective rights and obligations of the Parties hereunder.
		
	24.6
	Severability

If and for so long as any provision of this Agreement shall be deemed to be judged invalid for any reason whatsoever, such invalidity shall not affect the validity or operation of any other provision of this Agreement except only so far as shall be necessary to give effect to the construction of such invalidity, and any such invalid provision shall be deemed severed from this Agreement without affecting the validity of the balance of this Agreement.
		
	25.
	Notices

		
	25.1
	Form of Notice

		
	25.1.1
	Except as expressly set forth herein, any notice, invoice or other communication from one of the Parties to the other Party (or, where contemplated in this Agreement, from or to the Transporter or the master of the LNG Tanker), which is required or permitted to be made by the provisions of this Agreement shall be:

		
	(a)
	made in the English language;

		
	(b)
	made in writing;

		
	(c)
	(i) delivered by hand or sent by courier to the address of the other Party which is shown below or to such other address as the other Party shall by notice require or; (ii) be sent by facsimile to the facsimile number of the other Party which is shown below or to such other facsimile number as the other Party shall by notice require or; (iii) with respect to any notice, invoice or other communication to be sent pursuant to Sections 7, 8 or 12 (or others as may be agreed by the Parties), be sent by electronic mail to the e-mail address of the other Party which is shown below or to such other e-mail address as the other Party shall by notice require; and

		
	(d)
	marked for the attention of the Person(s) there referred to or to such other Person(s) as the other Party shall by notice require.

		
	25.1.2
	The addresses of the Parties for service of notices are as follows:

 89

Seller:    Sabine Pass Liquefaction, LLC
700 Milam Street
Suite 800
Houston, TX 77002
Telephone: (713) 375-5121
Fax: (713) 375-6121
E-mail: Customer.Coordination@Cheniere.com
Attention:  Commercial Operations
Buyer:    Cheniere Marketing, LLC
700 Milam Street
Suite 800
Houston, TX 77002
Telephone: (713) 375-5000
Fax: (713) 375-6160
E-mail: LNGTrading@cheniere.com
Attention:  Contract Administration
		
	25.2
	Effective Time of Notice

		
	25.2.1
	Any notice, invoice or other communication made by one Party to the other Party in accordance with the foregoing provisions of this Section 25 shall be deemed to be received by the other Party if delivered by hand or by courier, on the Day on which it is received at that Party’s address or, if sent by facsimile, on the next Day on which the office of the receiving Party is normally open for business following the Day on which it is received in a legible form at the address to which it is properly addressed. The foregoing shall not apply to notices or communications sent by facsimile or e-mail under Sections 7.9.2, 7.9.3, and 7.10, which shall be deemed effective at the time transmitted to the facsimile number shown above or such other number or electronic mail address previously notified by the receiving Party.

		
	25.2.2
	Without limiting the meaning of the word “received” for the purpose of the preceding paragraph, a notice which is delivered by hand or by courier shall be deemed to have been received at a Party’s address if it is placed in any receptacle normally used for the delivery of post to the address of that Party.

		
	25.2.3
	Any notice given by facsimile or electronic mail shall be subsequently confirmed by letter, unless otherwise agreed, but without prejudice to the validity of the original notice.

 90

		
	26.
	Business Practices

		
	26.1
	Trade Law Compliance.

		
	26.1.1
	Non-FTA Countries

		
	(a)
	In respect of LNG quantities purchased hereunder for export pursuant to DOE/FE Order No. 2961-A, issued August 7th, 2012 in FE Docket No. 10-111-LNG, Buyer acknowledges and agrees that it will resell or transfer LNG purchased hereunder for delivery only to countries identified in Ordering Paragraph D of DOE/FE Order No. 2961, issued May 20th, 2011 in FE Docket No. 10-111-LNG and/or to purchasers that have agreed in writing to limit their direct or indirect resale or transfer of such LNG to such countries.  Buyer further commits to cause a report to be provided to Seller that identifies the country of destination, upon delivery, into which the exported LNG was actually delivered during each prior Month, and to include in any resale contract for such LNG the necessary conditions to insure that Seller is made aware of all such actual destination countries.

		
	(b)
	In respect of LNG quantities purchased hereunder for export pursuant to an authorization sought pursuant to Section 2.1.2 or otherwise sought by Buyer, which authorization supplements, amends, modifies, changes, supersedes or replaces DOE/FE Order No. 2961-A, issued August 7th, 2012 in FE Docket No. 10-111-LNG, Buyer acknowledges and agrees that it will resell or transfer LNG purchased hereunder for delivery only to countries identified in such authorization and/or to purchasers that have agreed in writing to limit their direct or indirect resale or transfer of such LNG to such countries, and only in accordance with the other conditions in such authorization.

		
	(c)
	Buyer acknowledges and agrees that it will resell or transfer LNG purchased hereunder for delivery to the countries identified only in the Non-FTA Export Authorization or, to the extent applicable, any similar export authorization sought and obtained by Seller or Buyer pursuant to Section 2.1.2 or otherwise obtained by Buyer, in such quantities that do not exceed, on a cumulative annual basis, a quantity equal to (i) the sum of the annual quantities of LNG that may be exported pursuant to the Non-FTA Export Authorization or, to the extent applicable, a similar export authorization sought and obtained by Seller or Buyer pursuant to Section 2.1.2 or otherwise obtained by Buyer, minus (ii) the sum of the annual contract quantities of the Foundation Customers for the first four Trains, each such annual contract quantity as in effect on the FID Date for the applicable Foundation Customer’s designated Train.

 91

		
	26.1.2
	FTA Countries

		
	(a)
	If Buyer resells or transfers LNG purchased hereunder to countries identified in Ordering Paragraph B of DOE/FE Order No. 2833, issued September 7th, 2010 in FE Docket No. 10-85-LNG, Buyer acknowledges and agrees that it may resell or transfer LNG purchased hereunder for delivery only to the countries identified in Ordering Paragraph B of such Order and/or to purchasers that have agreed in writing to limit their direct or indirect resale or transfer of such LNG to such countries.

		
	(b)
	In respect of LNG quantities purchased hereunder for export pursuant to an authorization sought pursuant to Section 2.1.2 or otherwise sought by Buyer, which authorization supplements, amends, modifies, changes, supersedes or replaces DOE/FE Order No. 2833, issued September 7th, 2010 in FE Docket No. 10-85-LNG, Buyer acknowledges and agrees that it will resell or transfer LNG purchased hereunder for delivery only to countries identified in such authorization and/or to purchasers that have agreed in writing to limit their direct or indirect resale or transfer of such LNG to such countries, and only in accordance with the other conditions in such authorization.

		
	(c)
	Buyer acknowledges and agrees that it will resell or transfer LNG purchased hereunder for delivery to the countries identified in the FTA Export Authorization or, to the extent applicable, any similar export authorization sought and obtained by Seller or Buyer pursuant to Section 2.1.2 or otherwise obtained by Buyer, in such quantities that do not exceed, on a cumulative annual basis, a quantity equal to (i) the sum of the annual quantities of LNG that may be exported pursuant to the FTA Export Authorization or, to the extent applicable, any similar export authorization sought and obtained by Seller or Buyer pursuant to Section 2.1.2 or otherwise obtained by Buyer, minus (ii) the sum of the annual contract quantities of the Foundation Customers for the first four Trains, each such annual contract quantity as in effect on the FID Date for the applicable Foundation Customer’s designated Train.

		
	26.1.3
	General

Buyer represents and warrants that the final delivery of LNG received pursuant to the terms of this Agreement are permitted and lawful under United States of America laws and policies, including the rules, regulations, orders, policies, and other determinations of the United States Department of Energy, the Office of Foreign Assets Control of the United States Department of the Treasury and the Federal Energy Regulatory Commission, and Buyer shall 

 92

not take any action which would cause any Export Authorization to be withdrawn, revoked or not renewed.  Buyer shall promptly provide to Seller all information required by Seller and SPLNG to comply with the Orders described in this Section 26.1 and shall provide the delivery destination report (as described in this Section 26.1) for all LNG sold hereunder to Seller and SPLNG not later than the fifteenth (15th) Day of the Month following the Month in which any relevant LNG is delivered to the country of destination.  In addition to the information required in the first sentence of this Section 26.1, such delivery destination report for each LNG shall contain any other information required by the Export Authorization.
		
	26.2
	Use of LNG

At all times during the Term, Buyer shall, with respect to all LNG delivered by Seller to Buyer pursuant to this Agreement: (a) utilize such LNG as a refined product or chemical feedstock; (b) use or consume such LNG to produce power for sale to customers; (c) market such LNG to distributors or wholesalers for resale to their own customers; or (d) resell such LNG to other Persons provided that the transfer by Buyer to a Transporter of gas that boils off from a cargo in transit from the Delivery Point shall be considered to be a sale.
		
	26.3
	Prohibited Practices

		
	26.3.1
	Each Party agrees that in connection with this Agreement and the activities contemplated herein, it will take no action, or omit to take any action, which would (i) violate any Applicable Law applicable to that Party, or (ii) cause the other Party to be in violation of any Applicable Law applicable to such other Party, including the U.S. Foreign Corrupt Practices Act, the OECD convention on anti-bribery, the U.K. Bribery Act of 2010, E.U. and E.U. member country anti-bribery and corruption laws, and corruption or any similar statute, regulation, order or convention binding on such other Party, as each may be amended from time to time, and including any implementing regulations promulgated pursuant thereto.

		
	26.3.2
	Without limiting Section 26.3.1, each Party agrees on behalf of itself, its directors, officers, employees, agents, contractors, and Affiliates, not to pay any fees, commissions or rebates to any employee, officer or agent of the other Party or its Affiliates or shareholders nor provide or cause to be provided to any of them any gifts or entertainment of significant cost or value in connection with this Agreement or in order to influence or induce any actions or inactions in connection with the commercial activities of the Parties hereunder.

		
	26.4
	Records; Audit

 93

Each Party shall keep all records necessary to confirm compliance with Sections 26.1, 26.2, 26.3.1(ii), and 26.3.2 for a period of five (5) years following the year for which such records apply.  If either Party asserts that the other Party is not in compliance with Sections 26.1, 26.2, 26.3.1(ii), or 26.3.2, the Party asserting noncompliance shall send a notice to the other Party indicating the type of noncompliance asserted.  After giving such notice, the Party asserting noncompliance may cause an independent auditor to audit the records of the other Party in respect of the asserted noncompliance.  The costs of any independent auditor under this Section 26.4 shall be paid (i) by the Party being audited, if such Party is determined not to be in compliance with Sections 26.1, 26.2, 26.3.1(ii) or 26.3.2, as applicable, and (ii) by the Party requesting the audit, if the Party being audited is determined to be in compliance with Sections 26.1, 26.2, 26.3.1(ii), or 26.3.2, as applicable.
		
	26.5
	Indemnity

Each Party agrees to indemnify and hold the other Party harmless from any Losses arising out of the indemnifying Party’s breach of any or all of Section 26.1, Section 26.3, or Section 26.4 or the breach of the representation and warranty in Section 17.3.

 94

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.
	
					
	SELLER:
	 
	BUYER:

	 
	 
	 
	 
	 

	SABINE PASS LIQUEFACTION, LLC
	 
	CHENIERE MARKETING, LLC

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	/s/ R. Keith Teague
	 
	/s/ Meg A. Gentle

	Name:
	R. Keith Teague
	 
	Name:
	Meg A. Gentle

	Title:
	President
	 
	Title:
	President

 95

EXHIBIT A
MEASUREMENT
1.    Parties to Supply Devices
a)    General.  Unless otherwise agreed, Buyer and Seller shall supply equipment and conform to procedures that are in accordance with the latest version of the standards referred to in this document.
b)    Buyer Devices.  Buyer or Buyer’s agent shall supply, operate and maintain, or cause to be supplied, operated and maintained, suitable gauging devices for the liquid level in LNG tanks of the LNG Tankers, pressure and temperature measuring devices, and any other measurement or testing devices which are incorporated in the structure of LNG vessels or customarily maintained on board ship.
c)    Seller Devices.  Seller shall supply, operate and maintain, or cause to be supplied, operated and maintained, devices required for collecting samples and for determining quality and composition of the LNG and any other measurement or testing devices which are necessary to perform the measurement and testing required hereunder at the Sabine Pass Facility.
d)    Dispute.  Any Dispute arising under this Exhibit A shall be submitted to an Expert under Section 21.2 of this Agreement.
2.    Selection of Devices
All devices provided for in this Exhibit A shall be approved by Seller, acting as a Reasonable and Prudent Operator.  The required degree of accuracy (which shall in any case be within the permissible tolerances defined herein and in the applicable standards referenced herein) of such devices selected shall be mutually agreed upon by Buyer and Seller.  In advance of the use of any device, the Party providing such device shall cause tests to be carried out to verify that such device has the required degree of accuracy.
3.    Verification of Accuracy and Correction for Error
a)    Accuracy.  Accuracy of devices used shall be tested and verified at the request of either Party, including the request by a Party to verify accuracy of its own devices.  Each Party shall have the right to inspect at any time the measurement devices installed by the other Party, provided that the other Party is notified in advance.  Testing shall be performed only when both Parties are represented, or have received adequate advance notice thereof, using methods recommended by the manufacturer or any other method agreed to by Seller and Buyer.  At the request of any Party hereto, any test shall be witnessed and verified by an independent surveyor mutually agreed upon by Buyer and Seller.  Permissible tolerances shall be as defined herein or as defined in the applicable standards referenced herein.

1

b)    Inaccuracy.  Inaccuracy of a device exceeding the permissible tolerances shall require correction of previous recordings, and computations made on the basis of those recordings, to zero error with respect to any period which is definitely known or agreed upon by the Parties as well as adjustment of the device.  All invoices issued during such period shall be amended accordingly to reflect such correction, and an adjustment in payment shall be made between Buyer and Seller.  If the period of error is neither known nor agreed upon, and there is no evidence as to the duration of such period of error, corrections shall be made and invoices amended for each delivery of LNG made during the last half of the period since the date of the most recent calibration of the inaccurate device.  However, the provisions of this Paragraph 3 shall not be applied to require the modification of any invoice that has become final pursuant to Section 10.3.2 of this Agreement.
c)    Costs and Expenses of Test Verification.  All costs and expenses for testing and verifying Seller’s measurement devices shall be borne by Seller, and all costs and expenses for testing and verifying Buyer’s measurement devices shall be borne by Buyer.  The fees and charges of independent surveyors for measurements and calculations shall be borne by the Parties in accordance with Section 13.11.3 of this Agreement.
4.    Tank Gauge Tables of LNG Tankers
a)    Initial Calibration.  Buyer shall arrange or caused to be arranged, for each tank of each LNG Tanker, a calibration of volume against tank level. Buyer shall provide Seller or its designee, or cause Seller or its designee to be provided, with a certified copy of tank gauge tables for each tank of each LNG Tanker verified by a competent impartial authority or authorities mutually agreed upon by the Parties.  Such tables shall include correction tables for list, trim, tank contraction and any other items requiring such tables for accuracy of gauging.
Tank gauge tables prepared pursuant to the above shall indicate volumes in cubic meters expressed to the nearest thousandth (1/1000), with LNG tank depths expressed in meters to the nearest hundredth (1/100).
b)    Presence of Representatives.  Seller and Buyer shall each have the right to have representatives present at the time each LNG tank on each LNG Tanker is volumetrically calibrated.
c)    Recalibration.  If the LNG tanks of any LNG Tanker suffer distortion of such nature as to create a reasonable doubt regarding the validity of the tank gauge tables described herein (or any subsequent calibration provided for herein), Buyer or Buyer’s agent shall recalibrate the damaged tanks, and the vessel shall not be employed as an LNG Tanker hereunder until appropriate corrections are made.  If mutually agreed between Buyer and Seller representatives, recalibration of damaged tanks can be deferred until the next time when such damaged tanks are warmed for any reason, and any corrections to the prior tank gauge tables will be made from the time the distortion occurred.  If the time of the distortion cannot be ascertained, the Parties shall mutually agree on the time period for retrospective adjustments.
5.    Units of Measurement and Calibration
The Parties shall co-operate in the design, selection and acquisition of devices to be used for measurements and tests in order that all measurements and tests may be conducted in the SI system 

 2

of units, except for the quantity delivered which is expressed in MMBtu, the Gross Heating Value (volume based) which is expressed in Btu/SCF and the pressure which is expressed in millibar and temperature in Celsius.  In the event that it becomes necessary to make measurements and tests using a new system of units of measurements, the Parties shall establish agreed upon conversion tables.
6.    Accuracy of Measurement
All measuring equipment must be maintained, calibrated and tested in accordance with the manufacturer’s recommendations.  In the absence of a manufacturer’s recommendation, the minimum frequency of calibration shall be one hundred eighty (180) days, unless otherwise mutually agreed between the Parties.  Documentation of all tests and calibrations will be made available by the Party performing the same to the other Party.  Acceptable accuracy and performance tolerances shall be:
a)    Liquid Level Gauging Devices.
Each LNG tank of the LNG Tanker shall be equipped with primary and secondary liquid level gauging devices as per Paragraph 7(b) of this Exhibit A.
The measurement accuracy of the primary gauging devices shall be plus or minus seven point five (± 7.5) millimeters and the secondary liquid level gauging devices shall be plus or minus ten (± 10) millimeters.
The liquid level in each LNG tank shall be logged or printed.
b)    Temperature Gauging Devices.
The temperature of the LNG and of the vapor space in each LNG tank shall be measured by means of a number of properly located temperature measuring devices sufficient to permit the determination of average temperature.
The measurement accuracy of the temperature gauging devices shall be as follows:
(i)    in the temperature range of minus one hundred sixty five to minus one hundred forty degree Celsius (-165C to -140°C), the accuracy shall be plus or minus zero point two degree Celsius (± 0.2 °C);
(ii)    in the temperature range of minus one hundred forty to plus forty degree Celsius (-140C to +40 °C), the accuracy shall be plus or minus one point five degree Celsius (± 1.5 °C).
The temperature in each LNG tank shall be logged or printed.
c)    Pressure Gauging Devices.
Each LNG tank of the LNG Tanker shall have one (1) absolute pressure gauging device.
The measurement accuracy of the pressure gauging device shall be plus or minus one percent (± 1%) of the measuring range.

 3

The pressure in each LNG tank shall be logged or printed.
d)    List and Trim Gauging Devices.
A list gauging device and a trim gauging device shall be installed.  These shall be interfaced with the custody transfer system.
The measurement accuracy of the list and the trim gauging devices shall be better than plus or minus zero point zero five (±0.05) degrees for list and plus or minus zero point zero one (± 0.01) degrees for trim.
7.    Gauging and Measuring LNG Volumes Delivered
a)    Gauge Tables.  Upon Seller’s representative and the independent surveyor, if present, arriving on board the LNG Tanker prior to the commencement of or during loading, Buyer or Buyer’s representative shall make available to them a certified copy of tank gauge tables for each tank of the LNG Tanker.
b)    Gauges.  Volumes of LNG delivered pursuant to this Agreement shall be determined by gauging the LNG in the tanks of the LNG Tankers before and after loading.  Each LNG Tanker’s tank shall be equipped with a minimum of two (2) independent sets of level gauges, each set utilizing preferably a different measurement principle.  Comparison of the two (2) systems, designated as Primary and Secondary Measurement Systems, shall be performed from time to time to ensure compliance with the acceptable performance tolerances stated herein.
c)    Gauging Process.  Gauging the liquid in the tanks of the LNG Tankers and measuring of liquid temperature, vapor temperature and vapor pressure in each LNG tank, trim and list of the LNG Tankers, and atmospheric pressure shall be performed, or caused to be performed, by Buyer before and after loading.  Seller’s representative shall have the right to be present while all measurements are performed and shall verify the accuracy and acceptability of all such measurements.  The first gauging and measurements shall be made immediately before the commencement of loading.  The second gauging and measurements shall take place immediately after the completion of loading.
d)    Records.  Copies of gauging and measurement records shall be furnished to Seller immediately upon completion of loading.
e)    Gauging Liquid Level of LNG.  The level of the LNG in each LNG tank of the LNG Tanker shall be gauged by means of the primary gauging device installed in the LNG Tanker for that purpose.  The level of the LNG in each tank shall be logged or printed.
Measurement of the liquid level in each LNG tank of the LNG Tanker shall be made to the nearest millimeter by using the primary liquid level gauging devices. Should the primary devices fail, the secondary device shall be used.
Five (5) readings shall be made following manufacturer’s recommendations on reading interval. The arithmetic average of the readings rounded to the nearest millimeter using one (1) decimal place shall be deemed the liquid level.

 4

f)    Determination of Temperature.  The temperature of the LNG and of the vapor space in each LNG tank shall be measured by means of a sufficient number of properly located temperature measuring devices to permit the determination of average temperature.  Temperatures shall be measured at the same time as the liquid level measurements and shall be logged or printed.
In order to determine the temperature of liquid and vapor respectively in the LNG Tanker one (1) reading shall be taken at each temperature gauging device in each LNG tank.  An arithmetic average of such readings rounded to the nearest zero point one degree Celsius (0.1 °C) using two (2) decimal places with respect to vapor and liquid in all LNG tanks shall be deemed the final temperature of the vapor and liquid respectively.
Buyer shall cause each cargo tank in the LNG Tanker to be provided with a minimum of five (5) temperature measuring devices.  One such measuring device shall be located in the vapor space at the top of each cargo tank, one near the bottom of each cargo tank and the remainder distributed at appropriate intervals from the top to the bottom of the cargo tank.  These devices shall be used to determine the average temperatures of the liquid cargo and the vapor in the cargo tank.
The average temperature of the vapor in an LNG Tanker shall be determined immediately before loading by means of the temperature measuring devices specified above at the same time as when the liquid level is measured.  The temperature measuring devices shall be fully surrounded by the vapor.  This determination shall be made by taking the temperature readings of the temperature measuring devices in question to the nearest zero point zero one degrees Celsius (0.01°C), and if more than one of the devices are fully surrounded by the vapor, by averaging those readings, and rounding to one (1) decimal place.
The average temperature of the liquid in an LNG Tanker shall be determined immediately after loading by means of the temperature measuring devices specified above.
g)    Determination of Pressure.  The pressure of the vapor in each LNG tank shall be determined by means of pressure measuring devices installed in each LNG tank of the LNG Tankers.  The atmospheric pressure shall be determined by readings from the standard barometer installed in the LNG Tankers.  Pressures shall be measured at the same time as the liquid level measurements, and shall be logged or printed.
Buyer shall cause the LNG Tanker to be provided with pressure measuring equipment capable of determining the absolute pressure of the vapor in each cargo tank with an accuracy equal to or better than plus or minus one percent (± 1%) of the measuring range.
The pressure of the vapor in an LNG Tanker shall be determined immediately before loading at the same time as when the liquid level is measured.
Such determination shall be made by taking the pressure readings of the pressure measuring devices to the nearest millibar, then averaging these readings and rounding to a whole millibar.
h)    Determination of Density.  The LNG density shall be calculated using the revised Klosek-McKinley method. Should any improved data, method of calculation or direct measurement device become available which is acceptable to both Buyer and Seller, such improved data, method or device shall then be used.

 5

8.    Samples for Quality Analysis
a)    General.  Representative liquid samples shall be collected from an appropriate point located as close as practical to the loading line starting one (1) hour after full loading rate is reached and ending one (1) hour before ramping down from the full loading rate.  A sample shall be taken and analyzed at least once every twenty (20) minutes by an on-line chromatograph during this period.  Samples taken when biphasic or overheated LNG is suspected to be in the main transfer line will be disregarded.  These incremental samples will be passed through a vaporizer, and samples of the vaporized liquid will be analyzed.  The resulting analyses, which are generally proportional to time, will be arithmetically averaged to yield an analysis that is representative of the loaded LNG cargo.  This arithmetically averaged analysis shall be used for all appropriate calculations associated with the delivered LNG cargo.  If both Seller and Buyer agree that the result of the arithmetic average does not give a fair representation of the composition of the LNG, both Parties shall meet and decide in good faith the appropriate method to determine the composition of the LNG. Should the automatic sampling system fail during the loading, manual samples shall be collected and analyzed for accounting purposes.
b)    Manual Samples.  Prior to the end of the loading cycle, three (3) sets of spot samples shall be collected from the vaporizer at the following intervals during loading, when loading is twenty-five percent (25%), fifty percent (50%), and seventy-five percent (75%) complete.  Spot samples shall be collected in accordance with Gas Processors Association (“GPA”) Standard 2166 - Methods for Obtaining Gas Samples for Analysis by Gas Chromatography - or by other mutually agreeable methods.  The samples shall be properly labeled and then distributed to Buyer and Seller.  Seller shall retain one (1) sample for a period of thirty (30) days, unless the analysis is in dispute.  If the analysis is in dispute, the sample will be retained until the dispute is resolved.
Sampling and analysis methods and procedures that differ from the above may be employed with the mutual agreement of the Parties.
9.    Quality Analysis
a)    Certification and Deviation.  Chromatograph calibration gasses shall be provided and their composition certified by an independent third party.  From time to time, deviation checks shall be performed to verify the accuracy of the gas composition mole percentages and resulting calculated physical properties.  Analyses of a sample of test gas of known composition resulting when procedures that are in accordance with the above mentioned standards have been applied will be considered as acceptable if the resulting calculated gross heating value is within plus or minus zero point three percent (± 0. 3%) of the known gross heating value of the test gas sample.  If the deviation exceeds the tolerance stated, the gross real heating value, relative density and compressibility previously calculated will be corrected immediately.  Previous analyses will be corrected to the point where the error occurred, if this can be positively identified to the satisfaction of both Parties.  Otherwise it shall be assumed that the drift has been linear since the last recalibration and correction shall be based on this assumption.
b)    GPA Standard 2261.  All samples shall be analyzed by Seller to determine the molar fraction of the hydrocarbon and other components in the sample by gas chromatography using a mutually agreed method in accordance with GPA Standard 2261 - Method of Analysis for Gas and Similar 

 6

Gaseous Mixtures by Gas Chromatography, current as of January 1, 1990 and as periodically updated or as otherwise mutually agreed by the Parties.  If better standards for analysis are subsequently adopted by GPA or other recognized competent impartial authority, upon mutual agreement of Buyer and Seller, they shall be substituted for the standard then in use, but such substitution shall not take place retroactively.  A calibration of the chromatograph or other analytical instrument used shall be performed by Seller immediately prior to the analysis of the sample of LNG delivered.  Seller shall give advance notice to Buyer of the time Seller intends to conduct a calibration thereof, and Buyer shall have the right to have a representative present at each such calibration; provided, however, Seller will not be obligated to defer or reschedule any calibration in order to permit the representative of Buyer to be present.
c)    GPA Standard 2377 and 2265.  Seller shall determine the presence of Hydrogen Sulfide (H2S) by use of GPA Standard 2377 - Test of Hydrogen Sulfide and Carbon Dioxide in Gas Using Length of Stain Tubes.  If necessary, the concentration of H2S and total sulfur will be determined using one or more of the following methods as is appropriate: gas chromatography, Gas Processors Standard 2265 - Standard for Determination of Hydrogen Sulfide and Mercaptan Sulfur in Gas (Cadmium Sulfate - Iodometric Titration Method) or any other method that is mutually acceptable.  If Hydrogen Sulfide or Carbon Dioxide are detected by the above methods then Seller shall confirm the presence of Hydrogen Sulfide or Carbon Dioxide in accordance with GPA Standard 2261-00 (Analysis for Natural Gas and Similar Gaseous Mixtures by Gas Chromatography).
10.    Operating Procedures
a)    Notice.  Prior to conducting operations for measurement, gauging, sampling and analysis provided in this Exhibit A, the Party responsible for such operations shall notify the appropriate representatives of the other Party, allowing such representatives reasonable opportunity to be present for all operations and computations; provided that the absence of the other Party’s representative after notification and opportunity to attend shall not prevent any operations and computations from being performed.
b)    Independent Surveyor.  At the request of either Party any measurement, gauging, sampling and analysis shall be witnessed and verified by an independent surveyor mutually agreed upon by Buyer and Seller.  The results of such surveyor’s verifications shall be made available promptly to each Party.
c)    Preservation of Records.  All records of measurement and the computed results shall be preserved by the Party responsible for taking the same, or causing the same to be taken, and made available to the other Party for a period of not less than three (3) years after such measurement and computation.

 7

11.    Quantities Delivered
a)    Calculation of MMBtu Quantities.  The quantity of MMBtu delivered shall be calculated by Seller and verified by Buyer.  Either Party may, at its own expense, require the measurements and calculations and/or their verification by an independent surveyor, mutually agreed upon by the Parties.  Consent to an independent surveyor proposed by a Party shall not be unreasonably withheld by the other Party.
b)    Determination of Gross Heating Value.  All component values shall be in accordance with the latest revision of GPA Standard 2145 SI (2009) - Physical Constants for Hydrocarbons & Other Compounds of Interest to the Natural Gas Industry and the latest revision of the reference standards therein. Standard reference conditions for Hi component should be 15°C & 101.325 kPa.
c)    Determination of Volume of LNG Loaded.
(i)    The LNG volume in the tanks of the LNG Tanker before and after loading (valves have to be closed) shall be determined by gauging on the basis of the tank gauge tables provided for in Paragraph 6.  During the period when measurement is occurring, no LNG cargo, ballast, boil-off gas, fuel oil or other cargo transfer activity will be carried out on the LNG Tanker.  Measurements shall first be made immediately before loading commences.  Accordingly, after connection of the loading arms, but prior to their cool down, and immediately before opening the manifold ESD valves of the LNG Tanker, the initial gauging shall be conducted upon the confirmation of stoppage of all spray pumps and compressors and shut-off of the gas master valve to the LNG Tanker’s boilers or any other gas consuming unit.  The gas master valve to the LNG Tanker’s boilers or any other gas consuming unit shall remain closed until after the second gauging, unless a regulatory change requires the consumption of gas during the vessel loading operations and/or upon mutual agreement between all parties upon which event the procedure for the measurement of gas consumed during loading shall be calculated in accordance with Paragraph 12.4 of this Exhibit A.  A second gauging shall be made immediately after loading is completed.  Accordingly, the second gauging shall be conducted upon the confirmation of shut-off of the manifold ESD valves, with transfer pumps off and allowing sufficient time for the liquid level to stabilize.  Measurements prior to loading and after loading will be carried out based on the condition of the LNG Tanker’s lines upon arrival at berth.  Since significant volumes of LNG may remain in the LNG Tanker’s manifold and crossover, gauging will be performed with these lines in the same condition prior to loading and after loading.  If the LNG Tanker’s manifold and crossover lines are empty (warm) when measurement is taken before loading commences, they will be emptied prior to measurement following the completion of loading.  If the crossover lines are liquid filled (cold) when measurement is taken before loading commences, they will remain full (cold) until measurement is taken following the completion of loading.  The volume of LNG remaining in the tanks immediately before loading of the LNG Tanker shall be subtracted from the volume  immediately after loading and the resulting volume shall be taken as the volume of the LNG delivered from the terminal to the LNG Tanker.
The volume of LNG stated in cubic meters to the nearest zero point zero zero one (0.001) cubic meter, shall be determined by using the tank gauge tables and by applying the volume corrections set forth therein.

 8

(ii)    Gas returned to the terminal and gas consumed by the LNG Tanker during loading shall be taken into account to determine the volume loaded for Buyer’s account in accordance with the formula in Paragraph 12.4 of this Exhibit A - MMBtu Calculation of the Quantity of LNG Loaded.
(iii)    If failure of the primary gauging and measuring devices of an LNG Tanker should make it impossible to determine the LNG volume, the volume of LNG loaded shall be determined by gauging the liquid level using the secondary gauging and measurement devices. If an LNG Tanker is not so equipped, the volume of LNG loaded shall be determined by gauging the liquid level in Seller’s onshore LNG storage tanks immediately before and after loading the LNG Tanker, in line with the terminal procedures, and such volume shall have subtracted from it an estimated LNG volume, agreed upon by the Parties, for boil-off from such tanks during the loading of such LNG Tanker.  Seller shall provide Buyer, or cause Buyer to be provided with, a certified copy of tank gauge tables for each onshore LNG tank which is to be used for this purpose, such tables to be verified by a competent impartial authority.
12.    Calculations
The calculation procedures contained in this Paragraph 12 are generally in accordance with the Institute of Petroleum Measurement Manual, Part XII, the Static Measurement of Refrigerated Hydrocarbon Liquids, Section 1, IP 251/76.
d     =    density of LNG loaded at the prevailing composition and temperature Tl in kg/m3, rounded to two (2) decimal places, calculated according to the method specified in Paragraph 12.1 of this Exhibit A.
Hi    =    gross heating value (mass based) of component “i” in MJ/kg, in accordance with Paragraph 12.6(a) of this Exhibit A.
Hm    =    gross heating value (mass based) of the LNG loaded in MJ/kg, calculated in accordance with the method specified in Paragraph 12.3 of this Exhibit A, rounded to four (4) decimal places.
Hv    =    gross heating value (volume based) of the LNG loaded in Btu/SCF, calculated in accordance with  the method specified in Paragraph 12.5 of this Exhibit A.
K1    =     volume correction in m3/kmol, at temperature Tl, obtained by linear interpolation from Paragraph 12.6(c) of this Exhibit A, rounded to six (6) decimal places.
K2    =    volume correction in m3/kmol, at temperature Tl obtained by linear interpolation from Paragraph 12.6(d) of this Exhibit A, rounded to six (6) decimal places.
Mi    =    molecular mass of component “i” in kg/kmol, in accordance with Paragraph 12.6(a) of this Exhibit A.
P     =    average absolute pressure of vapor in an LNG Tanker immediately before loading, in millibars, rounded to a whole millibar.

 9

Q    =    number of MMBtu contained in the LNG delivered, rounded to the nearest ten (10) MMBtu.
Tl     =    average temperature of the liquid cargo in the LNG Tanker immediately after loading, in degrees Celsius, rounded to one (1) decimal place.
Tv     =     average temperature of the vapor in an LNG Tanker immediately before loading, in degrees Celsius, rounded to one (1) decimal place.
V    =    the volume of the liquid cargo loaded, in cubic meters, rounded to three (3) decimal places.
Vh    =    the volume of the liquid cargo in an LNG Tanker immediately before loading, in cubic meters, rounded to three (3) decimal places.
Vb    =    the volume of the liquid cargo in an LNG Tanker immediately after loading, in cubic meters, rounded to three (3) decimal places.
Vi    =    molar volume of component “i” at temperature Tl, in m3/kmol, obtained by linear interpolation from Paragraph 12.6(b) of this Exhibit A, rounded to six (6) decimal places.
Xi    =    molar fraction of component “i” of the LNG samples taken from the loading line, rounded to four (4) decimal places, determined by gas chromatographic analysis.
Xm    =    the value of Xi for methane.
Xn    =    the value of Xi for nitrogen.
12.1     Density Calculation Formula
The density of the LNG loaded which is used in the MMBtu calculation in 12.4 of this Exhibit A shall be calculated from the following formula derived from the revised Klosek-McKinley method:

In the application of the above formula, no intermediate rounding shall be made if the accuracy of “d” is thereby affected.
12.2    Calculation of Volume Delivered
The volume, in cubic meters, of each LNG cargo loaded shall be calculated by using the following formula:

 10

12.3     Calculation of Gross Heating Value (Mass Based)
The gross heating value (mass based), in MJ/kg, of each LNG cargo loaded shall be calculated by using the following formula:

12.4    MMBtu Calculation of the Quantity of LNG Loaded
The number of MMBtu contained in the LNG loaded shall be calculated using the following formula:

The derivation of the conversion factor 1/1055.12 in the formula in this Paragraph for the conversion of MJ into MMBtu is obtained from GPA-2145:1994 and IP-251:1976 as follows:
(a)    q(T,P) means the gross heating value (measured at temperature T and pressure P), contained in a given quantity of gas;
(b)    q(60°F, 14.696 psia) in MJ = 1/1.00006 x q(15°C, 1013.25 millibar) in MJ;
(c)    1 MMBtu corresponds to 1055.06 MJ;
(d)    q(60°F, 14.696 psia) in MMBtu = 1/1055.06 x q(60°F, 14.696 psia) in MJ; and
(e)    Combining (b) and (d) above yields:
q(60°F, 14.696 psia) in MMBtu = 1/1055.12 x q(15°C, 1013.25 millibar) in MJ.
Hence the number of MJ derived shall be divided by 1055.12 to obtain the number of MMBtu for invoicing purposes.
		
	QBOG
	=    the quantity of boil off gas in MJ consumed by the LNG tanker during loading, calculated as follows:

QBOG = (V2 x 55.575)
where:
		
	V2
	=    the quantity of natural gas consumed by the LNG tanker during loading (as calculated pursuant to the below formula), stated in kg and rounded to the nearest kg; and

 11

		
	55.575 =
	the heating value of the vapor (assumed to be 100% of methane) stated in MJ/kg at standard reference conditions (15 ̊C, 1.01325 bar) for both combustion & metering references (tables below).

Quantity of Natural Gas Consumed by LNG Tanker (V2)
The quantity of natural gas consumed by the LNG tanker during loading shall be computed by taking the initial and the final reading of Natural Gas Consumption Meter on board the tanker (i.e. final reading of Natural Gas Consumption Meter after completion of loading minus initial reading of Natural Gas Consumption Meter before the start of loading) and is calculated by using the following formula:
V2    =    Vf - Vi
where:
		
	V2
	=    the quantity of natural gas consumed by the LNG tanker during loading, stated in kg;

		
	Vf
	=    the reading of Natural Gas Consumption Meter on board the tanker after the completion of loading, stated in kg; and

		
	Vi
	=    the reading of Natural Gas Consumption Meter on board the tanker before the start of loading, stated in kg.

12.5    Calculation of Gross Heating Value (Volume Based)
The calculation of the Gross Heating Value (volume based) in Btu/SCF shall be derived from the same compositional analysis as is used for the purposes of calculating the Gross Heating Value (mass based) Hm and the following formula shall apply:

The derivation of the conversion factor 1.13285 for the conversion of MJ/kmol into Btu/SCF is obtained as follows:
(a)    molar gross heating value = 
(b)    1 kmol = 2.20462 lbmol;
(c)    1 lbmol = 379.482 SCF;
(d)    hence 1 kmol = 836.614 SCF; and
(e)    

 12

12.6    Data
(a)    Values    of Hi and Mi
	
			
	Component
	Hi (in MJ/kg)
	Mi (in kg/kmol)

	Methane
	55.575
	16.0425

	Ethane
	51.951
	30.0690

	Propane
	50.369
	44.0956

	Iso-Butane
	49.388
	58.1222

	N-Butane
	49.546
	58.1222

	Iso-Pentane
	48.950
	72.1488

	N-Pentane
	49.045
	72.1488

	N-Hexane
	48.715
	86.1754

	Nitrogen
	0
	28.0134

	Carbon Dioxide
	0
	44.0095

	Oxygen
	0
	31.9988

Source:  GPA Publication 2145 Sl-2009: “Table of Physical Properties for Hydrocarbons and Other Compounds of Interest to the Natural Gas Industry”.

(b)    Values of Vi (cubic meter/kmol)
	
								
	Temperature
	-150°C
	-154°C
	-158°C
	-160°C
	-162°C
	-166°C
	-170°C

	Methane
	0.039579
	0.038983
	0.038419
	0.038148
	0.037884
	0.037375
	0.036890

	Ethane
	0.048805
	0.048455
	0.048111
	0.047942
	0.047774
	0.047442
	0.047116

	Propane
	0.063417
	0.063045
	0.062678
	0.062497
	0.062316
	0.061957
	0.061602

	Iso-Butane
	0.079374
	0.078962
	0.078554
	0.078352
	0.078151
	0.077751
	0.077356

	N-Butane
	0.077847
	0.077456
	0.077068
	0.076876
	0.076684
	0.076303
	0.075926

	Iso-Pentane
	0.092817
	0.092377
	0.091939
	0.091721
	0.091504
	0.091071
	0.090641

	N-Pentane
	0.092643
	0.092217
	0.091794
	0.091583
	0.091373
	0.090953
	0.090535

	N-Hexane
	0.106020
	0.105570
	0.105122
	0.104899
	0.104677
	0.104236
	0.103800

	Nitrogen
	0.055877
	0.051921
	0.048488
	0.046995
	0.045702
	0.043543
	0.041779

	Carbon Diox
	0.027950
	0.027650
	0.027300
	0.027200
	0.027000
	0.026700
	0.026400

	Oxygen
	0.03367
	0.03275
	0.03191
	0.03151
	0.03115
	0.03045
	0.02980

Source:   National Bureau of Standards Interagency Report 77-867, Institute of Petroleum IP251/76 for Oxygen.
Note:    For intermediate values of temperature and molecular mass a linear interpolation shall be applied

 13

(c)    Values of Volume Correction Factor, K1 (cubic meter/kmol)
	
								
	Molecular Mass of Mixture
	-150°C
	-154°C
	-158°C
	-160°C
	-162°C
	-166°C
	-170°C

	16.0
	-0.000012
	-0.000010
	-0.000009
	-0.000009
	-0.000008
	-0.000007
	-0.000007

	16.5
	0.000135
	0.000118
	0.000106
	0.000100
	0.000094
	0.000086
	0.000078

	17.0
	0.000282
	0.000245
	0.000221
	0.000209
	0.000197
	0.000179
	0.000163

	17.2
	0.000337
	0.000293
	0.000261
	0.000248
	0.000235
	0.000214
	0.000195

	17.4
	0.000392
	0.000342
	0.000301
	0.000287
	0.000274
	0.000250
	0.000228

	17.6
	0.000447
	0.000390
	0.000342
	0.000327
	0.000312
	0.000286
	0.000260

	17.8
	0.000502
	0.000438
	0.000382
	0.000366
	0.000351
	0.000321
	0.000293

	18.0
	0.000557
	0.000486
	0.000422
	0.000405
	0.000389
	0.000357
	0.000325

	18.2
	0.000597
	0.000526
	0.000460
	0.000441
	0.000423
	0.000385
	0.000349

	18.4
	0.000637
	0.000566
	0.000499
	0.000477
	0.000456
	0.000412
	0.000373

	18.6
	0.000677
	0.000605
	0.000537
	0.000513
	0.000489
	0.000440
	0.000397

	18.8
	0.000717
	0.000645
	0.000575
	0.000548
	0.000523
	0.000467
	0.000421

	19.0
	0.000757
	0.000685
	0.000613
	0.000584
	0.000556
	0.000494
	0.000445

	19.2
	0.000800
	0.000724
	0.000649
	0.000619
	0.000589
	0.000526
	0.000474

	19.4
	0.000844
	0.000763
	0.000685
	0.000653
	0.000622
	0.000558
	0.000503

	19.6
	0.000888
	0.000803
	0.000721
	0.000688
	0.000655
	0.000590
	0.000532

	19.8
	0.000932
	0.000842
	0.000757
	0.000722
	0.000688
	0.000622
	0.000561

	20.0
	0.000976
	0.000881
	0.000793
	0.000757
	0.000721
	0.000654
	0.000590

	25.0
	0.001782
	0.001619
	0.001475
	0.001407
	0.001339
	0.001220
	0.001116

	30.0
	0.002238
	0.002043
	0.001867
	0.001790
	0.001714
	0.001567
	0.001435

Source:  National Bureau of Standards Interagency Report 77-867.
Note 1:    Molecular mass of mixture equals  
Note 2:    For intermediate values of temperature and molecular mass a linear interpolation shall be applied.

 14

(d)    Values of Volume Correction Factor, K2 (cubic meter/kmol)
	
								
	Molecular Mass of Mixture
	-150°C
	-154°C
	-158°C
	-160°C
	-162°C
	-166°C
	-170°C

	16.0
	-0.000039
	-0.000031
	-0.000024
	-0.000021
	-0.000017
	-0.000012
	-0.000009

	16.5
	0.000315
	0.000269
	0.000196
	0.000178
	0.000162
	0.000131
	0.000101

	17.0
	0.000669
	0.000568
	0.000416
	0.000377
	0.000341
	0.000274
	0.000210

	17.2
	0.000745
	0.000630
	0.000478
	0.000436
	0.000397
	0.000318
	0.000246

	17.4
	0.000821
	0.000692
	0.000540
	0.000495
	0.000452
	0.000362
	0.000282

	17.6
	0.000897
	0.000754
	0.000602
	0.000554
	0.000508
	0.000406
	0.000318

	17.8
	0.000973
	0.000816
	0.000664
	0.000613
	0.000564
	0.000449
	0.000354

	18.0
	0.001049
	0.000878
	0.000726
	0.000672
	0.000620
	0.000493
	0.000390

	18.2
	0.001116
	0.000939
	0.000772
	0.000714
	0.000658
	0.000530
	0.000425

	18.4
	0.001184
	0.001000
	0.000819
	0.000756
	0.000696
	0.000567
	0.000460

	18.6
	0.001252
	0.001061
	0.000865
	0.000799
	0.000735
	0.000605
	0.000496

	18.8
	0.001320
	0.001121
	0.000912
	0.000841
	0.000773
	0.000642
	0.000531

	19.0
	0.001388
	0.001182
	0.000958
	0.000883
	0.000811
	0.000679
	0.000566

	19.2
	0.001434
	0.001222
	0.000998
	0.000920
	0.000844
	0.000708
	0.000594

	19.4
	0.001480
	0.001262
	0.001038
	0.000956
	0.000876
	0.000737
	0.000623

	19.6
	0.001526
	0.001302
	0.001078
	0.000992
	0.000908
	0.000765
	0.000652

	19.8
	0.001573
	0.001342
	0.001118
	0.001029
	0.000941
	0.000794
	0.000681

	20.0
	0.001619
	0.001382
	0.001158
	0.001065
	0.000973
	0.000823
	0.000709

	25.0
	0.002734
	0.002374
	0.002014
	0.001893
	0.001777
	0.001562
	0.001383

	30.0
	0.003723
	0.003230
	0.002806
	0.002631
	0.002459
	0.002172
	0.001934

Source: National Bureau of Standards Interagency Report 77-867.
Note 1:    Molecular mass of mixture equals  
Note 2:    For intermediate values of temperature and molecular mass a linear interpolation shall be applied.

 15

EXHIBIT B 
FORM OF PORT LIABILITY AGREEMENT

EXHIBIT C
FORM OF TUG SERVICES AGREEMENT

EXHIBIT D
TUG CHARACTERISTICSEX-10.1

 EXECUTION VERSION 

CREDIT AGREEMENT 
 dated as of
August 5, 2014 
 among 

EBIX, INC., 
 as Borrower, 

CERTAIN SUBSIDIARIES OF THE BORROWER 

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

REGIONS BANK, 
 as Administrative
Agent and Collateral Agent, 
 MUFG UNION BANK, N.A., 

as Syndication Agent, 
 and 

SILICON VALLEY BANK, 
 as
Documentation Agent 
 REGIONS CAPITAL MARKETS, 

a division of Regions Bank, 
 and

 MUFG UNION BANK, N.A., 
 as
Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	SECTION 1      DEFINITIONS AND INTERPRETATION	  	 	1	  
	 Section 1.1
	    	 Definitions
	  	 	1	  
	 Section 1.2
	    	 Accounting Terms
	  	 	32	  
	 Section 1.3
	    	 Pro Forma Calculations
	  	 	33	  
	 Section 1.4
	    	 Rules of Interpretation
	  	 	34	  
		
	SECTION 2      LOANS AND LETTERS OF CREDIT	  	 	35	  
			
	 Section 2.1
	    	Revolving Loans	  	 	35	  
	 Section 2.2
	    	Swingline Loans	  	 	38	  
	 Section 2.3
	    	Issuances of Letters of Credit and Purchase of Participations Therein	  	 	40	  
	 Section 2.4
	    	Pro Rata Shares; Availability of Funds	  	 	43	  
	 Section 2.5
	    	Evidence of Debt; Register; Lenders’ Books and Records; Notes	  	 	45	  
	 Section 2.6
	    	Scheduled Principal Payments	  	 	45	  
	 Section 2.7
	    	Interest on Loans	  	 	45	  
	 Section 2.8
	    	Conversion/Continuation	  	 	47	  
	 Section 2.9
	    	Default Rate of Interest	  	 	48	  
	 Section 2.10
	    	Fees	  	 	48	  
	 Section 2.11
	    	Prepayments/Commitment Reductions	  	 	49	  
	 Section 2.12
	    	Application of Prepayments	  	 	51	  
	 Section 2.13
	    	General Provisions Regarding Payments	  	 	51	  
	 Section 2.14
	    	Sharing of Payments by Lenders	  	 	52	  
	 Section 2.15
	    	Cash Collateral	  	 	53	  
	 Section 2.16
	    	Defaulting Lenders	  	 	53	  
	 Section 2.17
	    	Removal or Replacement of Lenders	  	 	55	  
		
	SECTION 3      YIELD PROTECTION	  	 	57	  
			
	 Section 3.1
	    	 Making or Maintaining LIBOR Loans
	  	 	57	  
	 Section 3.2
	    	 Increased Costs
	  	 	58	  
	 Section 3.3
	    	 Taxes
	  	 	60	  
	 Section 3.4
	    	 Designation of a Different Lending Office
	  	 	63	  
		
	SECTION 4      GUARANTY	  	 	63	  
			
	 Section 4.1
	    	 The Guaranty
	  	 	63	  
	 Section 4.2
	    	 Obligations Unconditional
	  	 	64	  
	 Section 4.3
	    	 Reinstatement
	  	 	65	  
	 Section 4.4
	    	 Certain Additional Waivers
	  	 	65	  
	 Section 4.5
	    	 Remedies
	  	 	65	  
	 Section 4.6
	    	 Rights of Contribution
	  	 	65	  
	 Section 4.7
	    	 Guarantee of Payment; Continuing Guarantee
	  	 	65	  
	 Section 4.8
	    	 Keepwell
	  	 	65	  
		
	SECTION 5      CONDITIONS PRECEDENT	  	 	66	  
			
	 Section 5.1
	    	 Conditions Precedent to Initial Credit Extensions
	  	 	66	  
	 Section 5.2
	    	 Conditions to Each Credit Extension
	  	 	68	  

  
 -i- 

							
	 SECTION 6      REPRESENTATIONS AND WARRANTIES
	  	 	69	  
			
	 Section 6.1
	    	 Organization; Requisite Power and Authority; Qualification
	  	 	69	  
	 Section 6.2
	    	 Information, Equity Interests and Ownership
	  	 	69	  
	 Section 6.3
	    	 Due Authorization
	  	 	69	  
	 Section 6.4
	    	 No Conflict
	  	 	69	  
	 Section 6.5
	    	 Governmental Consents
	  	 	69	  
	 Section 6.6
	    	 Binding Obligation
	  	 	70	  
	 Section 6.7
	    	 Financial Statements
	  	 	70	  
	 Section 6.8
	    	 No Material Adverse Effect; No Default
	  	 	70	  
	 Section 6.9
	    	 Tax Matters
	  	 	70	  
	 Section 6.10
	    	 Properties
	  	 	71	  
	 Section 6.11
	    	 Environmental Matters
	  	 	71	  
	 Section 6.12
	    	 No Defaults
	  	 	71	  
	 Section 6.13
	    	 No Litigation or other Adverse Proceedings
	  	 	71	  
	 Section 6.14
	    	 Governmental Regulation
	  	 	72	  
	 Section 6.15
	    	 Intellectual Property
	  	 	73	  
	 Section 6.16
	    	 Pension Plans
	  	 	73	  
	 Section 6.17
	    	 Solvency
	  	 	74	  
	 Section 6.18
	    	 Compliance with Laws
	  	 	74	  
	 Section 6.19
	    	 Disclosure
	  	 	74	  
	 Section 6.20
	    	 Insurance
	  	 	75	  
	 Section 6.21
	    	 Pledge Agreement and Security Agreement
	  	 	75	  
	 Section 6.22
	    	 Mortgages
	  	 	75	  
		
	 SECTION 7      AFFIRMATIVE COVENANTS
	  	 	75	  
			
	 Section 7.1
	    	 Financial Statements and Other Reports
	  	 	75	  
	 Section 7.2
	    	 Existence
	  	 	78	  
	 Section 7.3
	    	 Payment of Taxes and Claims
	  	 	78	  
	 Section 7.4
	    	 Maintenance of Properties
	  	 	78	  
	 Section 7.5
	    	 Insurance
	  	 	78	  
	 Section 7.6
	    	 Inspections
	  	 	78	  
	 Section 7.7
	    	 Lenders Meetings
	  	 	79	  
	 Section 7.8
	    	 Compliance with Laws and Material Agreements
	  	 	79	  
	 Section 7.9
	    	 Use of Proceeds
	  	 	79	  
	 Section 7.10
	    	 Books and Records
	  	 	79	  
	 Section 7.11
	    	 Additional Subsidiaries; Real Estate Assets
	  	 	79	  
	 Section 7.12
	    	 Primary Depositary and Operating Accounts
	  	 	81	  
	 Section 7.13
	    	 Further Assurances
	  	 	82	  
	 Section 7.14
	    	 Intellectual Property
	  	 	82	  
	 Section 7.15
	    	 Post-Closing Requirements
	  	 	82	  
		
	 SECTION 8      NEGATIVE COVENANTS
	  	 	83	  
			
	 Section 8.1
	    	 Indebtedness
	  	 	83	  
	 Section 8.2
	    	 Liens
	  	 	84	  
	 Section 8.3
	    	 Restricted Payments
	  	 	85	  
	 Section 8.4
	    	 Burdensome Agreements
	  	 	85	  
	 Section 8.5
	    	 Investments
	  	 	86	  
	 Section 8.6
	    	 Use of Proceeds
	  	 	87	  

  
 -ii- 

							
	 Section 8.7
	    	 Financial Covenants
	  	 	87	  
	 Section 8.8
	    	 Fundamental Changes
	  	 	87	  
	 Section 8.9
	    	 Dispositions
	  	 	88	  
	 Section 8.10
	    	 Sales and Lease-Backs
	  	 	88	  
	 Section 8.11
	    	 Transactions with Affiliates
	  	 	89	  
	 Section 8.12
	    	 Conduct of Business
	  	 	89	  
	 Section 8.13
	    	 Accounting Policies; Fiscal Year
	  	 	89	  
	 Section 8.14
	    	 Amendments to Organizational Agreements
	  	 	89	  
	 Section 8.15
	    	 BSI Transactions
	  	 	89	  
	 Section 8.16
	    	 Material IP Subsidiaries
	  	 	89	  
		
	 SECTION 9      EVENTS OF DEFAULT; REMEDIES; APPLICATION OF FUNDS
	  	 	90	  
			
	 Section 9.1
	    	 Events of Default
	  	 	90	  
	 Section 9.2
	    	 Remedies
	  	 	92	  
	 Section 9.3
	    	 Application of Funds
	  	 	92	  
		
	 SECTION 10    AGENCY
	  	 	93	  
			
	 Section 10.1
	    	 Appointment and Authority
	  	 	93	  
	 Section 10.2
	    	 Rights as a Lender
	  	 	94	  
	 Section 10.3
	    	 Exculpatory Provisions
	  	 	94	  
	 Section 10.4
	    	 Reliance by Agents
	  	 	95	  
	 Section 10.5
	    	 Delegation of Duties
	  	 	95	  
	 Section 10.6
	    	 Resignation or Removal of Agents
	  	 	95	  
	 Section 10.7
	    	 Non-Reliance on Agents and Other Lenders
	  	 	96	  
	 Section 10.8
	    	 No Other Duties, etc
	  	 	96	  
	 Section 10.9
	    	 Administrative Agent May File Proofs of Claim
	  	 	97	  
	 Section 10.10
	    	 Collateral Matters
	  	 	97	  
		
	 SECTION 11    MISCELLANEOUS
	  	 	98	  
			
	 Section 11.1
	    	 Notices; Effectiveness; Electronic Communications
	  	 	98	  
	 Section 11.2
	    	 Expenses; Indemnity; Damage Waiver
	  	 	100	  
	 Section 11.3
	    	 Set-Off
	  	 	102	  
	 Section 11.4
	    	 Amendments and Waivers
	  	 	102	  
	 Section 11.5
	    	 Successors and Assigns
	  	 	104	  
	 Section 11.6
	    	 Independence of Covenants
	  	 	107	  
	 Section 11.7
	    	 Survival of Representations, Warranties and Agreements
	  	 	108	  
	 Section 11.8
	    	 No Waiver; Remedies Cumulative
	  	 	108	  
	 Section 11.9
	    	 Marshalling; Payments Set Aside
	  	 	108	  
	 Section 11.10
	    	 Severability
	  	 	108	  
	 Section 11.11
	    	 Obligations Several; Independent Nature of Lenders’ Rights
	  	 	108	  
	 Section 11.12
	    	 Headings
	  	 	108	  
	 Section 11.13
	    	 Governing Law; Jurisdiction; Etc
	  	 	109	  
	 Section 11.14
	    	 WAIVER OF JURY TRIAL
	  	 	109	  
	 Section 11.15
	    	 Confidentiality
	  	 	109	  
	 Section 11.16
	    	 Usury Savings Clause
	  	 	110	  
	 Section 11.17
	    	 Counterparts; Integration; Effectiveness
	  	 	111	  
	 Section 11.18
	    	 No Advisory of Fiduciary Relationship
	  	 	111	  
	 Section 11.19
	    	 Electronic Execution of Assignments and Other Documents
	  	 	111	  
	 Section 11.20
	    	 USA PATRIOT Act
	  	 	112	  
	 Section 11.21
	    	 Conflicts
	  	 	112	  

  
 -iii- 

			
	Appendices	    	
	Appendix A	    	Lenders, Revolving Commitments and Revolving Commitment Percentages
	Appendix B	    	Notice Information
		
	Schedules	    	
	Schedule 6.2	    	Equity Interests and Ownership
	Schedule 6.10(b)	    	Real Estate Assets
	Schedule 6.15	    	Intellectual Property
	Schedule 6.20	    	Insurance Coverage
	Schedule 8.1	    	Existing Indebtedness
	Schedule 8.2	    	Existing Liens
	Schedule 8.4	    	Existing Burdensome Agreements
	Schedule 8.5	    	Existing Investments
		
	Exhibits	    	
	Exhibit 1.1	    	Form of Secured Party Designation Notice
	Exhibit 2.1	    	Form of Funding Notice
	Exhibit 2.3	    	Form of Issuance Notice
	Exhibit 2.5-1	    	Form of Revolving Loan Note
	Exhibit 2.5-2	    	Form of Swingline Note
	Exhibit 2.8	    	Form of Conversion/Continuation Notice
	Exhibit 3.3	    	Forms of U.S. Tax Compliance Certificates (Forms 1 – 4)
	Exhibit 7.1(c)	    	Form of Compliance Certificate
	Exhibit 7.11	    	Form of Guarantor Joinder Agreement
	Exhibit 11.5	    	Form of Assignment Agreement

  
 -iv- 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT, dated as of August 5, 2014 (as amended, restated, supplemented, increased, extended, supplemented or otherwise
modified from time to time, this “Agreement”), is entered into by and among EBIX, INC., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower from time to time party hereto, as Guarantors,
the Lenders from time to time party hereto, REGIONS BANK, as administrative agent (in such capacity, “Administrative Agent”) and collateral agent (in such capacity, “Collateral Agent”). 

RECITALS: 
 WHEREAS, the Borrower
has requested that the Lenders provide a revolving credit facility for the purposes set forth herein; and 
 WHEREAS, the Lenders have
agreed to make the requested revolving credit facility available on the terms and conditions set forth herein; 
 NOW, THEREFORE, in
consideration of these premises and the mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: 

Section 1 DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. The following terms used herein, including in the introductory paragraph, recitals, exhibits and
schedules hereto, shall have the following meanings: 
 “Acquisition”, by any Person, means the acquisition by such Person,
in a single transaction or in a series of related transactions, of (a) more than 50% of the voting Equity Interests of another Person (including the purchase of an option, warrant or convertible or similar type Security to acquire such a
controlling interest at the time it becomes exercisable by the holder thereof), whether by purchase of such Equity Interest or upon exercise of an option or warrant for, or conversion of securities into, such Equity Interest, or (b) assets of
another Person which constitute all or any substantial portion of the assets of such Person, a division of such Person or a line or lines of business conducted by such Person, in each case whether or not involving a merger or consolidation with such
other Person and whether for cash, property, services, assumption of Indebtedness, Securities or otherwise. 
 “Adjusted LIBOR
Rate” means, for any Interest Rate Determination Date with respect to an Interest Period for an Adjusted LIBOR Rate Loan, the rate per annum obtained by dividing (a) (i) the rate per annum (rounded upward to the next whole
multiple of one sixteenth of one percent) equal to the LIBOR or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Reuters screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars, determined as of approximately
11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (ii) in the event the rate referenced in the preceding clause (i) does not appear on such page or service or if such page or service shall cease to
be available, the rate per annum (rounded upward to the next whole multiple of one sixteenth of one percent) equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service which displays an
average settlement rate for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or
(iii) in the event the rates referenced in the preceding clauses (i) and (ii) are not available, the rate per annum (rounded upward to the next whole multiple of one sixteenth of one percent) equal to quotation rate (or

 
the arithmetic mean of rates) offered to first class banks in the London interbank market for deposits (for delivery on the first day of the relevant period) in Dollars of amounts in same day
funds comparable to the principal amount of the applicable Loan of Regions Bank or any other Lender selected by the Administrative Agent, for which the Adjusted LIBOR Rate is then being determined with maturities comparable to such period as of
approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, by (b) an amount equal to (i) one, minus (ii) the Applicable Reserve Requirement. 

“Adjusted LIBOR Rate Loan” means Loans bearing interest based on the Adjusted LIBOR Rate. 

“Administrative Agent” has the meaning assigned thereto in the introductory paragraph hereto, together with its successors
and permitted assigns. 
 “Administrative Questionnaire” means an administrative questionnaire provided by the Lenders in a
form supplied by the Administrative Agent. 
 “Adverse Proceeding” means any action, suit, proceeding (whether
administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of any Credit Party or any of their respective Subsidiaries) at law or in equity, or before or by any Governmental Authority,
whether pending, or to the knowledge of the Credit Parties, threatened in writing against any Credit Party or any of their respective Subsidiaries or any material property of any Credit Party or any of their respective Subsidiaries. 

“Affected Lender” has the meaning assigned thereto in Section 3.1(b). 

“Affected Loans” has the meaning assigned thereto in Section 3.1(b). 

“Affiliate” means, with respect to any 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” means each of
the Administrative Agent and the Collateral Agent. 
 “Aggregate Revolving Commitments” means the Revolving Commitments of
all the Lenders. The aggregate principal amount of the Aggregate Revolving Commitments in effect on the Closing Date is $150,000,000. 

“Agreement” has the meaning assigned thereto in the introductory paragraph hereto. 

“Applicable Laws” means all applicable laws, including all applicable provisions of constitutions, statutes, rules,
ordinances, regulations and orders of all Governmental Authorities and all orders, rulings, writs and decrees of all courts, tribunals and arbitrators. 

“Applicable Margin” means (a) from the Closing Date through the date two Business Days immediately following the date a
Compliance Certificate is delivered pursuant to Section 7.1(c) for the Fiscal Year ending December 31, 2014, the percentage per annum based upon Pricing Level 2 in the table set forth below, and (b) thereafter, the percentage
per annum determined by reference to the table set forth below using the Consolidated Leverage Ratio as set forth in the Compliance Certificate most recently delivered to the Administrative Agent pursuant to Section 7.1(c), with any
increase or decrease in the Applicable Margin resulting from a change in the Consolidated Leverage Ratio becoming effective on the date two Business Days immediately following the date on which such Compliance Certificate is delivered. 

  
 2 

															
	 Pricing
Level
	 	 Consolidated Leverage Ratio
	 	Adjusted LIBOR
Rate Loans and
Letter of Credit Fee	 	 	Base Rate
Loans	 	 	Commitment
Fee	 
	1	 	 Less than 1.00 to 1.00
	 	 	1.50	% 	 	 	0.50	% 	 	 	0.225	% 
	2	 	 Greater than or equal to 1.00 to 1.00, but less than 1.75 to 1.00
	 	 	1.75	% 	 	 	0.75	% 	 	 	0.250	% 
	3	 	 Greater than or equal to 1.75 to 1.00, but less than 2.50 to 1.00
	 	 	2.00	% 	 	 	1.00	% 	 	 	0.300	% 
	4	 	 Greater than or equal to 2.50 to 1.00
	 	 	2.25	% 	 	 	1.25	% 	 	 	0.375	% 

 Notwithstanding the foregoing, (x) if at any time a Compliance Certificate is not delivered when due in
accordance herewith, then Pricing Level 4 as set forth in the table above shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date
on which such Compliance Certificate is delivered and (y) the determination of the Applicable Margin for any period shall be subject to the provisions of Section 2.7(e). 

“Applicable Reserve Requirement” means, at any time, for any LIBOR Loan, the maximum rate, expressed as a decimal, at which
reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D of the Board of
Governors of the Federal Reserve System, as in effect from time to time) under regulations issued from time to time by the Board of Governors of the Federal Reserve System or other applicable banking regulator. Without limiting the effect of the
foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (a) any category of liabilities which includes deposits by reference to which the applicable Adjusted
LIBOR Rate or LIBOR Index Rate or any other interest rate of a Loan is to be determined, or (b) any category of extensions of credit or other assets which include Adjusted LIBOR Rate Loans or Base Rate Loans determined by reference to the LIBOR
Index Rate. Adjusted LIBOR Rate Loans and Base Rate Loans determined by reference to the LIBOR Index Rate shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefit of credit
for pro ration, exception or offsets that may be available from time to time to the applicable Lender. The rate of interest on Adjusted LIBOR Rate Loans and Base Rate Loans determined by reference to the Index Rate shall be adjusted automatically on
and as of the effective date of any change in the Applicable Reserve Requirement. 
 “Approved Fund” means any Fund 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. 

“Assignment Agreement” means an assignment agreement entered into by a Lender and an Eligible Assignee (with the consent of
any party whose consent is required by Section 11.5(b)) and accepted by the Administrative Agent, in substantially the form of Exhibit 11.5 or any other form (including electronic documentation generated by MarkitClear or other
electronic platform) approved by the Administrative Agent. 
 “Attributable Principal Amount” means (a) in the case of
Capital Leases, the amount of Capital Lease obligations determined in accordance with GAAP and (b) in the case of Synthetic Leases, an amount determined by capitalization of the remaining lease payments thereunder as if it were a Capital Lease
determined in accordance with GAAP. 
 “Authorized Officer” means, as applied to any Person, any individual holding the
position of chairman of the board (if an officer), chief executive officer, president or one of its vice presidents (or the equivalent thereof), chief financial officer or treasurer and, solely for purposes of making the certifications required
under Section 5.1(b)(i), any secretary or assistant secretary. 

  
 3 

 “Auto Borrow Agreement” has the meaning assigned thereto in
Section 2.2(b)(vi). 
 “Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy,” as now and hereafter in effect, or any successor statute. 
 “Base Rate” means, for any day, a rate
per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.50% and (c) the LIBOR Index Rate in effect on such day plus 1.00%. Any change
in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Index Rate shall be effective on the effective day of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Index Rate,
respectively. 
 “Base Rate Loan” means a Loan bearing interest at a rate determined by reference to the Base Rate. 

“Borrower” has the meaning assigned thereto in the introductory paragraph hereto. 

“Borrowing” means (a) a borrowing consisting of simultaneous Loans of the same Type of Loan and, in the case of Adjusted
LIBOR Rate Loans, having the same Interest Period, or (b) a borrowing of Swingline Loans, as appropriate. 
 “BSI”
means Benefit Software, Incorporated, a California corporation. 
 “BSI Indebtedness” means Indebtedness of the Borrower
under that certain Promissory Note dated as of March 31, 2012 payable by the Borrower in favor of Larry S. Dubois, in an aggregate principal amount not to exceed $3,000,000 less the aggregate amount of principal payments thereon. 

“Business Day” means (a) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the
State of New York or the State of Georgia or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close, and (b) with respect to all notices, determinations, fundings and
payments in connection with the Adjusted LIBOR Rate and Adjusted LIBOR Rate Loans (and in the case of determinations, the Index Rate and Base Rate Loans based on the LIBOR Index Rate), the term “Business Day” means any day which is
a Business Day described in clause (a) and which is also a day for trading by and between banks in Dollar deposits in the London interbank market. 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person
as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person. 

“Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing
Bank or the Lenders, as collateral for the Letter of Credit Obligations or obligations of Lenders to fund participations in respect thereof, cash or deposit account balances or, if the Administrative Agent and the Issuing Bank may agree in their
sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the Issuing Bank. “Cash Collateral” shall have a meaning correlative to the
foregoing and shall include the proceeds of such cash collateral and other credit support. 

  
 4 

 “Cash Equivalents” means, as at any date of determination, any of the following:

 (a) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States
government, or (ii) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after the date of acquisition thereof; 

(b) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public
instrumentality thereof, in each case maturing within one year after the date of acquisition thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; 
 (c) commercial paper maturing within one year from the date of acquisition
thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; 

(d) certificates of deposit, bankers’ acceptances and time deposits maturing within 270 days from the date of acquisition thereof and
issued or accepted by any Lender or by any commercial bank organized under the laws of the United States or any state thereof or the District of Columbia that (i) is at least “adequately capitalized” (as defined in the regulations of
its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; 

(e) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and
entered into with a financial institution satisfying the criteria described in clause (d) above; and 
 (f) shares of any money market
mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (a) and (b) above, (ii) has net assets of not less than $500,000,000, and
(iii) has the highest rating obtainable from either S&P or Moody’s. 
 “Change in Law” means the occurrence,
after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that
notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, 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 or issued. 

  
 5 

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

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act of 1934, but excluding
any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such right, an “option right”),
whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 35% or more of the Equity Interests of the Borrower entitled to vote for members of the board of directors or equivalent governing body of
the Borrower on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); 

(b) during any period of twenty-four consecutive months, a majority of the members of the board of directors or other equivalent governing
body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other
equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case
of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents
for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors); or 

(c) other than pursuant to any transaction not prohibited under this Agreement, the Borrower shall cease to own, directly or indirectly, all
of the Equity Interests of its Subsidiaries on a fully diluted basis except, with respect to any Foreign Subsidiary, to the extent necessary to qualify directors where required by applicable law or to satisfy other requirements of applicable law
with respect to the ownership of Equity Interests of such Foreign Subsidiary. 
 “Closing Date” means August 5, 2014.

 “Collateral” means the collateral identified in, and at any time covered by, the Collateral Documents. 

“Collateral Agent” has the meaning assigned thereto in the introductory paragraph hereto, together with its successors and
permitted assigns. 
 “Collateral Documents” means the Security Agreement, the Pledge Agreement, the Mortgages, the
Security Joinder Agreements, Pledge Joinder Agreements, the Pledge Agreement Supplements and all other instruments, documents and agreements delivered by any Credit Party pursuant to this Agreement or any of the other Credit Documents in order to
grant to the Collateral Agent, for the benefit of the Secured Parties, a Lien on any real, personal or mixed property of such Credit Party as security for the Obligations. 

“Commitment Fee” has the meaning assigned thereto in Section 2.10(a). 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

  
 6 

 “Compliance Certificate” means a Compliance Certificate substantially in the
form of Exhibit 7.1(c). 
 “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 Capital
Expenditures” means, without duplication, for any period for the Borrower and its Subsidiaries on a consolidated basis, any expenditure during such period for any purchase or other acquisition of any asset which would be classified as a
fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP, excluding capital expenditures (a) made with the net proceeds of casualty insurance policies or proceeds received as a
result of the taking of any assets of the Borrower or its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise (or pursuant to a sale of any such assets to a purchaser with such power under threat of such
taking), (b) made with the proceeds of any Disposition permitted hereunder to the extent, and only to the extent, the capital expenditures made with such proceeds are made within 180 days following such Disposition, (c) which constitute a
Permitted Acquisition hereunder or an Investment permitted pursuant to Section 8.5, (d) for assets or property to the extent, and only to the extent, that the consideration therefor consists of used, surplus or worn out property or
assets or assets no longer used or useful in the business of the Borrower and its Subsidiaries and (e) as to which the Borrower or any of its Subsidiaries have been reimbursed by a Person other than the Borrower or a Subsidiary, which such
exclusion shall be limited to the extent of such reimbursement. 
 “Consolidated EBITDA” means, for any period, an amount
determined for the Borrower and its Subsidiaries on a consolidated basis equal to Consolidated Net Income for such period plus the following (without duplication) to the extent deducted in calculating such Consolidated Net Income: 

(a) Consolidated Interest Charges for such period, 

(b) the provision for federal, state, local and foreign income taxes payable by the Borrower and its Subsidiaries for such period (net of tax
refunds actually received), 
 (c) all amounts attributable to depreciation and amortization expense for such period, 

(d) other non-cash charges or expenses for such period (excluding any such non-cash item to the extent it represents an accrual or reserve for
potential cash items in any future period or amortization of a prepaid cash item that was paid in a prior period) including non-cash compensation expense in respect of stock option and other equity compensation plans, 

(e) cost savings resulting from Acquisitions in such amounts and for such periods that are approved in writing by the Administrative Agent,
all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP, 
 (f) reasonable and documented
out-of-pocket fees and expenses incurred in connection with (i) the negotiation, documentation and syndication of this Agreement, any amendments, restatements, supplements or other modifications thereto and the transactions contemplated hereby
or thereby and (ii) the consummation of any Permitted Acquisition, in each case to the extent not capitalized; provided that the aggregate amount for all such fees and expenses added back pursuant to this clause (f) shall not
exceed $4,000,000 in any trailing four-quarter period, 
 (g) to the extent covered by insurance and actually reimbursed or otherwise paid,
the amount of proceeds of liability or casualty events and the amount of proceeds of business interruption events; 

  
 7 

 
provided that (i) such insurance proceeds shall be deemed to have been received in the fiscal quarter in which the loss giving rise to the right of the Borrower or the applicable
Subsidiary to receive such insurance proceeds actually occurred (the “Loss Quarter”), notwithstanding that such insurance proceeds were not actually received in such Loss Quarter, but were received in a subsequent fiscal quarter,
(ii) any such insurance proceeds included in the calculation of Consolidated EBITDA pursuant to this clause (g) shall not be included when calculating Consolidated Net Income for any period of four fiscal quarters and (iii) no
such insurance proceeds shall be used to calculate Consolidated EBITDA or any financial covenant for any period of four fiscal quarters that does not include such Loss Quarter, and 

(h) cash restructuring charges or reserves and business optimization expense during such period; provided that the aggregate amount of
all such charges, reserves or expenses added back pursuant to this clause (h) shall not exceed $4,000,000 in any trailing four-quarter period. 

“Consolidated Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA
for the period of the four Fiscal Quarters most recently ended minus Consolidated Capital Expenditures made during such period minus Taxes paid in cash during such period to (b) Consolidated Fixed Charges for the period of the
four Fiscal Quarters most recently ended, all calculated for the Borrower and its Subsidiaries on a consolidated basis, subject to Section 1.3. 

“Consolidated Fixed Charges” means, for any period, without duplication, an amount equal to the sum of (a) the
cash portion of Consolidated Interest Charges for such period plus (b) scheduled principal payments of Indebtedness (including payments on account of Capital Leases) for such period, all calculated for the Borrower and its Subsidiaries
on a consolidated basis in accordance with GAAP. 
 “Consolidated Funded Indebtedness” means, at any date, the aggregate
principal amount of all Indebtedness of the Borrower and its Subsidiaries (other than Indebtedness of the type described in clauses (e), (g) or (h) of such definition) at such date, determined on a consolidated basis
in accordance with GAAP. 
 “Consolidated Interest Charges” means, with reference to any period, total interest expense
(including that attributable to Capital Leases) of the Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including all commissions, discounts and other fees and charges
owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP), calculated on a
consolidated basis for the Borrower and its Subsidiaries for such period in accordance with GAAP. 
 “Consolidated Leverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four Fiscal Quarters most recently ended, all calculated for the
Borrower and its Subsidiaries on a consolidated basis, subject to Section 1.3. 
 “Consolidated Net Income”
means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the net income (or loss) of the Borrower and its Subsidiaries for that period, as determined in accordance with GAAP, but excluding therefrom (to the extent
otherwise included therein) (a) any extraordinary gains or losses or (b) any gains or losses attributable to a write-up or write-down of assets (including those resulting from any assets revalued upon the application of purchase accounting
(including tangible and intangible assets, goodwill, deferred financing costs and inventory)). 
 “Contractual Obligation”
means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its
properties is bound or to which it or any of its properties is subject. 

  
 8 

 “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.

 “Conversion/Continuation Date” means the effective date of a continuation or conversion, as the case may be, as set
forth in the applicable Conversion/Continuation Notice. 
 “Conversion/Continuation Notice” means a Conversion/Continuation
Notice substantially in the form of Exhibit 2.8. 
 “Credit Date” means the date of a Credit Extension. 

“Credit Document” means any of this Agreement, each Note, each Issuer Document, the Collateral Documents, any Guarantor
Joinder Agreement, the Fee Letter, any Auto Borrow Agreement, any document executed and delivered by the Borrower and/or any other Credit Party pursuant to which any Aggregate Revolving Commitments are increased pursuant to
Section 2.1(c), any documents or certificates executed by any Credit Party in favor of the Issuing Bank relating to Letters of Credit, and, to the extent evidencing or securing the Obligations, all other documents, instruments or
agreements executed and delivered by any Credit Party for the benefit of any Agent, the Issuing Bank or any Lender in connection herewith or therewith (but specifically excluding any Secured Swap Agreements and Secured Treasury Management
Agreements). 
 “Credit Extension” means the making of a Loan or the issuing of a Letter of Credit. 

“Credit Parties” means, collectively, the Borrower and each Guarantor. 

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

“Default” means a condition or event that constitutes an Event of Default or that, after notice or lapse of time or both,
would constitute an Event of Default. 
 “Default Rate” means an interest rate equal to (a) with respect to
Obligations other than Adjusted LIBOR Rate Loans (including Base Rate Loans referencing the LIBOR Index Rate) and the Letter of Credit Fee, the Base Rate plus the Applicable Margin, if any, applicable to such Loans plus 2.00% per
annum, (b) with respect to Adjusted LIBOR Rate Loans, the Adjusted LIBOR Rate plus the Applicable Margin, if any, applicable to Adjusted LIBOR Rate Loans plus 2.00% per annum and (c) with respect to the Letter of Credit
Fee, the Applicable Margin plus 2.00% per annum. 
 “Defaulting Lender” means, subject to
Section 2.16(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative
Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied or (ii) pay to the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its
participation in Letters of Credit or Swingline Loans) within two Business Days of the date 

  
 9 

 
when due, (b) has notified the Borrower, the Administrative Agent or the Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a
condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after
written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to
be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a
proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 2.16(b)) upon delivery of written notice of such determination to the Borrower, the Issuing Bank, the Swingline Lender and each Lender. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale
and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Disqualified Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity
Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures (excluding any maturity as a result of an optional redemption by the issuer thereof) or is mandatorily
redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change
of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Revolving Commitments), (b) is redeemable at the option of the holder
thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity
Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Revolving Commitment Termination Date. 

“Dollars” and the sign “$” mean the lawful money of the United States. 

“Domestic Subsidiary” means any Subsidiary organized under the laws of the United States, any state thereof or the District
of Columbia. 
 “Earn Out Obligations” means, with respect to an Acquisition, all obligations of the Borrower or any
Subsidiary to make earn out or other contingency payments (including purchase price adjustments, non-competition and consulting agreements, or other indemnity obligations) pursuant to the 

  
 10 

 
documentation relating to such Acquisition. The amount of any Earn Out Obligations at the time of determination shall be the aggregate amount, if any, of such Earn Out Obligations that are
required at such time under GAAP to be recognized as liabilities on the consolidated balance sheet of the Borrower. 
 “Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 11.5(b), subject to any consents and representations, if any as may be required therein. 

“Environmental Claim” means any known investigation, written notice, notice of violation, written claim, action, suit,
proceeding, written demand, abatement order or other written order or directive (conditional or otherwise), by any Person arising (a) pursuant to or in connection with any actual or alleged violation of any Environmental Law, (b) in
connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity or (c) in connection with any actual or alleged damage, injury, threat or harm to human health, safety, natural resources or the environment. 

“Environmental Indemnity Agreement” means the Environmental Indemnity Agreement dated as of the Closing Date made by the
Credit Parties in favor of the Administrative Agent and Collateral Agent, for the benefit of the Secured Parties. 
 “Environmental
Laws” means any and all current or future federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other written requirements of Governmental
Authorities relating to (a) any Hazardous Materials Activity, (b) the generation, use, storage, transportation or disposal of Hazardous Materials or (c) protection of human health and the environment from pollution, in any manner
applicable to any Credit Party or any of its Subsidiaries or their respective Facilities. 
 “Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Credit Party or any of their respective Subsidiaries 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 Borrower or any Subsidiary assumed liability with respect to any of the
foregoing. 
 “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other
ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities
convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all
of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any
date of determination. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended to the date hereof
and from time to time hereafter, any successor statute, and the regulations thereunder. 
 “ERISA Affiliate” means, as
applied to any Person, (a) any corporation which is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member, (b) any trade or business (whether
or not incorporated) which is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member and (c) any member of an affiliated service

  
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group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in clause (a) above or any trade or business
described in clause (b) above is a member. 
 “ERISA Event” means (a) a “reportable event” within the
meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which notice to the PBGC has been waived by regulation), (b) the failure to meet the minimum funding standard of
Section 412 of the Internal Revenue Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code), the failure to make by its due date any minimum required contribution or any
required installment under Section 430(j) of the Internal Revenue Code with respect to any Pension Plan or the failure to make by its due date any required contribution to a Multiemployer Plan, (c) the provision by the administrator of any
Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA, (d) the withdrawal from any Pension Plan with two or more contributing
sponsors or the termination of any such Pension Plan, (e) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition reasonably likely to constitute grounds under ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan, (f) the imposition of liability pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA, (g) the
withdrawal of any Credit Party, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan, or the receipt by any Credit
Party, any of their respective Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that it is in
“critical” or “endangered” status within the meaning of Section 305 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA, (h) the imposition of fines, penalties, taxes or
related charges under Chapter 43 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Pension Plan, (i) the assertion of a claim (other than routine
claims for benefits and funding obligations in the ordinary course) against any Pension Plan other than a Multiemployer Plan or the assets thereof, or against any Person in connection with any Pension Plan such Person sponsors or maintains,
(j) receipt from the Internal Revenue Service of a final written determination of the failure of any Pension Plan intended to be qualified under Section 401(a) of the Internal Revenue Code to qualify under Section 401(a) of the
Internal Revenue Code, or the failure of any trust forming part of any such plan to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code or (k) the imposition of a lien pursuant to Section 430(k) of
the Internal Revenue Code or pursuant to Section 303(k) or 4068 of ERISA. 
 “Event of Default” has the meaning
assigned thereto in Section 9.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from
time to time, and any successor statute. 
 “Excluded Perfection Action” means (a) the obtaining of control agreements
or other control or similar arrangements with respect to deposit accounts, securities accounts or other assets requiring perfection by control (but not, for the avoidance of doubt, control by possession, including of certificated Equity Interests)
other than Qualifying Control Agreements (as defined in the Security Agreement) with respect to Material Accounts to the extent requested by the Administrative Agent, (b) any requirement to obtain leasehold mortgages with respect to any
leasehold interest (including with respect to improvements owned by any Credit Party on any leased premises), (c) any requirement to obtain landlord waivers, estoppels or collateral access letters other than, upon the request of the
Administrative Agent, with respect to any Material Leased Property, (d) the perfection of motor vehicles, rolling stock and other assets subject to certificates of title (to the extent not perfected by the filing of a Form UCC-1 financing
statement), (e) the perfection of commercial tort claims other than Material Commercial Tort Claims (to 

  
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the extent not perfected by the filing of a Form UCC-1 financing statement), (f) the perfection of any intellectual property held in non-U.S. jurisdictions (to the extent not perfected by
the filing of a Form UCC-1 financing statement or the filing of notices or security agreements with the United States Patent and Trademark Office or Copyright Office), (g) the perfection of letter of credit rights other than Material Letter of
Credit Rights (to the extent not perfected by the filing of a Form UCC-1 financing statement) and (h) to the extent not in the possession of the Borrower or its applicable Subsidiary on the Closing Date, or in the possession of Citibank, N.A.,
as administrative agent under the Existing Credit Agreement on the Closing Date, but subject in any event to Section 7.15, the delivery of original certificates evidencing certificated Equity Interests of any Non-Opinion Party and
undated stock transfer powers executed in blank with respect thereto. 
 “Excluded Property” means, with respect to the
Borrower and each other Credit Party, including any Person that becomes a Credit Party after the Closing Date as contemplated by Section 7.11, (a) any equipment that is subject to a Capital Lease or operating lease or a Lien
securing purchase money obligations of any Credit Party that are, in each case, permitted to be incurred under this Agreement or the other Credit Documents, to the extent that the contract or other agreement in which such Lien is granted (or in the
documentation providing for such lease) prohibits or requires the consent of any Person other than any Credit Party as a condition to the creation of any other Lien on such equipment, but only, in each case, to the extent, and for so long as, such
consent has not been obtained and the Indebtedness secured by the applicable Lien or the lease has not been repaid in full or the applicable prohibition (or consent requirement) has not otherwise been removed or terminated, (b) any property to
the extent that the grant of a Lien therein would violate Applicable Laws, require a consent not obtained of any Governmental Authority, or constitute a breach of or default under, or result in the termination of or require a consent not obtained
under, any contract, lease, license or other agreement evidencing or giving rise to such property, or result in the invalidation thereof or provide any party thereto with a right of termination (other than to the extent that any such term would be
rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the applicable UCC or any other Applicable Law or principles of equity), (c) any certificates, licenses and other authorizations issued by any Governmental Authority
to the extent that Applicable Laws prohibit the granting of a security interest therein, (d) any “intent-to-use” trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with
respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such “intent-to-use” trademark application under
Applicable Law, (e) letter of credit rights to the extent not perfected by the filing of a customary UCC financing statement or otherwise representing proceeds of other Collateral, other than Material Letter of Credit Rights, (f) any
Equity Interests in any Person which is not wholly-owned, directly or indirectly, by the Borrower and one or more of its Subsidiaries if, and to the extent that, the granting of a security interest therein would, under the express terms of the
organizational documents of such Person, be prohibited or restricted, but only so long as (i) the applicable Credit Party has not been able to obtain the consent of the other holders of the Equity Interests in such Person and (ii) such
prohibition or restriction is not enforceable or is otherwise ineffective under Applicable Law (including the UCC), (g) proceeds and products of any and all of the foregoing excluded property described in clauses (a) through
(f) above only to the extent such proceeds and products would constitute property or assets of the type described in clauses (a) through (f) above, and (h) those assets as to which the Administrative Agent
and the Borrower reasonably determine that the cost (including the cost of adverse tax consequences) of obtaining, perfecting or maintaining such a Lien exceeds the fair market value thereof or is excessive in relation to the practical benefit to
the holders of the Obligations of the security to be afforded thereby; provided that the Lien granted to the Collateral Agent under the Security Agreement, the Pledge Agreement or any other Credit Document shall attach immediately to any
asset of any Credit Party at such time as such asset ceases to meet any of the criteria for “Excluded Property” described in any of the foregoing clauses (a) through (h) above. 

  
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 “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap
Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant under a Credit Document by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes
illegal under the Commodity Exchange Act (or the application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act (determined after giving effect to Section 4.8 and any and all Guarantees of such Guarantor’s Swap Obligations by other Credit Parties) at the time the Guaranty of such Guarantor, or grant by such Guarantor of a
security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap Agreement, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to Swap Agreements for which such Guarantee or security interest is or becomes excluded in accordance with the first sentence of this definition. 

“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 2.17 or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 3.3, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 3.3(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing Credit Agreement” means that certain Credit Agreement, dated as of April 26, 2012, by and among the Borrower,
the lenders party thereto, and Citibank, N.A., as administrative agent, as amended, restated, supplemented or otherwise modified through the Closing Date. 

“Facility” means any real property including all buildings, fixtures or other improvements located on such real property now,
hereafter or heretofore owned, leased, operated or used by the Borrower or any of its Subsidiaries or any of their respective predecessors. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code as of the date of this Agreement (or any amended or
successor version to the extent substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the
Internal Revenue Code and any applicable intergovernmental agreements with respect thereto. 
 “Federal Funds Effective
Rate” means for any day, the rate per annum (expressed, as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the
Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, (a) if such day is not a Business Day, the Federal Funds
Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the
Federal Funds Effective Rate for such day shall be the average rate charged to Regions Bank or any other Lender selected by the Administrative Agent on such day on such transactions as determined by the Administrative Agent. 

  
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 “Fee Letter” means that certain letter agreement dated as of May 7, 2014
among the Borrower, Regions Bank and Regions Capital Markets, a division of Regions Bank. 
 “Financial Officer
Certification” means, with respect to the financial statements for which such certification is required, the certification of the chief financial officer of the Borrower that such financial statements fairly present, in all material
respects, the financial condition of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to, in the case of interim statements, changes resulting
from audit and normal year-end adjustments and the absence of footnotes. 
 “First Tier
Foreign Subsidiary” means any Foreign Subsidiary owned directly by any Credit Party. 
 “Fiscal Quarter” means a
fiscal quarter of any Fiscal Year, including the last fiscal quarter of each Fiscal Year as appropriate. 
 “Fiscal Year”
means the fiscal year of the Borrower and its Subsidiaries ending on December 31 of each calendar year. 
 “Flood Hazard
Property” means any Real Estate Asset subject to a Mortgage and located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards. 

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

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Bank, such
Defaulting Lender’s Revolving Commitment Percentage of the outstanding Letter of Credit Obligations with respect to Letters of Credit issued by the Issuing Bank other than Letter of Credit Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Revolving Commitment Percentage of
outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “Funding
Notice” means a notice substantially in the form of Exhibit 2.1. 
 “GAAP” means, subject to the
limitations on the application thereof set forth in Section 1.2, accounting principles generally accepted in the United States in effect as of the date of determination thereof. 

“Governmental Acts” means any act or omission, whether rightful or wrongful, of any present or future de jure or de
facto government or Governmental Authority. 
 “Governmental Authority” means the government of the United States or
any other nation, or of 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,

  
 15 

 
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank and any group or body
charged with setting financial accounting or regulatory capital rules or standards). 
 “Governmental Authorization” means
any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority. 

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or
indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in
respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of
income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other
Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount
equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantor Joinder Agreement” means a guarantor joinder agreement substantially in the form of Exhibit 7.11
delivered by a Domestic Subsidiary of the Borrower pursuant to Section 7.11. 
 “Guarantors” means
(a) each Person identified as a “Guarantor” on the signature pages hereto, (b) each other Person that joins as a Guarantor pursuant to Section 7.11, (c) with respect to (i) Secured Swap Obligations,
(ii) Secured Treasury Management Obligations, and (iii) Swap Obligations of a Specified Credit Party (determined before giving effect to Sections 4.1 and 4.8) under the Guaranty hereunder, the Borrower, and (d) each of
their respective successors and permitted assigns. 
 “Guaranty” means the Guarantee made by the Guarantors in favor of the
Collateral Agent, for the benefit of the Secured Parties, pursuant to Section 4. 
 “Hazardous Materials” means
any hazardous substances defined by the Comprehensive Environmental Response Compensation and Liability Act, 42 USCA 9601, et. seq., as amended, including any hazardous waste as defined under 40 C.F.R. Parts 260-270, gasoline or petroleum (including
crude oil or any fraction thereof), asbestos or polychlorinated biphenyls. 
 “Hazardous Materials Activity” means any
past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement,
generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing. 

  
 16 

 “Highest Lawful Rate” means the maximum lawful interest rate, if any, that at
any time or from time to time may be contracted for, charged, or received under Applicable Laws relating to any Lender which are currently in effect or, to the extent allowed under such Applicable Laws, which may hereafter be in effect and which
allow a higher maximum nonusurious interest rate than Applicable Laws now allow. 
 “Indebtedness” means, as to any Person
at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP (except as provided in clause (b) below): 

(a) all obligations for borrowed money, whether current or long-term (including the Obligations hereunder), all obligations evidenced by
bonds, debentures, notes, loan agreements or other similar instruments but specifically excluding trade payables incurred in the ordinary course of business; 

(b) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary
course of business and, in each case, not past due for more than ninety days after the date on which such trade account payable was created), including any Earn Out Obligations or other similar deferred or contingent obligations incurred in
connection with any Acquisition recognized as a liability on the balance sheet of the Borrower and its Subsidiaries in accordance with GAAP; 

(c) all obligations under letters of credit (including standby and commercial), bankers’ acceptances and similar instruments (including
bank guaranties); 
 (d) the Attributable Principal Amount of Capital Leases and Synthetic Leases; 

(e) all Disqualified Equity Interests; 

(f) all Guarantees in respect of Indebtedness of another Person; 

(g) net obligations under any Swap Agreement; 

(h) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; and 

(i) all Indebtedness of the types referred to in clauses (a) through (h) above of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such
Subsidiary. 
 For purposes hereof, the amount of Indebtedness shall be determined (i) based on the outstanding principal amount in the case of
borrowed money indebtedness under clause (a) and purchase money indebtedness and the deferred purchase obligations under clause (b), (ii) based on the maximum amount available to be drawn in the case of letter of credit
obligations and the other obligations under clause (c), (iii) based on the amount of Indebtedness that is the subject of the Guarantees in the case of Guarantees under clause (f), (iv) based on Swap Termination Value in the
case of net obligations under any Swap Agreement under clause (g) and (v) in the case of any Indebtedness of the type described in clause (h) that is nonrecourse to the credit of that Person, to be the lesser of
(x) the fair market value of such property and (y) the amount of the Indebtedness secured thereby. 

  
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 “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 any Credit Party under any Credit Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee” has the meaning assigned thereto in Section 11.2(b). 

“Index Rate” means, for any Index Rate Determination Date with respect to any Base Rate Loans determined by reference to the
Index Rate, the rate per annum (rounded upward to the next whole multiple of 1/16 of 1%) equal to (a) the LIBOR or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Reuters screen
page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) for deposits with a term equivalent to one month in Dollars, determined as of approximately
11:00 a.m. (London, England time) two Business Days prior to such Index Rate Determination Date, or (b) in the event the rate referenced in the preceding clause (a) does not appear on such page or service or if such page or service
shall cease to be available, the rate per annum (rounded upward to the next whole multiple of 1/16 of 1%) equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service which displays an average
settlement rate for deposits with a term equivalent to one month in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Business Days prior to such Index Rate Determination Date, or (c) in the event the rates
referenced in the preceding clauses (a) and (b) are not available, the rate per annum (rounded upward to the next whole multiple of one sixteenth of one percent) equal to quotation rate (or the arithmetic mean of rates)
offered to first class banks in the London interbank market for deposits in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan of Regions Bank or any other Lender selected by the Administrative Agent, for
which the Index Rate is then being determined with maturities comparable to one month as of approximately 11:00 a.m. (London, England time) two Business Days prior to such Index Rate Determination Date. Notwithstanding anything contained herein
to the contrary, the Index Rate shall not be less than zero. 
 “Index Rate Determination Date” means the Closing Date and
the first Business Day of each calendar month thereafter; provided that, solely for purposes of the definition of Base Rate, Index Rate Determination Date means the date of determination of the Base Rate. 

“Intellectual Property Rights” means all actual or prospective rights arising in connection with any intellectual property or
other proprietary rights, including all rights arising in connection with copyrights, patents, service marks, trade dress, trade secrets, trademarks, trade names or mask works. 

“Interest Payment Date” means with respect to (a) any Base Rate Loan and any Swingline Loan, the last Business Day of
each calendar quarter, commencing on the first such date to occur after the Closing Date and the final maturity date of such Loan; and (b) any LIBOR Loan, the last day of each Interest Period applicable to such Loan; provided, in the
case of each Interest Period of longer than three months “Interest Payment Date” shall also include each date that is three months, or an integral multiple thereof, after the commencement of such Interest Period. 

“Interest Period” means, in connection with an Adjusted LIBOR Rate Loan, an interest period of one, two, three or six months,
as selected by the Borrower in the applicable Funding Notice or Conversion/Continuation Notice, (a) initially, commencing on the Credit Date or Conversion/Continuation Date thereof, as the case may be; and (b) thereafter, commencing on the
day on which the immediately preceding Interest Period expires; provided, (i) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless
no further Business Day occurs in such month, in which case such Interest Period shall expire on the immediately preceding Business Day; (ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically 

  
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corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and (iii) no Interest Period with respect to any portion
of the Revolving Loans shall extend beyond the Revolving Commitment Termination Date. 
 “Interest Rate Determination Date”
means, with respect to any Interest Period, the date that is two Business Days prior to the first day of such Interest Period. 

“Internal Revenue Code” means the Internal Revenue Code of 1986. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or
interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) an Acquisition. For purposes of
covenant compliance, the amount of any Investment shall be the amount actually invested (without adjustment for subsequent increases or decreases in the value of such Investment) less any amount realized in respect of such Investment upon the
sale, collection or return of capital (not to exceed the original amount invested). For the avoidance of doubt, Investments shall not include payments by a Loan Party to any Subsidiary on account of goods and services provided to such Loan Party by
such Subsidiary, in each case to the extent such payment is permitted by Section 8.11. 
 “IRS” means the
United States Internal Revenue Service. 
 “ISP” means, with respect to any Letter of Credit, the “International
Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance of such Letter of Credit). 

“Issuance Notice” means an Issuance Notice substantially in the form of Exhibit 2.3. 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the Issuing Bank and the Borrower (or any Subsidiary) or in favor of the Issuing Bank and relating to such Letter of Credit. 

“Issuing Bank” means Regions Bank, in its capacity as issuer of Letters of Credit hereunder, together with its permitted
successors and permitted assigns in such capacity. 
 “Lender” means each financial institution with a Revolving
Commitment, together with its successors and permitted assigns. The initial Lenders are identified on the signature pages hereto and are set forth on Appendix A. 

“Letter of Credit” means any standby letter of credit issued hereunder. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the
form from time to time in use by the Issuing Bank. 
 “Letter of Credit Borrowing” means any Credit Extension resulting
from a drawing under any Letter of Credit that has not been reimbursed or refinanced as a Borrowing of Revolving Loans. 
 “Letter
of Credit Fee” has the meaning assigned thereto in Section 2.10(b)(i). 

  
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 “Letter of Credit Obligations” means, at any time, the sum of (a) the
maximum undrawn amount available to be drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referenced therein, plus (b) the aggregate amount of all drawings under Letters of Credit that
have not been reimbursed by the Borrower, including Letter of Credit Borrowings. For all purposes of this Agreement, (i) amounts available to be drawn under Letters of Credit will be calculated as provided in Section 1.4(h), and
(ii) if a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn. 
 “Letter of Credit Sublimit” means, as of any date of determination, the lesser of
(a) $20,000,000 and (b) the Aggregate Revolving Commitments then in effect. 
 “LIBOR” means the London Interbank
Offered Rate. 
 “LIBOR Index Rate” means, for any Index Rate Determination Date, the rate per annum obtained by
dividing (a) the Index Rate by (b) an amount equal to (i) one, minus (ii) the Applicable Reserve Requirement. 

“LIBOR Loan” means a Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate or LIBOR Index Rate
(including a Base Rate Loan referencing the LIBOR Index Rate), as applicable. 
 “Licensed Intellectual Property” means any
Intellectual Property Rights which the Borrower or any of its Subsidiaries licenses from another Person. 
 “Lien” means
(a) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or license in the
nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (b) in the case of Securities, any purchase option, call or similar right of a third party with respect to such
Securities. 
 “Loan” means any Revolving Loan or Swingline Loan, and the Base Rate Loans and Adjusted LIBOR Rate Loans
comprising such Loans. 
 “Margin Stock” has the meaning assigned thereto in Regulation U of the Board of Governors of
the Federal Reserve System as in effect from time to time. 
 “Master Agreement” has the meaning assigned thereto in the
definition of “Swap Agreement”. 
 “Material Account” means any deposit account or securities account other than
(a) any deposit account exclusively used for payroll, Taxes, escrow, employee benefits or other fiduciary purposes, (b) any deposit account that is a zero dollar balance account that is, by its terms, swept at least once every two Business
Days, and (c) any deposit account or securities account except to the extent the aggregate amount contained in all deposit accounts and securities accounts (other than deposit accounts described in (a) and (b) above) is more than
$1,000,000 at any one time during the prior 12-month period (in which case the Borrower shall identify as Material Accounts those deposit accounts and securities accounts as are necessary so that the $1,000,000 threshold is not then exceeded). 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect on, the business, assets,
liabilities (including contingent liabilities), operations or financial condition of the Borrower and its Subsidiaries taken as a whole; (b) a material adverse effect on the rights and remedies of any Agent or any Lender under any Credit
Document, or on the ability of any Credit Party to perform its 

  
 20 

 
material obligations under any Credit Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Credit Party
of any Credit Document to which it is a party. 
 “Material Commercial Tort Claim” means any commercial tort claim with
respect to which a Credit Party is the plaintiff or a beneficiary and that makes a claim for damages, or other claim for judgment, in an amount greater than or equal to $2,000,000. 

“Material IP Subsidiary” means any Subsidiary that owns or licenses Intellectual Property Rights that, individually or in the
aggregate, either (a) have a fair market value in excess of $1,000,000, (b) are leased, licensed or otherwise provided to the Borrower or any of its other Subsidiaries for annual license, royalty or other payments in excess of $1,000,000
or (c) are material to the operations and/or businesses of the Borrower and its Subsidiaries, taken as a whole. 
 “Material
Leased Property” means any single parcel, or adjacent or related parcels, of real property leased (or similarly held, but excluding any Real Estate Asset) by any Credit Party where assets that constitute, or are intended under this
Agreement and the other Credit Documents to constitute, Collateral with an aggregate fair market value (as reasonably determined by the Borrower) amount in excess of $3,000,000 are at any time located. 

“Material Letter of Credit Right” means any “letter of credit right” under the UCC in a face amount greater than or
equal to $1,000,000 individually (or collectively in the case of multiple letter of credit rights securing the same asset or claim). 

“Material Real Estate Asset” means any Real Estate Asset that has a fair market value (as reasonably determined by the
Borrower) in excess of $5,000,000. 
 “Moody’s” means Moody’s Investor Services, Inc., together with its
successors. 
 “Mortgaged Property Support Documents” means, with respect to any Real Estate Asset constituting, or
intended to constitute, Collateral, such third party consents, intercreditor agreements, mortgagee title insurance policies (in amounts and with endorsements reasonably acceptable to the Administrative Agent), surveys, appraisals, environmental
reports, flood hazard certifications and, evidence of flood insurance (if such insurance is required by Applicable Law), and such other mortgage-related documents as the Administrative Agent or the Collateral Agent may reasonably request in
connection with the Mortgage of such Real Estate Asset and its constituting Collateral. 
 “Mortgages” means the mortgages,
deeds of trust or deeds to secure debt that purport to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in any Real Estate Asset (including with respect to any improvements and fixtures) of the Borrower or
any other Credit Party in real property. 
 “Multiemployer Plan” means any “multiemployer plan” as defined in
Section 3(37) of ERISA which is sponsored, maintained or contributed to by, or required to be contributed to by, any Credit Party or any of its ERISA Affiliates or with respect to which any Credit Party or any of its ERISA Affiliates previously
sponsored, maintained or contributed to or was required to contributed to, and still has liability, whether contingent or otherwise. 

“Non-Consenting Lender” has the meaning assigned thereto in Section 2.17. 

“Non-Defaulting Lender” means, at any time, any Lender that is not a Defaulting Lender at such time. 

  
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 “Non-Guarantor Subsidiary” means, at any time any Subsidiary that is not a
Guarantor at such time. 
 “Non-Opinion Party” means any Credit Party with respect to which the Administrative Agent has
not received, as of the Closing Date, any of (a) a written opinion of (i) counsel licensed in such Loan Party’s jurisdiction of formation, or (ii) New York counsel, in each case addressed to the Administrative Agent, the Issuing
Bank and the Lenders and in form and substance satisfactory to the Administrative Agent or (b) original certificates evidencing certificated Equity Interests thereof, along with undated stock transfer powers executed in blank with respect
thereto. Upon delivery of such opinions with respect to, and certificated Equity Interests (to the extent applicable) of, any Credit Party constituting a Non-Opinion Party, such Credit Party shall thenceforth cease to be a Non-Opinion Party. 

“Note” means a Revolving Loan Note or a Swingline Note, as applicable. 

“Notice” means a Funding Notice, an Issuance Notice or a Conversion/Continuation Notice. 

“Obligations” means all obligations, indebtedness and other liabilities of every nature of each Credit Party from time to
time owed to any Agent (including any former Agent in its capacity as such), the Issuing Bank (including any former Issuing Bank in its capacity as such), the Lenders (including former Lenders in their capacity as such) or any of them, the
Qualifying Swap Banks and the Qualifying Treasury Management Banks, in each case, under any Credit Document, Secured Swap Agreement or Secured Treasury Management Agreement, together with all renewals, extensions, modifications or refinancings of
any of the foregoing, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Credit Party, would have accrued on any Obligation, whether or not a claim is allowed against such
Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under Letters of Credit, payments for early termination of Swap Agreements, fees, expenses, indemnification or otherwise; provided that the
“Obligations” of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor. 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Off-The-Shelf Software” has the meaning assigned thereto in Section 6.15(c). 

“Organizational Documents” means (a) with respect to any corporation, its certificate or articles of incorporation or
organization, as amended, and its by-laws, as amended, (b) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended, (c) with respect to any general partnership,
its partnership agreement, as amended, and (d) with respect to any limited liability company, its articles of organization, certificate of formation or comparable documents, as amended, and its operating agreement, as amended. In the event any
term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only
be to a document of a type customarily certified by such governmental official. 
 “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 Credit Document, or sold or assigned an interest in any Loan or Credit Document).

  
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 “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 Credit Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.17). 

“Outstanding Amount” means (a) with respect to Revolving Loans and Swingline Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any Borrowings and prepayments or repayments of Revolving Loans and Swingline Loans, as the case may be, occurring on such date; and (b) with respect to any Letter of Credit
Obligations on any date, the aggregate outstanding amount of such Letter of Credit Obligations on such date after giving effect to any Credit Extension of a Letter of Credit occurring on such date and any other changes in the amount of the Letter of
Credit Obligations as of such date, including as a result of any reimbursements by the Borrower of any drawing under any Letter of Credit. 

“Owned Intellectual Property” means any Intellectual Property Rights for which the Borrower or any of its Subsidiaries is the
registered owner. 
 “Participant” has the meaning assigned thereto in Section 11.5(d). 

“Participant Register” has the meaning assigned thereto in Section 11.5(d). 

“PATRIOT Act” has the meaning assigned thereto in Section 6.14(f). 

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

“Pension Plan” means any “employee pension benefit plan” as defined in Section 3(2) of ERISA other than a
Multiemployer Plan, which is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA and which is sponsored, maintained or contributed to by, or required to be contributed to by, any Credit Party or any of its ERISA
Affiliates or with respect to which any Credit Party or any of its ERISA Affiliates previously sponsored, maintained or contributed to, or was required to contribute to, and still has liability, whether contingent or otherwise. 

“Permitted Acquisition” means any non-hostile Acquisition that satisfies the following conditions: 

(a) the Borrower shall have notified the Administrative Agent and the Lenders of such Acquisition at least ten Business Days (or, if the total
consideration for such acquisition is less than $50,000,000, three Business Days) prior to the consummation thereof; 
 (b) the Person or
Properties to be acquired (i) is in a similar or complementary line of business as those of the Borrower and its Subsidiaries on the date of such Acquisition and (ii) becomes, or the Properties to be acquired are acquired by, a Subsidiary
of the Borrower (or, solely with respect to Properties, by the Borrower); 
 (c) no Event of Default exists either on the date the agreement
governing such Acquisition is executed or on the date of consummation thereof (either before or immediately after such consummation); 
 (d)
the Consolidated Leverage Ratio, determined on a pro forma basis (as provided in Section 1.3) as of the date of such Acquisition (and giving effect thereto), shall be at least 0.50 to 1.00 lower than the then-applicable
Consolidated Leverage Ratio required to be maintained pursuant to Section 8.7; 

  
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 (e) without limitation of clause (d) above, the Borrower is in pro forma (as provided
in Section 1.3) compliance with the Consolidated Fixed Charge Coverage Ratio as of the date of such Acquisition (and giving effect thereto); 

(f) all transactions related to such Acquisition are consummated (i) in accordance with the terms of the purchase or acquisition
agreement executed in connection therewith and with all other material agreements, instruments and documents implementing such Acquisition (all of which shall be reasonably satisfactory in form and substance to the Administrative Agent),
(ii) in accordance with all material Applicable Laws and regulatory approvals and (iii) in conformity in all material respects with all applicable required governmental, corporate and third-party approval and consents; 

(g) with respect to each such Acquisition of a Person that is required to become a Guarantor, or whose Equity Interests are required to be
pledged, under the Credit Documents, all actions required to be taken under the Credit Documents with respect to any such newly created or acquired Subsidiary (including each Subsidiary thereof) or assets in order to become Guarantors and/or provide
Collateral shall have been taken (or arrangements reasonably satisfactory to the Administrative Agent for the taking of such actions within the time frame required by the Credit Documents shall have been made); and 

(h) the Administrative Agent shall have received (i) at least two Business Days prior to the consummation of such Acquisition, a
certificate of an Authorized Officer of the Borrower certifying that all the requirements set forth in clauses (b), (d) and (e) of this definition have been satisfied with respect to such Acquisition, and if the total consideration
therefor is $50,000,000 or more, such certificate shall include reasonably detailed calculations demonstrating satisfaction of the requirements set forth in clauses (d) and (e) above and (ii) no later than substantially simultaneously
with the consummation of such Acquisition, a certificate of an Authorized Officer of the Borrower certifying that all the requirements set forth in clauses (c), (f) and (g) this definition have been satisfied with respect to such
Acquisition. 
 “Permitted Encumbrances” means each of the following: 

(a) Liens for Taxes not yet overdue or for Taxes if obligations with respect to such Taxes are being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted; 
 (b) statutory Liens of landlords, banks (including rights of set off),
carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 430(k) of the Internal Revenue Code or Section 303(k) or 4068 of ERISA that would
constitute an Event of Default under Section 9.1(h)), in each case incurred in the ordinary course of business (i) for amounts not yet overdue, or (ii) for amounts that are overdue and that are being contested in good faith by
appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts; 

(c) Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of
social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and
return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale
or similar proceedings have been commenced with respect to any portion of the assets on account thereof; 
 (d) easements, servitudes,
rights-of-way, covenants, licenses, protrusions, zoning and other restrictions, encroachments, and other minor defects or irregularities in title or other similar encumbrances, in each case which do not and will not, individually or in the
aggregate, materially detract from the value of the properties of, or interfere in any material respect with the ordinary conduct of the business of, any Credit Party or any of their respective Subsidiaries, including all encumbrances shown on any
policy of title insurance in favor of the Collateral Agent with respect to any Real Estate Asset; 

  
 24 

 (e) any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any
assets under any license or lease agreement entered into in the ordinary course of business, provided that the same do not interfere in any material respect with the business of any Credit Party and its Subsidiaries, taken as a whole; 

(f) Liens (i) solely on any cash earnest money deposits made by any Credit Party or any of its Subsidiaries in connection with any letter
of intent or purchase agreement in connection with an Investment or other acquisition permitted hereunder and (ii) consisting of customary restrictions (i.e. those that limit the transfer of certain property pending the consummation of its
sale) contained in an agreement related to the consummation of a transaction permitted by Section 8.8, 8.9 or 8.10; 

(g) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to consignment of goods or operating
leases of personal property entered into in the ordinary course of business, and not evidencing a security interest in any of the property of any Credit Party or any of its Subsidiaries; 

(h) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods; 
 (i) restrictions resulting from any zoning or similar law or right reserved to or vested in any governmental office
or agency to control or regulate the use of any real property; 
 (j) licenses, leases, sublicenses or subleases granted by any Credit Party
or any of its Subsidiaries to other Persons (including with respect to Intellectual Property Rights) in the ordinary course of business and not interfering in any respect with the ordinary conduct of the business of such Credit Party or such
Subsidiary; 
 (k) Liens consisting of judgment or judicial attachment liens relating to judgments which do not constitute an Event of
Default under Section 9.1(h); 
 (l) Liens (i) of a collecting bank arising in the ordinary course of business under
Section 4-210 of the UCC covering only the items being collected upon and (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 (m) Liens (including the right of set-off) in favor of a bank or other depository institution arising as a matter of law encumbering
deposits; 
 (n) Liens on insurance policies of any Credit Party or any of its Subsidiaries and the proceeds thereof securing the financing
of the premiums with respect to such insurance policies; 
 (o) Liens arising out of customary conditional sale, title retention,
consignment or similar arrangements for the sale of goods entered into in the ordinary course of business; and 
 (p) Liens that are
customary rights of set off relating to pooled deposit or sweep accounts of the Borrower or any of its Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business; 

  
 25 

 provided that the term “Permitted Encumbrances” shall not include any Lien
securing Indebtedness. 
 “Permitted Liens” means each of the Liens permitted pursuant to Section 8.2. 

“Permitted Non-Credit Party Investments” means (a) a loan made by any Credit Party to any Non-Guarantor Subsidiary (each
a “Subsidiary Loan”) so long as (i) no Event of Default has occurred and is continuing on the date such Subsidiary Loan is made or would result therefrom, (ii) such Subsidiary Loan is required by its terms to be repaid
within ninety (90) days after the making thereof, (iii) such Subsidiary Loan does not remain outstanding for more than ninety (90) days, and (iv) the aggregate outstanding amount of all Subsidiary Loans does not at any time
exceed $50,000,000, and (b) any other Investment by any Credit Party to any Non-Guarantor Subsidiary not to exceed $20,000,000 in the aggregate at any time outstanding for all such Investments. For the purposes of clause (a) of this
definition, any Subsidiary Loan used to repay an existing Subsidiary Loan shall be deemed to be an extension of such existing Subsidiary Loan (rather than a new Subsidiary Loan). 

“Permitted Refinancing” means any extension, renewal, modification, replacement or refinancing of any existing Indebtedness
so long as any such extension, renewal, modification, replacement or refinancing of such Indebtedness (a) is subject to terms and conditions not materially less favorable to the obligor thereof or the Secured Parties than the Indebtedness being
extended, renewed, modified, replaced or refinanced, (b) has an average life to maturity that is greater than that of the Indebtedness being extended, renewed, modified, replaced or refinanced, (c) does not include an obligor that was not
an obligor with respect to the Indebtedness being extended, renewed, modified, replaced or refinanced (unless such obligor may otherwise incur such Indebtedness under another basket set forth in Section 8.1; it being understood that any
incurrence of Indebtedness by such obligor pursuant to this clause (c) shall count as usage of such other basket), (d) is subordinated on substantially the same terms (or terms more favorable to the obligees of the Obligations), if
the Indebtedness being extended, renewed, modified, replaced or refinanced was subordinated to the prior payment of the Obligations (or any portion thereof), (e) does not exceed in principal amount the Indebtedness being extended, renewed,
modified, replaced or refinanced plus reasonable fees and expenses incurred in connection therewith (except to the extent such excess principal amount may otherwise be incurred under another basket set forth in Section 8.1; it being
understood that any such excess principal amount added to Indebtedness pursuant to this clause (e) shall count as usage of such other basket), and (f) is not incurred, created or assumed, if any Event of Default under
Section 9.1(a), (f) or (g) has occurred and continues to exist or would result therefrom. 

“Permitted Restricted Payment” means any Restricted Payment made with respect to any Equity Interests of the Borrower or any
Subsidiary so long as (a) both immediately before and immediately after giving effect thereto, no Event of Default exists or shall have occurred as a result thereof, (b) the Consolidated Leverage Ratio, determined on a pro forma
basis (as provided in Section 1.3) as of the date of such Restricted Payment, is not greater than 2.25 to 1.00, and (c) the Borrower is in pro forma (as provided in Section 1.3) compliance with the Consolidated
Fixed Charge Coverage Ratio level set forth in Section 8.7 as of the date of such Restricted Payment. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Platform” has the meaning assigned thereto in
Section 11.1(d). 
 “Pledge Agreement” means the Pledge Agreement dated as of the Closing Date made by the
Credit Parties in favor of the Collateral Agent, for the benefit of the Secured Parties, as supplemented from time to time by the execution and delivery of Pledge Joinder Agreements and Pledge Agreement Supplements. 

  
 26 

 “Pledge Agreement Supplement” means any Pledge Agreement Supplement,
substantially in the form thereof attached to the Pledge Agreement or such other form as is reasonably satisfactory to the Collateral Agent and the other parties thereto, executed and delivered by a Credit Party to the Collateral Agent. 

“Pledge Joinder Agreement” means any Pledge Joinder Agreement, substantially in the form thereof attached to the Pledge
Agreement or such other form as is reasonably satisfactory to the Collateral Agent and the other parties thereto, executed and delivered by a Subsidiary to the Collateral Agent. 

“Prime Rate” means the per annum rate which the Administrative Agent publicly announces from time to time to be its prime
lending rate, as in effect from time to time. The Administrative Agent’s prime lending rate is a reference rate and does not necessarily represent the lowest or best rate charged to customers. 

“Principal Office” means, for the Administrative Agent, the Swingline Lender and the Issuing Bank, such Person’s
“Principal Office” as set forth on Appendix B, or such other office as it may from time to time designate in writing to the Borrower and each Lender. 

“Property” means an interest of any kind in any property or asset, whether real, personal or mixed, and whether tangible or
intangible. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Credit Party that, at the time the
Guaranty (or grant of security interest, as applicable) becomes or would become effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or such other Credit Party as constitutes an “eligible contract
participant” under the Commodity Exchange Act and which may cause another Person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Qualified Equity Interest” means any Equity Interest that
is not a Disqualified Equity Interest. 
 “Qualifying Swap Bank” means (a) any of Regions Bank and its Affiliates,
(b) any Person that is a Lender or an Affiliate of a Lender at the time it enters into a Swap Agreement so long as such Person shall have provided a Secured Party Designation Notice to the Administrative Agent or (c) any Person that is a
party to a Swap Agreement at the time it (or its Affiliate) becomes a Lender so long as such Person (or its Affiliate) shall have provided a Secured Party Designation Notice to the Administrative Agent. For purposes hereof, the term
“Lender” shall be deemed to include the Administrative Agent. 
 “Qualifying Treasury Management Bank” means
(a) any of Regions Bank and its Affiliates, (b) any Person that is a Lender or an Affiliate of a Lender at the time it enters into a Treasury Management Agreement so long as such Person shall have provided a Secured Party Designation
Notice to the Administrative Agent or (c) any Person that is a party to a Treasury Management Agreement at the time it (or its Affiliate) becomes a Lender so long as such Person (or its Affiliate) shall have provided a Secured Party Designation
Notice to the Administrative Agent. For purposes hereof, the term “Lender” shall be deemed to include the Administrative Agent. 

“Real Estate Asset” means, at any time of determination, any fee-owned interest in real property (including any improvements
and fixtures thereon) held by the Borrower or any of its Subsidiaries. 
 “Recipient” means (a) any Agent,
(b) any Lender or (c) the Issuing Bank, as applicable. 

  
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 “Refunded Swingline Loans” has the meaning assigned thereto in
Section 2.2(b)(iii). 
 “Register” has the meaning assigned thereto in Section 11.5(c). 

“Reimbursement Date” has the meaning assigned thereto in Section 2.3(d). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge,
dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including
the movement of any Hazardous Material through the air, soil, surface water or groundwater. 
 “Removal Effective Date” has
the meaning assigned thereto in Section 10.6(b). 
 “Required Lenders” means, as of any date of determination,
Lenders having Total Credit Exposure representing more than fifty percent of the Total Credit Exposures of all Lenders; provided that (a) at any time that there are three or fewer Lenders, “Required Lenders” shall require at
least two Lenders (in addition to the Total Credit Exposure threshold set forth above) and (b) the Total Credit Exposure of any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders (including for making
a determination of the total number of Lenders providing the Aggregate Revolving Commitments). 
 “Resignation Effective
Date” has the meaning assigned thereto in Section 10.6(a). 
 “Restricted Payment” means any dividend
or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or on account of any return of capital to the Borrower’s stockholders, partners or members (or the equivalent
Person thereof), or any setting apart of funds or property for any of the foregoing. 
 “Revolving Commitment” means the
commitment of a Lender to make or otherwise fund any Revolving Loan and to acquire participations in Letters of Credit and Swingline Loans hereunder and “Revolving Commitments” means such commitments of all Lenders in the aggregate.
The amount of each Lender’s Revolving Commitment is set forth on Appendix A or in the applicable Assignment Agreement, subject to any increase, adjustment or reduction pursuant to the terms and conditions hereof. 

“Revolving Commitment Percentage” means, for each Lender, a fraction (expressed as a percentage carried to the ninth decimal
place), the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the Aggregate Revolving Commitments then in effect. The initial Revolving Commitment Percentages are set forth on Appendix A. 

“Revolving Commitment Period” means the period from and including the Closing Date to the earlier of (a) (i) in the
case of Revolving Loans and Swingline Loans, the Revolving Commitment Termination Date or (ii) in the case of the Letters of Credit, the expiration date thereof, or (b) in each case, the date on which the Revolving Commitments shall have
been terminated as provided herein. 

  
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 “Revolving Commitment Termination Date” means the earliest to occur of
(a) August 5, 2019; (b) the date the Revolving Commitments are permanently reduced to zero pursuant to Section 2.11(b); and (c) the date of the termination of the Revolving Commitments pursuant to Section 9.2.

 “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its
outstanding Revolving Loans and such Lender’s participation in Letter of Credit Obligations and Swingline Loans at such time. 

“Revolving Loan” means a Loan made by a Lender to the Borrower pursuant to Section 2.1(a). 

“Revolving Loan Note” means a promissory note in the form of Exhibit 2.5-1, as it may be amended, supplemented or
otherwise modified from time to time. 
 “S&P” means Standard & Poor’s Ratings Services, a division of
Standard & Poor’s Financial Services LLC, together with its successors. 
 “Sanctioned Entity” means
(a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be
resident in a country, that is subject to a country sanctions program administered and enforced by OFAC. 
 “Sanctioned
Person” means a person named on the list of Specially Designated Nationals maintained by OFAC. 
 “SEC” means the
United States Securities and Exchange Commission. 
 “Secured Parties” means, collectively, the Administrative Agent, the
Collateral Agent, the Lenders, the Issuing Bank, the Qualifying Swap Banks, the Qualifying Treasury Management Banks, each co-agent or sub-agent appointed by the Administrative Agent or the Collateral Agent from time to time pursuant to
Section 10.5, any other holder from time to time of any of any Obligations and, in each case, their respective successors and permitted assigns. 

“Secured Party Designation Notice” means a notice in the form of Exhibit 1.1 (or other writing in form and substance
satisfactory to the Administrative Agent) from a Qualifying Swap Bank or a Qualifying Treasury Management Bank to the Administrative Agent that it holds Obligations entitled to share in the guaranties and collateral interests provided herein in
respect of a Secured Swap Agreement or Secured Treasury Management Agreement, as appropriate. 
 “Secured Swap Agreement”
means any Swap Agreement between any of the Borrower and its Subsidiaries, on the one hand, and a Qualifying Swap Bank, on the other hand. For the avoidance of doubt, a holder of Obligations in respect of a Secured Swap Agreement shall be subject to
the provisions of Sections 9.3 and 10.10. 
 “Secured Swap Obligations” means all obligations owing to a
Qualifying Swap Bank in connection with any Secured Swap Agreement including any and all cancellations, buy backs, reversals, terminations or assignments of any Secured Swap Agreement, any and all renewals, extensions and modifications of any
Secured Swap Agreement and any and all substitutions for any Secured Swap Agreement, including all fees, costs, expenses and indemnities, whether primary, secondary, direct, fixed or otherwise (including any monetary obligations incurred during the
pendency of any bankruptcy or insolvency proceedings, regardless of whether allowed or allowable in such bankruptcy or insolvency proceedings), in each case, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising. 

  
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 “Secured Treasury Management Agreement” means any Treasury Management Agreement
between any of the Borrower and its Subsidiaries, on the one hand, and a Qualifying Treasury Management Bank, on the other hand. For the avoidance of doubt, a holder of Obligations in respect of a Secured Treasury Management Agreement shall be
subject to the provisions of Sections 9.3 and 10.10. 
 “Secured Treasury Management Obligations” means all
obligations owing to a Qualifying Treasury Management Bank under a Secured Treasury Management Agreement, including all fees, costs, expenses and indemnities, whether primary, secondary, direct, fixed or otherwise (including any monetary obligations
incurred during the pendency of any bankruptcy or insolvency proceedings, regardless of whether allowed or allowable in such bankruptcy or insolvency proceedings), in each case, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising. 
 “Securities” means any stock, shares,
partnership interests, limited liability company interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement (e.g., stock appreciation
rights), options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of
interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 

“Security Agreement” means the Security Agreement dated as of the Closing Date made by the Credit Parties in favor of the
Collateral Agent, for the benefit of the Secured Parties, as supplemented from time to time by the execution and delivery of Security Joinder Agreements. 

“Security Joinder Agreement” means any Security Joinder Agreement, substantially in the form thereof attached to the Security
Agreement or such other form as is reasonably satisfactory to the Collateral Agent and the other parties thereto, executed and delivered by a Subsidiary to the Collateral Agent. 

“Solvent” means, with respect to any Person as of a particular date, that on such date (a) such Person is able to pay
its debts and other liabilities, contingent obligations and other commitments as they mature in the ordinary course of business, (b) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s
property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged or is to engage, (d) the fair value of the property of such Person is greater than
the total amount of liabilities, including contingent liabilities, of such Person and (e) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person
on its debts as they become absolute and matured. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such
time, represents the amount that can reasonably be expected to become an actual or matured liability. 
 “Specified Credit
Party” means, any Credit Party that is, at the time on which the Guaranty (or grant of security interest, as applicable) becomes effective with respect to a Swap Obligation, a corporation, partnership, proprietorship, organization, trust or
other entity that would not be an “eligible contract participant” under the Commodity Exchange Act at such time but for the effect of Section 4.8. 

“Specified Transaction” means any Permitted Acquisition or any Disposition of one or more Subsidiaries or lines of business
permitted hereunder. 

  
 30 

 “Subsidiary” means, with respect to any Person, any corporation, partnership,
limited liability company, association, joint venture or other business entity of which more than fifty percent of the total voting power of Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of
the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest
in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding. Unless otherwise provided, “Subsidiary” shall refer to a Subsidiary of the Borrower. 

“Swap Agreement” means (a) any and all rate 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 bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, currency swap transactions, cross-currency rate swap transactions, currency options, cap transactions, floor transactions, collar transactions, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options or warrants to enter into any of the foregoing), whether or not any such transaction is governed by, or otherwise subject to, any master agreement or any netting
agreement, and (b) any and all transactions or arrangements of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement (or similar documentation) published from
time to time by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such agreement or documentation, together with any related schedules, a
“Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “Swap
Obligation” means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Swap Provider” means any Person that is a party to a Swap Agreement with any of the Borrower or its Subsidiaries. 

“Swap Termination Value” means, 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 prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(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 (which may include a Lender or any Affiliate of a Lender). 
 “Swingline Lender”
means Regions Bank in its capacity as Swingline Lender hereunder, together with its permitted successors and permitted assigns in such capacity. 

“Swingline Loan” means a Loan made by the Swingline Lender to the Borrower pursuant to Section 2.2. 

“Swingline Note” means a promissory note in the form of Exhibit 2.5-2, as it may be amended, supplemented or
otherwise modified from time to time. 

  
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 “Swingline Rate” means the Base Rate plus the Applicable Margin
applicable to Base Rate Loans (or with respect to any Swingline Loan advanced pursuant to an Auto Borrow Agreement, such other rate as separately agreed in writing between the Borrower and the Swingline Lender). 

“Swingline Sublimit” means, at any time of determination, the lesser of (a) $10,000,000 and (b) the Aggregate
Revolving Commitments then in effect. 
 “Synthetic Lease” means a lease transaction under which the parties intend that
(a) the lease will be treated as an “operating lease” by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended and (b) the lessee will be entitled to various tax and other benefits ordinarily
available to owners (as opposed to lessees) of like property. 
 “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. 

“Total Credit Exposure” means, as to any Lender at any time, the unused Revolving Commitment and Revolving Credit Exposure of
such Lender at such time. 
 “Total Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving Loans,
all Swingline Loans and all Letter of Credit Obligations. 
 “Treasury Management Agreement” means any agreement governing
the provision of treasury or cash management services, including deposit accounts, funds transfer, automated clearinghouse, commercial credit cards, purchasing cards, cardless e-payable services, debit cards, stored value cards, zero balance
accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services. 

“Treasury Management Bank” means any Person that is a party to a Treasury Management Agreement with any of the Borrower or
its Subsidiaries. 
 “Type of Loan” means a Base Rate Loan or a LIBOR Loan. 

“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in the State of New York (or
any other applicable jurisdiction, as the context may require). 
 “United States” or “U.S.” means the
United States of America. 
 “U.S. Person” means any Person that is a “United States person” as defined in
Section 7701(a)(30) of the Internal Revenue Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned
thereto in Section 3.3(f)(ii)(B)(3). 
 “Wholly-Owned” means, with respect to a Subsidiary, that all of the
Equity Interests of such Subsidiary are, directly or indirectly, owned or controlled by the Borrower and/or one or more of its Wholly-Owned Subsidiaries (except, solely in the case of Foreign Subsidiaries, for directors’ qualifying shares or
other shares required by Applicable Law to be owned by a Person other than the Borrower and/or one or more of its Wholly-Owned Subsidiaries). 

“Withholding Agent” means any Credit Party and the Administrative Agent, as applicable. 

  
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 Section 1.2 Accounting Terms. 

(a) Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them
in conformity with GAAP. Financial statements and other information required to be delivered by the Borrower to the Lenders pursuant to clauses (a), (b), (c) and (d) of Section 7.1 shall be prepared
in accordance with GAAP as in effect at the time of such preparation. If at any time any change in GAAP or in the consistent application thereof would affect the computation of any financial covenant or requirement set forth in any Credit Document,
and either the Borrower or the Required Lenders shall object in writing to determining compliance based on such change, then the Lenders and Borrower shall negotiate in good faith to amend such financial covenant, requirement or applicable defined
terms to preserve the original intent thereof in light of such change to GAAP, provided that, until so amended such computations shall continue to be made on a basis consistent with the most recent financial statements delivered pursuant to
clauses (a), (b), (c) and (d) of Section 7.1 as to which no such objection has been made. 

(b) Notwithstanding the above, for purposes of determining compliance with any covenant (including the computation of any financial covenant)
contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 (c) Notwithstanding any other provision herein, leases shall continue to be classified and accounted for on a basis consistent with that
reflected in the audited financial statements for the Fiscal Year ending December 31, 2013 for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable
amendment addressing such changes, as provided for above. 
 Section 1.3 Pro Forma Calculations. 

(a) For purposes of calculating the Consolidated Fixed Charge Coverage Ratio and the Consolidated Leverage Ratio for any purpose hereunder
(including Permitted Acquisitions, Permitted Restricted Payments, Section 2.1(c) and Section 8.7), such calculations shall be made on a pro forma basis as follows: 

(i) Consolidated Funded Indebtedness shall be calculated on the relevant date of measurement of the Consolidated Leverage Ratio
(whether the last day of a Fiscal Quarter or the date of a transaction with respect to which pro forma compliance is required), but in the case of measurement in connection with any event hereunder (and not for periodic compliance with the
financial covenants under Section 8.7), giving pro forma effect to all Indebtedness to be incurred or repaid on such date (whether in connection with a Specified Transaction, a Permitted Restricted Payment, an increase of the
Aggregate Revolving Commitments pursuant to Section 2.1(c), or any other transaction for which pro forma compliance is being measured); 

(ii) Consolidated EBITDA shall be calculated for the period of four Fiscal Quarters most recently ended for which financial
statements have been (or in the case of any periodic financial covenant compliance, are being) delivered, but giving pro forma effect to the Specified Transaction for which such measurement is being made (if any) and all other Specified
Transactions (if any) that have occurred (A) during the period in respect of which such calculations are required to be made or (B) subsequent to such period and prior to or simultaneously with the event for which the pro forma
calculation of either such ratio is being made (in the case of such calculation being made for a Specified Transaction, Permitted Restricted Payment, increase in the Aggregate Revolving Commitments pursuant to Section 2.1(c) or other
event, and not for periodic covenant compliance pursuant to Section 8.7), in each case by assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used
therein attributable to any Specified Transaction) had occurred on the first day of the period of four Fiscal Quarters in respect of which such calculation of Consolidated EBITDA is required to be made; and 

  
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 (iii) In the event that the Borrower or any Subsidiary incurs (including by
assumption or guarantees) or repays (including by repurchase, redemption, repayment, retirement or extinguishment) any Indebtedness in connection with any Specified Transaction, Permitted Restricted Payment or increase in the Aggregate Revolving
Commitments pursuant to Section 2.1(c) (or any other transaction for which pro forma compliance is being measured) (A) during the period in respect of which such calculations are required to be made or (B) subsequent to
the end of such period and prior to or simultaneously with the event for which the pro forma calculation of either such ratio is being made, then in each such case the Consolidated Interest Charges component of the Consolidated Fixed Charge
Coverage Ratio shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness (and any other incurrence or repayment of Indebtedness for which pro forma calculations have been required pursuant to this
provision during such relevant period), to the extent required, by providing that (A) any such Indebtedness incurred or assumed in connection with such transaction shall be deemed to have been incurred as of the first day of the applicable
period, and if such Indebtedness has a floating or formula rate of interest, shall have an implied rate of interest for the applicable period for purposes of this provision determined by utilizing the rate which is or would be in effect with respect
to such Indebtedness as at the relevant date of determination and (B) any Indebtedness repaid by the Borrower or any Subsidiary (including any Person acquired) in connection with such transaction shall be deemed to have been so repaid on the
first day of the applicable period. 
 (b) Whenever any financial covenant is to be computed on a pro forma basis hereunder, the
pro forma calculations shall be made in good faith by an Authorized Officer and in a manner reasonably acceptable to the Administrative Agent, subject, in the case of any Permitted Acquisition, to the Administrative Agent’s receipt of
financial statements or other financial data with respect to the acquired Person or business reasonably acceptable to the Administrative Agent, including (i) the most recent financial statements with respect to the acquired Person or business
prepared by such acquired Person or the seller thereof and (ii) to the extent available, the most recent audited and interim unaudited financial statements with respect to the acquired Person. 

Section 1.4 Rules of Interpretation. 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other
Credit Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto”, “herein,” “hereof” and “hereunder,” and
words of similar import when used in any Credit Document, shall be construed to refer to such Credit Document in its entirety and not to any particular provision hereof or thereof, (iv) all references in a Credit Document to Sections, Exhibits,
Appendices and Schedules shall be construed to refer to Sections of, and Exhibits, Appendices and Schedules to, the Credit Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory rules,
regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any references to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from
time to time, and (vi) 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. 

  
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 (b) The terms lease and license shall include sub-lease and sub-license. 

(c) All terms not specifically defined herein or by GAAP, which terms are defined in the UCC, shall have the meanings assigned to them in the
UCC of the relevant jurisdiction, with the term “instrument” being that defined under Article 9 of the UCC of such jurisdiction. 

(d) Unless otherwise expressly indicated, in the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including”, the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including”. 

(e) To the extent that any of the representations and warranties contained in Section 6 under this Agreement or in any of the
other Credit Documents is qualified by “Material Adverse Effect” or another “materiality” standard, the qualifiers “in all material respects” and “in any material respect” in relation to the making of
representations and warranties (whether contained in Section 2.1, 5.1, 5.2, 9.1(d) or otherwise) shall not apply. 

(f) This Agreement and the other Credit Documents are the result of negotiation among, and have been reviewed by counsel to, among others, the
Agents and the Credit Parties, and are the product of discussions and negotiations among all parties. Accordingly, this Agreement and the other Credit Documents are not intended to be construed against any of the Agents or any of the Lenders merely
on account of any Agent’s or any Lender’s involvement in the preparation of such documents. 
 (g) Unless otherwise indicated, all
references to a specific time shall be construed to Eastern Standard Time or Eastern Daylight Savings Time, as the case may be. Unless otherwise expressly provided herein, all references to dollar amounts and “$” shall mean Dollars. 

(h) Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of
Credit in effect at such time (after giving effect to any permanent reduction in the stated amount of such Letter of Credit pursuant to the terms of such Letter of Credit); provided that with respect to any Letter of Credit that, by its terms
or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving
effect to all such increases, whether or not such maximum stated amount is in effect at such time. 
 Section 2 LOANS AND LETTERS
OF CREDIT 
 Section 2.1 Revolving Loans. 

(a) Revolving Loans. During the Revolving Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees
to make revolving loans (each such loan, a “Revolving Loan”) to the Borrower in an aggregate amount up to but not exceeding such Lender’s Revolving Commitment; provided, that after giving effect to the making of any
Revolving Loan, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Revolving Commitment. Amounts borrowed
pursuant to this Section 2.1(a) may be repaid and reborrowed without premium or penalty (subject to Section 3.1(c)) during the Revolving Commitment Period. The Revolving Loans may consist of Base Rate Loans, Adjusted LIBOR
Rate Loans, or a combination thereof, as the Borrower may request. Each Lender’s Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the
Revolving Loans and the Revolving Commitments shall be paid in full no later than such date. 

  
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 (b) Mechanics for Revolving Loans. 

(i) All Revolving Loans that are (A) Adjusted LIBOR Rate Loans shall be made in an aggregate minimum amount of $3,000,000
and integral multiples of $1,000,000 in excess of that amount and (B) Base Rate Loans shall be made in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount. 

(ii) Whenever the Borrower desires that the Lenders make a Revolving Loan, the Borrower shall deliver to the Administrative
Agent a duly executed and completed Funding Notice no later than (x) 1:00 p.m. at least three Business Days in advance of the proposed Credit Date in the case of an Adjusted LIBOR Rate Loan and (y) 1:00 p.m. at least one Business Day in
advance of the proposed Credit Date in the case of a Base Rate Loan. Except as otherwise provided herein, any Funding Notice for any Adjusted LIBOR Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the
Borrower shall be bound to make a borrowing in accordance therewith. 
 (iii) Notice of receipt of each Funding Notice in
respect of each Revolving Loan, together with the amount of each Lender’s Revolving Commitment Percentage thereof, together with the applicable interest rate, shall be provided by the Administrative Agent to each applicable Lender by facsimile
(or such other electronic communication as may be permitted by Section 11.1(b)) with reasonable promptness, but (provided the Administrative Agent shall have received such notice by 1:00 p.m.) not later than 4:00 p.m. on the same
day as the Administrative Agent’s receipt of such notice from the Borrower. 
 (iv) Each Lender shall make its Revolving
Commitment Percentage of the requested Revolving Loan available to the Administrative Agent not later than 11:00 a.m. on the applicable Credit Date by wire transfer of same day funds in Dollars, at the Administrative Agent’s Principal
Office. Except as provided herein, upon satisfaction or waiver of the applicable conditions precedent specified herein, the Administrative Agent shall make the proceeds of such Credit Extension available to the Borrower on the applicable Credit Date
by causing an amount of same day funds in Dollars equal to the proceeds of all Loans received by the Administrative Agent in connection with the Credit Extension from the Lenders to be credited to the account of the Borrower at the Administrative
Agent’s Principal Office or such other account as may be designated in writing to the Administrative Agent by the Borrower. 
 (c)
Increase in Aggregate Revolving Commitments. The Borrower may, at any time and from time to time, upon prior written notice by the Borrower to the Administrative Agent increase the Aggregate Revolving Commitments (but not the Letter of Credit
Sublimit or the Swingline Sublimit) with additional Revolving Commitment(s) from any existing Lender or new Revolving Commitment(s) from any other Person selected by the Borrower and reasonably acceptable to the Administrative Agent, the Issuing
Bank and the Swingline Lender, subject to the following: 
 (i) the aggregate principal amount of all increases in the
Aggregate Revolving Commitments pursuant to this Section 2.1(c) shall not exceed $50,000,000; 
 (ii) any such
increase shall be in a minimum principal amount of $10,000,000 and in integral multiples of $1,000,000 in excess thereof; 

  
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 (iii) after giving effect to the incurrence of any such increase in the Aggregate
Revolving Commitments (and giving effect to any Credit Extension to occur substantially simultaneously with such effectiveness), and the application of the proceeds therefrom, no Default or Event of Default shall exist; 

(iv) the Borrower shall be in compliance, on a pro forma basis (as provided in Section 1.3) with the
financial covenants set forth in Section 8.7 as of the effective date of such increase; 
 (v) no existing Lender
shall be under any obligation to increase its Revolving Commitment and any such decision whether to increase its Revolving Commitment shall be in such Lender’s sole and absolute discretion; 

(vi) (1) any new Lender providing a Revolving Commitment in connection with any increase in the Aggregate Revolving Commitments
shall join this Agreement by executing such joinder documents reasonably required by the Administrative Agent and/or (2) any existing Lender electing to increase its Revolving Commitment shall have executed a commitment agreement reasonably
satisfactory to the Administrative Agent; 
 (vii) any such increase in the Aggregate Revolving Commitments shall be subject
to receipt by the Administrative Agent of a certificate of the Borrower dated as of the date of such increase signed by an Authorized Officer of the Borrower (A) certifying and attaching the resolutions adopted by the Borrower and each
Guarantor approving or consenting to such increase, and (B) certifying that (1) as of the date of effectiveness thereof, the representations and warranties contained in Section 6 and in the other Credit Documents are true and
correct in all material respects on and as of the date of such increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such
earlier date, and except that for purposes of this Section 2.1(c), the representations and warranties contained in Section 6.7 shall be deemed to refer to the most recent statements furnished pursuant to clauses
(a) and (b) of Section 7.1, and (2) the conditions in clauses (iii) and (iv) above are satisfied; 

(viii) each such increase of the Aggregate Revolving Commitments shall be on the same terms as, and be part of, the existing
Aggregate Revolving Commitments hereunder; and 
 (ix) upon each increase of the Aggregate Revolving Commitments hereunder,
(A) each Lender having a Revolving Commitment immediately prior to such increase will automatically and without further act be deemed to have assigned to each Lender providing a portion of such increase (each, a “Revolving Credit
Increase Lender”) in respect of such increase, and each such Revolving Credit Increase Lender will automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in outstanding
Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding (1) participations hereunder in Letters of Credit and
(2) participations hereunder in Swingline Loans, will, in each case, equal each Lender’s Revolving Commitment Percentage (after giving effect to such increase) and (B) if, on the date of such increase there are any Revolving Loans
outstanding, the Lenders shall make such payments among themselves as the Administrative Agent may reasonably request to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Revolving Commitment Percentages arising
from such increase, and the Borrower shall pay to the applicable Lenders any amounts required to be paid pursuant to Section 3.1(c) in connection with such payments among the Lenders as if such payments were effected by prepayments of
Revolving Loans. 

  
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 Section 2.2 Swingline Loans. 

(a) Swingline Loans Commitments. During the Revolving Commitment Period, subject to the terms and conditions hereof, the Swingline
Lender may, in its sole discretion, make Swingline Loans to the Borrower in the aggregate amount up to but not exceeding the Swingline Sublimit; provided, that after giving effect to the making of any Swingline Loan, in no event shall
(i) the Total Revolving Outstandings exceed the Aggregate Revolving Commitments and (ii) the Revolving Credit Exposure of any Lender exceed such Lender’s Revolving Commitment. Amounts borrowed pursuant to this Section 2.2
may be repaid and reborrowed during the Revolving Commitment Period. The Swingline Lender’s Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Swingline Loans and all other amounts owed hereunder with respect
to the Swingline Loans and the Revolving Commitments shall be paid in full no later than such date. 
 (b) Borrowing Mechanics for
Swingline Loans. 
 (i) Subject to clause (vi) below, whenever the Borrower desires that the Swingline Lender
make a Swingline Loan, the Borrower shall deliver to the Administrative Agent a duly executed and completed Funding Notice (which shall specify, among other things, the amount to be borrowed, which shall be a minimum of $100,000, unless otherwise
agreed by the Swingline Lender) no later than 11:00 a.m. on the proposed Credit Date. 
 (ii) The Swingline Lender shall
make the amount of its Swingline Loan available to the Administrative Agent not later than 3:00 p.m. on the applicable Credit Date by wire transfer of same day funds in Dollars, at the Administrative Agent’s Principal Office. Except as
provided herein, upon satisfaction or waiver of the conditions precedent specified herein, the Administrative Agent shall make the proceeds of such Swingline Loans available to the Borrower on the applicable Credit Date by causing an amount of same
day funds in Dollars equal to the proceeds of all such Swingline Loans received by the Administrative Agent from the Swingline Lender to be credited to the account of the Borrower at the Administrative Agent’s Principal Office, or to such other
account as may be designated in writing to the Administrative Agent by the Borrower. 
 (iii) With respect to any Swingline
Loans which have not been voluntarily prepaid by the Borrower pursuant to Section 2.11, the Swingline Lender may at any time in its sole and absolute discretion, deliver to the Administrative Agent (with a copy to the Borrower), no later
than 11:00 a.m. on the day of the proposed Credit Date, a notice (which shall be deemed to be a Funding Notice given by the Borrower) requesting that each Lender holding a Revolving Commitment make Revolving Loans that are Base Rate Loans to
the Borrower on such Credit Date in an amount equal to the amount of such Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date such notice is given which the Swingline Lender requests Lenders to prepay. Anything
contained in this Agreement to the contrary notwithstanding, (1) the proceeds of such Revolving Loans made by the Lenders other than the Swingline Lender shall be immediately delivered by the Administrative Agent to the Swingline Lender (and
not to the Borrower) and applied to repay a corresponding portion of the Refunded Swingline Loans and (2) on the day such Revolving Loans are made, the Swingline Lender’s Revolving Commitment Percentage of the Refunded Swingline Loans
shall be deemed to be paid with the proceeds of a Revolving Loan made by the Swingline Lender to the Borrower, and such portion of the Swingline Loans deemed to be so paid shall no longer be outstanding as Swingline Loans and shall no longer be due
under the Swingline Note of the Swingline Lender but shall instead 

  
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constitute part of the Swingline Lender’s outstanding Revolving Loans to the Borrower and shall be due under the Revolving Loan Note issued by the Borrower to the Swingline Lender. The
Borrower hereby authorizes the Administrative Agent and the Swingline Lender to charge the Borrower’s accounts with the Administrative Agent and the Swingline Lender (up to the amount available in each such account) in order to immediately pay
the Swingline Lender the amount of the Refunded Swingline Loans to the extent of the proceeds of such Revolving Loans made by the Lenders, including the Revolving Loans deemed to be made by the Swingline Lender, are insufficient to repay in full the
Refunded Swingline Loans. If any portion of any such amount paid (or deemed to be paid) to the Swingline Lender should be recovered by or on behalf of the Borrower from the Swingline Lender in bankruptcy, by assignment for the benefit of creditors
or otherwise, the loss of the amount so recovered shall be ratably shared among all Lenders in the manner contemplated by Section 2.14. 

(iv) If for any reason Revolving Loans are not made pursuant to Section 2.2(b)(iii) in an amount sufficient to
repay any amounts owed to the Swingline Lender in respect of any outstanding Swingline Loans on or before the third Business Day after demand for payment thereof by the Swingline Lender, each Lender holding a Revolving Commitment shall be deemed to,
and hereby agrees to, have purchased a participation in such outstanding Swingline Loans, and in an amount equal to its Revolving Commitment Percentage of the applicable unpaid amount together with accrued interest thereon. On the Business Day that
notice is provided by the Swingline Lender (or by the 11:00 a.m. on the following Business Day if such notice is provided after 2:00 p.m.), each Lender holding a Revolving Commitment shall deliver to the Swingline Lender an amount equal to its
respective participation in the applicable unpaid amount in same day funds at the Principal Office of the Swingline Lender. In order to evidence such participation each Lender holding a Revolving Commitment agrees to enter into a participation
agreement at the request of the Swingline Lender in form and substance reasonably satisfactory to the Swingline Lender. In the event any Lender holding a Revolving Commitment fails to make available to the Swingline Lender the amount of such
Lender’s participation as provided in this paragraph, the Swingline Lender shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily used by the Swingline
Lender for the correction of errors among banks and thereafter at the Base Rate, as applicable. 
 (v) Notwithstanding
anything contained herein to the contrary, (1) each Lender’s obligation to make Revolving Loans for the purpose of repaying any Refunded Swingline Loans pursuant to clause (iii) above and each Lender’s obligation to
purchase a participation in any unpaid Swingline Loans pursuant to the immediately preceding paragraph shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swingline Lender, any Credit Party or any other Person for any reason whatsoever; (B) the occurrence or
continuation of a Default or Event of Default; (C) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Credit Party; (D) any breach of this Agreement or any other
Credit Document by any party thereto; or (E) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing; provided that such obligations of each Lender are subject to the condition that the
Swingline Lender had not received prior notice from the Borrower or the Required Lenders that any of the conditions under Section 5.2 to the making of the applicable Refunded Swingline Loans or other unpaid Swingline Loans were not
satisfied at the time such Refunded Swingline Loans or other unpaid Swingline Loans were made; and (2) the Swingline Lender shall not be obligated to make any Swingline Loans (A) if it has elected not to do so after the occurrence and
during the continuation of a Default or Event of Default, (B) it does not in good 

  
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faith believe that all conditions under Section 5.2 to the making of such Swingline Loan have been satisfied or waived by the Required Lenders or (C) at a time when a Defaulting
Lender exists, unless the Swingline Lender has entered into arrangements satisfactory to it and the Borrower to eliminate the Swingline Lender’s risk with respect to the Defaulting Lender’s participation in such Swingline Loan, including
by Cash Collateralizing such Defaulting Lender’s Revolving Commitment Percentage of the outstanding Swingline Loans in a manner reasonably satisfactory to the Swingline Lender and the Administrative Agent. 

(vi) In order to facilitate the borrowing of Swingline Loans, the Borrower and the Swingline Lender may mutually agree to, and
are hereby authorized to, enter into an auto borrow agreement in form and substance satisfactory to the Swingline Lender and the Administrative Agent (the “Auto Borrow Agreement”) providing for the automatic advance by the Swingline
Lender of Swingline Loans under the conditions set forth in the Auto Borrow Agreement, subject to the conditions set forth herein. At any time an Auto Borrow Agreement is in effect, advances under the Auto Borrow Agreement shall be deemed
Swingline Loans for all purposes hereof, except that Borrowings of Swingline Loans under the Auto Borrow Agreement shall be made in accordance with the Auto Borrow Agreement. For purposes of determining the Total Revolving Outstandings at any
time during which an Auto Borrow Agreement is in effect, the Outstanding Amount of all Swingline Loans shall be deemed to be the sum of the Outstanding Amount of Swingline Loans at such time plus the maximum amount available to be borrowed under
such Auto Borrow Agreement at such time. 
 Section 2.3 Issuances of Letters of Credit and Purchase of Participations Therein.

 (a) Letters of Credit. During the Revolving Commitment Period, subject to the terms and conditions hereof, the Issuing Bank agrees
to issue Letters of Credit for the account of the Borrower or any of its Subsidiaries in the aggregate amount up to but not exceeding the Letter of Credit Sublimit; provided that (i) each Letter of Credit shall be denominated in Dollars;
(ii) the stated amount of each Letter of Credit shall not be less than $50,000 or such lesser amount as is acceptable to the Issuing Bank; (iii) after giving effect to such issuance, in no event shall (x) the Total Revolving
Outstandings exceed the Aggregate Revolving Commitments, (y) the Revolving Credit Exposure of any Lender exceed such Lender’s Revolving Commitment or (z) the Outstanding Amount of Letter of Credit Obligations exceed the Letter of
Credit Sublimit; and (iv) in no event shall any Letter of Credit have an expiration date later than the earlier of (1) seven days prior to the Revolving Commitment Termination Date and (2) the date which is one year from the date of
issuance of such Letter of Credit. Subject to the foregoing (other than clause (iv)) the Issuing Bank may agree that a Letter of Credit will automatically be extended for one or more successive periods not to exceed one year each, unless the
Issuing Bank elects not to extend for any such additional period; provided that the Issuing Bank shall not extend any such Letter of Credit if it has received written notice that an Event of Default has occurred and is continuing at the time
the Issuing Bank must elect to allow such extension; provided further that in the event that any Lender is at such time a Defaulting Lender, unless the Issuing Bank has entered into arrangements satisfactory to it (in its sole
discretion) with the Borrower or such Defaulting Lender to eliminate the Issuing Bank’s Fronting Exposure with respect to such Lender (after giving effect to Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting
Lender), including by Cash Collateralizing such Defaulting Lender’s Revolving Commitment Percentage of the Outstanding Amount of the Letter of Credit Obligations in a manner reasonably satisfactory to the Agents, the Issuing Bank shall not be
obligated to issue or extend any Letter of Credit hereunder. The Issuing Bank may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”)
message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 

  
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 (b) Notice of Issuance. Whenever the Borrower desires the issuance of a Letter of Credit,
the Borrower shall deliver to the Administrative Agent an Issuance Notice no later than 1:00 p.m. at least three Business Days or such shorter period as may be agreed to by the Issuing Bank in any particular instance, in advance of the proposed
date of issuance. Upon satisfaction or waiver of the conditions set forth in Section 5.2, the Issuing Bank shall issue the requested Letter of Credit only in accordance its standard operating procedures (including the delivery by the
Borrower of such executed documents and information pertaining to such requested Letter of Credit, including any Issuer Documents, as the Issuing Bank or the Administrative Agent may require). Upon the issuance of any Letter of Credit or amendment
or modification to a Letter of Credit, the Issuing Bank shall promptly notify the Administrative Agent and each Lender of such issuance, which notice shall be accompanied by a copy of such Letter of Credit or amendment or modification to a Letter of
Credit and the amount of such Lender’s respective participation in such Letter of Credit pursuant to Section 2.3(e). 
 (c)
Responsibility of Issuing Bank With Respect to Requests for Drawings and Payments. In determining whether to honor any drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall be responsible only to examine the
documents delivered under such Letter of Credit with reasonable care so as to ascertain whether they appear on their face to be in accordance with the terms and conditions of such Letter of Credit. As between the Borrower and the Issuing Bank, the
Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by the Issuing Bank, by the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Issuing
Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it
should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of
Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit to comply fully with any conditions
required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors
in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the
beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Bank, including any Governmental Acts; and in no event shall
any of the foregoing affect or impair, or prevent the vesting of, the Issuing Bank’s rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any action taken or omitted by the Issuing Bank under or in connection
with the Letters of Credit or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of the Issuing Bank to any Credit Party. Notwithstanding anything to the contrary
contained in this Section 2.3(c), the Borrower shall retain any and all rights it may have against the Issuing Bank for any liability arising solely out of the gross negligence or willful misconduct of the Issuing Bank, as determined by
a court of competent jurisdiction in a final, non-appealable order. 
 (d) Reimbursement by the Borrower of Amounts Drawn or Paid Under
Letters of Credit. In the event the Issuing Bank has determined to honor a drawing under a Letter of Credit, it shall immediately notify the Borrower and the Administrative Agent, and the Borrower shall reimburse the Issuing Bank on or before
the Business Day immediately following the date on which such drawing is honored (the “Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing; provided, anything
contained herein to the contrary notwithstanding, (i) unless the Borrower shall have notified the Administrative Agent and the Issuing Bank prior to 11:00 a.m. on the date such drawing is honored that the Borrower intends to reimburse the
Issuing Bank for the amount of 

  
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such honored drawing with funds other than the proceeds of Revolving Loans, the Borrower shall be deemed to have given a timely Funding Notice to the Administrative Agent requesting the Lenders
to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the amount of such honored drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 5.2,
the Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the amount of such honored drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse the Issuing Bank for the
amount of such honored drawing; provided further that if for any reason proceeds of Revolving Loans are not received by the Issuing Bank on the Reimbursement Date in an amount equal to the amount of such honored drawing, the Borrower
shall reimburse the Issuing Bank, on demand, in an amount in same day funds equal to the excess of the amount of such honored drawing over the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this
Section 2.3(d) shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth herein, and the Borrower shall retain any and all rights it may have against any Lender resulting from
the failure of such Lender to make such Revolving Loans under this Section 2.3(d). 
 (e) Lenders’ Purchase of
Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit
and any drawings honored thereunder in an amount equal to such Lender’s Revolving Commitment Percentage (with respect to the Aggregate Revolving Commitments) of the maximum amount which is or at any time may become available to be drawn
thereunder. In the event that the Borrower shall fail for any reason to reimburse the Issuing Bank as provided in Section 2.3(d), the Issuing Bank shall promptly notify each Lender of the unreimbursed amount of such honored drawing and
of such Lender’s respective participation therein based on such Lender’s Revolving Commitment Percentage. Each Lender shall make available to the Issuing Bank an amount equal to its respective participation, in Dollars and in same day
funds, at the office of the Issuing Bank specified in such notice, not later than 12:00 p.m. on the first Business Day (under the laws of the jurisdiction in which such office of such Issuing Bank is located) after the date notified by the
Issuing Bank. In the event that any Lender fails to make available to the Issuing Bank on such Business Day the amount of such Lender’s participation in such Letter of Credit as provided in this Section 2.3(e), the Issuing Bank
shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks and thereafter at the Base Rate.
Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Lender to recover from the Issuing Bank any amounts made available by such Lender to the Issuing Bank pursuant to this Section in the event that it is
determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank, as determined by a court of competent jurisdiction
in a final, non-appealable order. In the event the Issuing Bank shall have been reimbursed by other Lenders pursuant to this Section 2.3(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the
Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under this Section 2.3(e) with respect to such honored drawing such Lender’s Revolving Commitment Percentage of all payments subsequently received
by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Lender at its primary address set forth below its name on Appendix B or at such
other address as such Lender may request. 
 (f) Obligations Absolute. The obligation of the Borrower to reimburse the Issuing Bank
for drawings honored under the Letters of Credit issued by it and to repay any Revolving Loans made by the Lenders pursuant to Section 2.3(d) and the obligations of the Lenders under Section 2.3(e) shall be unconditional and
irrevocable and shall be paid strictly in accordance with the terms hereof under all circumstances including any of the following circumstances: (i) any lack of validity or enforceability of 

  
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any Letter of Credit; (ii) the existence of any claim, set-off, defense (other than that such drawing has been repaid) or other right which the
Borrower or any Lender may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), the Issuing Bank, a Lender or any other Person or, in the case of a Lender,
against the Borrower, whether in connection herewith, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Borrower or any of its Subsidiaries and the beneficiary for which any Letter of
Credit was procured); (iii) any draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
(iv) payment by the Issuing Bank under any Letter of Credit against presentation of a draft or other document which does not substantially comply with the terms of such Letter of Credit; (v) any adverse change in the business, operations,
properties, assets, or financial condition of the Borrower or any of its Subsidiaries; (vi) any breach hereof or any other Credit Document by any party thereto; (vii) any other circumstance or happening whatsoever, whether or not similar
to any of the foregoing; or (viii) the fact that an Event of Default or a Default shall have occurred and be continuing; provided that in each case, that payment by the Issuing Bank under the applicable Letter of Credit shall not have
constituted gross negligence or willful misconduct of the Issuing Bank under the circumstances in question, as determined by a court of competent jurisdiction in a final, non-appealable order. 

(g) Indemnification. Without duplication of any obligation of the Credit Parties under Section 11.2, in addition to amounts
payable as provided herein, each of the Credit Parties hereby agrees, on a joint and several basis, to protect, indemnify, pay and save harmless the Issuing Bank from and against any and all claims, demands, liabilities, damages, losses, costs,
charges and expenses (including reasonable out-of-pocket fees, expenses and disbursements of counsel to the Issuing Bank) which the Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter
of Credit by the Issuing Bank, other than as a result of (1) the gross negligence or willful misconduct of the Issuing Bank, as determined by a court of competent jurisdiction in a final, non-appealable order, or (2) the wrongful dishonor
by the Issuing Bank of a proper demand for payment made under any Letter of Credit issued by it, or (ii) the failure of the Issuing Bank to honor a drawing under any such Letter of Credit as a result of any Governmental Act. 

(h) Applicability of ISP. Unless otherwise expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit is issued, the
rules of the ISP shall apply to each Letter of Credit. 
 (i) Letters of Credit Issued for Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary of the Borrower, the Borrower shall be obligated to reimburse the Issuing Bank hereunder for any and all drawings under such
Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of the Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the
businesses of such Subsidiaries. 
 (j) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the
terms of any Issuer Document, the terms hereof shall control. 
 Section 2.4 Pro Rata Shares; Availability of Funds. 

(a) Pro Rata Shares. All Loans shall be made, and all participations purchased, by the Lenders simultaneously and proportionately to
their respective pro rata shares of the Loans, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation required
hereby nor shall any Revolving Commitment, or the portion of the aggregate outstanding principal amount of the Revolving Loans, of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s
obligation to make a Loan requested hereunder or purchase a participation required hereby. 

  
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 (b) Availability of Funds. 

(i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such 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 Section 2.1(b) or, in the case of a Borrowing of Base Rate Loans, that such Lender
has made such share available in accordance with and at the time required by Section 2.1(b) 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 in immediately available funds
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 (A) in the case of a payment to be made by such Lender, the
greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (B) in the case of a payment to be made by the Borrower, the interest rate
applicable to Base Rate Loans, plus, in either case, any administrative, processing or similar fees customarily charged by the Administrative Agent in connection therewith. If the Borrower and such Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to
the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed
to make such payment to the Administrative Agent. 
 (ii) Payments by the Borrower; Presumptions by Administrative
Agent. 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 or the Issuing Bank 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 or the Issuing Bank, as the case may be, the
amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to
such Lender or the Issuing Bank, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

Notices given by the Administrative Agent under this subsection (b) shall be conclusive absent manifest error. 

  
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 Section 2.5 Evidence of Debt; Register; Lenders’ Books and Records; Notes. 

(a) Lenders’ Evidence of Debt. Each Lender shall maintain on its internal records an account or accounts evidencing the
Obligations of the Borrower and each other Credit Party to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof. Any such recordation shall be conclusive and binding on the Borrower, absent
manifest error; provided that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitment or the Borrower’s obligations in respect of any applicable Loans; and
provided further that in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern in the absence of demonstrable error therein. 

(b) Notes. The Borrower shall execute and deliver to each (i) Lender on the Closing Date, (ii) Person who is a permitted
assignee of such Lender pursuant to Section 11.5 and (iii) Person who becomes a Lender in accordance with Section 2.1(c), in each case to the extent requested by such Person, a Note or Notes to evidence such
Person’s portion of the Revolving Loans or Swingline Loans, as applicable. 
 Section 2.6 Scheduled Principal Payments.

 (a) Revolving Loans. The principal amount of Revolving Loans is due and payable in full on the Revolving Commitment Termination
Date. 
 (b) Swingline Loans. The principal amount of each Swingline Loan is due and payable in full on the earlier to occur of
(i) the date of demand by the Swingline Lender with respect to such Swingline Loan and (ii) the Revolving Commitment Termination Date. 

Section 2.7 Interest on Loans. 

(a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through
repayment (whether by acceleration or otherwise) thereof as follows: 
 (i) in the case of Revolving Loans: 

(A) if a Base Rate Loan (including a Base Rate Loan referencing the LIBOR Index Rate), the Base Rate plus the Applicable
Margin; or 
 (B) if an Adjusted LIBOR Rate Loan, the Adjusted LIBOR Rate plus the Applicable Margin; and 

(ii) in the case of Swingline Loans, at the Swingline Rate. 

(b) The basis for determining the rate of interest with respect to any Loan (except a Swingline Loan, which may only be made and maintained at
the Swingline Rate (unless and until converted into a Revolving Loan pursuant to the terms and conditions hereof)), and the Interest Period with respect to any Adjusted LIBOR Rate Loan, shall be selected by the Borrower and notified to the
Administrative Agent and the Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has
not been delivered to the Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Loan is an Adjusted LIBOR Rate Loan, such Loan shall become a
Base Rate Loan and (ii) if such Loan is a Base Rate Loan, such Loan shall remain a Base Rate Loan. 

  
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 (c) In connection with Adjusted LIBOR Rate Loans, there shall be no more than eight Interest
Periods outstanding at any time. In the event the Borrower fails to specify between a Base Rate Loan or an Adjusted LIBOR Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Loan (i) if outstanding as an Adjusted
LIBOR Rate Loan, will be automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Loan, and (ii) if outstanding as a Base Rate Loan will remain as, or (if
not then outstanding) will be made as, a Base Rate Loan. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBOR Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed
to have selected an Interest Period of one month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Administrative Agent shall determine (which determination shall,
absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to each of the LIBOR Loans for which an interest rate is then being determined (and for the applicable Interest Period in the case of
Adjusted LIBOR Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower and each Lender. 

(d) Interest payable pursuant to this Section 2.7 shall be computed on the basis of (i) for interest at the Base Rate
(including Base Rate Loans determined by reference to the LIBOR Index Rate), a year of three hundred sixty-five or three hundred sixty-six days, as the case may be, and (ii) for all other computations of fees and interest, a year of three
hundred sixty days, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan or,
with respect to a Base Rate Loan being converted from an Adjusted LIBOR Rate Loan, the date of conversion of such Adjusted LIBOR Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Loan or the
expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to an Adjusted LIBOR Rate Loan, the date of conversion of such Base Rate Loan to such Adjusted LIBOR Rate Loan, as the case may be,
shall be excluded; provided that if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan. 

(e) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the
Borrower or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in
higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the Lenders promptly on demand by the Administrative Agent (or, after the occurrence of an actual or
deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code or other Debtor Relief Law, automatically and without further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount
of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Administrative Agent or any Lender, as the case may
be, under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Revolving Commitments and the repayment of all other Obligations. 

(f) Except as otherwise set forth herein, interest on each Loan shall accrue on a daily basis and shall be payable in arrears (i) on and
to each Interest Payment Date applicable to that Loan; (ii) upon any prepayment of that Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above), to the extent
accrued on the amount being prepaid; and (iii) at maturity, including final maturity. 
 (g) The Borrower agrees to pay to the Issuing
Bank, with respect to drawings honored under any Letter of Credit issued by the Issuing Bank, interest on the amount paid by the Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date

  
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such amount is reimbursed by or on behalf of the Borrower at a rate equal to (i) for the period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the
rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans, and (ii) thereafter, a rate which is the lesser of (y) two percent per annum in excess of the rate of interest otherwise payable
hereunder with respect to Revolving Loans that are Base Rate Loans, and (z) the Highest Lawful Rate. 
 (h) Interest payable pursuant
to Section 2.7(g) shall be computed on the basis of a year of three hundred sixty days, for the actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on
which the related drawing under a Letter of Credit is reimbursed in full. Promptly upon receipt by the Issuing Bank of any payment of interest pursuant to Section 2.7(g), the Issuing Bank shall distribute to each Lender, out of the
interest received by the Issuing Bank in respect of the period from the date such drawing is honored to but excluding the date on which the Issuing Bank is reimbursed for the amount of such drawing (including any such reimbursement out of the
proceeds of any Revolving Loans), the amount that such Lender would have been entitled to receive in respect of the letter of credit fee that would have been payable in respect of such Letter of Credit for such period if no drawing had been honored
under such Letter of Credit. In the event the Issuing Bank shall have been reimbursed by the Lenders for all or any portion of such honored drawing, the Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under
Section 2.3(e) with respect to such honored drawing such Lender’s Revolving Commitment Percentage of any interest received by the Issuing Bank in respect of that portion of such honored drawing so reimbursed by the Lenders for the
period from the date on which the Issuing Bank was so reimbursed by the Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by the Borrower. 

Section 2.8 Conversion/Continuation. 

(a) So long as no Default or Event of Default shall have occurred and then be continuing or would result therefrom, the Borrower shall have
the option: 
 (i) to convert all or part of any Loan from one Type of Loan to another Type of Loan at any time in an amount
equal to (A) in the case of any conversion to Adjusted LIBOR Rate Loans, $3,000,000 and integral multiples of $1,000,000 in excess of that amount and (B) in the case of any conversion to Base Rate Loans, $500,000 and integral multiples of
$100,000 in excess of that amount; provided that an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts due under
Section 3.1(c) in connection with any such conversion; or 
 (ii) upon the expiration of any Interest Period
applicable to any Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan as an Adjusted LIBOR Rate Loan. 
 (b) The Borrower
shall deliver a Conversion/Continuation Notice to the Administrative Agent no later than 1:00 p.m. at least one Business Day in advance of the proposed Conversion/Continuation Date (in the case of a conversion to a Base Rate Loan) and at least three
Business Days in advance of the proposed Conversion/Continuation Date (in the case of conversion to, or continuation of, an Adjusted LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or
continuation of, any Adjusted LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in
accordance therewith. 

  
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 Section 2.9 Default Rate of Interest. 

(a) If any amount of principal of any Loan is not paid when due, whether at stated maturity, by acceleration or otherwise, such amount shall
thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws. 

(b) If any amount (other than principal of any Loan) payable by any Credit Party under any Credit Document is not paid when due (after the
expiration of any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then at the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by Applicable Laws. 
 (c) During the continuance of an Event of Default under
Section 9.1(f) or Section 9.1(g), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by Applicable Laws. 
 (d) During the continuance of an Event of Default other than an Event of Default under
Section 9.1(f) or Section 9.1(g), the Borrower shall, at the request of the Required Lenders, pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by Applicable Laws. 
 (e) Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. 
 (f) In the case of any Adjusted LIBOR Rate Loan, upon the
expiration of the Interest Period in effect at the time the Default Rate of interest is effective, each such Adjusted LIBOR Rate Loan shall thereupon become a Base Rate Loan and shall thereafter bear interest at the Default Rate then in effect for
Base Rate Loans. Payment or acceptance of the increased rates of interest provided for in this Section 2.9 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice
or limit any rights or remedies of the Administrative Agent, the Collateral Agent or any Lender. 
 Section 2.10 Fees. 

(a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Revolving
Commitment Percentage, a commitment fee (the “Commitment Fee”) equal to the Applicable Margin times the actual daily amount by which the Aggregate Revolving Commitments exceeds the Total Revolving Outstandings, subject to
adjustments as provided in Section 2.16. The Commitment Fee shall accrue at all times during the Revolving Commitment Period, including at any time during which one or more of the conditions in Section 5 is not met, and shall
be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Revolving Commitment Termination Date. The Commitment Fee
shall be calculated quarterly in arrears, and if there is any change in the Applicable Margin during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Margin separately for each period during such quarter that
such Applicable Margin was in effect. For purposes hereof, Swingline Loans shall not be counted toward or be considered as usage of the Aggregate Revolving Commitments, or included in the determination of “Total Revolving Outstandings” for
purposes of computation thereof. 

  
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 (b) Letter of Credit Fees. 

(i) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent, for the account of each Lender in
accordance with its Revolving Commitment Percentage, a fee for each Letter of Credit equal to the Applicable Margin multiplied by the daily maximum amount available to be drawn under such Letter of Credit (the “Letter of Credit
Fee”). For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.4(h). The Letter of Credit Fee shall be
computed on a quarterly basis in arrears, and shall be due and payable on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the expiration
date thereof and thereafter on demand. If there is any change in the Applicable Margin during any quarter, the daily maximum amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Margin
separately for each period during such quarter that such Applicable Margin was in effect. Notwithstanding anything to the contrary contained herein, during the continuance of an Event of Default under Section 9.1(f) and (g), all
Letter of Credit Fees shall accrue at the Default Rate, and during the continuance of an Event of Default other than an Event of Default under Section 9.1(f) or (g), then upon the request of the Required Lenders, all Letter of
Credit Fees shall accrue at the Default Rate. 
 (ii) Fronting Fee and Documentary and Processing Charges Payable to
Issuing Bank. The Borrower shall pay directly to the Issuing Bank for its own account a fronting fee with respect to each Letter of Credit at the rate per annum specified in the Fee Letter, computed on the daily amount available to be drawn
under such Letter of Credit, on a quarterly basis in arrears. Such fronting fee shall be due and payable on the last Business Day of each March, June, September and December in respect of the most
recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on its expiration date and
thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.4(h). In addition, the Borrower shall
pay directly to the Issuing Bank for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the Issuing Bank relating to letters of credit as from time to time in effect.
Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 
 (c) Other Fees. The
Borrower shall pay to Regions Capital Markets, a division of Regions Bank, and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and
shall not be refundable for any reason whatsoever, except to the extent set forth in the Fee Letter. 
 Section 2.11
Prepayments/Commitment Reductions. 
 (a) Voluntary Prepayments. 

(i) Any time and from time to time, the Loans may be repaid in whole or in part without premium or penalty (subject to
Section 3.1(c)): 
 (A) with respect to Base Rate Loans (including Base Rate Loans referencing the LIBOR Index
Rate), the Borrower may prepay any such Loans on any Business Day in whole or in part, in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount; 

  
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 (B) with respect to Adjusted LIBOR Rate Loans, the Borrower may prepay any such
Loans on any Business Day in whole or in part (together with any amounts due pursuant to Section 3.1(c)) in an aggregate minimum amount of $3,000,000 and integral multiples of $1,000,000 in excess of that amount; and 

(C) with respect to Swingline Loans, the Borrower may prepay any such Loans on any Business Day in whole or in part in any
amount; 
 (ii) All such prepayments shall be made: 

(A) upon written or telephonic notice on the date of prepayment in the case of Base Rate Loans or Swingline Loans; and 

(B) upon not less than three Business Days’ prior written or telephonic notice in the case of Adjusted LIBOR Rate Loans;

 in each case given to the Administrative Agent, or the Swingline Lender, as the case may be, by 11:00 a.m. on the date required and, if given by
telephone, promptly confirmed in writing to the Administrative Agent (and the Administrative Agent will promptly transmit such telephonic or original notice of a prepayment to each Lender). Upon the giving of any such notice, the principal amount of
the Loans specified in such notice shall become due and payable on the prepayment date specified therein. Any such voluntary prepayment shall be applied as specified in Section 2.12. 

(b) Voluntary Commitment Reductions. 

(i) The Borrower may, from time to time upon not less than three Business Days’ prior written or telephonic notice
confirmed in writing to the Administrative Agent (which original written or telephonic notice the Administrative Agent will promptly transmit to each applicable Lender), at any time and from time to time terminate in whole or permanently reduce in
part the Aggregate Revolving Commitments (ratably among the Lenders in accordance with their respective commitment percentage thereof); provided that (A) any such partial reduction of the Aggregate Revolving Commitments shall be in an
aggregate minimum amount of $3,000,000 and integral multiples of $1,000,000 in excess of that amount, (B) the Borrower shall not terminate or reduce the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the aggregate Total Revolving Outstandings exceed the Aggregate Revolving Commitments and (C) if, after giving effect to any reduction of the Aggregate Revolving Commitments, the Letter of Credit Sublimit and/or the
Swingline Sublimit exceed the amount of the Aggregate Revolving Commitments, the Letter of Credit Sublimit and/or the Swingline Sublimit, as applicable, shall be automatically reduced by the amount of such excess. 

(ii) The Borrower’s notice to the Administrative Agent shall designate the date (which shall be a Business Day and at
least three Business Days after the date of such notice) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Aggregate Revolving Commitments shall be effective on the date specified in
the Borrower’s notice and shall reduce the Revolving Commitment of each Lender proportionately to its Revolving Commitment Percentage thereof; provided that a notice of termination of the Aggregate Revolving Commitments may state that
such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds of the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be
revoked by the Borrower (by notice to the Administrative Agent on or prior to 3:00 p.m. on the specified effective date of termination) if such condition is not satisfied (it being understood that the failure of such contingency shall not relieve
the Borrower from its obligations under Section 3.1(c)). 

  
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 (c) Mandatory Prepayments. If at any time (i) the Total Revolving Outstandings shall
exceed the Aggregate Revolving Commitments, (ii) the Outstanding Amount of Letter of Credit Obligations shall exceed the Letter of Credit Sublimit, or (iii) the Outstanding Amount of Swingline Loans shall exceed the Swingline Sublimit, the
Borrower shall prepay Loans and/or Cash Collateralize Letter of Credit Obligations in an aggregate amount equal to such excess promptly on the date the Borrower becomes aware of the existence of such excess; provided that, except with respect
to clause (ii), Letter of Credit Obligations will not be Cash Collateralized hereunder until the Revolving Loans and Swingline Loans have been paid in full. 

Section 2.12 Application of Prepayments. Within each Loan, prepayments will be applied first to Base Rate Loans, then to LIBOR
Loans in direct order of Interest Period maturities. Prepayments on the Obligations will be paid by the Administrative Agent to the Lenders ratably in accordance with their respective interests therein (except for Defaulting Lenders where their
share will be applied as provided in Section 2.16(a)(ii) hereof). 
 Section 2.13 General Provisions Regarding
Payments. 
 (a) All payments by the Borrower of principal, interest, fees and other Obligations hereunder or under any other Credit
Document shall be made in Dollars in immediately available funds, without defense, recoupment, setoff or counterclaim, free of any restriction or condition. The Administrative Agent shall, and the Borrower hereby authorizes the Administrative Agent
to, debit a deposit account of the Borrower or any of its Subsidiaries held with the Administrative Agent or any of its Affiliates and designated for such purpose by the Borrower or such Subsidiary in order to cause timely payment to be made to the
Administrative Agent of all principal, interest and fees due hereunder or under any other Credit Document (subject to sufficient funds being available in its accounts for that purpose). 

(b) In the event that the Administrative Agent is unable to debit a deposit account of the Borrower or any of its Subsidiaries held with the
Administrative Agent or any of its Affiliates in order to cause timely payment to be made to the Administrative Agent of all principal, interest and fees due hereunder or any other Credit Document (including because insufficient funds are available
in its accounts for that purpose), payments hereunder and under any other Credit Document shall be delivered to the Administrative Agent, for the account of the Lenders, not later than 2:00 p.m. on the date due at the Principal Office of the
Administrative Agent or via wire transfer of immediately available funds to an account designated by the Administrative Agent (or at such other location as may be designated in writing by the Administrative Agent from time to time); for purposes of
computing interest and fees, funds received by the Administrative Agent after that time on such due date shall be deemed to have been paid by the Borrower on the next Business Day. 

(c) All payments in respect of the principal amount of any Loan (other than voluntary repayments of Revolving Loans) shall be accompanied by
payment of accrued interest on the principal amount being repaid or prepaid, and all such payments (and, in any event, any payments in respect of any Loan on a date when interest is due and payable with respect to such Loan) shall be applied to the
payment of interest then due and payable before application to principal. 
 (d) The Administrative Agent shall promptly distribute to each
Lender at such address as such Lender shall indicate in writing, such Lender’s applicable pro rata share of all payments and prepayments of principal and interest due to such Lender hereunder, together with all other amounts due with respect
thereto, including all fees payable with respect thereto, to the extent received by the Administrative Agent. 

  
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 (e) Notwithstanding the foregoing provisions hereof, if any Conversion/Continuation Notice is
withdrawn as to any Affected Lender or if any Affected Lender makes Base Rate Loans in lieu of its pro rata share of any Adjusted LIBOR Rate Loans, the Administrative Agent shall give effect thereto in apportioning payments received thereafter. 

(f) Subject to the provisos set forth in the definition of “Interest Period,” whenever any payment to be made hereunder shall be
stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of the Commitment Fee
hereunder, but such payment shall be deemed to have been made on the date therefor for all other purposes hereunder. 
 (g) The
Administrative Agent may, but shall not be obligated to, deem any payment by or on behalf of the Borrower hereunder that is not made in same day funds prior to 2:00 p.m. to be a non-conforming payment. Any
such non-conforming payment shall not be deemed to have been received by the Administrative Agent until the later of (i) the time such funds become available funds, and (ii) the applicable next Business Day. The Administrative Agent shall
give prompt telephonic notice to the Borrower and each applicable Lender (confirmed in writing) if any payment is non-conforming. Any non-conforming payment may
constitute or become a Default or Event of Default in accordance with the terms of Section 9.1(a). Interest shall continue to accrue on any principal as to which a non-conforming payment is made
until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the Default Rate (unless otherwise provided by the Required Lenders) from the date such
amount was due and payable until the date such amount is paid in full. 
 Section 2.14 Sharing of Payments by Lenders. If any
Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender receiving payment of a proportion of
the aggregate amount of such Loans and accrued interest thereon or other such obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of
such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided that: 

(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 Section shall not be construed to apply to (A) any payment made by the Borrower pursuant to
and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) any amounts applied by the Swingline Lender to outstanding Swingline Loans, (C) any
amounts applied to Letter of Credit Obligations by the Issuing Bank or Swingline Loans by the Swingline Lender, as appropriate, from Cash Collateral provided under Section 2.15 or Section 2.16, or (D) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in Letter of Credit Obligations, Swingline Loans or other obligations hereunder to any assignee or participant, other than
to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.14 shall apply). 
 Each of the Credit Parties 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 such Credit Party rights of setoff and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of such Credit Party in the amount of such participation. 

  
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 Section 2.15 Cash Collateral. 

(a) Existence of Defaulting Lender. At any time that there shall exist a Defaulting Lender, within one Business Day following the
written request of the Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in an amount sufficient
to cover the applicable Fronting Exposure (after giving effect to Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 

(b) Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to the Administrative Agent, for the benefit of the Issuing Bank, and agrees to maintain, a perfected first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations
in respect of Letter of Credit Obligations, to be applied pursuant to clause (c) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative
Agent and the Issuing Bank as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this
Section 2.15 or Section 2.16 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Obligations (including, as to
Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(d) Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Bank’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.15 following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of
the applicable Lender), or (ii) the determination by the Administrative Agent and the Issuing Bank that there exists excess Cash Collateral; provided that (x) Cash Collateral furnished by or on behalf of a Credit Party shall not be
released during the continuance of a Default or Event of Default (and following application as provided in this Section 2.15 may be otherwise applied in accordance with Section 9.3) but shall be released upon the cure,
termination or waiver of such Default or Event of Default in accordance with the terms of this Agreement, and (y) the Person providing Cash Collateral and the Issuing Bank may agree that Cash Collateral shall not be released but instead held to
support future anticipated Fronting Exposure or other obligations. 
 Section 2.16 Defaulting Lenders. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in Section 11.4(a)(iii). 

  
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 (ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees
or other amount (other than fees which any Defaulting Lender is not entitled to receive pursuant to Section 2.16(a)(iii)) received by any Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity,
pursuant to Section 9 or otherwise, and including any amounts made available to any Agent by that Defaulting Lender pursuant to Section 11.3), shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to any Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the Issuing Bank
or the Swingline Lender hereunder; third, to Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.15; fourth, as the Borrower may request (so long
as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so
determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under
this Agreement and (y) Cash Collateralize the Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.15;
sixth, to the payment of any amounts owing to the Lenders, the Issuing Bank or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or the Swingline Lender against that
Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default 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 that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or Letter of Credit Borrowings in respect of which that Defaulting Lender has not fully funded
its appropriate share and (y) such Loans or Letter of Credit Borrowings were made at a time when the conditions set forth in Section 5.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Letter
of Credit Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or Letter of Credit Borrowings owed to, such Defaulting Lender until such time as all Loans and funded
and unfunded participations in Letter of Credit Obligations and Swingline Loans are held by the Lenders pro rata in accordance with their Revolving Commitments without giving effect to Section 2.16(a)(iv). Any payments, prepayments or
other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to (and the underlying
obligations satisfied to the extent of such payment) and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. 

(A) Such Defaulting Lender shall not be entitled to receive any Commitment Fee for any period during which that Lender is a
Defaulting Lender (and the Borrower shall not be required to pay any such Commitment Fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a
Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.15. 

  
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 (C) With respect to any Letter of Credit Fee not required to be paid to any
Defaulting Lender pursuant to clause (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Letter of Credit Fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in Letter of Credit Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the Issuing Bank the amount of any such Letter of Credit Fee otherwise
payable to such Defaulting Lender to the extent allocable to the Issuing Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Letter of Credit Fee. 

(iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in Letter of Credit Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Commitment Percentages (calculated without regard to such Defaulting Lender’s
Revolving Commitment) but only to the extent that (x) the conditions set forth in Section 5.2 are satisfied at the time of such reallocation and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of
any Non-Defaulting Lender at such time to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above
cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting
Exposure and (y) second, Cash Collateralize the Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in Section 2.15. 

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank agree in writing that
a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with
respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the
Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with their respective Revolving Commitments (without giving effect to Section 2.16(a)(iv)), whereupon
such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and
provided further that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender. 
 (c) New Swingline Loans/Letters of Credit. So long as any Lender is a
Defaulting Lender, (i) the Swingline Lender shall not be required to fund Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan, and (ii) the Issuing Bank shall not be
required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 

Section 2.17 Removal or Replacement of Lenders. If (a) any Lender requests compensation under Section 3.2 and
such Lender has declined or is unable to designate a different lending office in accordance with Section 3.4, (b) any Credit Party is required to pay any additional amount to any Lender 

  
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or any Governmental Authority for the account of any Lender pursuant to Section 3.3 and such Lender has declined or is unable to designate a different lending office in accordance
with Section 3.4, (c) any Lender gives notice of an inability to fund LIBOR Loans under Section 3.1(b), (d) any Lender is a Defaulting Lender, or (e) any Lender (a “Non-Consenting Lender”) does
not consent (including by way of a failure to respond in writing to a proposed amendment, consent or waiver by the date and time specified by the Administrative Agent) to a proposed amendment, consent, change, waiver, discharge or termination
hereunder or with respect to any Credit Document that has been approved by the Required Lenders, then, in each case described in the foregoing clauses (a) through (e), the Borrower may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.5) all of its interests, rights (other than
its rights under Section 3.2, Section 3.3 and Section 11.2) and obligations under this Agreement and the related Credit Documents to an Eligible Assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that: 
 (i) the Borrower shall have paid to the
Administrative Agent the assignment fee (if any) specified in Section 11.5; 
 (ii) such Lender shall have
received payment of an amount equal to the outstanding principal of its Loans and participations in Letter of Credit Borrowings, as applicable, accrued and unpaid interest thereon, accrued and unpaid fees and all other amounts payable to it
hereunder and under the other Credit Documents (including any amounts under Section 3.1(c)) from the assignee (to the extent of such outstanding principal and accrued and unpaid interest and fees) or the Borrower (in the case of all
other amounts); 
 (iii) in the case of any such assignment resulting from a claim for compensation under
Section 3.2 or payments required to be made pursuant to Section 3.3, such assignment will result in a reduction in such compensation or payments thereafter; 

(iv) such assignment does not conflict with Applicable Law; and 

(v) in the case of any such assignment resulting from a Non-Consenting Lender’s failure to consent to a proposed
amendment, consent, change, waiver, discharge or termination, the successor replacement Lender shall have consented to the proposed amendment, consent, change, waiver, discharge or termination. 

Each Lender agrees that in the event it, or its interests in the Loans and obligations hereunder, shall become subject to the replacement and removal
provisions of this Section, it will cooperate with the Borrower and the Administrative Agent to give effect to the provisions hereof, including execution and delivery of an Assignment Agreement in connection therewith, but the replacement and
removal provisions of this Section shall be effective regardless of whether an Assignment Agreement shall have been given. 
 A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

  
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 Section 3 YIELD PROTECTION 

Section 3.1 Making or Maintaining LIBOR Loans. 

(a) Inability to Determine Applicable Interest Rate. In the event that the Administrative Agent shall have determined (which
determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date or any Index Rate Determination Date with respect to any LIBOR Loans, that by reason of circumstances affecting the London
interbank market adequate and fair means do not exist for ascertaining the interest rate applicable to such LIBOR Loans on the basis provided for in the definition of Adjusted LIBOR Rate or LIBOR Index Rate, as applicable, the Administrative Agent
shall on such date give notice (by facsimile (or such other electronic communication as may be permitted by Section 11.1(b)) or by telephone confirmed in writing) to the Borrower and each Lender of such determination, whereupon
(i) no Loans may be made as, or converted to, LIBOR Loans until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, and (ii) any Funding Notice or
Conversion/Continuation Notice given by the Borrower with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by the Borrower and such Loans shall be automatically made or continued as, or converted
to, as applicable, Base Rate Loans without reference to the LIBOR Index Rate component of the Base Rate. 
 (b) Illegality or
Impracticability of LIBOR Loans. In the event that on any date any Lender shall have determined (which determination shall be final and conclusive and binding upon all parties hereto but shall be made only after consultation with the Borrower
and the Administrative Agent) that the making, maintaining or continuation of its LIBOR Loans (i) has become unlawful as a result of compliance by such Lender in good faith with any law, treaty, governmental rule, regulation, guideline or order
(or would conflict with any such treaty, governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful), or (ii) has become impracticable, as a result of
contingencies occurring after the date hereof which materially and adversely affect the London interbank market or the position of such Lender in that market, then, and in any such event, such Lender shall be an “Affected Lender”
and it shall on that day give notice (by facsimile (or such other electronic communication as may be permitted by Section 11.1(b)) or by telephone confirmed in writing) to the Borrower and the Administrative Agent of such determination
(which notice the Administrative Agent shall promptly transmit to each other Lender). Thereafter (1) the obligation of the Affected Lender to make Loans as, or to convert Loans to, LIBOR Loans shall be suspended until such notice shall be
withdrawn by the Affected Lender, (2) to the extent such determination by the Affected Lender relates to a LIBOR Loan then being requested by the Borrower pursuant to a Funding Notice or a Conversion/Continuation Notice, the Affected Lender
shall make such Loan as (or continue such Loan as or convert such Loan to, as the case may be) a Base Rate Loan without reference to the LIBOR Index Rate component of the Base Rate, (3) the Affected Lender’s obligation to maintain its
outstanding LIBOR Loans (the “Affected Loans”) shall be terminated at the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law, and (4) the Affected
Loans shall automatically convert into Base Rate Loans without reference to the LIBOR Index Rate component of the Base Rate on the date of such termination. Notwithstanding the foregoing, to the extent a determination by an Affected Lender as
described above relates to a LIBOR Loan then being requested by the Borrower pursuant to a Funding Notice or a Conversion/Continuation Notice, the Borrower shall have the option, subject to the provisions of Section 3.1(a), to rescind
such Funding Notice or Conversion/Continuation Notice as to all Lenders by giving notice (by facsimile (or such other electronic communication as may be permitted by Section 11.1(b)) or by telephone confirmed in writing) to the
Administrative Agent of such rescission on the date on which the Affected Lender gives notice of its determination as described above (which notice of rescission the Administrative Agent shall promptly transmit to each other Lender). Except as
provided in the immediately preceding sentence, nothing in this Section 3.1(b) shall affect the obligation of any Lender other than an Affected Lender to make or maintain Loans as, or to convert Loans to, LIBOR Loans in accordance with
the terms hereof. 

  
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 (c) Compensation for Breakage or Non-Commencement of
Interest Periods. The Borrower shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting such amounts), for all reasonable out-of-pocket losses, expenses and liabilities (including
any interest paid or calculated to be due and payable by such Lender to lenders of funds borrowed by it to make or carry its Adjusted LIBOR Rate Loans and any loss, expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits) which such Lender sustains: (i) if for any reason (other than a default by such Lender) a borrowing of any Adjusted LIBOR Rate Loans does
not occur on a date specified therefor in a Funding Notice or a telephonic request for borrowing, or a conversion to or continuation of any Adjusted LIBOR Rate Loans does not occur on a date specified therefor in a Conversion/Continuation Notice or
a telephonic request for conversion or continuation; (ii) if any prepayment or other principal payment of, or any conversion of, any of its Adjusted LIBOR Rate Loans occurs on any day other than the last day of an Interest Period applicable to
that Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or (iii) if any prepayment of any of its Adjusted LIBOR Rate Loans is not made on any date specified in a notice of prepayment given by the Borrower.

 (d) Booking of LIBOR Loans. Any Lender may make, carry or transfer LIBOR Loans at, to, or for the account of any of its branch
offices or the office of an Affiliate of such Lender. 
 (e) Assumptions Concerning Funding of Adjusted LIBOR Rate Loans. Calculation
of all amounts payable to a Lender under this Section 3.1 and under Section 3.2 shall be made as though such Lender had actually funded each of its relevant Adjusted LIBOR Rate Loans through the purchase of a LIBOR deposit
bearing interest at the rate obtained pursuant to clause (i) of the definition of Adjusted LIBOR Rate in an amount equal to the amount of such Adjusted LIBOR Rate Loans and having a maturity comparable to the relevant Interest Period and
through the transfer of such LIBOR deposit from an offshore office of such Lender to a domestic office of such Lender in the United States; provided that each Lender may fund each of its Adjusted LIBOR Rate Loans in any manner it sees fit and
the foregoing assumptions shall be utilized only for the purposes of calculating amounts payable under this Section 3.1 and under Section 3.2. 

(f) Certificates for Reimbursement. A certificate of a Lender setting forth in reasonable detail the amount or amounts necessary to
compensate such Lender, as specified in Section 3.1(c) and the circumstances giving rise thereto shall be delivered to the Borrower and shall be conclusive absent manifest error. In the absence of any such manifest error, the Borrower
shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten Business Days after receipt thereof. 

(g) Delay in Requests. The Borrower shall not be required to compensate a Lender pursuant to this Section for any such amounts incurred
more than six months prior to the date that such Lender delivers to the Borrower the certificate referenced in Section 3.1(f). 

Section 3.2 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Adjusted LIBOR Rate or the LIBOR Index Rate) or the Issuing Bank; 

  
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 (ii) 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; or 
 (iii) impose on any Lender or the Issuing Bank or the London
interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or
maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its
obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or any other Recipient hereunder (whether of principal, interest or any other amount) by an
amount deemed to be material by such Lender, Issuing Bank or other Recipient, as the case may be, then, upon request of such Lender, the Issuing Bank or such other Recipient, the Borrower will pay to such Lender, the Issuing Bank or such other
Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender, the Issuing Bank or the Swingline Lender (for purposes hereof, may be referred to collectively
as “the Lenders” or a “Lender”) determines that any Change in Law affecting such Lender or any lending office of such Lender or such Lender’s holding company, if any, 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, the commitments of such Lender hereunder or the Loans made by, or
participations in Letters of Credit and Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, 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), then from time to time the Borrower will pay to such Lender, as the case may be, such additional
amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c)
Certificates for Reimbursement. A certificate of a Lender or the Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such Lender, the Issuing Bank or its holding company, as the case may be, as
specified in paragraph (a) or (b) of this Section and the circumstances giving rise thereto shall be delivered to the Borrower and shall be conclusive absent manifest error. In the absence of any such manifest error, the
Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten Business Days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section
shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any
increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the Issuing Bank, as the case may be, delivers to the Borrower the certificate referenced in Section 3.2(c) and notifies the
Borrower of such Lender’s or the Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall
be extended to include the period of retroactive effect thereof). 

  
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 Section 3.3 Taxes. 

(a) Issuing Banks. For purposes of this Section 3.3, the term “Lender” shall include the Issuing Bank and the
Administrative Agent and the term “Applicable Law” shall include FATCA. 
 (b) Payments Free of Taxes; Obligation to Withhold;
Payments on Account of Taxes. Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit 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
applicable Credit Party 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) the applicable Recipient receives
an amount equal to the sum it would have received had no such deduction or withholding been made. 
 (c) Payment of Other Taxes by the
Credit Parties. The Credit Parties 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, any Other Taxes. 

(d) Tax Indemnification. 

(i) Without duplication of any obligation under Section 3.3(b), the Credit Parties shall jointly and severally
indemnify each Recipient and shall make payment in respect thereof within ten Business Days after 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, 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 any 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. 
 (ii) Each
Lender shall severally indemnify the Administrative Agent within ten Business Days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.5(d) 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 Credit 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 Credit 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 clause (ii). 

  
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 (e) Evidence of Payments. As soon as practicable after any payment of Taxes by any Credit
Party to a Governmental Authority pursuant to this Section, such Credit Party 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 a return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (f) Status of Lenders;
Tax Documentation. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit 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 Lender, 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 Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in clauses (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(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 originals 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 Credit Document, executed originals of IRS Form
W-8BEN or W-8BEN-E, as applicable, 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 Credit Document, IRS Form W-8BEN or W-8BEN-E, as applicable, 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 originals of IRS Form W-8ECI; 

  
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 (3) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit 3.3-1 to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 3.3-2 or Exhibit 3.3-3, 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 3.3-4 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 originals 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 Credit 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 Internal Revenue 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 Internal Revenue 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 Lender 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 Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 (g) Treatment of Certain Refunds. Unless required by Applicable Law, at no time shall the
Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender. If any indemnified
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 pursuant to this Section (including by the payment of additional amounts pursuant to this Section), 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 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 the 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 3.3 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 Aggregate Revolving Commitments and the
repayment, satisfaction or discharge of all obligations under any Credit Document. 
 Section 3.4 Designation of a Different Lending
Office. If any Lender requests compensation under Section 3.2, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the Issuing Bank or any Governmental Authority for the account of any Lender or
the Issuing Bank pursuant to Section 3.3, then such Lender or the Issuing Bank shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign
its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the Issuing Bank, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 3.2 or 3.3, as the case may be, in the future, and (ii) would not subject such Lender or the Issuing Bank, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender or the Issuing Bank, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

Section 4 GUARANTY 

Section 4.1 The Guaranty. Each of the Guarantors hereby jointly and severally guarantees to the Collateral Agent, for the benefit
of the Secured Parties, as primary obligor and not as surety, the prompt payment of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise)
strictly in accordance with the terms thereof. The Guarantors hereby further agree that if any of the Obligations are not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash
Collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Obligations, the same will
be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or 

  
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otherwise) in accordance with the terms of such extension or renewal. Notwithstanding any provision to the contrary contained herein, in any other of the Credit Documents, Swap Agreements,
Treasury Management Agreements or other documents relating to the Obligations, (a) the obligations of each Guarantor under this Agreement and the other Credit Documents shall be limited to an aggregate amount equal to the largest amount that
would not render such obligations subject to avoidance under the Debtor Relief Laws or any comparable provisions of any applicable state law and (b) the Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such
Guarantor. 
 Section 4.2 Obligations Unconditional. The obligations of the Guarantors under Section 4.1 are joint
and several, absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Credit Documents, Swap Agreements or Treasury Management Agreements, or any other agreement or instrument referred
to therein, or any substitution, release, impairment or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by Applicable Law, irrespective of any law or regulation or other circumstance
whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 4.2 that the obligations of the Guarantors hereunder shall be absolute and unconditional
under any and all circumstances. Each Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for amounts paid under this Section 4
until such time as the Obligations have been indefeasibly paid in full and the Aggregate Revolving Commitments have expired or terminated. Without limiting the generality of the foregoing, it is agreed that, to the fullest extent permitted by law,
the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional as described above: 

(a) at any time or from time to time, without notice to any Guarantor, the time for any performance of or compliance with any of the
Obligations shall be extended, or such performance or compliance shall be waived; 
 (b) any of the acts mentioned in any of the provisions
of any of the Credit Documents, any Swap Agreement between any Credit Party and any Swap Provider, or any Treasury Management Agreement between any Credit Party and any Treasury Management Bank, or any other agreement or instrument referred to in
the Credit Documents, such Swap Agreements or such Treasury Management Agreements shall be done or omitted; 
 (c) the maturity of any of
the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under any of the Credit Documents, any Swap Agreement between any Credit Party and any Swap Provider or any
Treasury Management Agreement between any Credit Party and any Treasury Management Bank, or any other agreement or instrument referred to in the Credit Documents, such Swap Agreements or such Treasury Management Agreements shall be waived or any
other guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; 

(d) any Lien granted to, or in favor of, the Administrative Agent, the Collateral Agent or any Lender or Lenders as security for any of the
Obligations shall fail to attach or be perfected; or 
 (e) any of the Obligations shall be determined to be void or voidable (including for
the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including any creditor of any Guarantor). 

With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment, protest and all
notices whatsoever, and any requirement that the Administrative Agent, the Collateral Agent or any Lender exhaust any right, power or remedy or proceed 

  
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against any Person under any of the Credit Documents, any Swap Agreement between any Credit Party and any Swap Provider or any Treasury Management Agreement between any Credit Party and any
Treasury Management Bank, or any other agreement or instrument referred to in the Credit Documents, such Swap Agreements or such Treasury Management Agreements, or against any other Person under any other guarantee of, or security for, any of the
Obligations. 
 Section 4.3 Reinstatement. The obligations of the Guarantors under this Section 4 shall be
automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any
proceedings in bankruptcy or reorganization or otherwise, and each Guarantor agrees that it will indemnify the Administrative Agent, the Collateral Agent and each Lender on demand for all reasonable costs and expenses (including the fees, charges
and disbursements of counsel) incurred by the Administrative Agent, the Collateral Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that
such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 

Section 4.4 Certain Additional Waivers. Each Guarantor agrees that such Guarantor shall have no right of recourse to security for
the Obligations, except through the exercise of rights of subrogation pursuant to Section 4.2 and through the exercise of rights of contribution pursuant to Section 4.6. 

Section 4.5 Remedies. The Guarantors agree that, to the fullest extent permitted by law, as between the Guarantors, on the one
hand, and the Agents and the Lenders, on the other hand, the Obligations may be declared to be forthwith due and payable as provided in Section 9.2 (and shall be deemed to have become automatically due and payable in the circumstances
provided in said Section 9.2) for purposes of Section 4.1 notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations from becoming automatically due and payable) as
against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not due and payable by any other Person) shall forthwith become due and
payable by the Guarantors for purposes of Section 4.1. The Guarantors acknowledge and agree that their obligations hereunder are secured in accordance with the terms of the Collateral Documents and that the Agents and the Lenders may
exercise their remedies thereunder in accordance with the terms thereof. 
 Section 4.6 Rights of Contribution. The Guarantors
agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under Applicable Law. Such contribution rights shall be subordinate and subject in right
of payment to the obligations of such Guarantors under the Credit Documents and no Guarantor shall exercise such rights of contribution until all Obligations have been indefeasibly paid in full and the Aggregate Revolving Commitments have
terminated. 
 Section 4.7 Guarantee of Payment; Continuing Guarantee. The guarantee in this Section 4 is a guaranty
of payment and not of collection, is a continuing guarantee, and shall apply to all Obligations whenever arising. 
 Section 4.8
Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each Specified Credit Party to honor all
of such Specified Credit Party’s obligations under the Guaranty and the Collateral Documents in respect of Swap Obligations (provided that each Qualified ECP Guarantor shall only be liable under this Section 4.8 for the maximum
amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations 

  
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and undertakings under this Section 4, voidable under applicable Debtor Relief Laws, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor
under this Section 4.8 shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full and the commitments relating thereto have expired or terminated, or, with respect to any Guarantor, if
earlier, such Guarantor is released from its obligations and undertakings under this Section 4 in accordance with Section 10.10(a). Each Qualified ECP Guarantor intends that this Section 4.8 constitute, and this
Section 4.8 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Specified Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

Section 5 CONDITIONS PRECEDENT 

Section 5.1 Conditions Precedent to Initial Credit Extensions. The obligation of each Lender to make a Credit Extension on the
Closing Date is subject to the satisfaction of the following conditions on or before the Closing Date: 
 (a) Executed Credit
Documents. The Administrative Agent shall have received executed counterparts of this Agreement, the Notes (if requested), the Security Agreement, the Pledge Agreement, the Environmental Indemnity Agreement and a Mortgage with respect to the
real property commonly known as 6375 Hospital Parkway, Johns Creek, Georgia 30097, in each case, in form and substance satisfactory to the Agents and the Lenders and duly executed by the appropriate parties thereto. 

(b) Certificates. The Administrative Agent shall have received the following: 

(i) Organizational Documents Certificate. (i) Copies of the Organization Documents, certified (to the extent
applicable) as of a recent date by the appropriate Governmental Authority, (ii) copies of resolutions approving the transactions contemplated in connection with the financing and authorizing execution, delivery and performance of the Credit
Documents, (iii) copies of certificates of good standing, existence or the like of a recent date from the appropriate Governmental Authority of its jurisdiction of formation or organization and (iv) incumbency certificates, in each case,
for each of the Credit Parties and certified by an Authorized Officer in form and substance reasonably satisfactory to the Administrative Agent. 

(ii) Closing Certificate. One or more certificates from an Authorized Officer of the Borrower (in the case of
(F) below, from the Chief Financial Officer of the Borrower), in form and substance reasonably satisfactory to the Administrative Agent, confirming, among other things, (A) all consents, approvals, authorizations, registrations, or filings
required to be made or obtained by the Borrower and the other Credit Parties, if any, in connection with this Agreement and the other Credit Documents and the transactions contemplated herein and therein have been obtained and are in full force and
effect (and attaching copies of any such items), (B) no investigation or inquiry by any Governmental Authority regarding this Agreement and the other Credit Documents and the transactions contemplated herein and therein is ongoing, (C) the
absence of any action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened in any court or before any arbitrator or Governmental Authority that could reasonably be expected to have a Material Adverse Effect,
(D) since December 31, 2013, there has been no event or circumstance which has had or could be reasonably expected to have a Material Adverse Effect, (E) the audited financial statements for the Fiscal Year ended December 31,
2013 were prepared in accordance with GAAP consistently applied, except as noted therein, and fairly presents in all material respects the financial condition and results from operations of the Borrower and its Subsidiaries, and (F) the
Borrower and its Subsidiaries, taken as a whole on a consolidated basis, are Solvent after giving effect to the transactions contemplated hereby and the incurrence of Indebtedness related thereto. 

  
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 (c) Opinions of Counsel. The Administrative Agent shall have received customary opinions
of counsel for each of the Credit Parties, including, among other things, opinions regarding the due authorization, execution and delivery of the Credit Documents and the enforceability thereof. 

(d) Collateral. The Collateral Agent shall have received each of the following: 

(i) UCC Financing Statements. Such UCC financing statements necessary or appropriate to perfect the security interests
in the personal property Collateral, as determined by the Collateral Agent. 
 (ii) Intellectual Property Filings.
Such patent, trademark and copyright notices, filings and recordations necessary or appropriate to perfect the security interests in the U.S. Intellectual Property Rights constituting Collateral, as determined by the Collateral Agent. 

(iii) Pledged Equity Interests. Subject to Section 7.15 and the definition of Excluded Perfection Action
with respect to Non-Opinion Parties, original certificates evidencing any certificated Equity Interests constituting Collateral, together with undated stock transfer powers executed in blank. 

(iv) Mortgaged Property Support Documents. Such Mortgaged Property Support Documents as the Administrative Agent or the
Collateral Agent may request with respect to any real property being encumbered by a Mortgage on the Closing Date. 
 (v)
Evidence of Insurance. Certificates of insurance for casualty, liability and any other insurance required by the Credit Documents, identifying the Collateral Agent as loss payee with respect to the casualty insurance and additional insured
with respect to the liability insurance, as appropriate. 
 (vi) Landlord Waivers and Access Letters. Such landlord
waivers and access letters as may be requested by the Administrative Agent with respect to any Material Leased Property (it being understood that no such landlord waiver or access letter shall be required if it is unable to be obtained by the Credit
Parties following the use of commercially reasonable efforts). 
 (vii) Other Perfection Action. Satisfactory evidence
that all filings, recordations and searches necessary or desirable in connection with the Liens under the Collateral Documents shall have been (or concurrently with the closing, will be) duly made, all filing and recording fees and taxes shall have
been (or concurrently with the closing, will be) duly paid and the Collateral Agent, on behalf of the Secured Parties, shall have (or concurrently with the closing, will have) a valid and perfected first priority (subject to Permitted Liens) Lien in
the Collateral. Notwithstanding anything in this clause (vii), no Credit Party shall be required to take any Excluded Perfection Action. 

(e) Financial Information. The Administrative Agent shall have received, and be satisfied with its review of, copies of (i) the
internally prepared financial statements of the Borrower and its Subsidiaries on a consolidated basis for the most recently ended Fiscal Quarter ended at least forty-five days prior to the Closing Date and (ii) the audited financial statements
of the Borrower and its Subsidiaries on a consolidated basis for the Fiscal Year ended December 31, 2013. 
 (f) Funding Notice;
Funds Disbursement Instructions. The Administrative Agent shall have received (i) a duly executed and completed Funding Notice with respect to the Credit Extension to occur on the Closing Date and (ii) duly executed and completed
disbursement instructions (with wiring instructions and account information) for all disbursements to be made on the Closing Date. 

  
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 (g) PATRIOT ACT, Etc. The Lenders shall have received, in form and substance reasonably
satisfactory to the Lenders, documentation and other information that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, requested not
later than five days prior to the Closing Date. 
 (h) Existing Credit Agreement. All principal, interest, fees and expenses due and
owing and other amounts outstanding under or in connection with the Existing Credit Agreement shall have been (or, concurrent with the making of the Loans on the Closing Date, shall be) paid in full (other than with respect to contingent obligations
for which no claim has been made and letters of credit which have been cash collateralized or otherwise backstopped in a manner reasonably satisfactory to the Administrative Agent), all obligations, commitments and indebtedness under the Existing
Credit Agreement shall have been terminated, and any Liens securing any such obligations shall have been (or, concurrent with the making of the Loans on the Closing Date, shall be) terminated. 

(i) Fees and Expenses. The Administrative Agent shall have confirmation that all fees payable under this Agreement and under the Fee
Letter and all reasonable out-of-pocket fees and expenses required to be paid on or before the Closing Date have been paid, including the reasonable out-of-pocket fees and expenses of counsel for the Administrative Agent. 

For purposes of determining compliance with the conditions specified in this Section 5.1, each Lender that has signed this Agreement shall be
deemed to have consented to, approved or accepted or be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
 The funding of the initial Loans hereunder shall evidence
the satisfaction of the foregoing conditions. 
 Section 5.2 Conditions to Each Credit Extension. The obligation of each Lender
to fund its Revolving Commitment Percentage of any Credit Extension on any Credit Date, including the Closing Date, is subject to the satisfaction, or waiver in accordance with Section 11.4, of the following conditions precedent: 

(a) the Administrative Agent shall have received a fully executed and delivered Funding Notice, together with the documentation and
certifications required therein with respect to each Credit Extension; 
 (b) after making the Credit Extension requested on such Credit
Date, the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments; 
 (c) as of such Credit Date, the
representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except to the extent such
representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; and 

(d) as of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit
Extension that would constitute an Event of Default or a Default. 

  
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 Section 6 REPRESENTATIONS AND WARRANTIES 

In order to induce the Agents, the Lenders and the Issuing Bank to enter into this Agreement and to make each Credit Extension to be made
hereby, the Borrower and each other Credit Party represents and warrants to each Agent, each Lender and the Issuing Bank, that the following statements are true and correct: 

Section 6.1 Organization; Requisite Power and Authority; Qualification. Each of the Credit Parties and each of their respective
Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now
conducted and as proposed to be conducted, to enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where
necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material Adverse Effect. 

Section 6.2 Information, Equity Interests and Ownership. Schedule 6.2 correctly sets forth (a) the exact legal name
and jurisdiction of organization of each Credit Party and each of their respective Subsidiaries as of the Closing Date and as at any time during the five-year period immediately prior to the Closing Date, (b) the true and correct U.S. taxpayer
identification number (or foreign equivalent, if any) of each Credit Party and each of their respective Subsidiaries as of the Closing Date and (c) the ownership interest of the Borrower or Subsidiary owning the Equity Interests in each
Subsidiary of the Borrower as of the Closing Date. The Equity Interests of each Credit Party and its Subsidiaries have been duly authorized and validly issued and are fully paid and non-assessable. As of the
Closing Date, there is no existing option, warrant, call, right, commitment, buy-sell, voting trust or other shareholder agreement or other agreement to which any Subsidiary is a party requiring, and there is no membership interest or other Equity
Interests of any Subsidiary outstanding which upon conversion or exchange would require, the issuance by any Subsidiary of any additional membership interests or other Equity Interests of any Subsidiary or other Securities convertible into,
exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Equity Interests of any Subsidiary. 

Section 6.3 Due Authorization. The execution, delivery and performance of the Credit Documents have been duly authorized by all
necessary action on the part of each Credit Party that is a party thereto. 
 Section 6.4 No
Conflict. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not
(a) violate in any material respect any provision of any Applicable Laws relating to any Credit Party, any of the Organizational Documents of any Credit Party, or any order, judgment or decree of any court or other agency of government binding
on any Credit Party; (b) except as could not reasonably be expected to have a Material Adverse Effect, conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any other Contractual
Obligations of any Credit Party; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of any Credit Party (other than any Liens created under any of the Credit Documents in favor of the Collateral
Agent for the benefit of the holders of the Obligations) whether now owned or hereafter acquired; or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of any
Credit Party. 
 Section 6.5 Governmental Consents. The execution, delivery and performance by the Credit Parties of the Credit
Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not require, as a condition to the effectiveness thereof, any registration with, consent or approval of, or notice to,
or other action to, with or by, any 

  
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Governmental Authority except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Collateral Agent for filing and/or recordation, as of the Closing
Date and other filings, recordings or consents which have been obtained or made and are in full force and effect, as applicable. 

Section 6.6 Binding Obligation. Each Credit Document has been duly executed and delivered by each Credit Party that is a party
thereto and is the legally valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may be limited by Debtor Relief Laws or by equitable principles relating to
enforceability. 
 Section 6.7 Financial Statements. 

(a) The audited consolidated balance sheet of the Borrower and its Subsidiaries for the most recent Fiscal Year ended, and the related
consolidated statements of income or operations, shareholders’ equity and cash flows for such Fiscal Year, including the notes thereto (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein, (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in
accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its
Subsidiaries as of the date thereof, including material liabilities for taxes, material commitments and Indebtedness. 
 (b) The unaudited
consolidated balance sheet of the Borrower and its Subsidiaries for the most recent Fiscal Quarter ended, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such Fiscal Quarter (i) were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries
as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end
audit adjustments and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date of such financial statements, including material liabilities for taxes, material
commitments and Indebtedness. 
 (c) The consolidated forecasted balance sheet and statements of income and cash flows of the Borrower and
its Subsidiaries delivered pursuant to Section 7.1(d) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable by the Borrower at the time made and at the time so
furnished (it being understood and agreed that forecasts are not to be viewed as facts and that actual results during the period or periods covered thereby may differ from the forecasted results and such differences may be material). 

Section 6.8 No Material Adverse Effect; No Default. 

(a) No Material Adverse Effect. Since December 31, 2013, no event, circumstance or change has occurred that has caused or
evidences, either in any case or in the aggregate, a Material Adverse Effect. 
 (b) No Default. No Default has occurred and is
continuing. 
 Section 6.9 Tax Matters. Each of the Credit Parties and their respective Subsidiaries (a) has filed all
federal, state and other material tax returns and reports required to be filed, and have paid all Taxes shown to be owed on such returns and (b) have paid all federal, state and other material Taxes

  
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levied or imposed upon them or their respective properties, assets, income, businesses and franchises otherwise due and payable, except (i) so long as the audit disclosed on Schedule
6.9 has not been completed and the amount of taxes arising therefrom has not been determined (at which time such taxes shall be paid), those taxes that may result from such audit and (ii) those being contested in good faith and by
appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against any Credit Party or any of its Subsidiaries that would, if made, have a Material Adverse Effect. 

Section 6.10 Properties. 

(a) Title. Each of the Credit Parties and their respective Subsidiaries has (i) good, sufficient and legal title to (in the case
of fee interests in real property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (iii) good title to (in the case of all other personal property), all of its properties and assets
that are material to its business, in each case except for minor 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 purpose. All such properties and
assets are free and clear of Liens other than Permitted Liens. 
 (b) Real Estate. As of the Closing Date,
Schedule 6.10(b) contains a true, accurate and complete list of all Real Estate Assets and Material Leased Properties of the Credit Parties. 

Section 6.11 Environmental Matters. (a) Neither any Credit Party nor any of their respective Subsidiaries nor any of their
respective current Facilities or operations, and to each Credit Party’s knowledge, no former Facilities, are subject to any outstanding order, consent decree or settlement agreement with any Person relating to any Environmental Law, any
Environmental Claim, or any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; (b) neither any Credit Party nor any of their respective Subsidiaries has received
any letter or request for information under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any comparable state law; (c) there are no, and to each Credit Party’s
knowledge have not been any, Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against such Credit Party or any of its Subsidiaries that, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect; (d) neither any Credit Party nor any of their respective Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment of Hazardous Materials at any Facility,
and neither any Credit Party’s nor any of their respective Subsidiaries’ operations involves the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or any equivalent
state rule defining hazardous waste. Compliance with all current requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 6.12 No Defaults. Neither any Credit Party nor any of their respective Subsidiaries is in default in the performance,
observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, except in each case where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably
be expected to have a Material Adverse Effect. 
 Section 6.13 No Litigation or other Adverse Proceedings. There are no Adverse
Proceedings that (a) purport to affect or pertain to this Agreement or any other Credit Document, or any of the transactions contemplated hereby or (b) could reasonably be expected to have a Material Adverse Effect. Neither the Borrower
nor any of its Subsidiaries is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any Governmental Authority that, individually or in the aggregate, could reasonably be expected to have
a Material Adverse Effect. 

  
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 Section 6.14 Governmental Regulation. 

(a) Neither any Credit Party nor any of their respective Subsidiaries is subject to regulation under the Investment Company Act of 1940.
Neither any Credit Party nor any of their respective Subsidiaries is an “investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered
investment company” as such terms are defined in the Investment Company Act of 1940. 
 (b) Neither any Credit Party nor any of their
respective Subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended. Neither
any Credit Party nor any of their respective Subsidiaries, to their knowledge, is in violation of (i) the Trading with the Enemy Act, as amended, or (ii) any of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. Neither any Credit Party nor any of their respective Subsidiaries (i) is a blocked person described in Section 1 of the
Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person. 

(c) Neither any Credit Party nor any of their respective Subsidiaries or, to their knowledge, Affiliates is in violation of and shall not
violate any of the country or list based economic and trade sanctions administered and enforced by OFAC that are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. 

(d) Neither any Credit Party nor any of their respective Subsidiaries or, to their knowledge, Affiliates (i) is a Sanctioned Person or a
Sanctioned Entity, (ii) has more than ten percent of its assets located in Sanctioned Entities or (iii) derives more than ten percent of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned
Entities. No part of the proceeds of the Loans will be used and have not been used to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Entity. 

(e) Each Credit Party and each of their respective Subsidiaries are in compliance with the Foreign Corrupt Practices Act, 15 U.S.C.
§§ 78dd-1, et seq., and any foreign counterpart thereto. Neither any Credit Party nor any of their respective Subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value
(i) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (ii) to a foreign official, foreign
political party or party official or any candidate for foreign political office or (iii) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to any Credit Party or any of their respective
Subsidiaries or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq. 
 (f)
To the extent applicable, each Credit Party and each of their respective Subsidiaries are in compliance with Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (as
amended from time to time, the “PATRIOT Act”). 
 (g) Neither any Credit Party nor any of their respective Subsidiaries is
engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Loans will be used to purchase or carry any such Margin Stock
or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System
as in effect from time to time. 

  
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 Section 6.15 Intellectual Property. 

(a) As of the Closing Date, Part A of Schedule 6.15 is a complete list of all Owned Intellectual Property. As of the Closing Date,
except as disclosed on Part A of Schedule 6.15, (i) each Person owning Owned Intellectual Property owns such Owned Intellectual Property free and clear of all restrictions (including covenants not to sue a third party), court orders,
injunctions, decrees, writs or Liens (other than Liens pursuant to the Collateral Documents), whether by written agreement or otherwise, (ii) no Person other than the Person identified on Schedule 6.15 as owning Owned Intellectual
Property owns or has been granted any right in its Owned Intellectual Property (other than Liens pursuant to the Collateral Documents), (iii) all Owned Intellectual Property is valid, subsisting and enforceable and (iv) each Person owning
Owned Intellectual Property has taken all commercially reasonable action necessary to maintain and protect its Owned Intellectual Property. 

(b) Each Person owning Owned Intellectual Property has entered into, and maintains in effect, a legally enforceable agreement with each of its
employees and subcontractors obligating each such Person to assign to it, without any additional compensation, any Intellectual Property Rights created, discovered or invented by such Person in the course of such Person’s employment or
engagement with it (except to the extent prohibited by Applicable Law), and further requiring such Person to cooperate with it, without any additional compensation, in connection with securing and enforcing any Intellectual Property Rights therein;
provided that the foregoing shall not apply with respect to employees and subcontractors whose job descriptions are of the type such that no such assignments are reasonably foreseeable. 

(c) As of the Closing Date, Part B of Schedule 6.15 is a complete list of all agreements under which the Borrower or any of its
Subsidiaries has licensed Licensed Intellectual Property (other than readily available, non-negotiated licenses of computer software and other intellectual property used solely for performing accounting, word processing and similar administrative
tasks (“Off-The-Shelf Software”)) and a summary of any ongoing payments the licensee is obligated to make with respect thereto. As of the Closing Date, except as disclosed on Part B of Schedule 6.15, the licenses of the
Borrower and its Subsidiaries to use the Licensed Intellectual Property are free and clear of all restrictions, Liens (other than Liens pursuant to the Collateral Documents), court orders, injunctions, decrees, or writs, whether by written agreement
or otherwise. As of the Closing Date, except as disclosed on Part B of Schedule 6.15, neither the Borrower nor any of its Subsidiaries is obligated or under any liability whatsoever to make any payments of a material nature by way of
royalties, fees or otherwise to any owner of, licensor of, or other claimant to, any Intellectual Property Rights. 
 (d) The Owned
Intellectual Property and the Licensed Intellectual Property described on Schedule 6.15, together with all Owned Intellectual Property and all Licensed Intellectual Property described on the Compliance Certificates delivered hereunder,
constitute all Intellectual Property Rights used or necessary to conduct the businesses of the Borrower and its Subsidiaries as presently conducted or as the Borrower reasonably foresees conducting it, except for Off-The-Shelf Software. 

(e) Except as disclosed on Part C of Schedule 6.15, neither the Borrower nor any of its Subsidiaries has any knowledge of, or has
received any written claim or notice alleging, any infringement of another Person’s Intellectual Property Rights (including any written claim that the Borrower or any of its Subsidiaries must license or refrain from using the Intellectual
Property Rights of any third party) nor, to the knowledge of the Borrower or any of its Subsidiaries, is there any threatened claim in writing or any reasonable basis for any such claim. 

Section 6.16 Pension Plans. (a) Except as could not reasonably be expected to have a Material Adverse Effect, each of the
Credit Parties and their respective Subsidiaries are in compliance with all applicable provisions and requirements of ERISA and the Internal Revenue Code and the regulations and 

  
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published interpretations thereunder with respect to its Pension Plan, and have performed all their obligations under each Pension Plan in all material respects, (b) each Pension Plan which
is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable determination letter or is the subject of a favorable opinion or advisory letter from the Internal Revenue Service indicating that such Pension
Plan is so qualified and, to the knowledge of the Credit Parties, nothing has occurred subsequent to the issuance of such determination letter which would cause such Pension Plan to lose its qualified status except where such event could not
reasonably be expected to result in a Material Adverse Effect, (c) except as could not reasonably be expected to have a Material Adverse Effect, no liability to the PBGC (other than required premium payments), the Internal Revenue Service, any
Pension Plan (other than for routine claims and required funding obligations in the ordinary course) or any trust established under Title IV of ERISA has been incurred by any Credit Party, any of their respective Subsidiaries or any of their
respective ERISA Affiliates, (d) except as could not reasonably be expected to result in liability to any Credit Party or any of their respective Subsidiaries in excess of $1,500,000, no ERISA Event has occurred, and (e) except to the
extent required under Section 4980B of the Internal Revenue Code and Section 601 et seq. of ERISA or similar state laws and except as could not reasonably be expected to have a Material Adverse Effect, no “employee benefit plan”
(as defined in Section 3(3) of ERISA provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of any Credit Party or any of their respective Subsidiaries and neither any Credit
Party nor any of their respective Subsidiaries has ever sponsored, maintained, contributed to or had an obligation to make contributions to any such employee benefit plan. 

Section 6.17 Solvency. The Borrower and its Subsidiaries, on a consolidated basis, are Solvent. 

Section 6.18 Compliance with Laws. Each Credit Party and each of their respective Subsidiaries is in compliance with (a) the
PATRIOT Act and OFAC rules and regulations as provided in Section 6.14 and (b) except such non-compliance with such other Applicable Laws that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, all other Applicable Laws. Each Credit Party and each of their respective Subsidiaries possesses all certificates, authorities or permits issued by appropriate Governmental
Authorities necessary to conduct the business in which it is now engaged, except for such certificates, authorities or permits as to which the failure to have or retain could not reasonably be expected to have a Material Adverse Effect. Neither any
Credit Party nor any of their respective Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit the failure of which to have or retain could reasonably be expected
to have a Material Adverse Effect. 
 Section 6.19 Disclosure. No representation or warranty of any Credit Party contained in
any Credit Document or in any other documents, certificates or written statements furnished to the Lenders by or on behalf of the Borrower or any of its Subsidiaries for use in connection with the transactions contemplated hereby (other than
projections and pro forma financial information contained in such materials) contains any untrue statement of a material fact or omits to state a material fact (known to any Credit Party, in the case of any document not furnished by any of them)
necessary in order to make the statements contained herein or therein not misleading in any material manner in light of the circumstances in which the same were made. Any projections and pro forma financial information contained in such materials
are based upon good faith estimates and assumptions believed by the Credit Parties to be reasonable at the time made, it being recognized by the Administrative Agent and the Lenders that such projections as to future events are not to be viewed as
facts and that actual results during the period or periods covered by any such projections may differ from the projected results and that such differences may be material. There are no facts known to any Credit Party (other than matters of a general
economic nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such other documents, certificates and statements furnished to the Lenders.

  
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 Section 6.20 Insurance. The properties of the Credit Parties and their respective
Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of such Persons, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses
and owning similar properties in localities where the applicable Credit Party or the applicable Subsidiary operates. The insurance coverage of the Borrower and its Subsidiaries as in effect on the Closing Date is outlined as to carrier, policy
number, expiration date, type, amount and deductibles on Schedule 6.20. 
 Section 6.21 Pledge Agreement and Security
Agreement. Each of the Pledge Agreement and the Security Agreement is effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral identified
therein, except to the extent the enforceability thereof may be limited by applicable Debtor Relief Laws affecting creditors’ rights generally and by equitable principles of law (regardless of whether enforcement is sought in equity or at law),
and each of the Pledge Agreement and the Security Agreement shall create a fully perfected Lien on, and security interest in, all right, title and interest of the obligors thereunder in such Collateral, in each case prior and superior in right to
any other Lien (a) with respect to any such Collateral that is a “security” (as such term is defined in the UCC) and is evidenced by a certificate, when such Collateral is delivered to the Collateral Agent with duly executed stock
powers with respect thereto, (b) with respect to any such Collateral that is a “security” (as such term is defined in the UCC) but is not evidenced by a certificate, when UCC financing statements in appropriate form are filed in the
appropriate filing offices in the jurisdiction of organization of the pledgor or when “control” (as such term is defined in the UCC) is established by the Collateral Agent over such interests in accordance with the provision of
Section 8-106 of the UCC, or any successor provision, and (c) with respect to any such Collateral that is not a “security” (as such term is defined in the UCC), when UCC financing statements in appropriate form are filed in the
appropriate filing offices in the jurisdiction of organization of the pledgor (to the extent such security interest can be perfected by filing under the UCC). 

Section 6.22 Mortgages. Each of the Mortgages when executed and delivered is effective to create in favor of the Collateral Agent,
for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Real Estate Assets identified therein in conformity with Applicable Laws, except to the extent the enforceability thereof may be limited by applicable
Debtor Relief Laws affecting creditors’ rights generally and by equitable principles of law (regardless of whether enforcement is sought in equity or at law) and, when the Mortgages and UCC financing statements in appropriate form are duly
recorded at the locations identified in the Mortgages, and recording or similar taxes, if any, are paid, the Mortgages shall constitute a legal, valid and enforceable Lien on, and security interest in, all right, title and interest of the grantors
thereunder in such Real Estate Assets, in each case prior and superior in right to any other Lien (other than Permitted Liens). 

Section 7 AFFIRMATIVE COVENANTS 

Each Credit Party covenants and agrees that until the Obligations (other than with respect to contingent Obligations for which no claim has
been made and Letters of Credit which have been cash collateralized or otherwise backstopped in a manner reasonably satisfactory to the Issuing Bank and the Administrative Agent) shall have been paid in full, and the Aggregate Revolving Commitments
hereunder shall have expired or been terminated, such Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 7. 

  
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 Section 7.1 Financial Statements and Other Reports. The Borrower will deliver, or
will cause to be delivered, to the Administrative Agent: 
 (a) Quarterly Financial Statements for the Borrower and its Subsidiaries.
Within forty-five days after the end of each Fiscal Quarter of each Fiscal Year (excluding the fourth Fiscal Quarter), the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Quarter and the related
consolidated statement of income, stockholders’ equity and cash flows 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, 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 consistent in all material respects with the manner of presentation as of the Closing Date,
together with a Financial Officer Certification with respect thereto; 
 (b) Audited Annual Financial Statements for the Borrower and its
Subsidiaries. Upon the earlier of the date that is ninety days after the end of each Fiscal Year or the date such information is filed with the SEC, (i) the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of
such Fiscal Year and the related consolidated statement of income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the
previous Fiscal Year, in reasonable detail and consistent in all material respects with the manner of presentation as of the Closing Date, together with a Financial Officer Certification with respect thereto; and (ii) with a report thereon of
Cherry Bekaert LLP or other independent certified public accountants of recognized national standing selected by the Borrower, which report shall be unqualified as to going concern and scope of audit, and shall state that such consolidated financial
statements fairly present, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity
with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance
with generally accepted auditing standards; 
 (c) Compliance Certificate. Together with each delivery of the financial statements
pursuant to clauses (a) and (b) of Section 7.1 a duly completed Compliance Certificate, which Compliance Certificate shall list (i) all applications by any Credit Party, if any, for any Owned Intellectual
Property made since the date of the prior Compliance Certificate (or, in the case of the first such Compliance Certificate, the Closing Date), (ii) all issuances of registrations or letters on existing applications by any Credit Party for any
Owned Intellectual Property received since the date of the prior Compliance Certificate (or, in the case of the first such Compliance Certificate, the Closing Date), and (iii) all agreements in respect of Licensed Intellectual Property (other
than Off-The-Shelf Software) entered into by any Credit Party since the date of the prior Compliance Certificate (or, in the case of the first such Compliance Certificate, the Closing Date); 

(d) Annual Budget. Within thirty days following the end of each Fiscal Year, forecasts prepared by management of the Borrower, in form
reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly basis for the immediately following Fiscal Year (including
the Fiscal Year in which the Revolving Commitment Termination Date occurs); 
 (e) Information Regarding Collateral. Each Credit
Party will furnish to the Administrative Agent and the Collateral Agent (i) prior written notice of any change (A) in such Credit Party’s legal name, (B) in such Credit Party’s corporate structure, or (C) in such Credit
Party’s Federal Taxpayer Identification Number or (ii) prompt written notice (and in any event within five days of such occurrence) of any Subsidiary becoming a Material IP Subsidiary for any reason whatsoever (including, without
limitation, as a result of an acquisition, the acquisition or creation of any material Intellectual Property Rights, or any Intellectual Property Rights becoming material such that such Subsidiary becomes a Material IP Subsidiary); 

  
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 (f) SEC Filings. Promptly after the same are available, copies of each annual report,
proxy or financial statement or other report or communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file
with the SEC under Section 13 or 15(d) of the Exchange Act, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; 

(g) Notice of Default and Material Adverse Effect. Promptly upon any Authorized Officer of any Credit Party obtaining knowledge
(i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to any Credit Party with respect thereto; (ii) that any Person has given any notice to any Credit Party or any of their
respective Subsidiaries or taken any other action with respect to any event or condition set forth in Section 9.1(b); or (iii) the occurrence of any Material Adverse Effect, a certificate of an Authorized Officer of the Borrower
setting forth the details of the occurrence(s) referred to therein and stating what action the Borrower and/or the other applicable Credit Party has taken and proposes to take with respect thereto and, if applicable, describing with particularity
any and all provisions of this Agreement and any other Credit Document that have been breached; 
 (h) ERISA. Promptly (i) upon
becoming aware of the occurrence of or forthcoming occurrence of any ERISA Event, a certificate of an Authorized Officer of the Borrower specifying the nature thereof, what action any Credit Party, any of their respective Subsidiaries or any of
their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, a certificate of an Authorized Officer of the Borrower specifying any action taken or threatened by the Internal Revenue Service, the
Department of Labor or the PBGC with respect thereto; (ii) upon reasonable request of the Administrative Agent, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Credit Party, any
of their respective Subsidiaries or any of their respective ERISA Affiliates with respect to each Pension Plan (including all schedules); and (iii) after receipt thereof, copies of all notices received by any Credit Party, any of their
respective Subsidiaries or any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; 
 (i)
SEC Investigations. Promptly, and in any event within five Business Days after receipt thereof by any Credit Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any
applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Credit Party or any Subsidiary thereof; and 

(j) Other Information. (i) Promptly upon their becoming available, copies of all financial statements, reports, notices and proxy
statements sent or made available generally by the Borrower to its security holders acting in such capacity or by any Subsidiary of the Borrower to its security holders, if any, other than the Borrower or another Subsidiary of the Borrower,
provided that no Credit Party shall be required to deliver to the Administrative Agent or any Lender the minutes of any meeting of its Board of Directors, and (ii) such other information and data with respect to the Borrower or any of
its Subsidiaries as from time to time may be reasonably requested by the Administrative Agent or the Required Lenders. 
 Any documents
required to be delivered pursuant to Section 7.1(a), (b) or (f) shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the
Borrower’s website; or (ii) on which such documents are posted on the Borrower’s behalf on Debtdomain or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided further that: (x) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative
Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and 

  
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(y) the Borrower shall notify (which may be by facsimile or such other electronic communication as may be permitted by Section 11.1(b)) the Administrative Agent of the posting of any
such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. 

Section 7.2 Existence. Each Credit Party will, and will cause each of its Subsidiaries to, at all times preserve and keep in full
force and effect its existence and all rights and franchises, qualifications, licenses, Governmental Authorizations, Intellectual Property Rights and permits material to its business. 

Section 7.3 Payment of Taxes and Claims. Each Credit Party will, and will cause each of its Subsidiaries to, pay (a) all
federal, state and other material Taxes imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon and (b) all claims (including claims for labor,
services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto;
provided, no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (i) adequate reserve or other appropriate provision, as shall be
required in conformity with GAAP shall have been made therefor, and (ii) in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion
of the Collateral to satisfy such Tax or claim. The Borrower will not, nor will it permit any of its Subsidiaries to, file or consent to the filing of any consolidated income tax return with any Person (other than the Borrower or any Subsidiary).

 Section 7.4 Maintenance of Properties. Each Credit Party will, and will cause each of its Subsidiaries to, maintain or cause
to be maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful in its business and from time to time will make or cause to be made all appropriate material repairs, necessary
renewals and necessary replacements thereof. 
 Section 7.5 Insurance. Each Credit Party will, and will cause each of its
Subsidiaries to, maintain or cause to be maintained, with financially sound and reputable insurers, property insurance, such public liability insurance, third party property damage insurance with respect to liabilities, losses or damage in respect
of the assets, properties and businesses of each Credit Party and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such
amounts, with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. Without limiting the generality of the foregoing, each Credit Party will, and will cause each of its Subsidiaries
to, maintain or cause to be maintained flood insurance with respect to each Flood Hazard Property, if any, that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable
regulations of the Board of Governors of the Federal Reserve System. Each such policy of insurance shall (i) name the Collateral Agent, on behalf of the Secured Parties, as an additional insured thereunder as its interests may appear, and
(ii) in the case of each property insurance policy, contain a loss payable clause or endorsement, reasonably satisfactory in form and substance to the Collateral Agent, that names the Collateral Agent, on behalf of the Secured Parties, as the
loss payee thereunder and provides for at least thirty days’ prior written notice (or such shorter prior written notice as may be agreed by the Collateral Agent in its reasonable discretion) to the Collateral Agent of any modification or
cancellation of such policy. 
 Section 7.6 Inspections. Each Credit Party will, and will cause each of its Subsidiaries to,
permit representatives and independent contractors of the Administrative Agent, the Collateral Agent and each Lender to visit and inspect any of its properties, to conduct field audits, to examine its corporate,

  
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financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants
(and the Borrower shall be given an opportunity to participate in any discussions with its accountants), all at such reasonable times during normal business hours and, subject to the limitation below, as often as may be reasonably desired, upon
reasonable advance notice to the Borrower; provided that, excluding any such visits and inspections when an Event of Default exists, only the Administrative Agent on behalf of the Lenders may exercise visitation and inspection rights of the
Administrative Agent and the Lenders under this Section 7.6 (and representatives of any Lender may accompany the Administrative Agent on any such visit at their own expense) and the Administrative Agent shall not exercise such rights
more often than two times during any calendar year absent the existence of an Event of Default and only one such time shall be at the Borrower’s expense; provided further that when an Event of Default exists the Administrative
Agent, the Collateral Agent or, if organized by the Administrative Agent, any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal
business hours and without advance notice. 
 Section 7.7 Lenders Meetings. The Borrower will, upon the request of the
Administrative Agent or the Required Lenders, participate in a meeting of the Administrative Agent and the Lenders once during each Fiscal Year to be held at the Borrower’s corporate offices (or at such other location as may be agreed to by the
Borrower and the Administrative Agent) at such time as may be agreed to by the Borrower and the Administrative Agent. 
 Section 7.8
Compliance with Laws and Material Agreements. Each Credit Party will, and will cause each of its Subsidiaries to, comply with (a) the PATRIOT Act and OFAC rules and regulations, (b) all other Applicable Laws (including Environmental
Laws) and (c) all indentures, agreements and other instruments binding upon it or its property, except, in the case of clauses (b) and (c), in such instances the failure to comply therewith could not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 Section 7.9 Use of Proceeds. Each Credit Party will, and will
cause each of its Subsidiaries to, use the proceeds of the Credit Extensions (a) for working capital, capital expenditures and general corporate purposes, (b) to repay in full concurrently with the closing of this Agreement all principal,
interest, fees, expenses and other amounts outstanding under or in connection with the Existing Credit Agreement, (c) to finance Permitted Acquisitions and to pay fees, costs and expenses in connection therewith, whether or not consummated
and/or (d) to pay transaction fees, costs and expenses related to credit facilities established pursuant to this Agreement and the other Credit Documents, in each case not in contravention of Applicable Laws or of any Credit Document. 

Section 7.10 Books and Records. Each Credit Party will, and will cause each of its Subsidiaries to, keep proper books of record
and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the consolidated financial statements of the Borrower in conformity with
GAAP. 
 Section 7.11 Additional Subsidiaries; Real Estate Assets. Each Credit Party will, and will cause each of its
Subsidiaries to: 
 (a) Additional Domestic Subsidiaries. Promptly (but in any event within five days or such longer period to which
the Administrative Agent may agree in its sole discretion) after the acquisition or creation of any Domestic Subsidiary (or the date any Person otherwise qualifies as a Domestic Subsidiary), provide notice thereof to the Administrative Agent, and
thereafter (but in any event within thirty days after such notice or such longer period to which the Administrative Agent may agree in its sole discretion) cause to be delivered to the Administrative Agent and the Collateral Agent each of the
following: 
 (i) a Guarantor Joinder Agreement, duly executed by such Subsidiary; 

  
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 (ii) a Security Joinder Agreement, duly executed by such Subsidiary (with all
schedules thereto appropriately completed); 
 (iii) if such Subsidiary owns Equity Interests in any other Subsidiary, a
Pledge Joinder Agreement, as applicable, duly executed by such Subsidiary (with all schedules thereto appropriately completed); 

(iv) a Pledge Joinder Agreement or Pledge Agreement Supplement, as applicable, duly executed by the Credit Party owning the
Equity Interests of such Subsidiary (in either case, with all schedules thereto appropriately completed); 
 (v) if any of
the documents referenced in the foregoing clauses (i) through (iii) are delivered (or required to be delivered) and if requested by the Administrative Agent, opinions of counsel to the applicable Credit Parties and such
Subsidiary with respect to the documents delivered and the transactions contemplated by this Section 7.11(a), in form and substance reasonably acceptable to the Administrative Agent; and 

(vi) if any of the documents referenced in the foregoing clauses (i) through (iv) are delivered (or
required to be delivered), copies of the documents of the types referred to in Section 5.1(b)(i) with respect to such Subsidiary, certified by an Authorized Officer in form and substance reasonably satisfactory to the Administrative
Agent; 
 provided that none of the foregoing shall be required to be delivered with respect to any Domestic Subsidiary that (x) is owned by a
Foreign Subsidiary or (y) has no material assets other than Equity Interests or Indebtedness of a Foreign Subsidiary. 
 (b)
Additional First Tier Foreign Subsidiaries. Promptly (but in any event within thirty days or such longer period to which the Administrative Agent may agree in its sole discretion) after the acquisition or creation of any First Tier Foreign
Subsidiary (or the date any Person otherwise qualifies as a First Tier Foreign Subsidiary), provide notice thereof to the Administrative Agent, and thereafter (but in any event within thirty days after such notice or such longer period to which the
Administrative Agent may agree in its sole discretion) cause to be delivered to the Administrative Agent and the Collateral Agent a Pledge Joinder Agreement or Pledge Agreement Supplement, as applicable, duly executed by the Credit Party owning the
Equity Interests of such First Tier Foreign Subsidiary (in either case, with all schedules thereto appropriately completed). 
 (c)
Material Real Estate Assets. With respect to any Real Estate Asset that (i) becomes a Material Real Estate Asset, (ii) is acquired (whether by purchase, merger or otherwise) after the Closing Date by any Person that is, or is
required to be or become, a Credit Party, or (iii) is owned by a Person formed or acquired after the Closing Date that is, or is required to be or become, a Credit Party, provide prompt notice thereof to the Administrative Agent (but in any
event within five days of such occurrence, or such longer period to which the Administrative Agent may agree in its sole discretion) and thereafter cause to be delivered to the Administrative Agent and the Collateral Agent promptly (but in any event
within sixty days after such acquisition or such longer period as the Administrative Agent may agree in its sole discretion) a Mortgage and such Mortgaged Property Support Documents as the Administrative Agent or the Collateral Agent may reasonably
request in order to cause such Material Real Estate Assets to be subject at all times to a first priority, perfected Lien (subject to Permitted Liens) in favor of the Collateral Agent for the benefit of the Secured Parties securing the Obligations,
and take all such actions and cause to be delivered all such other documents, instruments, agreements, opinions and certificates as may be reasonably requested by the Administrative Agent or the Collateral Agent in connection therewith. 

  
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 (d) Personal Property. The Borrower and each other Credit Party shall (i) cause all
of its personal property and assets (other than Excluded Property and limited, in the case of the voting Equity Interests of each First Tier Foreign Subsidiary, to a pledge of 65% of such Equity Interests ) to be subject at all times to first
priority (subject to any Permitted Lien), perfected Liens in favor of the Collateral Agent, for the benefit of the Secured Parties, to secure the Obligations pursuant to the terms and conditions of the Collateral Documents or, with respect to any
such property acquired subsequent to the Closing Date, such other additional security documents as the Administrative Agent or the Collateral Agent shall reasonably request, and (ii) deliver such other documentation as the Administrative Agent
or the Collateral Agent may reasonably request in connection with the foregoing, including (A) appropriate UCC financing statements, (B) certified resolutions and other organizational and authorizing documents of such Person,
(C) opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above and the perfection of the Collateral Agent’s Liens thereunder),
(D) landlord waivers, estoppels or collateral access letters requested by the Administrative Agent with respect to any Material Leased Property, (E) updates to any applicable schedules of any Collateral Document in connection with any
Material Commercial Tort Claim, (F) Qualifying Control Agreements (as defined in the Security Agreement) with respect to Material Accounts to the extent requested by the Administrative Agent, (G) perfection actions reasonably requested by
the Administrative Agent or the Collateral Agent in connection with the perfection of any Material Letter of Credit Right and (H) other items reasonably requested by the Collateral Agent necessary in connection therewith to perfect the security
interests therein, all in form, content and scope reasonably satisfactory to the Collateral Agent. Each Credit Party shall provide prompt notice of any acquisition or creation of any personal property and assets with respect to which any action may
be required to be taken pursuant to this Section 7.11(d), including notice of any Material Account, Material Commercial Tort Claim, Material Leased Property or Material Letter of Credit Right, which notice shall in any event be provided
within five days of the event requiring such notice (or such longer period to which the Administrative Agent may agree in its sole discretion). 

(e) Material IP Subsidiary Pledges. Notwithstanding the foregoing, or any other provision of this Agreement or any other Credit
Document (including the definitions of Excluded Perfection Action and Excluded Property), at the request of the Administrative Agent, each Credit Party that owns, directly or indirectly, any Equity Interests in any Material IP Subsidiary that is not
a Credit Party shall cause the pledge of the Equity Interests in each of its First Tier Foreign Subsidiaries to be perfected pursuant to the Applicable Laws of the jurisdiction of formation of such First Tier Foreign Subsidiary (in addition to the
grant and perfection thereof pursuant to the Pledge Agreement and related filings and possession of certificates with respect to any such Equity Interests), such perfection to be accomplished on the Closing Date with respect to any First Tier
Foreign Subsidiary and related Material IP Subsidiary in existence on the Closing Date, and within 30 days (or such longer period as the Administrative may agree) after any Material IP Subsidiary is created or acquired or any existing Subsidiary
becomes a Material IP Subsidiary in the case of any such occurrence after the Closing Date. 
 (f) Notwithstanding anything to the contrary
in this Section 7.11, other than Section 7.11(e) above, no Credit Party shall be required to take any Excluded Perfection Action. 

Section 7.12 Primary Depositary and Operating Accounts. At all times beginning on or after the date which is sixty days after the
Closing Date (which period may be extended by the Administrative Agent in its sole discretion) each Credit Party will, and will cause each of its Subsidiaries to, maintain its primary depositary and operating accounts relating to the North American
operations of the Borrower and its Subsidiaries with Regions Bank. 

  
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 Section 7.13 Further Assurances. Each Credit Party will, and will cause each of its
Subsidiaries to, take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as are necessary, or as any Agent may reasonably request, from time to time in order to
(a) carry out more effectively the purposes of this Agreement and the other Credit Documents, (b) subject to valid and perfected first priority Liens (subject only to Permitted Liens) any of the Collateral or any other property of any
Credit Party and its Subsidiaries, (c) establish and maintain the validity and effectiveness of any of the Credit Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (d) better assure,
convey, grant, assign, transfer and confirm unto each Agent and each Lender the rights now or hereafter intended to be granted to it under this Agreement or any other Credit Document. Notwithstanding anything in this Section 7.13, no
Credit Party shall be required to take any Excluded Perfection Action. 
 Section 7.14 Intellectual Property. Each Credit Party
shall, and will cause each of its Subsidiaries to, enter into, and maintain in effect, a legally enforceable agreement with each of its employees and subcontractors obligating each such Person to assign to it, without any additional compensation,
any Intellectual Property Rights created, discovered or invented by such Person in the course of such Person’s employment or engagement with it (except to the extent prohibited by Applicable Law), and further requiring such Person to cooperate
with it, without any additional compensation, in connection with securing and enforcing any Intellectual Property Rights therein; provided that the foregoing shall not apply with respect to employees and subcontractors whose job descriptions
are of the type such that no such assignments are reasonably foreseeable. 
 Section 7.15 Post-Closing Requirements. 

(a) On or before the date 60 days after the Closing Date (or such later date approved by the Administrative Agent), the Borrower shall either
cause each Non-Opinion Party either (i) to be merged into a Credit Party that is not a Non-Opinion Party, whereby the survivor entity is the Credit Party that is not a Non-Opinion Party or (ii) both (A) to be the subject of a written
opinion of counsel licensed in such Credit Party’s jurisdiction of formation and of New York counsel, in each case addressed to the Administrative Agent, the Issuing Bank and the Lenders and in form and substance satisfactory to the
Administrative Agent and (B) to the extent not delivered on or prior to the Closing Date, to deliver or cause to be delivered original certificates evidencing certificated Equity Interests of any Non-Opinion Party, together with undated stock
transfer powers executed in blank with respect thereto. 
 (b) On or before the date 30 days after the Closing Date (or such later date
approved by the Administrative Agent), the Borrower shall deliver (i) to the Administrative Agent a lenders loss payable endorsement in a form reasonably acceptable to the Administrative Agent related to the casualty insurance maintained by the
Borrower and (ii) to the Collateral Agent a lost share affidavit with respect to those 99 shares of Ebix Asia Holdings, Inc. held by the Borrower and evidenced by certificate number 1 and a replacement certificate with respect to such shares.

 (c) On or before the date 60 days after the Closing Date (or such later date approved by the Administrative Agent), the Borrower shall
deliver or cause to be delivered to the Administrative Agent (i) a pledge agreement governed by Swedish law and signed by the Borrower pledging to the Collateral Agent the Borrower’s Equity Interests (limited in the case of the voting
Equity Interests, to a pledge of 65% of such Equity Interests 65%) in EIH Holdings KB and (ii) a Swedish law legal opinion related to the enforceability of such pledge agreement, each in form and substance reasonably satisfactory to the
Administrative Agent. 

  
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 Section 8 NEGATIVE COVENANTS 

Each Credit Party covenants and agrees that until the Obligations (other than with respect to contingent Obligations for which no claim has
been made and Letters of Credit which have been cash collateralized or otherwise backstopped in a manner reasonably satisfactory to the Issuing Bank and the Administrative Agent) shall have been paid in full and the Aggregate Revolving Commitments
hereunder shall have expired or been terminated, such Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 8. 

Section 8.1 Indebtedness. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create,
incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, other than (subject to Section 8.16): 

(a) the Obligations; 
 (b)
Indebtedness existing on the Closing Date and described in Schedule 8.1, together with any Permitted Refinancing thereof; 
 (c)
Indebtedness with respect to (x) Capital Leases and (y) purchase money Indebtedness, including, in each case of clauses (x) and (y), any such Indebtedness acquired in connection with a Permitted Acquisition; provided, in the
case of clause (x), that any such Indebtedness shall be secured only by the asset subject to such Capital Lease, and, in the case of clause (y), that any such Indebtedness shall be secured only by the asset acquired in connection with
the incurrence of such Indebtedness; provided further that the sum of the aggregate principal amount of any Indebtedness under this clause (c) shall not exceed at any time $5,000,000; 

(d) Guarantees with respect to Indebtedness owing by the Borrower or any of its Subsidiaries so long as (i) such Indebtedness being
Guaranteed is otherwise permitted under this Section 8.1 and (ii) the Indebtedness of any Subsidiary that is not a Guarantor may only be guaranteed pursuant to this clause (d) by another Subsidiary that is not a Guarantor or,
to the extent permitted pursuant to Section 8.5(c)(ii), a Credit Party; 
 (e) unsecured intercompany Indebtedness: 

(i) owed by any Credit Party (other than a Non-Opinion Party) to another Credit Party (other than a Non-Opinion Party); 

(ii) owed by any Credit Party (other than a Non-Opinion Party) to any Non-Guarantor Subsidiary; provided that such
Indebtedness shall be subordinated to the Obligations in a manner satisfactory to the Administrative Agent); 
 (iii) owed by
any Non-Guarantor Subsidiary to any other Non-Guarantor Subsidiary; and 
 (iv) owed by any Non-Guarantor Subsidiary to any
Credit Party (other than a Non-Opinion Party) to the extent permitted pursuant to Section 8.5(c)(ii); 
 (f) Indebtedness in
respect of any Swap Agreement that is entered into in the ordinary course of business to hedge or mitigate risks to which any Credit Party or any of its Subsidiaries is exposed in the conduct of its business or the management of its liabilities (it
being acknowledged by each Credit Party that a Swap Agreement entered into for speculative purposes or of a speculative nature is not a Swap Agreement entered into in the ordinary course of business to hedge or mitigate risks); 

  
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 (g) Indebtedness arising in connection with the financing of insurance premiums in the ordinary
course of business; 
 (h) Indebtedness owed to any person providing workers’ compensation, health, disability or other employee
benefits or property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such person, in each case incurred in the ordinary course of business; 

(i) Indebtedness of the Borrower or any Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar
obligations, in each case provided in the ordinary course of business; 
 (j) Indebtedness incurred by the Borrower or any of its
Subsidiaries arising from agreements providing for Earn Out Obligations incurred in connection with Permitted Acquisitions or dispositions of any business, assets or Subsidiary of the Borrower or any of its Subsidiaries permitted hereunder; 

(k) Indebtedness in respect of netting services, overdraft protections and similar services in connection with customary deposit accounts
maintained by the Borrower or any of its Subsidiaries as part of its ordinary cash management program so long as such Indebtedness is promptly repaid; 

(l) performance Guarantees in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of the
Borrower and its Subsidiaries; 
 (m) Indebtedness of the Borrower or any other Credit Party (other than a Non-Opinion Party) incurred to
finance a Permitted Acquisition; provided that such Indebtedness is unsecured and expressly subordinated to the Obligations in a manner acceptable to the Administrative Agent; 

(n) endorsements for collection, deposit or negotiation and warranties of products or services, in each case, incurred in the ordinary course
of business; 
 (o) Indebtedness consisting of overpayments received and to be refunded in the ordinary course of business; 

(p) the BSI Indebtedness; and 

(q) other unsecured Indebtedness in an aggregate principal amount not exceeding $5,000,000 at any time outstanding. 

Section 8.2 Liens. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur,
assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of any Credit Party or any of its Subsidiaries, whether now owned or
hereafter acquired, created or licensed or any income, profits or royalties therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property,
asset, income, profits or royalties under the UCC of any State or under any similar recording or notice statute or under any Applicable Laws related to intellectual property, except (subject to Section 8.16): 

(a) Liens granted pursuant to any Credit Document; 

(b) Liens existing as of the Closing Date and described in Schedule 8.2 and any modifications, replacements, renewals or
extensions thereof, provided that (i) the property covered thereby is not changed, (ii) any modification, replacement, renewal or extension of the obligations secured or benefited thereby is a Permitted Refinancing of such
obligations and is otherwise permitted by Section 8.1 and (iii) the direct or any contingent obligor with respect thereto is not changed; 

  
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 (c) Liens securing purchase money Indebtedness and Capital Leases to the extent permitted
pursuant to Section 8.1(c); provided, any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness or the assets subject to such Capital Lease, respectively; 

(d) Permitted Encumbrances; 

(e) Liens granted by any Non-Guarantor Subsidiary in favor of the Borrower or another Credit Party in respect of Indebtedness owed by such
Non-Guarantor Subsidiary to the Borrower or such other Credit Party and permitted by Section 8.1; and 
 (f) Liens not otherwise
permitted hereunder on assets other than the Collateral securing Indebtedness or other obligations in the aggregate principal amount not to exceed $5,000,000 at any time outstanding. 

Section 8.3 Restricted Payments. No Credit Party shall, nor shall it permit any of its Subsidiaries to, declare or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, other than (a) Restricted Payments by any Subsidiary to the Borrower, any other Subsidiary and any other Person that owns a direct Equity
Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made, (b) the Borrower and each Subsidiary may declare and make dividend payments or
other distributions payable solely in the common stock or other common Equity Interests of such Person and (c) Permitted Restricted Payments. 

Section 8.4 Burdensome Agreements. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly,
enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of any Credit Party or any of their respective Subsidiaries to create, incur or permit to exist any
Lien upon any of their respective property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the Borrower or any other
Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by Applicable Law or by any Credit Document, (ii) the foregoing
shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 8.4 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or
condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of specific property (including the sale of a Subsidiary) not prohibited under this Agreement pending such
sale, provided such restrictions and conditions apply only to the specific property that is to be sold and such sale is permitted hereunder and (iv) the foregoing clause (a) shall not apply to (1) restrictions or conditions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (2) customary provisions in leases and other contracts
restricting the assignment thereof, (3) without limiting any obligations of any Credit Party or Subsidiary under Section 7.11, contractual obligations that are binding on a Credit Party or a Subsidiary thereof at the time such
Credit Party becomes a Credit Party or such Subsidiary first becomes a Subsidiary, so long as such contractual obligation was not entered into in contemplation of such Person becoming a Credit Party or Subsidiary thereof; (4) restrictions by
reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the
property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be); or (5) restrictions related to secured Indebtedness otherwise permitted to be incurred hereunder
that limit the right of the obligor to dispose of the assets securing such Indebtedness.

  
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 Section 8.5 Investments. No Credit Party shall, nor shall it permit any of its
Subsidiaries to, directly or indirectly, make or own any Investment in any Person, including any joint venture and any Foreign Subsidiary, except (subject to Section 8.12): 

(a) Investments in cash and Cash Equivalents and deposit accounts or securities accounts in connection therewith; 

(b) equity Investments owned as of the Closing Date in any Subsidiary; 

(c) (i) Investments by (A) any Credit Party in any other Credit Party; and (B) any Non-Guarantor Subsidiary in any other
Non-Guarantor Subsidiary, and (ii) Permitted Non-Credit Party Investments; 
 (d) Investments existing on the Closing Date and
described on Schedule 8.5; 
 (e) Investments constituting Swap Agreements permitted by Section 8.1(f); 

(f) Permitted Acquisitions; 

(g) Guarantees constituting Indebtedness permitted by Section 8.1(d); 

(h) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade
credit in the ordinary course of business, and investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss; 

(i) Investments consisting of loans and advances to directors, officers, members of management or employees of the Borrower and its
Subsidiaries made in the ordinary course of business (including any refinancings or such loans), in an aggregate amount not to exceed $1,000,000 at any time outstanding; 

(j) advances of payroll payments to employees in the ordinary course of business; 

(k) promissory notes and other noncash consideration received in connection with Dispositions permitted pursuant to Section 8.9
(subject to the proviso set forth therein) 
 (l) deposits of cash made in the ordinary course of business to secure performance of
operating leases; 
 (m) Investments held by a Person who is acquired after the Closing Date pursuant to a Permitted Acquisition, to the
extent such Investments were not made in contemplation of, or in connection with, such Permitted Acquisition and were in existence on the date of such Permitted Acquisition; 

(n) Investments constituting deposits, prepayments and other credits to suppliers made in the ordinary course of business of the Borrower and
its Subsidiaries; 

  
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 (o) loans by a Credit Party to non-Guarantor Subsidiaries so long as the proceeds of such loans
are used to consummate a Permitted Acquisition substantially concurrently with the receipt of such proceeds; and 
 (p) other Investments
not listed above and not otherwise prohibited by this Agreement in an aggregate amount outstanding at any time (on a cost basis) not to exceed $5,000,000. 

Notwithstanding the foregoing, (i) in no event shall any Credit Party make any Investment which results in or facilitates in any manner any Restricted
Payment not otherwise permitted under the terms of Section 8.3 and (ii) in no event shall the Borrower or any Subsidiary make any Investment in any Non-Opinion Party. 

Section 8.6 Use of Proceeds. No Credit Party shall, nor shall it permit any of its Subsidiaries to, use the proceeds of any Credit
Extension except pursuant to Section 7.9 or in any manner that causes or might cause such Credit Extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal
Reserve System as in effect from time to time or any other regulation thereof or to violate the Exchange Act. 
 Section 8.7
Financial Covenants. 
 (a) Consolidated Leverage Ratio. No Credit Party shall, nor shall it permit any of its Subsidiaries
to, permit the Consolidated Leverage Ratio as of the last day of any Fiscal Quarter of the Borrower to be greater than 3.00 to 1.00. 
 (b)
Consolidated Fixed Charge Coverage Ratio. No Credit Party shall, nor shall it permit any of its Subsidiaries to, permit the Consolidated Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter of the Borrower to be less than 1.50
to 1.00. 
 Section 8.8 Fundamental Changes. No Credit Party shall, nor shall it permit any of its Subsidiaries to, dissolve,
liquidate, merge or consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person,
except that, so long as no Default exists or would result therefrom (subject to Section 8.12): 
 (a) (i) any Wholly-Owned
Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into the Borrower so long as the Borrower is the continuing or surviving entity and (ii) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or
consolidated with or into any Guarantor (other than a Non-Opinion Party) so long as the Guarantor shall be the continuing or surviving entity, or simultaneously with such transaction the continuing or surviving entity shall become a Guarantor and
the Borrower and such Guarantor (and each other relevant Credit Party) shall otherwise comply with Section 7.11 in connection therewith; 

(b) (i) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may be merged, amalgamated or consolidated with or into, or be
liquidated into, any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into, any other Non-Guarantor Subsidiary that is a
Domestic Subsidiary; 
 (c) any Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution,
winding up or otherwise) to the Borrower or any Guarantor (other than a Non-Opinion Party), provided that, with respect to any such Disposition by any Non-Guarantor Subsidiary, the consideration for such disposition shall not exceed the fair
value of such assets; 

  
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 (d) (i) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may dispose of all or
substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may dispose of all or substantially all
of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to any other Non-Guarantor Subsidiary that is a Domestic Subsidiary; 

(e) any Wholly-Owned Subsidiary of the Borrower may merge with or into the Person such Wholly-Owned Subsidiary was formed to acquire in
connection with any acquisition permitted hereunder (including any Permitted Acquisition), provided that in the case of any merger involving a Wholly-Owned Subsidiary that is a Domestic Subsidiary, (i) a Guarantor shall be the continuing
or surviving entity or (ii) simultaneously with such transaction, the continuing or surviving entity shall become a Guarantor and the Borrower and such Guarantor (and each other relevant Credit Party) shall comply with Section 7.11
in connection therewith; and 
 (f) any Person may merge into the Borrower or any of its Wholly-Owned Subsidiaries in connection with a
Permitted Acquisition, provided that (i) in the case of a merger involving the Borrower or a Guarantor, the continuing or surviving Person shall be the Borrower or such Guarantor and (ii) the continuing or surviving Person shall be
the Borrower or a Wholly-Owned Subsidiary of the Borrower. 
 Section 8.9 Dispositions. No Credit Party shall, nor shall it
permit any of its Subsidiaries to, Dispose of any asset, including any Equity Interest owned by it, nor will any Credit Party permit any of its Subsidiaries to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or
another Subsidiary in compliance with Section 8.5), except (subject to Section 8.12): 
 (a) Dispositions of
(i) inventory in the ordinary course of business and (ii) used, obsolete, worn out or surplus equipment or property in the ordinary course of business; 

(b) Dispositions of assets to the Borrower or any Subsidiary (other than a Non-Opinion Party); provided that any such sales, transfers
or dispositions involving a Non-Guarantor Subsidiary shall be made in compliance with Sections 8.5 and 8.11 and, if applicable, 8.8; 

(c) Dispositions of accounts receivable in connection with the compromise, settlement or collection thereof; 

(d) Dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or
similar proceeding of, any property or asset of the Borrower or any Subsidiary; and 
 (e) Dispositions of assets (other than Equity
Interests in a Subsidiary unless all Equity Interests in such Subsidiary are sold and such transaction is not otherwise prohibited by Section 8.8) that are not permitted by any other clause of this Section 8.9;
provided that the aggregate fair market value of all assets Disposed of in reliance upon this clause (e) during any Fiscal Year shall not exceed $2,000,000; 

provided that all Dispositions permitted by this Section 8.9 (other than those permitted by paragraphs (b) and (d) above) shall
be made for fair value and for at least 75% cash consideration (it being understood, for the avoidance of doubt, that promissory notes do not constitute cash consideration). 

Section 8.10 Sales and Lease-Backs. No Credit Party shall, nor shall it permit any of its
Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which the Borrower or
any Subsidiary (a) has sold or transferred or is to sell or to transfer to any other Person (other than the Borrower or any other Credit Party), or (b) intends to use for 

  
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substantially the same purpose as any other property which has been or is to be sold or transferred by the Borrower to any Person (other than the Borrower or any other Credit Party) in connection
with such lease; provided that this Section 8.10 shall not prohibit the sale and leaseback resulting from the incurrence of any lease or purchase money financing with respect to any property or asset entered into within 180 days
of the acquisition of such property or asset for the purpose of providing permanent financing of such property or asset. 

Section 8.11 Transactions with Affiliates. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or
indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Borrower or any its Subsidiaries on terms that are less favorable
to such Credit Party or such Subsidiary, as the case may be, than those that might be obtained at the time from a Person who is not an Affiliate of the Borrower or any of its Subsidiaries; provided that the foregoing restriction shall not
apply to (a) any transaction between or among the Credit Parties and not involving any other Affiliate, (b) any transaction between or among Non-Guarantor Subsidiaries and not involving any other Affiliate and (c) any Restricted
Payment permitted by Section 8.3. 
 Section 8.12 Conduct of Business. No Credit Party shall, nor shall it permit
any of its Subsidiaries to, engage in any business other than the businesses engaged in by such Credit Party or such Subsidiary on the Closing Date and businesses that are substantially similar, related or incidental thereto. 

Section 8.13 Accounting Policies; Fiscal Year. No Credit Party shall, nor shall it permit any of its Subsidiaries to, make any
change in (a) accounting policies or reporting practices, except as required by GAAP, or (b) its Fiscal Year end. 

Section 8.14 Amendments to Organizational Agreements. No Credit Party shall, nor shall it permit any of its Subsidiaries to, amend
or permit any amendments to its Organizational Documents if such amendment could reasonably be expected to be adverse to the Lenders or any Agent. 

Section 8.15 BSI Transactions. Notwithstanding anything to the contrary contained herein, so long as any BSI Indebtedness is
outstanding, no Credit Party will make any Investment in or to BSI or otherwise transfer any property or assets to BSI. 
 Section 8.16
Material IP Subsidiaries. Notwithstanding anything to the contrary in this Agreement, including in any of Sections 8.1 or 8.2, no Credit Party shall, nor shall it permit any of its Subsidiaries to: 

(a) permit any Material IP Subsidiary or any Subsidiary that is not a Credit Party that owns, directly or indirectly, any Equity Interests of
any Material IP Subsidiary, to have any Indebtedness other than (i) Indebtedness under the Credit Documents, (ii) intercompany Indebtedness otherwise permitted hereunder and (iii) Indebtedness permitted by any of clauses (g), (h),
(j), (k), (n) or (o) of Section 8.1; 
 (b) permit any Material IP Subsidiary or any Subsidiary that is not a Credit
Party that owns, directly or indirectly, any Equity Interests of any Material IP Subsidiary, directly or indirectly, to create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document
or instrument in respect of goods or accounts receivable), whether now owned or hereafter acquired, created or licensed or any income, profits or royalties therefrom, or file or permit the filing of, or permit to remain in effect, any financing
statement or other similar notice of any Lien with respect to any such property, asset, income, profits or royalties under the UCC of any State or under any similar recording or notice statute or under any Applicable Laws related to intellectual
property, except (i) Liens granted pursuant to any Credit Document, (ii) Liens granted to secure intercompany Indebtedness owing by such Material IP Subsidiary to a Credit Party and (iii) Permitted Encumbrances; 

  
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 (c) permit any Intellectual Property Rights, any Owned Intellectual Property or any license to
use the Licensed Intellectual Property to fail at any time to be free and clear of all restrictions (including covenants not to sue a third party), court orders, injunctions, decrees, writs or Liens, whether by written agreement or otherwise, except
(i) Liens granted pursuant to any Credit Document, (ii) Liens granted to secure intercompany Indebtedness owing to a Credit Party and (iii) Permitted Encumbrances; or 

(d) permit any Intellectual Property Rights acquired after the Closing Date, whether pursuant to a Permitted Acquisition, an asset acquisition
or otherwise, to be held or owned by any Person other than (i) a Credit Party in the case of any acquisition of Intellectual Property Rights from a Person organized under the laws of (or a natural person resident in) the United States, any
state thereof or the District of Columbia or (ii) a Material IP Subsidiary in the case of any acquisition of Intellectual Property Rights from a Person organized under the laws of (or a natural person resident in) any other jurisdiction. 

Section 9 EVENTS OF DEFAULT; REMEDIES; APPLICATION OF FUNDS. 

Section 9.1 Events of Default. If any one or more of the following conditions or events shall occur: 

(a) Failure to Make Payments When Due. Failure by any Credit Party to pay (i) the principal of any Loan or any amount payable to
the Issuing Bank in reimbursement of any drawing under a Letter of Credit, in either case when due, whether at stated maturity, by acceleration or otherwise or (ii) within three Business Days of when due any interest on any Loan or any fee or
any other amount due hereunder; or 
 (b) Default in Other Agreements. (i) Failure of any Credit Party or any of their
respective Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than the Loans and Letters of Credit) in an aggregate principal amount of $5,000,000 or more,
in each case beyond the grace or cure period, if any, provided therefor; or (ii) breach or default by any Credit Party or any of their respective Subsidiaries with respect to any other term of (x) one or more items of Indebtedness in the
aggregate principal amounts referred to in clause (i) above, or (y) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case beyond the grace or cure period, if any, provided
therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee on behalf of such holder or holders) to cause, that Indebtedness to become or be declared due and payable (or
subject to a compulsory repurchase or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; or 

(c) Breach of Certain Covenants. Failure of any Credit Party to perform or comply with any term or condition contained in
Section 7.1 (other than clause (e), (f), (g)(ii), (g)(iii), (h) or (j) thereof), Section 7.2 (with respect to the existence of any Credit Party), Section 7.9,
Section 7.11 or any Section of Section 8; or 
 (d) Breach of Representations, etc. Any representation,
warranty, certification or other statement made or deemed made by any Credit Party in any Credit Document or in any statement or certificate at any time given by any Credit Party or any of their respective Subsidiaries in writing pursuant hereto or
thereto or in connection herewith or therewith shall be false in any material respect as of the date made or deemed made; or 
 (e) Other
Defaults Under Credit Documents. Any Credit Party shall default in the performance of or compliance with any term contained herein or any of the other Credit Documents, other than any such term referred to in any other Section of this
Section 9.1, and such default shall not have been remedied or waived within thirty days after the earlier of (i) an Authorized Officer of any Credit Party becoming aware of such default, or (ii) receipt by the Borrower of
notice from the Administrative Agent or any Lender of such default; or 

  
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 (f) Involuntary Bankruptcy; Appointment of Receiver, etc. (i) A court of competent
jurisdiction shall enter a decree or order for relief in respect of any Credit Party or any of their respective Subsidiaries in an involuntary case under the Bankruptcy Code or Debtor Relief Laws now or hereafter in effect, which decree or order is
not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against any Credit Party or any of their respective Subsidiaries under the Bankruptcy Code or
other Debtor Relief Laws now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any
Credit Party or any of their respective Subsidiaries, or over all or a substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of any
Credit Party or any of its Subsidiaries for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of any Credit Party or any of its
Subsidiaries, and any such event described in this clause (ii) shall continue for sixty days without having been dismissed, bonded or discharged; or 

(g) Voluntary Bankruptcy; Appointment of Receiver, etc. (i) Any Credit Party or any of their respective Subsidiaries shall have an
order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or other Debtor Relief Laws now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the
conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or any Credit Party or
any of their respective Subsidiaries shall make any assignment for the benefit of creditors; (ii) any Credit Party or any of their respective Subsidiaries shall be unable, or shall fail generally, or shall admit in writing its inability, to pay
its debts as such debts become due; or (iii) the board of directors (or similar governing body) of any Credit Party or any of their respective Subsidiaries or any committee thereof shall adopt any resolution or otherwise authorize any action to
approve any of the actions referred to in clauses (i) or (ii) above or in Section 9.1(f); or 
 (h) Judgments and
Attachments. (i) Any one or more money judgments, writs or warrants of attachment or similar process involving an aggregate amount at any time in excess of $5,000,000 (to the extent not adequately covered by insurance as to which a solvent
and unaffiliated insurance company has not denied coverage) shall be entered or filed against any Credit Party or any of their respective Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed
for a period of sixty days; or (ii) any non-monetary judgment or order shall be rendered against any Credit Party or any of their respective Subsidiaries that could reasonably be expected to have a Material Adverse Effect, and shall remain
undischarged, unvacated, unbonded or unstayed for a period of sixty days; or 
 (i) Pension Plans. There shall occur one or more
ERISA Events which individually or in the aggregate results in liability of any Credit Party, any of their respective Subsidiaries or any of their respective ERISA Affiliates in excess of $3,000,000 during the term hereof and which is not paid by
the applicable due date; or 
 (j) Change of Control. A Change of Control shall occur; or 

(k) Invalidity of Credit Documents and Other Documents. At any time after the execution and delivery thereof, (i) this Agreement
or any other Credit Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the Obligations (other than contingent and indemnified
obligations not then due and 

  
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owing) in accordance with the terms hereof) or shall be declared null and void, or the Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral
purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document, or (ii) any Credit Party shall contest the validity or enforceability of any Credit Document in writing or deny in writing that
it has any further liability, including with respect to future advances by the Lenders, under any Credit Document to which it is a party. 

Section 9.2 Remedies. Upon the occurrence of any Event of Default described in Section 9.1(f) or
Section 9.1(g), automatically, and upon the occurrence and during the continuance of any other Event of Default, at the request of (or with the consent of) the Required Lenders, upon notice to the Borrower by the Administrative Agent,
(a) the Revolving Commitment, if any, of each Lender and the obligation of the Issuing Bank to issue any Letter of Credit shall immediately terminate; (b) each of the following shall immediately become due and payable, in each case without
presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each of the Credit Parties: (i) the unpaid principal amount of and accrued interest on the Loans, (ii) an amount equal to the
maximum amount that may at any time be drawn under all Letters of Credit then outstanding (regardless of whether any beneficiary under any such Letter of Credit shall have presented, or shall be entitled at such time to present, the drafts or other
documents or certificates required to draw under such Letters of Credit), and (iii) all other Obligations; provided, the foregoing shall not affect in any way the obligations of the Lenders under Section 2.2(b)(iii) or
Section 2.3(e); (c) the Administrative Agent may cause the Collateral Agent to enforce any and all Liens and security interests created pursuant to Collateral Documents; and (d) the Administrative Agent shall direct the
Borrower to pay (and the Borrower hereby agrees upon receipt of such notice, or upon the occurrence of any Event of Default specified in Section 9.1(f) and Section 9.1(g) to pay) to the Administrative Agent such additional
amounts of cash, to be held as security for such Borrower’s reimbursement Obligations in respect of Letters of Credit then outstanding under arrangements acceptable to the Administrative Agent, equal to the Outstanding Amount of the Letter of
Credit Obligations at such time. Notwithstanding anything herein or otherwise to the contrary, any Event of Default occurring hereunder shall continue to exist (and shall be deemed to be continuing) until such time as such Event of Default has been
cured to the satisfaction of the Required Lenders or waived in writing in accordance with the terms of Section 11.4. 

Section 9.3 Application of Funds. After the exercise of remedies provided for in Section 9.2 (or after the Loans have
automatically become immediately due and payable), any amounts received on account of the Obligations shall be applied by each Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal,
interest and Letter of Credit Fees but including all reasonable out-of-pocket fees, expenses and disbursements of any law firm or other counsel and amounts payable under Section 3.1, Section 3.2 and Section 3.3)
payable to the Administrative Agent and the Collateral Agent, in each case in its capacity as such; 
 Second, to payment of that
portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders under the Credit Documents including all reasonable out-of-pocket fees, expenses and
disbursements of any law firm or other counsel and amounts payable under Section 3.1, Section 3.2 and Section 3.3), ratably among the Lenders in proportion to the respective amounts described in this
clause Second payable to them; 
 Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans, Letter of Credit Borrowings and other Obligations under the Credit Documents ratably among such parties in proportion to the respective amounts described in this clause Third payable to
them; and 

  
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 Fourth, to (a) payment of that portion of the Obligations constituting unpaid
principal of the Loans and Letter of Credit Borrowings, (b) payment of breakage, termination or other amounts owing in respect of any Secured Swap Agreement, to the extent such Secured Swap Agreement is permitted hereunder, (c) payments of
amounts due under any Secured Treasury Management Agreement, and (d) the Administrative Agent for the account of the Issuing Bank, to Cash Collateralize that portion of the Letter of Credit Obligations comprised of the aggregate undrawn amount
of Letters of Credit, ratably among such parties in proportion to the respective amounts described in this clause Fourth payable to them; and 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by Applicable Laws. 
 Subject to Section 2.3, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to
clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining
amount shall be applied to the other Obligations, if any, in the order set forth above. 
 Excluded Swap Obligations with respect to any Guarantor shall not
be paid with amounts received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made with respect to payments from other Credit Parties to preserve the allocation to Obligations otherwise set forth above in
this Section. 
 Notwithstanding the foregoing, Secured Swap Obligations and Secured Treasury Management Obligations shall be excluded from the application
described above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting documentation as the Administrative Agent may request, from the applicable Qualifying Swap Bank or Qualifying Treasury
Management Bank, as the case may be. Each Qualifying Swap Bank or Qualifying Treasury Management Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have
acknowledged and accepted the appointment of each of the Administrative Agent and the Collateral Agent pursuant to the terms of Section 10 for itself and its Affiliates as if a “Lender” party hereto. 

Section 10 AGENCY 

Section 10.1 Appointment and Authority. 

(a) Each of the Lenders and the Issuing Bank hereby irrevocably appoints Regions Bank to act on its behalf as the Administrative Agent
hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. 
 (b) Each of the Lenders and the Issuing Bank hereby irrevocably appoints Regions
Bank to act on its behalf as the Collateral Agent hereunder and under the other Credit Documents and authorizes the Collateral Agent to take such action on its behalf and to exercise such powers and perform such duties as are expressly delegated to
it by the terms of this Agreement or any Collateral Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any Collateral Document, the Collateral
Agent shall not have any duties or responsibilities, except those expressly set forth herein or therein, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any 

  
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Collateral Document or otherwise exist against the Collateral Agent. The Collateral Agent shall act on behalf of the Secured Parties with respect to any Collateral and the Collateral Documents,
and the Collateral Agent shall have all of the benefits and immunities (i) provided to the Administrative Agent under the Credit Documents with respect to any acts taken or omissions suffered by the Collateral Agent in connection with any
Collateral or the Collateral Documents as fully as if the term “Administrative Agent” as used in such Credit Documents included the Collateral Agent with respect to such acts or omissions, and (ii) as additionally provided herein or
in the Collateral Documents with respect to the Collateral Agent. 
 (c) The provisions of this Section are solely for the benefit of the
Administrative Agent, the Collateral Agent, the Lenders and the Issuing Bank, and no Credit Party nor any of its Subsidiaries shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the
term “agent” herein or in any other Credit Documents (or any other similar term) with reference to the Administrative Agent or the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

Section 10.2 Rights as a Lender. Each Person serving as an 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 an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Person
serving as an Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind
of business with the Borrower or any Subsidiary of the Borrower or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders. 

Section 10.3 Exculpatory Provisions. 

(a) No Agent shall have any duties or obligations except those expressly set forth herein and in the other Credit Documents, and each
Agent’s duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, no Agent: 

(i) shall be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has
occurred and is continuing; 
 (ii) shall have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that such Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders
as shall be expressly provided for herein or in the other Credit Documents), provided that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is
contrary to any Credit Document or Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of
a Defaulting Lender in violation of any Debtor Relief Law; and 
 (iii) shall, except as expressly set forth herein and in
the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as such Agent or
any of its Affiliates in any capacity. 

  
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 (b) No Agent shall be liable for any action taken or not taken by it (i) with the consent or
at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.4 and
9.2) or (ii) in the absence of its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction by final and nonappealable judgment. Each Agent shall be deemed not to have knowledge of any Default unless
and until notice describing such Default is given to such Agent in writing by the Borrower, a Lender or the Issuing Bank. 
 (c) No Agent
shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or
other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in
Section 5 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent. 

Section 10.4 Reliance by Agents. Each 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 (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or
otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan
or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel for the Borrower and its Subsidiaries), 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. 
 Section 10.5 Delegation of Duties. Each
Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all
of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Section shall apply to any such sub-agent and to the Related Parties of each 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 or Collateral Agent, as the case may be. No Agent shall be responsible for the
negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such
sub-agents. 
 Section 10.6 Resignation or Removal of Agents. 

(a) Any Agent may at any time give notice of its resignation to the Lenders, the Issuing Bank and the Borrower. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United
States. If no such 

  
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successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty days after the retiring Agent gives notice of its resignation (or such
earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to) on behalf of the Lenders and the Issuing Bank, appoint a successor Agent meeting
the qualifications set forth above. Whether or not a successor has been appointed such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If the Person serving as an Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by Applicable Law by notice in writing to the Borrower and such Person remove such Person as an Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become
effective in accordance with such notice on the Removal Effective Date. 
 (c) With effect from the Resignation Effective Date or the
Removal Effective Date (as applicable) (1) the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by such Agent
on behalf of the Lenders or the Issuing Bank under any of the Credit Documents, the retiring or removed Agent shall continue to hold such collateral security until such time as a successor Agent is appointed) and (2) except for any indemnity
payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the
Issuing Bank directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent or Collateral Agent, as the
case may be, hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent or Collateral Agent, as the case may be (other than any rights to
indemnity payments or other payments then owed to the retiring or removed Administrative Agent or Collateral Agent, as the case may be), as of the Resignation Effective Date or the Removal Effective Date, as applicable, and the retiring or removed
Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Agent’s resignation or removal hereunder and under the other Credit Documents, the provisions of this
Section 10 and Section 11.2 shall continue in effect for the benefit of such retiring or removed 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 the retiring or removed Agent was acting as an Agent. 
 Section 10.7 Non-Reliance on Agents and Other Lenders. Each of
the Lenders and the Issuing Bank acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their respective Related Parties and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each of the Lenders and the Issuing Bank also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their respective Related
Parties and based on such documents and information 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 other Credit Document or any related
agreement or any document furnished hereunder or thereunder. 
 Section 10.8 No Other Duties, etc. Anything herein to the
contrary notwithstanding, none of the bookrunners, arrangers, documentation agents, syndication agents or other similar titles listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other
Credit Documents, except in its capacity, as applicable, as the Administrative Agent, the Collateral Agent, a Lender or the Issuing Bank hereunder. 

  
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 Section 10.9 Administrative Agent May File Proofs of Claim. In case of the pendency
of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit Obligation shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of
Credit Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Agents (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Bank and the Agents and their respective agents and counsel and all other amounts due the Lenders, the Issuing Bank and the Agents under
Section 2.10 and Section 11.2) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Agent, each Lender and the Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents
and counsel, and any other amounts due the Administrative Agent under Section 2.10 and Section 11.2). 

Section 10.10 Collateral Matters. 

(a) The Lenders (including in its capacities as a potential Swap Provider and potential Treasury Management Bank) and the Issuing Bank
irrevocably authorize the Administrative Agent and the Collateral Agent, at its option and in its discretion, 
 (i) to
release any Lien on any property granted to or held under any Credit Document securing the Obligations (x) upon termination of the commitments under this Agreement and payment in full of all Obligations (other than contingent indemnification
obligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the Issuing Bank shall have been made), (y) that is sold or
otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under the Credit Documents or consented to in accordance with the terms of this Agreement, or (z) subject to
Section 11.4, if approved, authorized or ratified in writing by the Required Lenders; 
 (ii) to subordinate any
Lien on any property granted to or held under any Credit Document securing the Obligations to the holder of any Lien on such property that is permitted by Section 8.2(c); and 

(iii) to release any Guarantor from its obligations under this Agreement and the other Credit Documents if such Person ceases
to be a Subsidiary as a result of a transaction permitted under the Credit Documents. 

  
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 Upon request by the Administrative Agent or the Collateral Agent at any time, the Required
Lenders will confirm in writing the Administrative Agent’s and the Collateral Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under this
Agreement pursuant to this Section. 
 (b) Neither the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty
to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s or the Collateral Agent’s Lien thereon, or
any certificate prepared by any Credit Party in connection therewith, nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

(c) Anything contained in any of the Credit Documents to the contrary notwithstanding, each of the Credit Parties, the Administrative Agent,
the Collateral Agent and each holder of the Obligations hereby agree that (i) no holder of the Obligations shall have any right individually to realize upon any of the Collateral or to enforce this Agreement, the Notes or any other Credit
Agreement, it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the respective Agents, on behalf of the Secured Parties, in accordance with the terms hereof and all powers, rights and remedies
under the Collateral Documents may be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral
Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the holders of the Obligations (but not any Lender or Lenders in its or
their respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold
at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. 

(d) No Secured Swap Agreement or Secured Treasury Management Agreement will create (or be deemed to create) in favor of any Qualifying Swap
Bank or any Qualifying Treasury Management Bank, respectively, that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of the Borrower or any other Credit Party under the Credit
Documents except as expressly provided herein or in the other Credit Documents. By accepting the benefits of the Collateral, each such Qualifying Swap Bank and Qualifying Treasury Management Bank shall be deemed to have appointed the Collateral
Agent as its agent and agreed to be bound by the Credit Documents as a holder of the Obligations, subject to the limitations set forth in this clause (d). Furthermore, it is understood and agreed that the Qualifying Swap Banks and
Qualifying Treasury Management Banks, in their capacity as such, shall not have any right to notice of any action or to consent to, direct or object to any action hereunder or under any of the other Credit Documents or otherwise in respect of the
Collateral (including the release or impairment of any Collateral, or to any notice of or consent to any amendment, waiver or modification of the provisions hereof or of the other Credit Documents) other than in its capacity as a Lender and, in any
case, only as expressly provided herein. 
 Section 11 MISCELLANEOUS 

Section 11.1 Notices; Effectiveness; Electronic Communications. 

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

(i) if to any Agent, the Borrower or any other Credit Party, to the address, facsimile number or telephone number specified in
Appendix B; and 
 (ii) if to any Lender, the Issuing Bank or the Swingline Lender, to the address, facsimile number
or telephone number in its Administrative Questionnaire on file with the Administrative Agent. 

  
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 Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices and other communications 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 and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as
provided in such subsection (b). 
 (b) Electronic Communications. Notices and other communications to the Lenders and the
Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Section 2 if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent and the Borrower that it is
incapable of receiving notices under such Section by electronic communication. The Administrative Agent or any Credit Party 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, with respect to clauses (i) and (ii) above, if such notice 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)
Change of Address, Etc. Any party hereto may change its address, facsimile or telephone for notices and other communications hereunder by notice to the other parties hereto. 

(d) Platform. 

(i) Each Credit Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as
defined below) available to the Issuing Bank and the other Lenders by posting the Communications on Debtdomain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”). 

(ii) The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not
warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or 

  
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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 any Agent
Party in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or any of the other Credit
Parties, any Lender 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 Borrower’s,
any other Credit Party’s or the Administrative Agent’s transmission of communications through the Platform. “Communications” means, collectively, any notice, demand, communication, information, document or other material
provided by or on behalf of any Credit Party pursuant to any Credit Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to
this Section, including through the Platform. 
 Section 11.2 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Credit Parties shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Agent and its Affiliates (including the reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel for the Agents and, if reasonably
necessary, local and/or specialty counsel to the Agents, the Lenders and the Issuing Bank taken as a whole (limited to one specialty counsel in any reasonably necessary specialty and to one local counsel in each reasonably necessary jurisdiction))
in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit 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), (ii) all reasonable and documented out-of-pocket
expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all documented out-of-pocket expenses incurred by any Agent, any Lender or the Issuing Bank (including the reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel for the Agents, the
Lenders and the Issuing Bank taken as a whole, one local counsel in each relevant jurisdiction for the Agents, the Lenders and the Issuing Bank taken as a whole, one specialty counsel in each relevant specialty for the Agents, the Lenders and the
Issuing Bank taken as a whole and, solely in the case of a conflict of interest, one additional counsel to all such affected Persons similarly situated, taken as a whole) in connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification by the Credit Parties. The Credit Parties shall indemnify the Administrative Agent (and any sub-agent thereof), the
Collateral Agent (and any sub-agent thereof), each Lender and the Issuing Bank, 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 reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel for the Indemnitees taken as a whole, if reasonably necessary, one
local counsel in each relevant jurisdiction for the Indemnitees taken as a whole, if reasonably necessary, one specialty counsel in each relevant specialty for the Indemnitees taken as a whole and, solely in the case of a conflict of interest, one
additional counsel to all such affected Persons similarly situated, taken as a whole), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Credit Party) other than such Indemnitee or its
Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, 

  
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any other Credit Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the
consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of
Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated
by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any of its Subsidiaries, 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 are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (x) the bad
faith, gross negligence or willful misconduct of such Indemnitee or (y) disputes solely among Indemnitees (other than any claims against any Indemnitee in its capacity as the Administrative Agent, the Collateral Agent, a Joint Lead Arranger or
Joint Book Runner, the Issuing Bank or the Swingline Lender or any similar role under this Agreement or any other Credit Document or any of their respective Related Parties (in each case, acting in its capacity as such)) and not arising out of or
involving any act or omission of any Credit Party or any of their respective Subsidiaries or Affiliates (including their respective officers, directors, employees or controlling persons). This Section 11.2(b) shall not apply with respect
to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c) Reimbursement by
Lenders. To the extent that the Credit Parties for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent
thereof), the Collateral Agent (or any sub-agent thereof), the Issuing Bank or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Collateral Agent (or any such
sub-agent), the Issuing Bank or such Related Party, as the case may be, such Lender’s pro rata share (in each case, determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount,
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 the Administrative Agent (or any such sub-agent), the Collateral Agent (or any
such sub-agent) or the Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the Collateral Agent (or any such sub-agent) or the Issuing Bank in
connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of this Agreement that provide that their obligations are several in nature, and not joint and several. 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, no party hereto shall assert, and each
hereby waives, any claim against any other such party, 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 Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by such Indemnitee through telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby. 

  
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 (e) Payments. All amounts due under this Section shall be payable promptly, but in any
event within ten Business Days after written demand therefor (including delivery of copies of applicable invoices). 
 (f) Survival.
The provisions of this Section shall survive resignation or replacement of the Administrative Agent, the Collateral Agent, the Issuing Bank, the Swingline Lender or any Lender, termination of the commitments hereunder and repayment, satisfaction and
discharge of the loans and obligations hereunder. 
 Section 11.3 Set-Off. If an Event
of Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Bank or any such Affiliate to or for
the credit or the account of the Borrower or any other Credit Party against any and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Credit Document to such Lender, the Issuing
Bank or its respective Affiliates, irrespective of whether or not such Lender, the Issuing Bank or such Affiliate shall have made any demand under this Agreement or any other Credit Document and although such obligations of the Borrower or such
Credit Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the Issuing Bank different from the branch or office holding such deposit or obligated on such indebtedness; provided that in the event
that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.16 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 Bank and the Lenders, and (y) the Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Issuing Bank and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or its respective Affiliates may have. Each of the Lenders and the Issuing Bank agrees to promptly
notify the Borrower and the Administrative Agent after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 11.4 Amendments and Waivers. 

(a) Required Lenders’ Consent. Subject to Section 11.4(b) and Section 11.4(c), no amendment, modification,
termination or waiver of any provision of the Credit Documents (other than any amendment required to give effect to Section 2.1(c), which shall be subject only to the consent requirements set forth therein), or consent to any departure
by any Credit Party therefrom, shall in any event be effective without the written concurrence of the Required Lenders and the delivery of such amendment, modification, termination or waiver to the Administrative Agent; provided that
(i) the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement to cure any ambiguity, omission, defect or inconsistency, so long as such amendment, modification or supplement does not
adversely affect the rights of any Lender or the Issuing Bank, (ii) each of the Fee Letter and any Auto Borrow Agreement may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (iii) no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Revolving Commitment, Loans and/or Letter of Credit Obligations of such Lender may not be increased or extended without the
consent of such Lender, (iv) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code
of the United States supersedes the unanimous 

  
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consent provisions set forth herein and (v) the Required Lenders shall determine whether or not to allow any Credit Party to use cash collateral in the context of a bankruptcy or insolvency
proceeding and such determination shall be binding on all of the Lenders. 
 (b) Affected Lenders’ Consent. Without the written
consent of each Lender (other than a Defaulting Lender except as provided in clause (a)(iii) above) that would be affected thereby, no amendment, modification, termination, or consent shall be effective if the effect thereof would: 

(i) extend the Revolving Commitment Termination Date; 

(ii) waive, reduce or postpone any scheduled repayment (but not prepayment) or alter the required application of any prepayment
pursuant to Section 2.12 or the application of funds pursuant to Section 9.3, as applicable; 
 (iii)
extend the stated expiration date of any Letter of Credit, beyond the Revolving Commitment Termination Date; 
 (iv) reduce
the rate of interest on any Loan (other than any waiver of the imposition of the Default Rate pursuant to Section 2.9) or any fee or premium payable hereunder; provided that only the consent of the Required Lenders shall be
necessary (A) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate or (B) to amend any financial covenant hereunder (or any defined term used therein) even if
the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder; 

(v) extend the time for payment of any such interest or fees; 

(vi) reduce the principal amount of any Loan or any reimbursement obligation in respect of any Letter of Credit; 

(vii) amend, modify, terminate or waive any provision of this Section 11.4(b) or Section 11.4(c) or any
other provision of this Agreement that expressly provides that the consent of all Lenders is required; 
 (viii) change the
percentage of the outstanding principal amount of Loans that is required for the Lenders or any of them to take any action hereunder or amend the definition of “Required Lenders” or “Revolving Commitment Percentage” or modify the
amount of the Revolving Commitment of any Lender; 
 (ix) release all or substantially all of the Collateral or all or
substantially all of the Guarantors from their obligations hereunder, in each case, except as expressly provided in the Credit Documents; or 

(x) consent to the assignment or transfer by the Borrower of any of its rights and obligations under any Credit Document
(except pursuant to a transaction permitted hereunder). 
 (c) Other Consents. No amendment, modification, termination or waiver of
any provision of the Credit Documents, or consent to any departure by the Borrower or any other Credit Party therefrom, shall: 

(i) increase any Revolving Commitment of any Lender over the amount thereof then in effect without the consent of such Lender;
provided, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Revolving Commitment of any Lender; 

  
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 (ii) amend, modify, terminate or waive any provision hereof relating to the
Swingline Sublimit or the Swingline Loans with the consent of the Swingline Lender; 
 (iii) amend, modify, terminate or
waive any obligation of Lenders relating to the purchase of participations in Letters of Credit as provided in Section 2.3(e) without the written consent of the Administrative Agent and of the Issuing Bank; or 

(iv) amend, modify, terminate or waive any provision of this Section 11 as the same applies to any Agent, or any
other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of such Agent. 
 (d)
Execution of Amendments, etc. The Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender. Any waiver or consent shall be
effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other
circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 11.4 shall be binding upon each Lender at the time outstanding, each future Lender and, if signed by a Credit Party, on
such Credit Party. 
 Section 11.5 Successors and Assigns. 

(a) Successors and Assigns Generally. 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 neither the Borrower nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (e) of this
Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the
Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by
Lenders. Any Lender may at any time assign to one or more financial institutions all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Commitment, Loans and obligations hereunder at the
time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum
Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s commitments
and the loans at the time owing to it (or contemporaneous assignments to Approved Funds that equal at least the amounts specified in subsection (b)(i)(B) of this Section in the aggregate) or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

  
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 (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the commitment (which for this purpose includes loans and obligations in respect thereof outstanding thereunder) or, if the commitment is not then in effect, the principal outstanding balance of the loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment Agreement, as of the Trade
Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default shall have occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or
delayed). 
 (ii) Proportionate Amounts. 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 with respect to the Revolving Commitments and Loans assigned, except that this clause (ii) shall not apply to the Swingline Lender’s rights and
obligations in respect of Swingline Loans. 
 (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the
Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default shall have occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of
a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five Business Days after having received
notice thereof; 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed)
shall be required if such assignment is to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and 

(C) the consent of the Issuing Bank and the Swingline Lender shall be required for any assignment in respect of any Revolving
Commitments. 
 (iv) Assignment Agreement. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment Agreement, together with a processing and recordation fee in the amount of $3,500, unless waived, in whole or in part by the Administrative Agent in its discretion. The assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire. 
 (v) No Assignment Certain Persons. No such
assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the
foregoing Persons described in this clause (B) or (C) a natural Person. 
 (vi) Certain Additional
Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, 

  
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upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Bank, the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire
(and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Revolving Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of
rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all
purposes of this Agreement until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection
(c) of this Section, from and after the effective date specified in each Assignment Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment Agreement, 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 Agreement, be released from its obligations under this Agreement (and, in the case of an
Assignment Agreement 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 3.1, 3.2,
3.3 and 11.2 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent expressly agreed by the affected parties, no assignment by a Defaulting Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. The Borrower will execute and deliver on request, at its own expense, Notes to the assignee evidencing the
interests taken by way of assignment hereunder. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection 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 subsection (d) of this Section. 
 (c) Register. The
Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in the United States, a copy of each Assignment Agreement delivered to it (or the equivalent thereof in electronic form) and a
register for the recordation of the names and addresses of the Lenders, and the Revolving Commitment of, and principal amounts (and stated interest) of the Loans and Obligations owing to, each Lender pursuant to the terms hereof from time to time
(the “Register”). The entries in the Register shall be conclusive absent manifest error, 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. 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. This Section shall be
construed such that the Loans are at all times maintained in registered form within the meanings of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Revolving Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the 

  
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Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.2(c) with respect to any payments made by such Lender to its Participant(s). 

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 clauses (b) or (c) of Section 11.4 that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.1, 3.2 and 3.3 (subject to the requirements and limitations therein, including the requirements under Section 3.3(f) (it being understood that the documentation required under
Section 3.3(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 2.17 and 3.4 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 3.2 or 3.3, 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. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of
Sections 2.17 and 3.4 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.3 as though it were a Lender; provided that such
Participant agrees to be subject to Section 2.14 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an 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 Credit 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, letters of credit or its
other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations or in connection with a Credit Party’s or the Administrative Agent’s request for such information to comply with FATCA. 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. 
 (e)
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement, or any promissory notes evidencing its interests hereunder, to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such
Lender as a party hereto. 
 Section 11.6 Independence of Covenants. All covenants hereunder shall be given independent effect
so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a
Default or an Event of Default if such action is taken or condition exists. 

  
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 Section 11.7 Survival of Representations, Warranties and Agreements. All
representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of each Credit Party set
forth in Section 3.1(c), Section 3.2, Section 3.3, Section 11.2, Section 11.3, Section 11.13 and Section 11.14 and the agreements of the Lenders and the Agents set
forth in Section 2.14, Section 10.3 and Section 11.2(c) shall survive the payment of the Loans, the cancellation, expiration or cash collateralization of the Letters of Credit, and the termination hereof. 

Section 11.8 No Waiver; Remedies Cumulative. No failure or delay on the part of any Agent or any Lender in the exercise of any
power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power,
right or privilege preclude other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to each Agent and each Lender hereby are cumulative and shall be in addition to and independent of all
rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Credit Documents, any Swap Agreements or any Treasury Management Agreements. Any forbearance or failure to exercise, and any delay in exercising, any
right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy. 

Section 11.9 Marshalling; Payments Set Aside. Neither any Agent nor any Lender shall be under any obligation to marshal any assets
in favor of any Credit Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Credit Party makes a payment or payments to any Agent, the Issuing Bank, the Swingline Lender or the Lenders (or to
any Agent, on behalf of Lenders), or any Agent, the Issuing Bank or the Lenders enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any Debtor Relief Law, any other state or federal law, common law or any equitable cause,
then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or
payments had not been made or such enforcement or setoff had not occurred. 
 Section 11.10 Severability. If any provision of
this Agreement or any other Credit Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions of this Agreement and the other Credit Documents, or of such provision
in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 Section 11.11 Obligations Several; Independent
Nature of Lenders’ Rights. The obligations of the Lenders hereunder are several and no Lender shall be responsible for the obligations or Revolving Commitment of any other Lender hereunder. Nothing contained herein or in any other Credit
Document, and no action taken by the Lenders pursuant hereto or thereto, shall be deemed to constitute the Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each
Lender shall be a separate and independent debt, and, subject to Section 10.10(c), each Lender shall be entitled to protect and enforce its rights arising under this Agreement and the other Credit Documents and it shall not be necessary
for any other Lender to be joined as an additional party in any proceeding for such purpose. 
 Section 11.12 Headings. Section
headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect. 

  
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 Section 11.13 Governing Law; Jurisdiction; Etc. 

(a) Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 

(b) Submission to Jurisdiction. Each party hereto irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan and of the United States District Court of the Southern District, and any appellate court from any thereof, in any action or proceeding arising out
of or relating to this Agreement or any other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State court or, to the fullest extent permitted by Applicable Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Credit Document shall affect any right that any party may otherwise have to bring any action or proceeding
relating to this Agreement or any other Credit Document against any Credit Party or its properties in the courts of any jurisdiction. 
 (c)
Waiver of Venue. Each party hereto irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or
relating to this Agreement or any other Credit Document in any court referred to in subsection (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of
an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Service of Process. Each party hereto
irrevocably consents to service of process in the manner provided for notices in Section 11.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law. 

Section 11.14 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY 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 OR ANY OTHER CREDIT 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 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 AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 11.15 Confidentiality. Each of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (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 required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties
(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 

  
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similar legal process; provided that the Administrative Agent, the Collateral Agent, the Issuing Bank or such Lender, as the case may be, hereby agrees that it will notify the Borrower as
soon as practicable under the circumstances in the event of any such disclosure (other than any disclosure at the request of a regulatory agency or authority or in connection with a routine filing, examination, audit or review) by such Person unless
such notification is prohibited by Applicable Law or regulation, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this
Agreement or any other Credit 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 (including, for purposes hereof, any new lenders invited to join hereunder on an increase in the Loans and/or Aggregate Revolving Commitments hereunder, whether by exercise of an accordion, by way of
amendment or otherwise), any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the
Borrower or its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or
(ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided for herein, (h) with the consent of the Borrower
or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, the Collateral Agent, any Lender, the Issuing Bank or any of
their respective Affiliates on a nonconfidential basis from a source other than the Borrower. 
 For purposes of this Section,
“Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available
to the Administrative Agent, the Collateral Agent, any Lender or the Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information received from the Borrower
or any of its Subsidiaries 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. 

Each of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders acknowledges that (i) the Information may include material
non-public information concerning the Borrower or any Subsidiary, as the case may be, (ii) it has developed compliance procedures regarding the use of material non-public information and (iii) it will handle such material non-public
information in accordance with Applicable Law, including United States federal and state securities laws. 
 Section 11.16 Usury Savings
Clause. Notwithstanding any other provision herein, the aggregate interest rate charged or agreed to be paid with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under
Applicable Laws shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the aggregate outstanding amount of the Loans
made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all
times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due
hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, the Borrower shall pay to the Administrative Agent an amount equal to the difference

  
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between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the
intention of the Lenders and each of the Credit Parties to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful
Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the aggregate outstanding amount of the Loans made hereunder or be refunded to each of the applicable Credit
Parties. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Highest Lawful Rate, such Person may, to the extent permitted by Applicable Laws, (a) characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest,
throughout the contemplated term of the Obligations hereunder. 
 Section 11.17 Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto in 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
Credit Documents and any separate letter agreements with respect to fees payable to the Administrative Agent, the Collateral Agent or the Issuing Bank, 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 5, 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 that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 11.18 No Advisory of Fiduciary Relationship. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Credit Document), each of the Credit Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a)(i) the
arranging and other services regarding this Agreement provided by each Agent are arm’s-length commercial transactions between the Credit Parties, on the one hand, and each Agent, on the other hand, (ii) each of the Credit Parties has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each of the Credit Parties is capable of evaluating, and understands and accepts, the terms, risks and conditions of the
transactions contemplated hereby and by the other Credit Documents; (b)(i) each Agent is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not and will not be acting
as an advisor, agent or fiduciary, for any Credit Party or any of their respective Affiliates or any other Person and (ii) each Agent does not have any obligation to any Credit Party or any of their respective Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents; and (c) each Agent and its Affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Credit Parties and their respective Affiliates, and no Agent has any obligation to disclose any of such interests to any Credit Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Credit
Parties hereby waives and releases any claims that it may have against any Agent with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

Section 11.19 Electronic Execution of Assignments and Other Documents. The words “execute,” “execution,”
“signed,” “signature,” and words of like import in any Assignment Agreement or in any amendment, waiver, modification or consent relating hereto shall be deemed to include electronic signatures, the electronic matching of
assignment terms and contract formations on electronic platforms 

  
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approved by the Administrative Agent, 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 or
the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Laws, including 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. 
 Section 11.20 USA PATRIOT
Act. Each Lender subject to the PATRIOT Act and each Agent (for itself and not on behalf of any Lender) hereby notifies each of the Credit Parties that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record
information that identifies each of the Credit Parties, which information includes the name and address of each of the Credit Parties and other information that will allow such Lender or such Agent, as applicable, to identify each of the Credit
Parties in accordance with the PATRIOT Act. The Credit Parties shall, promptly following a request by any Agent or any Lender, provide all documentation and other information that such 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 Act. 

Section 11.21 Conflicts. In the event there is a conflict or inconsistency between this Agreement and any other Credit Document,
the terms of this Agreement shall control; provided that any provision of the Collateral Documents which imposes additional burdens on the Borrower or any of its Subsidiaries or further restricts the rights of the Borrower or any of its
Subsidiaries or gives the Administrative Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force and effect. 

[Signatures on Following Page(s)] 

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

							
	BORROWER:	 		 	EBIX, INC., as the Borrower
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
	GUARANTORS:	 		 	EBIX.COM, INTERNATIONAL, INC., as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
		 		 	JENQUEST, INC., as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
		 		 	E-Z DATA ACQUISITION SUB, LLC, as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
		 		 	PEAK PERFORMANCE SOLUTIONS, INC., as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
		 		 	BENEFIT SOFTWARE, INCORPORATED, as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
		 		 	PLANETSOFT HOLDINGS, INC., as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO

  
 Signature Pages 

Credit Agreement (2014) 
 Ebix, Inc.

							
		 		 	EBIX INSURANCE AGENCY, INC., as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
		 		 	EBIXLIFE, INC., as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO
			
		 		 	ACCLAMATION SYSTEMS, INC., as a Guarantor
				
		 		 	By:	 	 /s/ Robin Raina

		 		 	Name:	 	Robin Raina
		 		 	Title:	 	President & CEO

  
 Signature Pages 

Credit Agreement (2014) 
 Ebix, Inc.

							
	ADMINISTRATIVE AGENT	 		 	
	AND COLLATERAL AGENT:	 		 	REGIONS BANK, as Administrative Agent and Collateral Agent
				
		 		 	By:	 	 /s/ Steven M. Hamil

		 		 	Name:	 	Steven M. Hamil
		 		 	Title:	 	Senior Vice President

  
 Signature Pages 

Credit Agreement (2014) 
 Ebix, Inc.

							
	LENDERS:	 		 	 REGIONS BANK,
 as a
Lender

				
		 		 	By:	 	 /s/ Steven M. Hamil

		 		 	Name:	 	Steven M. Hamil
		 		 	Title:	 	Senior Vice President

  
 Signature Pages 

Credit Agreement (2014) 
 Ebix, Inc.

 
			
	 MUFG UNION BANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Miho Shindo

	Name:	 	Miho Shindo
	Title:	 	Associate

  
 Signature Pages 

Credit Agreement (2014) 
 Ebix, Inc.

 
			
	 SILICON VALLEY BANK,
 as a
Lender

		
	By:	 	 /s/ Russell Follansbee

	Name:	 	Russell Follansbee
	Title:	 	Vice President

  
 Signature Pages 

Credit Agreement (2014) 
 Ebix, Inc.

 Appendix A – Lenders, Revolving Commitments and Revolving Commitment Percentages 

 

									
	 Lender
	  	Revolving Commitment	 	  	Revolving Commitment
Percentage	 
	 Regions Bank
	  	$	60,000,000.00	  	  	 	40.000000000	% 
	 MUFG Union Bank, N.A.
	  	$	50,000,000.00	  	  	 	33.333333333	% 
	 Silicon Valley Bank
	  	$	40,000,000.00	  	  	 	26.666666667	% 
		  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	150,000,000.00	  	  	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 

  
 1 

 Appendix B – Notice Information 

BORROWER AND CREDIT PARTIES: 
 Ebix, Inc. 

5 Concourse Parkway 
 Suite 3200 

Atlanta, Georgia 30328 
 Attention: Darren Joseph 

Telephone: 678-281-0307 
 Facsimile: 678-281-2039 

Electronic Mail: djoseph@Ebix.com 
 With copies to
(which shall not constitute notice) 
 Alston & Bird LLP 

2828 North Harwood Drive 
 Suite 1800 

Dallas, Texas 75080 
 Attention: Kate K. Moseley 

Telephone: 214-922-3434 
 Facsimile: 214-922-3899 

Electronic Mail: kate.moseley@alston.com 
 ADMINISTRATIVE
AGENT: 
 Regions Bank, as Administrative Agent 
 521 East
Morehead Street, Suite 200 
 Charlotte, NC 28202 
 Attention:
Steve Hamil 
 Telephone: 704-941-6642 
 Facsimile: 704-941-6654

 Electronic Mail: Steve.Hamil@regions.com 
 With copies to
(other than in the case of a Notice and which shall not constitute notice): 
 McGuireWoods LLP 

201 North Tryon Street 
 Suite 3000 

Charlotte, NC 28202 
 Attention: Kent Walker 

Telephone: (704) 373-8961 
 Facsimile: (704) 444-8801

 Electronic Mail: kentwalker@mcguirewoods.com 

  
 2 

 COLLATERAL AGENT: 

Regions Bank, as Collateral Agent 
 521 East Morehead Street,
Suite 200 
 Charlotte, NC 28202 
 Attention: Steve Hamil 

Telephone: 704-941-6642 
 Facsimile: 704-941-6654 

Electronic Mail: Steve.Hamil@regions.com 

  
 3

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